Tulsa’s housing market starting to slow down after boom amid pandemic – Tulsa, Oklahoma

Tulsa, Oklahoma 2021-10-18 18:53:40 –

Tulsa, Oklahoma — Tulsa’s housing market could slow after last year’s rapid growth.

Forbes ranks Tulsa as the fourth hottest housing market In that country last year. Looking at this year’s list, Tulsa isn’t there because there are signs that things are calming down.

“Last year, we saw more than 30 offers in most homes, which is different from what we’ve seen on the market,” said Andrew Jones Brothers, a unique property associate broker. increase.

By 2020 and early 2021, homes were selling tens of thousands of dollars above the asking price, according to Jones Brothers. Many on the market are short-lived before they are snapped. And many of those buyers came from outside the state. But now it’s starting to slow down.

“I think we’ll see these higher real estate valuations for the foreseeable future, but some of the enthusiasm is actually gone,” he said.

Jones Brothers said homes have been on the market for a little longer and inventories are recovering. He also said interest rates were starting to rise a bit. He said it was a good time for buyers who kept missing to go back to looking for a home.

“Today I was actually talking to the team with pre-qualified buyers. When interest rates start to rise, they make sure they are still home-qualified. Because we need to contact the lenders for this, Jones Brothers said, “If interest rates are starting to rise and are on the border, we may need to adjust our search.”

But Jones Brothers said it was still a seller’s market. He has some advice for those who want to sell their home.

“I personally think that just accepting the first few offers that the seller comes in for a review can be a bit of a disadvantage to the seller,” he said. So if you’re on Friday, try the open house without checking until Sunday night. That way, those who haven’t booked will still have the opportunity to come home and see. “

Last year’s market was difficult for first-time homebuyers, but Jones Brothers says it’s now easier to buy if you’re ready to own your own home.

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Tulsa’s housing market starting to slow down after boom amid pandemic Source link Tulsa’s housing market starting to slow down after boom amid pandemic

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