Real Estate Rundown

You may have made your house a home since purchasing it. But when it comes time to sell, you’ll need to look at it critically in order to raise that asking price. 

“Do your very best to see your house through someone else’s eyes,” advises Blake Loveless, co-owner of and real estate agent at Walter and Associates in Tulsa. 

Most sellers need to do some repairs and staging before putting a home on the market. However, it’s important to be deliberate in the changes you make; personalized amenities and fixtures may ward off buyers instead of increasing the value of your home as anticipated. 

Repainting your home in neutral colors and replacing dated carpeting can help brighten the space and make it feel move-in ready. 

“A simple approach to decorating and setting up for showings is usually beneficial,” explains Taylor Chinowth, vice president at Chinowth & Cohen Realtors. “It’s much easier for buyers to see their own furniture and decorations in the space and not get distracted by what the seller has there.” 

First impressions matter – so focus your efforts on your home’s curb appeal and entrance. 

“Statistically, buyers make an emotional decision if they want a house within 30 seconds of walking into the front door,” says Leland Chinowth, president at Chinowth & Cohen. “They spend the rest of the showing trying to justify that gut feeling.” 

The data agrees. According to the 2024 Cost vs. Value Report from the Journal of Light Construction, the two home projects that deliver the highest returns are garage door and entry door replacements. Both improvements recoup nearly 200% of the job costs.

If your house doesn’t need significant repairs, upgrading commonly used spaces, such as the kitchen and bathrooms, is another good strategy. And the changes don’t have to be drastic – small finishing touches, such as updating the light fixtures, repainting cabinets and replacing fixtures can have a transformative effect. 

For the last couple of years, buyers have been at a disadvantage, with historically low inventory and elevated mortgage rates. Younger generations are finding it difficult to become homeowners, and older generations are staying put rather than downsizing. 

The lack of housing options can be attributed to multiple factors. First, developers face red tape with restrictive zoning laws, and smaller houses are usually not profitable enough to justify building. 

Second, large corporations and investors have been acquiring single family homes more aggressively. In fact, investors purchased over 26% of affordable homes that were sold in the U.S. in the fourth quarter of 2023, a record high.

“When that happens, those properties rarely go back on the market,” explains Susan Beach, principal broker at Keller Williams Advantage in Tulsa. “It would take 20 years for new construction to make up the loss of inventory that we have suffered since 2008. That’s just the reality.” 

Despite these factors, the real estate market is expected to gradually shift this coming year. Home sales are expected to rise as buyers become more acclimated to 6-7% mortgage rates. 

“It’s a baseline that we’ve had for many years through the 2000s,” says Leland Chinowth. “Historically, what we’re at now is a really good rate for buyers.” 

Home prices are projected to climb a percentage point above inflation rates through 2029, giving homeowners peace of mind in maintaining the value of their home. Further, Oklahoma home values tend to remain more stable compared to home values in coastal cities. 

“While the rapid growth between 2020 and 2022 may make the current market feel slower and interest rates seem higher, this is actually a balanced, healthy market,” says Lindsey Schlomann, executive vice president and Oklahoma principal broker at McGraw Realtors.  “It is a great time to buy or sell real estate.”

For most people, their home is their biggest financial investment. Stress can be expected whether you’re buying or selling, and unexpected challenges are bound to happen. However, there are common mistakes you can avoid. 

For buyers, the most important thing to do is to get pre-approved for a loan before shopping for homes. 

“A lot of times, people will get too far down the road and then find there’s some surprise with their finances,” says Loveless. “That causes more stress than anything.”  

Making a house wish list can also help you narrow your search. Determine exactly what you need versus what you want. 

“A common mistake for both buyers and sellers is the inability to compromise, often stemming from unrealistic expectations,” explains Schlomann. “Challenges will arise, and it’s important for both parties to approach the process with a clear, level-headed mindset.” 

Sellers can benefit from hiring a real estate listing consultant, especially if they need to sell their house by a certain date. A listing consultant helps price your home competitively and prepare it for showings. 

Most buyers will set up a home inspection after making an offer. To avoid surprises, consider getting an inspection before listing your home. 

For sellers, the bottom line of an offer takes priority – but consider who the buyers are. 

“I put a lot of weight in the solidity of the buyer,” says Loveless. “[Having] a good, honest relationship between everyone is very calming.”  

Closing is the final step, when home ownership is legally transferred between parties. Here are a few terms that you’ll probably hear in this leg of the process.

• Closing disclosure: A document that includes all the details of the home loan, including fees, closing costs, the interest rate and projected monthly payments.

• Cash to close: The total amount of money that the buyer must bring to the closing table to finalize the sale.

• Escrow agreement: A legally binding agreement that determines how assets, which are held in an escrow account, will be managed by a third-party agent. 

• Underwriting: The process of researching a buyer’s finances, creditworthiness and employment history to determine if they can repay a home loan. 

• Contingencies: Conditions made by the buyer that must be met before finalizing the sale. 

• Annual percentage rate (APR): The yearly cost of the loan, including interest, origination fees and closing costs.

• Inspection: An evaluation of the home’s condition that generally happens after an offer.

Choose your real estate agent wisely.

“You need to be able to trust your agent and communicate with them… You want an agent that tells you the truth, not just what you want to hear,” advises Loveless. 

Taylor Chinowth continues: “One thing that can differentiate one Realtor from another is their local knowledge. Find someone that knows your local area, your market and the school districts nearby,” he says.

Borrow from alocal lender.

“I’ve seen people regret just taking the bottom-dollar on rates, because it can end up causing problems later if the lender doesn’t know the market or understand Oklahoma laws,” shares Loveless.

Beach echoes this sentiment. “You want to be with a local, reputable lender – no faceless organizations. You want to choose people who have reputations, and you’ve got to be comfortable with them.”

Owning a home in Oklahoma comes with advantages.

“Oklahoma homes aren’t just budget-friendly; they’re designed with space and comfort in mind. Many properties feature large lots or expansive parcels of land, perfect for growing families or those seeking room to spread out,” says Schlomann. 

Leland Chinowth adds: “You can buy a house here and safely rely on it gradually increasing in value over time. By the time you’re ready to sell, it’s worth more than you bought it for.” 

According to U.S. News and World Report, sellers typically pay 10-15% of their home’s sales price in selling costs. Keep the following costs in mind for your budget. 

• Real estate agent commissions tend to be the biggest expense for sellers. According to data collected from Clever, an online real estate education resource, the average commission rate for Oklahoma realtors is 5.68%. 

• The principal balance on your home loan may not be the same as the mortgage payoff amount, which includes interest fees and prepayment penalties. You can request the payoff amount from your lender. 

• Getting your home professionally staged will cost extra. The average staging costs in 2025 ranged between $837-$2,924 based on data from HomeAdvisor.  

• If your home value has appreciated, you may need to pay capital gains tax on profits from the sale, which is taxed the same as income. Some homeowners are exempt from this tax under the Taxpayer Relief Act of 1997.

• Sellers are responsible for closing costs, too. Average closing costs for sellers are 8-10% of the home’s sales price, according to Zillow. 

• Moving costs and home repairs aren’t always avoidable. Factor both costs in your bottom line when considering offers. 

Most buyers are aware that they’ll need to save up for a down payment when purchasing a home, but there are more expenses beyond that. Know exactly what you need to save to secure your dream home.

• The amount you’ll need on a down payment for a home will depend on the home’s sales price, the type of loan you select, and your credit score. Conventional loans require at least 3% of the sales price. 

• In the past, sellers were responsible for paying commission to their agent and the buyers. However, buyers may be responsible for negotiating and paying their agent fees now, following a settlement related to commissions in 2024.

• Closing costs include origination fees, title fees, underwriting fees, prepaid interest, mortgage insurance and other expenses. On average, buyers pay between 3-5% of the loan in closing costs.

• Appraisal and home inspection fees can vary but generally cost several hundred dollars each. 

• Earnest money helps a buyer secure a home by showing their interest to the seller. These funds are deposited into an escrow account until the home sale is finalized. A typical earnest payment ranges from 1-10% of the sales price, and the funds are applied to the down deposit at closing.