Do you have a property that is just sitting on the MLS? It happens quite often, and there are usually similar reasons why it isn’t generating the interest you would like to see. In our latest post, we will help you figure out why your house isn’t selling the traditional way in Oklahoma City and what you can do about it.
A listing can be bad in several ways. The biggest one we see is bad pictures. People don’t want to see other peoples clutter plain and simple. While you might be able to remove all of your possessions for the photos, at least do a good cleaning! We have seen people use photos with piles of laundry on their beds and dishes in the sink. Make the effort to get your property in the best condition for your listing photos. You see it time and time again… bad photos can ruin a houses chance of being sold.
I can’t tell you how many awe-inspiring homes have awful phone camera pictures in their sales lists. Now, more than 90% of all buyers are beginning their home hunt online, so you’d better make sure you and your agent nail your home close up! You ‘re never going to have a second chance to make the perfect first impression.
The listing can also be bad if there is bad if it has a poor write up. It should clearly describe the house without sounding phony or like all the other listings out there. It should capture attention while clearly outlining what to expect with the property. With a direct sale to Local House Buyers , you won’t have to worry about bad listings or even having to market the property. We will buy it as-is, mess and all.
While most agents will be honest about what your house will sell for, there are others who will inflate the asking price in order to get you to sign a listing agreement. Do the research yourself and get multiple options as to the value of your house. Look at what other homes have sold for, not just ones that are currently listed. Factor in the repair costs, and be objective in your pricing. When you list too high, the property will sit there, eventually having to be lowered in price. This will push your listing to the bottom and make people wonder if there is something wrong with it because it has been on the market for so long. If it sits on the MLS for any period of time, the amount you are paying taxes, utilities, insurance, and maintenance can add up. By selling your home quickly, you will be able to keep a considerable amount of cash in your pocket.
Buyers are smart these days — they see similar homes in your neighborhood online every day, they collect their own data, and they know how long a house has been on the market. Plus, the imminent assessment of the home will reveal the true value.
The price of a home can be tricky! If you price it too big, you might miss out on a profit of thousands of dollars. Price is too big and you might turn away serious customers or run the risk of wasting weeks or months before you have to drop the price to get an bid.
Most people looking for a house will want it to be turnkey. Moving is hard enough and if they are planning on living in the house right away, the last thing they will want to deal with is a massive renovation or project. One way to get around this is to offer a credit for repairs. This can grab people’s attention as they will have the freedom to customize things as they would like. To avoid making repairs or offering buyers a credit, consider selling your home directly.
A Bad Agent
While there are many excellent agents out there, not all of them are as great as they would like you to think. Some are inexperienced and will give you poor advice. Others will not know how to properly market your property. And others will simply be lazy and not respond to potential buyers in time. Many sellers kick themselves for signing a listing agreement with an agent, then ending up having to do much of the work themselves… still having to pay the agent’s commission. With a direct offer from Local House Buyers , there are no contracts. We make you an offer and you decide if its right for you. There is never any obligation.
It’s great to expect the best from an agent because of their experience and training, but you need to realize that they are people like you. It’s not unusual for the agent to make a mistake. Whether it’s a bad house pricing, lack of promotions, or just a lack of productivity due to a personal emergency, agents may make mistakes or not cannot make 100%. That drawback can be mitigated with the right partner, but no matter who you’re dealing with, there’s never a guarantee that everything’s going to go perfectly.
Make sure that you plan emotionally and financially for less-than-ideal situations even if you do not make any of these mistakes. The house may be on the market far longer than you expect, especially in a declining market. If you can’t find a buyer in time, you might end up trying to pay two mortgages, have to rent out your home until you can find a buyer, or in dire situations, in foreclosure. However, if you avoid the big mistakes listed here, you ‘re going to be a long way from putting your best foot forward and getting that seamless, lucrative sale that every home seller hopes for.
Costs To Expect With A Traditional Sale
It can be difficult to determine how much it will cost you to sell your home through traditional real estate channels. There are so many different types of fees and hidden costs involved. This is one of the key reasons homeowners are drawn to cash sales.
Below, we list the major costs that you should be prepared to pay if you choose to sell your home in the traditional way.
Prep and Repair Costs
If you’re selling your home in a traditional way, you’re going to have to invest a little cash in front of you to do some nice stuff for potential buyers. If you’re thinking about selling your home, there are probably things you could do to enhance the appeal of your place and potentially increase its value. If you’ve been putting off sprucing up the outside of your home, painting the interior, or fixing a stairway or a leaky faucet, now is the time to make some changes. Whether this means major staging or making functional and cosmetic repairs and upgrades, that’s going to cost you.
Staging costs include, but are not limited to, hiring a staging company, ordering cleaning services, renting furniture, installing brighter lighting, painting cabinets and applying fresh coat of paint.
Real Estate Agent Fees and Commissions
Real estate agent fees in Oklahoma City can be as high as 6% of the selling price. That’s around $9,000 if you’re selling $150,000 worth of land. The more you get, the more you get to pay for it.
In certain situations, you might be able to discuss a percentage of the fee with an agent. There are discount agents who pay a lower fee but do limited work. However, most experienced real estate agents do not negotiate discount on their commissions.
And if you want to market your house as a For Sale By Owner, you will also have to pay the buyer’s realtor fees. This is virtually unavoidable unless you’re selling it to a cash home buyer. This will help you avoid large commissions and fees that are going to dig into your profits.
Each real estate agency will offer a number of different plans to choose from. Many of the more simple marketing plans will be free of charge, but more detailed solutions will cost more. Marketing costs are essential to work on your schedule since they are measured separately from the normal commission rate that you have negotiated. Generally speaking, the more you pay, the more advertising opportunities there will be.
Home sellers in Oklahoma City are likely to spend 1-3% of their final sale price on closing costs when selling to a real estate agent. Things like recording fees, settlement fees, title search fees, surveys, and pre-payment penalties are all paid in the closing table. Many of these risks can be reduced when dealing with Local House Buyers
If you’re looking to get the top dollar for your home sale, you want to block all the gaps that could cost you more money than is absolutely necessary. If this is the case, selling the house to a cash buyer is always the best option.
Apart from being able to avoid high closing costs associated with traditional home sales, you also have the flexibility that makes it easy for you to move on easily whether you’re planning to move quickly or want to move on at a later date.
We can help you understand why your house isn’t selling in Oklahoma City! Reach out to us today for more information! 405-395-2085
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