If you own a house in the greater Oklahoma City area and thought about listing it, you probably haven’t thought much about the cost to actually sell it. There are cost factors with every step of the process that most sellers don’t even realize. We want to look at some of these listing costs so you can determine if a direct sale of your property would be the better choice for your situation.
The cost to sell a house in Oklahoma City, Oklahoma can fluctuate greatly. It all comes down to the house itself, the repairs and updates needed, location, etc. Each real estate agent will work a little bit differently; some charge you for things based on your needs, while others are “all-inclusive”. Before you commit to listing with an agent, we want to help you better understand all your options to see what the best fit for your situation is.
Upfront Costs of Selling Your Oklahoma City House
Before you even talk to an agent or get started on a listing, you will need to take care of a few things. Some you can do yourself (if you have the time and energy), while others you might have to pay for. You might not need all of these things, but they are all important to consider.
To create an environment that is appealing and welcoming, you will want to make sure your house is clean. You can do a good job yourself, but bringing in a professional to do a deep cleaning of your Oklahoma City house from top to bottom can change the whole look and feel. If you aren’t replacing the carpets or flooring, you will want to pay to have them professionally cleaned. Most people focus on the inside of the house, but the outside is just as important, since it is the first thing potential buyers will see. Things like power washing the driveway, cleaning out the flower beds, trimming the trees, cleaning the windows, and more.
While cleaning the home, it’s a great time to start sorting through your personal items. Some you will pack away and others will make it to the “donate pile”. The problem is people don’t want to see personal possessions or clutter when touring your home. Which means everything needs to be packed away and organized. When considering this, you might need to rent an offsite storage space or pod in the Oklahoma City area to hold your items until you’ve moved into a new house.
Repairs & Upgrades
Remember those weekend projects that you never really had time to finish or even start? Well, it’s time to get those done especially if they’re visibly broken or worn. This includes fixing and painting walls, replacing cracked tiles, and smoothing floorboards. You might also take this opportunity to make minor upgrades such as new fixtures or hardware. Spending money on these things and even larger upgrades can help improve the value of your Oklahoma City, OK home. You just need to be comfortable paying for these upfront to hopefully see the return when your house sells.
We mentioned earlier about cleaning the outside and making sure it looks well maintained. That is just covering your bases. If you want to ensure you have a beautiful house and a beautiful yard, you might need to step up your game. The front yard is the first thing people see and having great curb appeal can start a showing on the right foot. Adding plants and flowers, ensuring fresh mulch has been laid, along with painting the front door, shutters, and fence are key items that will make the house pop!
Costs While Your Oklahoma City House is on the Market
While your property is on the Oklahoma City market, you will still find yourself paying to have it for sale. There are many expenses you will be paying during this time that you could avoid with a fast and direct sale upfront.
Ever hear the saying “time is money”? Well that is literally the case while you are listing your house in Oklahoma City. While the house sits on the market, you will still need to pay the monthly utilities. Even if you have moved out of the house, you still need to keep the water, gas, and electricity on for people viewing the home. You will also have to continue paying the homeowner’s insurance and property taxes up until the day of closing. In addition, you will need to continue taking care of the cleaning and routine maintenance of the home. With many properties sitting on the market and then having to go through escrow, it could be months until the house has officially closed. During this time, you could be out thousands of dollars you could have otherwise kept in your pocket.
Some agents will include great marketing, while others will not. To successfully list your house, you will want to ensure there are great listings and great photography of the home. Some people are even hiring drone photographers to capture their homes from above. Photos can make or break a listing; if you list your property, do not cheap out on photos.
Costs After An Offer Has Been Made
Once an offer has been made and accepted, you will still be responsible for the insurance, utilities, and taxes up until the day of closing. Depending on the lender, this could add several weeks or more to your timeframe. In turn, adding more money you are paying to own the home. Most offers are contingent on an inspection and appraisal process. You can avoid those completely with a direct offer from a Oklahoma City, OK business who purchases as-is.
Negotiated Repairs in Oklahoma City
Once the inspection has been completed, you might have to negotiate repairs based on the severity. If there is a major problem with the house, the potential buyer will likely request it be fixed before going through with the sale (The bank isn’t likely to fund a loan for a damaged property either.) If your buyer decides to rescind the offer, you will need to disclose the needed repair to all potential buyers going forward. Then you are back to square one all over again.
Costs at Closing Time
Once you are signing final sale paperwork, it is also time to sign over a check to your agent. This will typically run about 6% of the final sale price of the Oklahoma City home.
Many additional fees are lumped together as closing costs. These include document filing, title search fees, credit check costs, transfer taxes, property taxes and more. On average, this will run you another 2-3% of your final sale price.
So what’s the best selling option for you in Oklahoma City?
In short, only you can answer that. At Premier OKC Home Buyers, our goal is to share some of the hidden costs that many Oklahoma City home sellers don’t realize. If you add up all the cost, decide you don’t want the hassle of showing your house and don’t want to wait the months it may take to sell, then listing your property with an agent may not be the best option for you to sell your house. If you want a quick and convenient way to sell your property, call Premier OKC Home Buyers at (405) 226-5563 or request a cash offer. One of our consultants can meet one on one with you and give you a cash offer on your Oklahoma City house within 24 hours.