The Facts!

The developments which have occurred in the financial markets and our economy over the past month have been wildly erratic and very emotional. As a part of this process, there have been lots of reports and statements made related to the housing industry. Some of those reports have been misleading because they present statistics based only on national data. Others have been untrue.
Below are some facts about our local real estate market. Hopefully, they will give an accurate perspective on the local housing situation.

1. Money for home loans is available! Despite reports to the contrary, the vast majority of prospective home purchasers can get a loan today. Interest rates have fluctuated but are still very low when compared to historical averages. Buyers will probably need a small down payment and a reasonable credit score.

2. Home prices have remained steady! Through September, the average sales price of homes in the five-county (Tulsa, Creek, Osage, Rogers, and Wagoner) has increased 2.3% over the first nine months of 2007. More interestingly, even the average price per square foot paid has increased approximately 2%. Certainly, every home is unique, but overall our prices are remaining strong, especially when compared to some other parts of the country.

3. Foreclosures have NOT skyrocketed. Per an article in the Tulsa World in September, foreclosures in Oklahoma during August 2008 were down 20.72% from July 08 and were up only 5.1% from August 2007.

4. Real estate is a good investment. Despite all of the economic turmoil, residential real estate continues to be a good investment. While the stock market has fluctuated dramatically since 2000, home sale prices in the greater Tulsa (5-county) area have risen steadily from an average sales price of $123,067 in 2000 to over $160,000 this year.

If you want to sell and/or buy a home, Sarah at slaunchbaugh@cbtulsa.com. I will be happy to give you the facts for this area so you can make an informed decision.

(Statistics compiled from NORES, INC (MLS) data on 9/14/08. Deemed reliable but not guaranteed.)