Tuesday, April 22, 2014

Tulsa home sellers asky WHY is my home not selling?

Tired Seller of Tulsa home for saleTulsa home sellers ask WHY is my home not selling after it’s been on the market for any period of time. Some sellers begin to panic sooner than others and look to their Realtor for answers

One of my listings recently went under contract after only 30 days on market, but we had 20 showings before we got an offer. Feedback from the showings was very positive, but no offer after 20 showings? You can imagine how frustrated that Seller was. Then, as luck would have it, we received multiple offers on a Saturday evening, and are now under contract with a good solid Buyer. So, sometimes it is just a waiting game and patience is required

Another listing I have has been on the market almost three months, and this morning I pulled comps (comparable properties) to present to my Seller. What we need to evaluate now is what properties are selling and why other properties were chosen over ours

Although this home is in a popular midtown Tulsa neighborhood, the layout of the home has challenges. There are steep stairs leading to a 2nd level master bedroom that would be okay for a 25 year-old buyer, but not a consideration for a 45 year-old buyer. There is only a half-bath in the master bedroom, so whomever occupies that space will have to go downstairs to shower. Neither of these obstacles are easy or inexpensive to fix, so an adjustment must be made in list price

When I reviewed the comps, I discovered that eight properties had closed in the past two months and that TWELVE properties are currently pending. That’s a total of 18 homes that were chosen over our listing. So, the inventory is moving and the Buyers are out there. The harsh realism is that we were not picked. 

It is better to react to your current market conditions instead of burying your head in the sand and expecting for the best. The Seller has control over whether their home sells when they are provided current and consistent information from their Realtor

And, as Buyers are more internet savvy these days, the first question they ask is “how many days has this home been on market?” The longer the days on market, the lower the property value is perceived. Buyers wonder, “why has nobody else snapped this property up?” 

When Tulsa home sellers ask WHY is my home not selling – be prepared to hear a harsh response. If the condition of your home can not be improved upon, you must lower your price. Consider feedback you’ve received and definitely pull comps to evaluate what has been chosen over your home for sale.  

If you are interested in selling your home in the greater Tulsa area, do please read more about our listing services and give me a call! 918-852-5036 

Content written and published by Lori Cain

Copyright 2014 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

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