Across the country, the housing market is experiencing conditions not seen in decades –– or ever, in some places. Despite consistently high mortgage rates, demand far outweighs supply, resulting in intense competition and sky-high asking prices. For those contemplating buying a home in Oklahoma, these current conditions can be incentive enough to hold off on a new Oklahoma property for now. But for sellers, now may be the time to get the most out of a home’s value, especially in hot markets.
Among these hot markets, many areas in Oklahoma stand out as especially scorching. Oklahoma City, in particular, has seen consistently elevated asking prices compared to 2021 and 2022.1 While homes in OKC are sitting on the market for longer than they have in recent months, housing inventory is still moving far faster than in other parts of the nation.
With that said, despite the strength of Oklahoma’s current market, maximizing the value of your home (and selling it quickly) will require some strategic thinking. If you’re looking for how to sell your own home in Oklahoma, read on for some valuable tips and take full advantage of The Sooner State’s hot housing market.
One of the first decisions you’ll need to make when selling your home in Oklahoma is how exactly to go about the process. While listing with an agent may be the most common route, there are various methods for selling your home –– each with its own advantages, limitations, and special considerations.
According to a report by the National Association of Realtors, nearly 90% of sellers in the past year worked with a real estate professional to sell their home, making this approach the most common method –– by a long shot.2 And while this approach means coughing up a percentage of the sale price in agent fees, it also means access to professional guidance, enhanced market exposure, and assistance through the negotiations.
One way to avoid these commission or agent fees is by selling your home without an agent –– a more hands-on approach known as for sale by owner (or FSBO.) FSBO sellers handle all aspects of the sale, from marketing to negotiations, which can be both time-consuming and challenging for those not familiar with real estate transactions.
If you’re wondering how to sell your own home in Oklahoma quickly, you might want to explore the auction process. Because of the urgency and competition that emerges among already qualified buyers, selling your home at auction can be faster than even listing with a skilled agent. Of course, this speed comes at a cost. And while your sale might be quick, you may also end up with much less than you’re asking for.
When selling your home, it’s best to keep an open mind and consider previously unexpected possibilities. An option like Truehold’s sale-leaseback allows you to sell your home and continue living in it as a renter. This approach provides you with added flexibility while you search for your next home, giving you the luxury of time and the comfort of living in your existing space. If you prefer to work with a familiar real estate agent but are interested in the sale-leaseback option, some sale-leaseback companies can negotiate directly with your realtor.
While realtors may say that “location, location, location” is the most important factor when selling a home, the timing of your home sale can significantly impact its success. In Oklahoma, as in many other parts of the country, real estate markets tend to experience seasonal fluctuations –spring and summer are the best times to sell a home, and the chillier seasons of fall and winter are the worst.
With that said, given the current state of the Oklahoma housing market, you may find year-round success. Our advice is to prepare for the sale to the best of your ability, ensuring you can list at the time that works best for you. Discover more on the best times of year to sell a house for a better understanding of seasonal home buyer psychology.
Determining your home’s listing price is a crucial step in the selling process. Too high, and your home risks spoiling on the market. Too low, and you could be leaving thousands of dollars on the table. To set a competitive, attractive, and fair price, consider the following variables:
Several variables contribute to your home’s price tag. But by considering the above –– and remaining objective throughout the process –– you will arrive at an asking price that is both equitable and reasonable.
After you’ve decided when to sell –– and how much to sell for –– you begin the exciting, multi-step process of preparing, marketing, and showing your home. Of all the different aspects of selling your home in Oklahoma, this step presents perhaps the greatest opportunity for strategic thinking and creativity.
Your home’s view from the street will likely be the first view prospective buyers see, making it all the more important that your home’s curb appeal makes the right first impression. You don’t have to resurface your driveway or slap on an all-new roof, but investing in professional landscaping or giving your home a fresh coat of paint can make a world of difference to a would-be home buyer.
Dialing in your home’s curb appeal can give it a much-needed visual lift. But through professional staging, you can help buyers envision the lives of their dreams in your home. Stagers may rearrange furniture –– or introduce an entirely new set –– add tasteful decor, and work to create an inviting atmosphere that appeals to a broad range of buyers. In a competitive market like Oklahoma City, this can give your home the advantage it needs to stand out.
In today’s digital age, there are countless tools at your disposal designed to market your home. Things like virtual tours can help out-of-town buyers (or Oklahoma locals browsing from the comfort of their couch) explore your property remotely. And through social media marketing, you can utilize the growing number of free social media platforms to expand your reach. Lastly, you can (and should) leverage online real estate platforms to create a detailed, immersive, and engaging listing for your home. Be sure to include high-quality photos and unique selling points, then cross-promote your listing to platforms like Instagram and Facebook to reach a broader audience.
An open house is a great opportunity to invite a potential buyer into your home to experience the Oklahoma property in person, but it can be even more effective when it comes to meeting buyers’ agents. These agents can be incredibly influential in the decision-making process, and connecting with real estate professionals can help you reach more potential buyers while leveraging the power of social proof.
Negotiating is a skill –– and one that can take an entire lifetime to master. So, if you’re wondering how to sell your own home in Oklahoma, the best advice might be to start sharpening this skill as soon as you can. One of the ways you can do this is by being informed and understanding the current market dynamics in Oklahoma, as these can influence the entire negotiation landscape. Another strategy is to remain open to reasonable offers and work with the potential buyer to find common ground. If you choose to partner with a skilled real estate agent, they’ll guide you throughout the negotiating process. But regardless of whether you opt for a traditional sale, FSBO, or some other approach, negotiating chops are never bad to have.
By the time you arrive at the closing process, you’ll have accomplished several Herculean feats: finding the perfect time to sell your home, marketing your home like a master, and negotiating like a Fortune 500 executive. This is all to say that your work is not quite done, and the closing process is no time to let up.
As you enter your closing, you’ll need to keep your documents organized and your lines of communication open –– ensuring things like your home’s title are readily available, and you can be reached to schedule a home inspection (if necessary) as well as a final walk-through. Before you arrive at your closing, take the time to familiarize yourself with Oklahoma's specific closing procedures, ensuring that your legal bases are covered and the transition of ownership is smooth.
Getting a competitive edge as a home seller requires some special considerations. Here are a few final tips to improve your selling experience:
No single selling strategy will work for every market. By incorporating these tips and doing your best to understand the nuances of the Oklahoma real estate market, you can enhance your chances of a successful and speedy home sale.
Oklahoma is an exciting place to be in 2023, and it’s an equally exciting time to sell a home in The Sooner State. But, like selling a home anywhere, this process will require determination, patience, and innovative strategies (like some of those listed above.) It helps to know, however, that you have several options when it comes to how to sell your home in Oklahoma. Enter: Truehold’s Oklahoma City sale-leaseback. With a sale-leaseback, you are able to sell your home to Truehold at a fair price, and continue to live in it as a renter. This is a great option if you are planning on moving since it gives time for interest rates to cool down, allows you to be a cash buyer on a new home, and avoid traditional housing. Plus, you no longer have to handle major repairs, property taxes, or property insurance.
To learn more about Truehold’s sale-leaseback, reach out to one of our Oklahoma City or Tulsa advisors and get a cash offer on your home within 48 hours.
Sources:
1. Redfin. Oklahoma City, OK Housing Market. https://www.redfin.com/city/14237/OK/Oklahoma-City/housing-market
2. National Association of Realtors. Highlights From the Profile of Home Buyers and Sellers. https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#sellingexperience
3. Zillow. Backyards are Zillow’s must-have home feature for 2023. https://zillow.mediaroom.com/2022-12-19-Backyards-are-Zillows-must-have-home-feature-for-2023
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