How much does it cost to sell a house in Tulsa?
Do you have an unwanted property in the green country of Tulsa that you need to sell but are unsure about the open market value and trends? Are you looking to sell your house fast in Tulsa?
Selling a house in Tulsa, Oklahoma, involves various costs that homeowners should consider when planning their sale. These expenses typically include real estate agent commissions, closing costs, necessary repairs and renovations, and potential staging fees to enhance your property’s appeal to people looking to buy houses in Tulsa.
That sounds like a lot to take in, but don’t worry! We’ll break it down for you. In this article, we’ll discuss the cost of selling a house in Tulsa and how to sell your house in 7 easy steps. It will include some helpful tips for selling to people who buy houses.
Let’s dive in!
How much does it cost to sell your house in Tulsa?
The typical cost to sell your house in Tulsa is roughly 14.7% of the property’s sale price. With the average home value at $208,910, this equates to approximately $30,715.
However, this is only an estimate, and the actual selling costs can vary significantly between houses. Factors like repairs, staging, and taxes depend on the house’s condition and location.
Rising home prices have also driven up realtor commissions. Many homeowners in Tulsa spend around $13,200 on commissions for an average house. Real estate agent fees generally range from 2.5% to 3%, with limited room for negotiation.
Sell your house in Tulsa in 7 steps
If you’re looking to sell your house fast in Tulsa, follow these 7 easy steps that detail everything you need to know about the home-selling process for your vacant property.
Step 1: Offer a fair price
The fair market value is the price your home is expected to sell at. You can determine this using an online home value calculator at no cost.
Consider getting a Broker’s Price Opinion or a Comparative Market Analysis (CMA) report for more precise guidance. Keep in mind that any known issues with your vacant house should be factored into your pricing.
You may also decide to have a property inspection to identify problems that could reduce your sale price. For Tulsa homes, this typically costs between $325 and $425. Once you receive the property inspection results, you can decide on which repairs are worth addressing to maximize your profits.
Step 2: Choose the best way to sell your Tulsa house
When selling your Tulsa house, you have four main options. Each has different timelines and financial outcomes, so it’s important to choose the one that best suits your needs.
1. Sell to an iBuyer or cash buyer
If you’re looking to sell your house fast, cash buyers or iBuyers might be your best option. Local cash buyers typically make fast offers and help you close a deal without financing delays.
While iBuyers follow stricter criteria when selecting houses, they can offer up to 80% of your home’s Fair Market Value, allowing you to sell quickly and have a hassle-free experience. This option is ideal for those who need a quick sale and are willing to accept slightly less money in exchange for a stress-free home sale.
2. List with a discount real estate broker
Discount real estate brokers are an excellent middle-ground option. These brokers offer the same services as traditional realtors but at significantly lower commission rates. In Tulsa, the commission typically ranges between 1.5% to 3%.
This option allows you to save thousands on fees while still getting professional assistance., including listing your Tulsa property, marketing it, and negotiating with Tulsa home buyers. They also ensure your sale remains discreet. This is a smart approach for those wanting to make more money without sacrificing too much on support.
3. List with a full-service realtor
While full-service realtors offer comprehensive assistance throughout the selling process, they can be the most expensive option.
Full-service agents typically charge around 5% to 6% in commission fees, adding up to thousands of dollars in costs by the time the deal closes. This option is most suitable if you prefer having everything handled for you, from staging and marketing to negotiations and paperwork.
However, be prepared to pay a significant portion of your sale proceeds in commission fees.
4. List your Tulsa home on the MLS for a flat fee
If you prefer to handle most of the selling procedure yourself but still want your home visible to the widest range of home buyers who buy houses in Tulsa, using a flat-fee MLS listing service can be an affordable and effective option.
These companies will list your home on the local Multiple Listing Service (MLS), which is the primary platform realtors, house-buying companies, and people who buy houses in Tulsa use to search for houses. In the Tulsa area, flat-fee MLS services can have your house listed within 24 to 48 hours.
By managing the showings and negotiations yourself, you can significantly reduce your selling costs and increase the likelihood of getting top dollar for your property.
Step 3: Prepare and list your Tulsa home on the MLS
Properly staging and presenting your home can significantly boost its appeal to home buyers, potentially increasing the sale price by as much as $40,000 above your original listing.
Staging involves arranging your furniture and decor to highlight your home’s strengths– whether it is an inherited house, the green country, or the cozy fireplace. This helps prospective home buyers envision themselves living in the space, which can lead to higher offers.
Beyond staging, investing in professional photography is crucial. High-quality images can significantly improve the sale of your house, often reducing the time on the market by 32%. Clear, bright, and well-composed photos capture your home’s best angles and features, making it stand out on listing sites. Many people who buy houses first encounter them online, so great photos can be the difference between your home being overlooked or drawing serious interest.
Step 4: Finalize your listing paperwork
Before officially listing your house for sale, you must complete some necessary paperwork. This process involves signing a listing agreement and filling out the Tulsa seller’s disclosure form. These documents are essential for protecting you and the buyer, as they outline your obligations and disclose critical information about the property.
Listing agreement
The listing agreement is a formal contract between you and your real estate agent or MLS listing service. By signing this document, you grant the agent the authority to list your home on the local Oklahoma MLS and market the property to people looking to buy houses.
This agreement also outlines key details such as the listing price, the agent’s commission, the duration of the contract, and any other responsibilities the agent will take on during the sale process.
Oklahoma seller’s disclosure form
This document is essentially a checklist that allows you to disclose any known issues or defects with the property that could impact its value or appeal to people who buy houses.
Standard disclosures include problems with the roof, foundation, plumbing, and electrical systems or the presence of any hazardous materials such as lead paint or asbestos. In addition, you may need to disclose certain property features, like shared driveways or neighborhood concerns, that might influence a buyer’s decision.
Step 5: Manage property showings
Once your home is listed on the MLS, you must be prepared for interested buyers to start scheduling showings. How you manage these showings can significantly impact how quickly you sell and at what price, so it’s essential to approach it strategically.
Managing showings with An agent
Traditionally, estate agents will organize open houses or schedule private showings to allow buyers to tour your property.
They are typically held on weekends and are designed to attract multiple people looking to buy houses. These events can generate a lot of interest, especially if your home is priced right and marketed well. They offer a more casual way for people who buy houses to view the property without the pressure of scheduling a specific time.
Private showings are arranged individually with interested buyers, allowing them to explore the property at their own pace, ask more detailed questions, and envision themselves living there.
Agents coordinate these showings, ensuring your home is ready and buyers are accompanied during their visit.
Managing showings without an agent
If you’re selling your home without a realtor, you’ll need to manage the showings yourself.
Thankfully, plenty of online tools are available to help streamline this process. Websites and apps allow you to schedule and track showings, communicate directly with buyers or their agents, and even send reminders to ensure everything goes smoothly.
It’s crucial to stay flexible with your schedule. Buyers may request to see your home on short notice, and being accommodating can increase the chances of them buying your house fast. Make sure your home is clean, organized, and staged properly for every showing to leave a strong impression.
Step 6: Evaluate and negotiate offers
After showings, the next step is reviewing the offers that come in. While it’s tempting to accept the highest bid immediately, you should weigh other important factors before making a final decision.
1. Cash offer vs. financial offer
One of the first things to consider is whether the buyer is making an all-cash offer or relying on a mortgage. Sellers often prefer a fair cash offer, as it offers fewer complications and can close more quickly.
With no lender approval, a fair cash offer tends to have fewer delays and fewer chances of falling through. On the other hand, buyers seeking financing may require more time and are subject to lender conditions, which can introduce uncertainties that are different from those willing to pay cash quickly.
If the buyer uses a mortgage, you’ll want to know whether they’ve been pre-qualified or pre-approved. A pre-approved buyer is typically more reliable, as their lender has reviewed their finances and conditionally agreed to the loan. While still in the process, pre-qualified buyers haven’t undergone as rigorous a vetting, so there may be more risk involved in accepting their offer.
2. Contingencies
Another critical aspect to consider when reviewing offers is the contingencies the buyer includes. Common contingencies can relate to home inspections, appraisals, or selling the buyer’s current home.
A buyer willing to waive certain contingencies, such as an appraisal or inspection, may be more attractive because their offer is less likely to encounter delays or fall apart.
Be cautious of offers with too many contingencies, as each adds a layer of complexity and potential delay. If two offers are similar in price, the one with fewer contingencies might be the better choice.
3. Closing costs negotiations
Another factor to consider is whether the buyer is willing to pay closing costs. Sometimes, Tulsa home buyers will offer to cover a portion or all of the closing costs, which can be a substantial financial benefit to you as the seller, as facing foreclosure can cost a lot of money.
On the other hand, some Tulsa home buyers may ask you to contribute toward their closing costs as part of their offer, which could reduce your net proceeds from the sale. Consider how much you’re willing to contribute to the buyer’s costs and how that impacts the overall value of their offer.
4. Flexibility in the closing timeline
Buyers who are flexible with the closing date can be appealing if you need more time to move out or want them to quickly purchase the house.
Some buyers may offer to close quickly if you’re in a rush, while others might be willing to extend the closing period if you need more time to finalize your next living arrangement. Consider your situation and how it aligns with your timeline.
Step 7: Finalize the sale
In the Tulsa area, closing the sale of your home typically involves working with a local Tulsa company or a real estate attorney who acts as the closing agent. To ensure a smooth process, follow these key steps:
1. Settle taxes and other costs
Before the sale is finalized, you’ll need to address certain taxes and hidden fees:
- Transfer tax: This is a one-time fee paid when transferring property ownership. It usually costs less than 1% of the sale price in Oklahoma.
- Property tax: Property taxes vary depending on the county, but you can expect them to be around 1% of the total sale value. If you’ve prepaid property taxes for the year, you may be eligible for a rebate.
You and the buyer will also be responsible for separate closing costs. As the seller, you may need to cover fees related to homeowners associations (HOA), escrow services, real estate attorney fees, and possibly the cost of a home warranty if previously agreed upon.
2. Sign all required closing documents
To officially transfer ownership of your home, you’ll need to sign several documents:
- Escrow and title documents: Ensures the buyer receives a clear title to the property.
- Deed: Legally transfers ownership of the home from you to the buyer.
- Closing disclosure: Outlines the financial details of the sale, including the purchase price and taxes.
Once all these documents are signed, the buyer’s name will be recorded in the public record, marking the official transfer of ownership.
FAQs
How can I sell my house fast in Tulsa?
To sell your house fast in Tulsa, consider pricing it competitively according to market trends, staging it well, using a flat-free MLS service, and accepting a cash offer.
Are home prices dropping in Tulsa?
Houses in Tulsa have sold for 4.6% more than last year. The median price for a home sold in Tulsa was $235,168 in August 2024, up 4.6% from last year.
Is Tulsa a buyer’s or seller’s market?
Tulsa is a Seller’s Housing Market, which means prices tend to be higher and houses sell faster than in other counties.
How long does it take to close on a house in Oklahoma?
Houses in Oklahoma typically sit on the market for 52 days. Once an offer has been accepted, it takes around 35 days to close. However, keep in mind that the housing market is constantly changing, and the time to sell can vary by season.
Conclusion
If you need to sell your house quickly in the green country of Tulsa, there are several options available. Buyers who purchase homes, especially single-family homes, often offer solutions to homeowners in urgent situations.
For those looking to stop foreclosure, selling to a buyer who makes a cash offer can be a swift and hassle-free way to move forward. Companies that buy houses are readily available to help sellers close deals quickly.
