Real estate is a tricky business. The market ebbs and flows based on too many different factors to count. If you live in the Greater Tulsa Area and are currently looking to buy or sell a home, you need to know what’s happening in the Tulsa market so you can make the most educated decisions possible. (And so you can show off your impressive real estate knowledge at parties.) Here are 10 things you absolutely need to know NOW!
1. Each section of town has pockets that are “hot” or are not moving. Buyers AND sellers need to look at comps for the particular area before listing or buying.
2. The 2016 selling season started early! Things have been moving since January. This is probably due to the government stating that interest rates will rise a few times this year. (However, when they raised their rate in March, mortgage rates actually took a dip.)
3. The price range that is moving the fastest is the $100-225K range. Demand is high and inventory is low.
4. Don’t wait! When you are looking in the above price range, be prepared to be in a multiple offer situation (especially on the lower end.) If you see something that looks interesting, call your Realtor ASAP. If it is in good shape, it will not last.
5. You have to find the “sweet spot.” Number 4 doesn’t mean you can overprice your home when selling. Even if you get an offer that is above asking price, your home will still have to appraise unless you have a cash buyer willing to pay a premium. The appraiser will look at comps just like your Realtor provided in pricing and valuing your home.
6. The luxury market (over $500K) is moving much slower (except in midtown!). The average time on the market for a home in this price range is 15-18 months.
7. Foreclosures are getting fewer and farther between and aren’t always good deals. If they need to be repaired, you may need to be a cash buyer. Banks are getting smarter and hiring contractors to fix them up so they can ask market value.
8. You are not going to make the kind of money they do on HGTV if you are a flipper in Tulsa. Our market is more stable and not as pricey; therefore, not as risky or profitable.
9. As the downtown areas develop, midtown and downtown are becoming increasingly desirable. Houses are being refurbished and upscaled in Owen Park, Florence Park, The Pearl District, Brookside, and Cherry Street…among others. (And going for a premium!)
10. The Tulsa market is becoming more complicated as new areas develop, millennials are entering the market, and the senior population is downsizing. Talk to a Realtor before making any assumptions in this market!
If you would like more in-depth information on the Tulsa market or anything real estate related, please contact me! I would be happy to provide you with any details you need.