What are the challenges of selling different types of property in Oklahoma City?
How to overcome the hurdles of selling various types of real estate
Selling property can be a complex process, and the type of property you own plays a significant role in determining the challenges you may face. Whether it's a single-family home, a duplex, a townhome, or a condo, each property type can come with a unique set of hurdles for sellers.
In this article, we'll explore why considering the different types of real estate is helpful when selling, discuss common property types in Oklahoma City, and look at the challenges local sellers encounter.
Why consider the property type when selling different kinds of real estate?
Understanding the type of property you own is helpful when starting the selling process. Each one comes with its own specific market dynamics, potential buyer pool, and challenges. Considering the unique characteristics of your property type can provide insights into the potential appeal it may have for prospective buyers.
What are some common types of property in Oklahoma City?
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Single-family homes: Single-family homes are what typically come to mind when thinking of a house. They have no shared walls and offer a lot of privacy, with their own yards and usually driveways and garages. These types of properties are popular with both individuals and families.
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Duplex/triplex/quadplex: This property type is a unique residential structure consisting of two, three, or four separate living units under one roof, with each unit typically taking up one floor or side of the building. They share common walls and foundations. These multi-unit properties were mostly built before the mid-1980s due to changes in zoning laws. While technically considered "single-family" by the Federal Housing Administration (FHA), they are often sold to individual or smaller-scale investors.
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Townhomes: Similar to duplexes, townhomes share walls with neighboring units. Sometimes referred to as "row houses," these types of property often have several floors in a narrow vertical footprint. Townhouses offer a blend of the privacy associated with single-family homes and the shared amenities and convenience of condominium living. Townhouses are popular among individuals and families seeking a balance between space and affordability.
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Condos: Condominiums are a popular form of housing characterized by individually owned units within a larger complex or building. These units typically share common areas and amenities such as fitness centers, pools, and recreational spaces, which are maintained by a homeowners association (HOA). Condos offer residents the benefits of homeownership without the hassles of exterior maintenance and lawn care, which are taken care of by the HOA. This residential property type can be particularly appealing for individuals seeking a low-maintenance lifestyle, or for urban dwellers looking for a sense of community within a shared living environment.
Hurdles sellers face when selling different property types
Sellers in Oklahoma City may encounter specific hurdles depending on the property type they’re selling.
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Houses: Challenges may include making repairs, staging the home for photos, listing it on the market, hosting showings/open houses, negotiating with buyers, and potentially facing a long time on the market or to close. According to Redfin, houses in Oklahoma City stay on the market for an average of 45 days. Additionally, some standalone houses may be part of an HOA, adding another layer of considerations.
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Duplex/tri-plex/quad-plex: These residential property types are popular with investors. Selling to an investor may involve a more business-oriented transaction that’s more focused on repairs and rental potential. Investors tend to make quicker decisions, and they may have more knowledge about buying houses compared to typical family home buyers.
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Townhomes: Challenges can include property condition, a smaller buyer pool than with houses, and competition, as there may be similar units in the same area for sale.
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Condos: Condominiums pose unique challenges, with a notable one being "special assessments." Mismanaged HOAs and deferred maintenance can lead to special assessments (additional costs outside the monthly HOA fee), requiring significant out-of-pocket expenses from homeowners.
Selling different types of real estate can be a simple process.
We provide a solution for sellers looking to skip the hassles of the traditional house-selling process. Regardless of your property type, we offer a quick, hassle-free way to sell. For sellers in Oklahoma City, this means avoiding the complexities associated with repairs, staging, open houses, and lengthy negotiations.
We Buy Ugly Houses® purchases various types of property in Oklahoma City, and sellers can sometimes even expect an offer on the same day as the consultation. Since we are off-market house buyers, our offer won’t be as high as the current market value, but our speed and easy process can make it worthwhile. With decades of house-buying experience, a remarkable 95%* customer satisfaction rating nationwide, and excellent reviews, you can expect a transparent process with no hidden fees. We also cover typical closing costs.
Simply contact us for a free, no-obligation consultation at your property, and our local property specialist will meet you at your convenience. We’ll take a tour, answer your questions, and can then make you an offer. If you accept our offer, we’ll do our best to work with you to finalize a closing date that fits your selling schedule. If you're a seller looking to avoid the stress of selling the traditional way, reach out to us for a hassle-free experience and a quick sale.
