Homeowners, naturally, want to get the most money possible when they sell. It’s just that in certain markets with certain kinds of buyers, that’s sometimes more than a little difficult to pull off. Most markets today, where there’s low inventory and high demand, favor sellers. But if you’re selling in a low-income area, getting the most money at sale time will require the right mindset, preparation, and tactics. So let’s see what you need to do to get the most money for your Oklahoma City house in a low-income area.
Price It Right
Pricing right, pricing competitively, is the first step toward getting the most money for your Oklahoma City house in a low-income area.
“Whether you’re working with an agent or going it alone,” industry pros say, “setting the right asking price is key. Remember the comparative market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller you should be one step ahead of them.”
Though underpricing can stall a sale, overpricing is typically the worse mistake in a low-income area. In fact, a recent survey revealed that 70% of real estate agents said that “overpricing is the number one mistake that sellers make.” The simple fact is that overpriced homes often don’t sell.
Be Prepared to Negotiate
Similarly, you need to be prepared to negotiate in order to get the most money in a low-income area. Not only can unrealistic pricing expectations be a mistake, but so can intransigence when it comes to price and concessions.
In any kind of market, a “smart buyer will negotiate, and if you want to complete the sale, you may have to play ball.” But getting the most money for your home also means negotiating wisely and prudently. Contact a Oklahoma City agent, then, at (405) 521-1817 to find out more about effective negotiating strategies to get the most money in a low-income area.
Sell at the Right Time
Selling at the right time is always an important consideration, but it becomes critical when you want to get the most money for your Oklahoma City house in a low-income area.
Here’s how real estate pros explain: “there really is a right time to sell during the year. Winter, especially around the holidays, is typically a slow time of year for home sales. People are busy with social engagements, and the cold weather across much of the country makes it more appealing just to stay home. Because fewer buyers are likely to be looking, it may take longer to sell your home, and you may not get as much money.” And when you factor in low-income buyers, this phenomenon grows stronger.
Your best bet, then, to sell for the most money in a low-income area is to list during spring or summer. Still, you need to keep in mind that the best time to sell can vary from local market to local market. So be sure to contact a Oklahoma City agent at (405) 521-1817 to discover more about your market.
Make Only Minor Improvements
A major component of selling your house for the most money in any market is not spending too much on repairs/improvements/upgrades and not doing those that won’t yield a good ROI. And this is, even more, the case in a low-income area – where the larger sale price to recoup the cost of major improvements and upgrades will be out of reach for buyers.
Certainly, you should take care of all the smaller issues – painting, enhancing curb appeal, installing new light fixtures, and son. But it won’t pay to do, say, a major kitchen remodel or to add a new deck. Again, your Oklahoma City agent can advise you on the improvements that will improve saleability while still allowing you to sell for the most money in a low-income area.
Also, you need to vet buyers in order to get the most money for your Oklahoma City house, especially in a low-income area. Doing so will save you time and effort, which amounts to more money.
So take steps to be certain that an interested buyer is serious, not a mere tire kicker, and that she can actually get financing. Make sure, then, that a prospective buyer has a pre-approval letter and that the buyer can show proof of funds for the down payment and closing costs.
Work With a Oklahoma City Agent
You may have noticed a common thread running throughout these ways to get the most money for your Oklahoma City house in a low-income area. It is a fact that the assistance of a local real estate agent is almost indispensable.
“A good agent generally has your best interests at heart. They will help you set a fair and competitive selling price for your home, increasing your odds of a quick sale. An agent can also help tone down the emotion of the process by interacting with potential buyers and eliminating tire kickers who only want to look at your property but have no intention of making an offer. Your agent will also have more experience negotiating home sales, helping you get more money than you could on your own.”