If you have driven through Tulsa without a reason you know exactly why buying a Tulsa home will be a good idea. The city is bustling with life. It has numerous parks, good food, festivals, and school rivalries that no one can match. Life in Tulsa city is as good as it can get. But if you have decided to sell your house and move to another city, it might be the most ideal time and the right decision.
While the city is a welcoming place, Tulsa Oklahoma has had the optimum population growth of 8.3 % since 2010 with 25% population of the Oklahoma state residing in Tulsa. The quality of life and low cost of living and doing business attract investors in throngs to the city which might be ideal for you if you plan on selling your Tulsa property.
Last year Amazon opened up its 3rd fulfillment center in Tulsa and an electric vehicle maker decided to setup up a plant. Both these efforts will create new jobs which will bring in new crowds looking for houses. The city of Tulsa has been set up to provide transportation, education and manufacturing facilities to its residents besides the basics. New employment opportunities have added a new layer of the economy to the city increasing household incomes, boosting the economy, and giving the real estate sector new life. Now is the optimal time to sell or rent your property.
What kind of people need a Tulsa house?
There are three kinds of people who may be interested in real estate solutions in Tulsa Oklahoma:
These are the people who will eventually buy houses in Tulsa. They may already be residing in Tulsa or migrating to it from other parts of the US. These people will be looking at your house through agents and some may even be searching and looking at houses independently. They will be happy to take the burdensome houses off your hands at low closing costs. These people are not real estate investors, they want a house to live in and they want a house fast. You may meet a cash buyer looking to make a fair offer if you are lucky.
These are real estate investors who will buy your house for cash only. They will have varying terms and conditions for buying your house. However, owing to the current real estate economy in Tulsa, most of them will make a cash offer for houses in any condition there by helping homeowners get rid of burdensome houses fast.
They are the tried and tested groups of people who will list your property address and match you with an appropriate buyer. You will not have to worry about searching and negotiating for a price. Once your house is approved and listed expect it to be sold as soon as a buyer shortlists your house from the list of homes they are looking at. Tulsa homeowners know and recognize this traditional route. Agencies do not buy houses in Tulsa, however, they do help homeowners sell unwanted property.
Process to sell your house
The process to sell your house starts from deciding whether you need to sell it. Make it known to the people residing at your property that you intend to sell. If you live at the house, inform your household; if you have tenants, inform them and sort out their lease arrangements before putting your house on the market. Do a personal inspection of your own house.
Make it Presentable
Start by cleaning your entire house. Whether it was a vacant house or a house you currently live in, no buyer want a house that has piles of dust. Give the house a deep sweep and make it look inviting and comfortable.
Fix or replace broken items. It may seem like replacing a broken heater is a lot of money to spend when it may get eventually replaced by the next owner but that may become a negotiation point for the buyer if left broken. Keep the repairs to the essential. You can have your home inspected before and after the repairs to get the bare minimum done to keep the market value price intact.
Make necessary improvements that may help sell your house. For example, getting the house painted might be a good idea, customized paint and texture may not be so. You will be getting more cash by making small improvements than with none at all.
Put it on the Market
You can put the house on the market via agents and direct buyers in Tulsa. Both routes will get you a fair price for your property. However, since 2021, Tulsa’s real estate market has shown a shift towards direct buyers and cash home buyers. This is because of multiple reasons. The cost of living in Tulsa is 7% below the national average. On the other hand, prices of housing increased by 23.4% since the last real estate peak but due to the low cost of living Tulsa remains a highly affordable city. Owing to this fact once your house is on the market, there will be a buyer looking for it.
There are two ways to go about processing a house for the market:
Real Estate Agent: once your house is listed with an agency in Tulsa, and a buyer is finalized expect a formal home inspection and home appraisal. These processes take up to 2 weeks. If the buyer applies for mortgage underwriting, the banks take anywhere between 30 to 60 days to arrange funds for the request. Another 18 to 30 days are required to clear the title of the house and transfer it to the new owner. The whole deal goes down in a minimum of 3 months and can take up to 9 months if delays happen. Conversely, the buyers can pay in full cash. Such a deal would follow all the same steps but would eliminate the need for mortgage underwriting. Such a deal would be through in about 2 months.
Direct buyers: these are corporate entities who are professional home buyers that have ready cash and are willing to purchase your property. They buy any kind of houses; even those that need repairs. Once the deal is closed, they pay cash to the seller, and full ownership of the house is transferred to the investment firm. The deals with direct buyers take up to 7 days. Since most of them do not need a formal home evaluation the process moves quickly. Once the property is bought by the firm, necessary changes are made and the property is put on the market for sale or added to their rental properties portfolio. Direct buyers are your solution if you are looking to sell your house fast without real estate agents.
Is a fair cash offer good or should you contact your bank?
Whether you get a fair cash offer through your real estate agent or through a direct buyer, remember this- it is always a good idea to take it as long as it is fair. Think about the following reasons before refusing a cash offer:
- It reduces the time to process your house from offer to sale.
- It gives you ready hassle free cash for new expenses.
- If you are going through direct buyers in Tulsa you have the advantage of getting rid of a burdensome house that needed investment in terms of repairs and improvements.
- You can move from your current house to a new space in a matter of weeks or buy a new house quickly.
- Your own current expenses in applying for a bank mortgage will be reduced.
- You will incur no future liability in terms of mortgage payments. Tulsa mortgage payments can go up to 30 years.
Some people may feel inclined to take on the bank route while buying their homes. It may suit them better. However, with a rise in demand for housing in Tulsa you may want to look for an alternative to bank and mortgage for the home buying process.
How to sell your house for a fair all cash offer?
The best way to start is to scout your own neighborhood. Look around to see if anyone is in the home selling process and who they are selling their house to. Ask them for details of the direct buyers and check websites for legit reviews and the cities these buyers have been investing in.
Once you have gathered sufficient information, create a list of direct buyers in Tulsa who come highly recommended. Shortlist the ones you think will be useful in your case. Contact the buyers on your list and ask them for a quote on your house. Most direct buyers have websites or phone lines you can call. This process is rather easy and harmless and does not constitute a commitment to sell.
Once you have a set of quotes, select the quote you like the best.
Since most direct buyers will buy houses in any condition but will verify the condition of a house they are investing in, proceed by asking them for a date and time for verification of the condition of the house.
Once the condition is verified and the final price is set, proceed by exchanging banking information. Most buyers will make a payment within a day or two of the inspection. There are no hidden costs in such an agreement. Ask your buyer if there is any additional fee they will charge.
Once the payment is made and the paperwork is signed the ownership is transferred. Your property is sold and off your hands.
Tulsa is ready for real estate investment. It’s not just Tulsa that is seeing a boom in real estate, cities like Broken Arrow, Norman, Lawton, Edmond, and Jenks are seeing a similar trend. Since the pandemic, there have been mixed reasons for the market booming. Among the top reasons is families wanting to move into single-family properties and smaller houses and free their finances for more. This has also put upward pressure on the price of houses.
While all that transpired on the economic front, Tulsa became a hub for sellers. If you have a property lying vacant this might be the best time to sell and sell fast. What’s more, you do not need to get it inspected, appraised or even checked out. Investors wouldn’t mind if the house was left unchanged. If you do decide to make changes or get inspections and appraisals, by all means go ahead. It may help with the price of your property. However, direct buyers paying cash do not care because they will be adding the finishing touches to your property anyway. If you are looking to sell your house fast in Tulsa contact a direct buyer by putting a board on your property or enlist on their website. This will help your property get noticed. Sell now when its piping hot!