It's a Tale of Two Markets

Real Estate Agent with Coldwell Banker Select

When people ask me these days how the market is, I tell them it depends which price range you are talking about. In the Tulsa and surrounding suburbs, the absorption rate shows that the dividing line is around $400,000.

Sub $400,000, the absorption rate is five months or less, above the price, the time it can take to sell a home is much, much longer. Above $500,000, the time it takes to sell a home in several areas is over a year.

As a buyer, it always is prudent to consider not only the question, can I afford it, but also, can I sell it if I need to? Some reasons one has to sell a home can spring up unexpectedly, job transfer or loss, health issue, divorce. When you need to sell a home, having it sit on the market for a year is very stressful.

The good news for Tulsa is, housing is very affordable, used homes are selling for below the building cost, including the lot. I would attribute this to Tulsa being a well kept secret, and some real reasons such as the inconvenience due to the lack of direct flights and the poor state of public education in the state.

Tulsa is currently celebrating the anniversary of the Gathering Place, a hundred acre free park with lots to do for children and adults. There is also redevelopment of the Route 66 area and nice riverfront entertainment and trails. It seems like a matter of time before buyers come in and drive up the prices

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Comments (1)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great month.

Mar 04, 2020 02:15 AM