Jan 28 2009
Tulsa Real Estate News — Tulsa Home Values Remained Stable in 2008
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.