If you’re considering purchasing or selling your home right now, there are two things you might want to know. For potential buyers, the inventory of properties available in the Rogers and Tulsa County areas is down. For those contemplating selling their home, the average price of a home is up since this time last year, according to statistics available through RE STATS, Inc.
“It’s a matter of supply and demand,” says Allen Stout, broker/owner of OklaHomes Realty. “When there is less inventory from which to choose, home buyers are competing with others for the same home.”
According to the RE STATS, the total housing inventory at the end of July 2015 decreased 4.44 percent to 6,291 existing homes available for sale. Over the last 12 months, this area (meaning the Tulsa and surrounding area) has had an average of 1,135 closed sales per month, representing an unsold inventory of 5.54 MSI for this period.
What is significant about this trend, says Stout, is that “according to the National Association of Realtors, we are on the cusp of being a seller’s market. Previously, when we had more inventory to choose from, prices were lower. The latest real estate stats in general reveal houses are on the market for an average of 45 days. This is a decrease from last year.”
The average number of 43.38 days that homes spend on the market before selling decreased by 4.42 days or 9.16 percent in July 2015, compared to last year’s same month at 48.25.
Home prices have also increased, according to Stout. “If you take the Tulsa standard and metropolitan area, the average price rose from $179,000 to $182,000 since this time last year.”
Because of less inventory and higher prices, Stout encourages those who are seeking to purchase a home to get pre-qualified. “We’re having multiple offers on property, and those who make the best offers get the property. Those who aren’t prepared miss out and become discouraged.”
What does he recommend for potential home buyers? “Get prequalified, come in with your highest and best offer and get your ‘credit swagger’ on, meaning know your credit score and what you can afford,” he adds.
Because OklaHomes knows that searching for the right home for your family’s needs can be stressful, all of the company’s associates make sure you have the most accurate information possible to make the right decisions. “We care about those who come to us in search of assistance to find a home or who want to sell their property,” he adds. “Our motto is ‘A friend you can trust in real estate.’”
Stout stays current with real estate trends and culls reliable website information, which he shares on the company’s Facebook page. He posts articles such as, “Mortgage Rates Impact Home Sales” and “Home Values: Where Are They Headed over the Next 5 Years?” to keep sellers and buyers informed.