Will My Home Actually Sell in Today’s Market? | Tulsa Real Estate Real Talk

Welcome back to another episode of Tulsa Real Estate Real Talk! I'm Jennie Wolek here with Brittany Whinery, and we are excited to dive into a topic that's on many homeowners' minds right now. Seasonally, we’re feeling some excitement and movement in the real estate market, which tends to happen this time of year. But with headlines about interest rates and the general housing market, many homeowners might be asking a crucial question: "If I list my home, will it actually sell?"

Well hey there! I’m Jennie Wolek with the Wolek Group at Keller Williams Tulsa. Most sellers come into the market with a specific number in mind, but lately, that number is actually becoming the biggest hurdle to getting their home sold. A recent Realtor.com survey shows that 80% of sellers expect to hit their asking price, but in reality, only about 40% actually do. That is a massive gap! And today, I’m going to show you how to set yourself up to be in that winning 40%.

That 40% stat might sound a little scary, but it’s actually a sign that we’re returning to a 'normal' market. If we look back at 2019, this is exactly how things used to work! It only feels low because between 2020 and 2022, everything sold for way over asking. Now, the rules have changed. There are more homes for sale in Tulsa, buyers have more options, and they are much more selective about where they spend their money. Pricing like it's still 2021 is a trap.

Will My Tulsa Home Actually Sell in 2024?

The simple truth is yes, homes are still selling. We're still helping buyers and sellers every day contact on new homes. However, the market is normalizing. We are moving away from the extreme "Amazon Prime days" of the COVID housing market, where homes sold in hours for well over asking. That feels different, and it's understandable why homeowners are pausing. But it’s not necessarily a bad thing! It’s a healthy sign for the overall market.

We’re here to help you navigate this changing environment and understand the facts. In this episode, we're breaking down three key points to help Tulsa sellers succeed.

Understanding the 2024 Tulsa Home Buyer: Selective and Careful

Number one, and perhaps most importantly right now: Buyers are still buying, but they are more selective.

Brittany, let’s talk about why this is the case. Increased inventory, for one, gives buyers more options and might cause them to pause before making an offer on every new listing. They want to make sure they’re purchasing the right home. Additionally, with current interest rates (even if they are closer to historical averages), buyers are highly conscious of their total monthly costs and overall closing costs.

This all-in cost consciousness makes buyers incredibly picky when it comes to repairs and inspection items once they are under contract. They are asking for all things, and especially the big things.

Mastering Presentation and Pricing for a Successful Tulsa Home Sale

This leads directly into point number two: Pricing and presentation. While homes are selling, they are staying on the market slightly longer on average. We see that happening in our market, and it’s a source of anxiety for sellers. Here’s how we help our clients navigate that conversation.

Presentation is paramount. We talk about it all the time, and homeowners often hear about it, but we look at presentation through a professional lens. We identify the details and buzzwords that resonate with today's Tulsa buyers.

• Proactive Repairs: Taking care of necessary repairs upfront, sometimes even before pre-inspection, eliminates points of friction and gives prospective buyers less pause. This means you can get under contract quicker and possibly for more money upfront.
  
  
• Best Light: As Brittany explained, if buyers are cautious, your home must be presented in its absolute best light. This includes utilizing:
  
  
  • Professional Photography
    
    
  • Staging Help
    
    
  • Pre-inspections (which can be really powerful, though inspection items may still arise)
    
    

These elements make the selling process smoother and more successful.

And of course, price is everything. One of the biggest mistakes we see sellers make in this market is not price adjusting in a timely manner. Homes sitting for too long without a strategic price adjustment can unfortunately gain a negative connotation. Many sellers hesitate because they "don’t want to give it away." In reality, pricing strategically—based on current market facts—is often the path to making more money and netting a higher return on that sale. We see that happen all the time.

The Good News: Life Still Drives Tulsa Real Estate Sales

Our third talking point is essential: Homes are still selling every day. Why? Because life changes still happen. Families are upsizing, downsizing, relocating, starting new jobs, or going through various other life events. Those needs are ongoing, regardless of interest rate headlines.

So, what would you say to someone who has been thinking about making a move? Someone whose current home just isn't fitting their needs anymore, but they’re sitting on the sidelines, pausing and considering what to do?

Your Essential Tulsa Home Selling Timeline: Don't Rush the Launch

I would say, let's go ahead and schedule a sit-down conversation, or even just a phone call. We've found that when clients can talk through their timeline and their motivations, we can ask them really great questions that maybe they haven't thought of. We help them get to the right next decision for them.

Many potential sellers are held back because they see "days on market" increasing. As we mentioned, this isn't necessarily negative; it's a normalized market settling after the extreme frenzy of the recent past. Working with professional Tulsa realtors who are in the market every single day is crucial. We help you evaluate days on market for your specific area and property type and then develop a winning pricing strategy to help you beat those odds. Our goal is to position your home so that you might even generate multiple offers, or at least receive very strong offers that allow you to hold firmer.

If you’re thinking about making a move, getting clear on the facts is vital. It sounds simple, but we find that some homeowners, whether they are buyers or sellers, don't always know all the facts. Getting clear on what you’re willing (or not willing) to do internally, and then sharing that openly with your chosen realtor, is the absolute best way to set yourself up for success.

Your realtor is your trusted advisor, your fiduciary. They need to understand all the facts to do the right job for you. This includes understanding the reality of the timeline.

If someone calls us up today ready to put their home on the market, we know from experience it takes more than just a couple days to launch appropriately. What does that timeline actually look like in a perfect world? For most sellers, we recommend planning on about 2 weeks to launch properly. This gives you the necessary time for:

• Pre-staging
• Pre-packing
• Professional Photography
• Developing and implementing your robust real estate marketing plan

If you’re thinking about making a move, definitely reach out! We’re happy to help, whether we would be a fit for helping you with your real estate needs or not. We hope you find this information valuable. Don't forget to like and subscribe to YouTube Channel! And of course, reach out when you need us. See you next time!