How Do I Decide How Much to Offer on a House in the Greater Tulsa Area?

Your offer starts with the recent sales, not the list price. Before you decide what to offer, I review four things with you: recent sales of similar homes, how long the home has been on the market and whether the price has changed, the home's condition and the age of its bigger items, and whether other buyers are likely to be interested. Then you decide what to offer, with the numbers in front of you.

Whether you're buying in Tulsa, Broken Arrow, Jenks, Owasso, Collinsville, Coweta, Glenpool, or Catoosa, the list price is the seller's starting point. What similar homes actually sold for tells you much more about what the home is worth.

I'm Christina Shortsleeve, a REALTOR® with REMAX Results, and I help first-time buyers across the Greater Tulsa Area buy with a clear plan. Deciding on an offer is one of the moments buyers feel the most pressure, and it's where having the right information matters most.

Recently sold homes, often called comparable sales or "comps," show what buyers have actually paid for homes like the one you're considering. I look for homes that are similar in size, age, layout, and location, and that sold recently.

The list price reflects what the seller hopes to receive. The sold prices reflect what the market has paid. That's why your offer starts with the recent sales.

How long a home has been on the market, and whether the price has already changed, tells you how buyers have responded to it so far.

A home that just came on the market may draw more attention. A home that has been listed for a while may leave more room for negotiating. I review both with you so your offer fits the situation, not just the price tag.

Two homes with the same square footage can be worth very different amounts. At the showing, I pay attention to the home's condition and updates, and to the age of the bigger items: the roof, the HVAC system, and the water heater. Those items can affect what a home is worth to you and what you'd be taking on after closing.

Your offer will also include an inspection period, so you'll have a chance to look closer before you're fully committed. My article on what a home inspection covers in Oklahoma explains what happens there.

Part of deciding on an offer is understanding the competition. If the home is new to the market or drawing a lot of attention, other offers may be likely, and that can change your approach.

In a multiple-offer situation, an escalation clause is sometimes an option. It allows your offer to increase by a set amount above a competing offer, up to a limit you choose. I only use escalation clauses in multiple-offer situations, and using one doesn't mean I recommend going over what I believe the home is worth or could appraise for.

Price is only one part of an offer. Your offer also includes your proposed closing date, your contingencies, like inspection and financing, and other terms. A few things I use to strengthen my buyers' offers:

• A flexible closing date. Matching the seller's preferred timeline, when it works for you, can make your offer more appealing.
• A pre-approval letter with every offer. I always attach one. A fully underwritten pre-approval is even stronger.
• A cover letter explaining the offer. I include one with each offer so the seller and their agent understand the terms clearly.

Buyers can also ask the seller to help with closing costs, and that's a common request in the Greater Tulsa Area. Whether it makes sense for your offer depends on the home and the competition. If you're still early in the process, my article on how pre-approval works is a good place to start.

Once your offer is submitted, the seller can accept it, counter it, or decline it. If they counter, I'll walk you through the changes and help you decide how to respond.

Once your offer is accepted, you'll deposit earnest money. In Oklahoma, earnest money is typically due within 3 days of an accepted contract, but that can vary based on how your contract is written. You can see every step after that in my article on the home buying process in Oklahoma.

• Starting from the list price instead of the recent sales. The list price is the seller's starting point, not the home's value.
• Ignoring days on market and price changes. They tell you how other buyers have responded.
• Overlooking the age of the bigger items. A roof or HVAC system near the end of its life affects what the home is worth to you.
• Focusing only on price. Your closing date, your pre-approval, and your other terms can make your offer stronger without overpaying.
• Going over what the home is worth in a bidding situation. An escalation clause should have a limit that makes sense for the home.

Should I offer below the list price?

It depends on the home. Your offer should start with what similar homes recently sold for, along with how long the home has been on the market, its condition, and whether other buyers are interested.

Who decides how much to offer?

You do. I review the numbers with you and share my recommendation, and the final decision is yours.

What is an escalation clause?

It allows your offer to increase by a set amount above a competing offer, up to a limit you choose. I only use them in multiple-offer situations.

Can I ask the seller to pay my closing costs in the Greater Tulsa Area?

Yes. Asking the seller to help with closing costs is a common request here. Whether it fits your offer depends on the home and the competition.

What makes an offer stronger besides price?

A flexible closing date, a pre-approval letter attached to the offer, and a cover letter explaining the terms. A fully underwritten pre-approval is even stronger.

If you're starting to think about buying, start with my page for first-time buyers in the Greater Tulsa Area. When you're ready, send me a message. I'll walk you through the Purchasing Pathway, so when you find the right home, you'll already know how your offer comes together.

Christina Shortsleeve is a REALTOR® with REMAX Results in the Greater Tulsa Area, helping first-time buyers and downsizers buy and sell with a clear plan. She has sold 127 homes since 2020.