Tulsa Real Estate News

Tulsa Home Values Remained Stable in 2008

According to a January 26, 2008 press release by the Greater Tulsa Association of Realtors:

 “In 2008, amid what most consider the worst financial crisis of our time, Tulsa home values remained stable. The local 2008 YTD average price outperformed the national market.

The Tulsa MSA average price YTD showed a slight increase from $146,354 in 2007 to $147,118 in 2008.  Nationally, the average price of homes sold in 2008 fell 8.6%; it should also be noted that nationally the average price of $243,100 is almost $100,000 more than the local average of $147,118. GTAR noted that as one major strength of the local market; Tulsa has always had significantly lower prices than most of the country which allows buyers to get more house for their money.

Although prices have fallen nationally, lower prices are the stability of the local market. When other markets experienced rapid price increases, we remained steady at reasonable growth rates. The number of closed transactions in December 2008 were 3 fewer than that of a year ago; nationally, sales increased 6.5%.”

With the advent of lower interest there is considerable interest among buyers to see what is out there.  Should they buy a home and give up renting?  Should they move up while the prices are good?  Should they put their home on the market?  Will prices fall?  Will prices rise?  The good news for Tulsa is that our prices are stable.

The key to selling your home in 2008 will be to price your home realistically in step with the market.  Do not overprice your home and think that “the buyer can always make an offer.”  Wrong.  The buyer will just eliminate your home from their search and move on to those homes that are priced within their range.  There are plenty of bank-owned properties and pre-foreclosures out there to compete with, so why price your home so far above the market that nobody is interested?

Remember, buyers who buy, buy and sellers who sell, sell.  So if you want to sell your home, sell it for real — price it where it will sell!  Let me repeat that.  If you want to sell your home, price it at a point where it will sell.

Check with your REALTOR (i.e., me), to see what the home values are in your neighborhood.

What better way to start the New Year, then to bring confidence to our 2009 Real Estate Market. Ringing in the New Year being hopeful and optimistic will allow us to decide what we can do to improve our way of thinking about what is currently going on in the market. The New Year begins with us having a positive outlook and is a promising time for those of us looking to buy a home in the Tulsa, Broken Arrow, Claremore Oklahoma areas.

Here are a few reasons to make a real estate investment in 2009:

Lower Home Prices: Housing prices have fallen to more affordable levels, in some markets moving back to 2003 prices. Lower home prices expand the number of people able to afford to buy and own home, creating a greater demand in the 2009 Real Estate Market.

Historically low interest rates: 30 year fixed mortgage rates are nearing 5 percent and are expected to move to 4.5 percent or lower in the 2009 Real Estate Market. Compared to 6.25 percent rates seen earlier in 2008, a rate of 4.5 percent would mean a monthly savings of $218 on a $200,000 mortgage. Lower monthly costs will keep people in their homes, reduce the number of homes on the market and lead to a stabile housing market.

The New Year brings optimism for the 2009 Real Estate Market. It is already evident that the housing inventories and prices are beginning to stabilize. The combination of lower prices and historically low interest rates will lead to a very good housing recovery.

No one can predict a market bottom, however it appears the worst of the market turmoil is behind us. The drive to stabilize and improve the housing market should lead to an improved 2009 Real Estate Market.

Let us all take a good peek into our own personal outlook on the 2009 Real Estate Market. With the interest rates low and many homes available, there is no better time than the present especially if you are looking for a home in the Tulsa, Broken Arrow, Claremore Oklahoma areas.