To say that the Tulsa real estate market has changed over the past few months is a bit of an understatement. A year ago, many sellers sold their properties within days of listing them. And sometimes, they saw multiple buyers bidding on a single home, too. Well, the market has shifted a bit. Prices come in slightly higher than at the same time last year. But higher interest rates and the threat of a possible recession dimmed buyer demand. That is why it is so important for sellers to set a realistic list price from the get-go.
Why List Price Matters
It’s Not Your Neighbor’s Market
You may think “but my neighbor sold their house a few months ago for ‘X’ amount of dollars. So my house should sell for that, too.” Sorry to tell you, but that was then. This is now. You need to set your list price according to current market trends. If you stick with a higher price, you run the risk of few if any showings, no offers, and a long wait time to find a buyer. Then, you may end up selling it for even less than you would have if you listed it at the correct price to begin with.
Come Up With a Backup Plan
Your Tulsa REALTOR® suggests that you list your home at $250,000. But you think you can get $275,000 for it. Ultimately, you decide your initial list price. (I highly suggest going with the expert’s opinion. But you do you.) It might be a good idea to talk to your agent about setting up a Plan B. For example, if you have no showings and/or no offer within the first two to three weeks, you agree to lower your asking price. Real estate listings tend to see the most traffic in the first couple of weeks. If a price reduction is necessary, it’s better to do it as soon as possible.
Look at Comps and Other Current Market Data
REALTORS® come up with a recommended list price by looking at what other homes similar to yours sold for in the last 30 to 90 days. However, you may want to see what your competition looks like right now. That would be what the homes in your area are currently listed for. Also, see if any homes were pulled off the market and why.
It’s Not Personal
Repeat after me. “This is business. It’s not personal.” I get it. That’s easier said than done. We live our lives in our homes. How can we not take this personally if a buyer offers less than we want? What about if no buyers make an offer at all? Do not get stuck on an unrealistic price and be prepared to wait a little bit to find your buyer. That is just the state of today’s market.
First, listen to your agent’s advice about setting your list price. They understand the market much better than you. (After all, that’s why you hired them in the first place, right?) Then, look at the data they present to support their recommended price. Finally, take the “personal” out of the equation. Contact me when you are ready to put your Tulsa home on the market.
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