Why Some Houses Sell Quickly and For More Money
I often sell my listings on the first day or the first weekend on the market. Other home sellers may wonder why some houses sell more quickly while others languish on the market. The short answer is that a myriad of factors are involved, with the key considerations being location, price, condition, marketing, and representation.
Location, Location, Location
The location of a house plays a crucial role in its marketability and is the answer to why some houses sell more quickly. Homes located in Midtown Tulsa are going to sell quickly compared to homes in south Tulsa or Owasso because Midtown is the trending area of Tulsa. Although it can be more expensive to purchase a home in Midtown, everyone wants to be near the entertainment district and restaurants in Brookside, Cherry Street, Utica Square, and the downtown arts district. Midtown Tulsa is home to the Tulsa River Parks cycling and walking trails, the local farmers’ markets, and the Gathering Place.
Pricing
A $150,000 home is going to sell quicker than an $800,000 home simply because there is a larger buyer pool in the lower price range, but at all price points, pricing your home competitively from day one is key to a quick sale. Put aside your emotions and objectively study comparable sales. I know this is hard, and even when I sold my personal home a few years ago, my emotional approach to pricing was to add up what I paid plus all the investments to my home. Of course that was NOT what my home was worth when I compared it to similar homes in my neighborhood, so I had to juggle between my “Seller’s hat” and my “Realtor®’s hat”.
The fact is that overpricing your home is the best way to sell your neighbor’s home and extend the excruciating days on the market. According to Freddie Mac “The longer a home stays on the market, the more likely it will raise a red flag to buyers who will question why it hasn’t sold yet.”
Condition
Always improve your home’s condition as much as you are able to make a great first impression on a prospective buyer. Clean your home. De-clutter. Add fresh paint where needed and clean or replace carpets. Whether or not you remodel a kitchen or bathroom really has to be decided case by case – you won’t always get back what you spend on expensive projects – but an experienced agent will help you make that calculation. Landscape and outdoor staging will enhance your curb appeal to draw buyers in. See my Seller Guide to learn more about Preparing Your Home when you’re getting ready to list it.
Marketing
One of the most important jobs of your Realtor®, and a job that I take very seriously, is making your home stand out from the competition. Thoughtful staging, professional photography, wide distribution of your listing on the internet, and active promotion of your home on social media will bring in the most interested and qualified buyers. See my Seller Guide for important information about Marketing Your Home.
Representation
To start, you want to work with an experienced Realtor® (like me!) who works full-time in your area, is enthusiastic about promoting your neighborhood, and is up to date on current market conditions and laws. The experience of selling your home can be complex, so I have honed my skills through years of practice, and will aggressively advocate for your best interests.
It can be difficult for Sellers to absorb why some homes sell quicker than others, but if you choose a real estate professional with a proven track record, there must be something to their system. I’m happy to show you my past sales, provide references, and advise you on your home’s likely selling price. 918-852-5036
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
