How Is The Real Estate Market

How Is The Real Estate Market

How's the Real Estate market in the Tulsa area? It is a common question and of course, realtors typically always reply that it's a great time to buy or sell.

However, right now actually is a great time and GTAR's November stats are here to back it up. Overall for sellers the outlook is excellent. With average prices going up and days on market decreasing, the Listed versus Closed Ratio finished very strong in November. There were 1,023 Closed Listings compared to 904 last year, an increase of 13.16%.  Pending sales are also up 9% compared to this time last year. Sale prices were up over 4% and Average Days on the Market is just under 45 which is about the time it takes to a buyer to secure and close on a loan. 2016 is expected to be the best year for existing-home sales since the height of the housing boom in 2006. However -according to NAR, in 2017 existing-home prices are expected to go up an average of another 4% which is great news for sellers!

What about buyers? With the possibility of increases in mortgage rates, these trends are expected to continue as buyers take advantage of current low rates. Lenders are beginning to make more loans to buyers with lower credit scores and down payments as well as higher debt-to-income ratios as a result of rising mortgage rates.This is because fewer homeowners are likely to refinance their mortgages as rates increase. To make up for that loss in business, lenders turn their focus to new loans.

The NAR’s profile of homebuyers and sellers also shows a growing desire for people to own a home -- 67 percent in 2016 compared to 53 percent in 2014. In September, first-time homebuyers made up 1/3 of the total pool of buyers which is the highest rate in over four years. A majority of households surveyed believe now is a good time to buy a home. According to the survey, about three-quarters of current homeowners who make more than $50,000 a year, and live in the Midwest or South were the most confident that now is the time to close on the homes of their dreams.

Overall, it is a GREAT market for buyers and sellers!

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Phone: 918-872-0073
Dated: December 19th 2016
Views: 349
About Britni: I want to be more than just your Realtor! I want to be the friend you call whenever you need any hom...

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eXp Realty Oklahoma
101 Park Ave Ste. 1300
Oklahoma City, OK