Home Buying in 74112>Question Details

Haslettlou, Home Buyer in Tulsa, OK

For sale - 3921 E. 3rd St., Tulsa, 74112 - no activity at all. can you tell me why? location, price, or what. It is a complete rehab.

Asked by Haslettlou, Tulsa, OK Tue Jan 29, 2013

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John Cantero’s answer
Pricing your home correctly from the very start is the single most important thing you can do to ensure a successful sale - one that is quick and puts the most money in your pocket.

Homeowners are often tempted to set the initial list price higher than fair market value because they think they can simply lower the price later if the property doesn't sell. Most people don't realize, however, that setting the price too high in the beginning can drastically increase the time it takes to sell and typically achieves a final sale price that is well below market value.

The higher the list price, the more buyers will automatically exclude your property from consideration. By pricing your property at fair market value, you increase the number of potential buyers.

A listing generates intense interest during its first two weeks on the market, but activity drops off by more than 80% in the third week and beyond - subsequent price reductions notwithstanding. A property that is priced too high will not get the necessary attention during this critical period of peak activity.

Buyers are wary of price-reduced property, thinking something might be wrong with it or that it may still be priced too high.

John Cantero
Real Estate Specialist
1 vote Thank Flag Link Wed Jan 30, 2013
In addition to pricing issues one thing to consider is your agent. Is he/she difficult to deal with, do they consistently overprice their listings, fail to be available to answer their phone promptly, fail to post as many high quality HD pictures in MLS as possible, does their company download the listing to over a hundred different websites? If you're not happy with your current agents answers to your questions, well you hired them you can also fire them.
0 votes Thank Flag Link Mon Apr 8, 2013
There are 3 components that you should always consider when your home has no activity. Location, condition, and price. From what I see on MLS, the location is good, and condition is great! Price may be your main concern here. Place yourself in the position of a buyer and ask yourself, what separates your home from the other inventory on the market? If there is a similar home in the area listed at a lower list price, also ask why would a potential buyer look toward your home versus a similar one down the street listed for less? Sometimes we have to step outside the box. If you and your agent cannot come to terms on a reconstructed marketing plan, please do not hesitate to contact me at your convenience. I really hope this helps and be sure to have a wonderful day :)
0 votes Thank Flag Link Tue Jan 29, 2013
I did a quick comps report for the zip code, 74112- What found was the Median sales price for the zip code is less than 100k. The AVM value range is: $90,831 - $113,283. The price per sq ft is beyond the average, more than $20 per sq ft. The list price of $124,900 may be the problem. The TU area sells to investors for rent property and investors are always looking for a bargain. Check with your listing agent for a good marketing plan. Are you holding open house on a regular schedule? (I'm sure you are)...I have a copy of the comp if you want it.
0 votes Thank Flag Link Tue Jan 29, 2013
I would recommend a visit with you listing agent to discuss the marketing plan and a thorough price analysis. You'll want to work with them to create a solid action plan. I am sure traffic will pick up as the weather is warming and buyers are starting to look, good luck!
0 votes Thank Flag Link Tue Jan 29, 2013
A solid marketing plan is the first step in selling. It identifies the pricing and promotion strategies, and if done effectively, should sustain activity to get your home sold.
0 votes Thank Flag Link Tue Jan 29, 2013
This home is in a good area, close to TU. However, many home sales in the area are to investors renting the properties out to TU students. This listing is priced just a little too high. A better list price for this home would be $119,900. Marketing is absolutely critical to selling a home. The pictures in the mls seem to make the home look smaller than it is. Based on the pictures it seems to be staged with beautiful furnishings however the furniture seems to be oversized for some of the rooms. That is, if it is not just the pictures making it look that way. Price and marketing including good quality pictures are critical to selling a home. If you have any further questions about this home or any other listing in the midtown area feel free to call, text or e-mail me below.

Crystal Cordova
McGraw Realtors
Serenity Home Team
"Making Dreams Reality"
0 votes Thank Flag Link Tue Jan 29, 2013
Dear Seller.
The photos of your home and listing writeup are well done!
You have a lovely property.
You may want to visit with your listing agent about the average number of days properties in the neighborhood
are on the market before selling.
We're coming up on the busiest real estate season. At this point holding steady is a good plan.
0 votes Thank Flag Link Tue Jan 29, 2013
Are you working with a Realtor?
0 votes Thank Flag Link Tue Jan 29, 2013
Yes, it is listed with Keller Williams
Flag Tue Jan 29, 2013
The 2 biggest problems to any listing of no one is looking at it is either the price is too high or no one can see it becuase of a lack of attention, marketing and ads. Start with getting a market analysis and see what the home is worth in todays market. Then look to see where and how it is being marketed. The answer should be between the 2.
0 votes Thank Flag Link Tue Jan 29, 2013
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