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Tulsa's Performance Real Estate Professional

Market Alerts

January 3, 2008

Wanted to take some time to talk about the media's
profound ability to influence the marketplace and
over-emphasize the negative aspects of the real
estate market in the recent months!

Although the industry has experienced a buyer's
market and a slow-down nationwide, Tulsa's market
is still holding strong and expected to increase
in the coming months. RISMedia states,
"[The National Association of Realtors] sentiment
reflects what broker's are saying: Real estate
markets, like weather reports, are necessarily
local, so don't be scared by national media reports."

Tulsabusiness.com noted The Greater Tulsa Association
of Realtors "Good Thing You're in Tulsa" Campaign
on 11/16/07, quoting President Ron Sumner: "Overall,
Tulsa's housing market remains steady, and we want
people to realize that." The article also noted that
Money Magazine ranked Tulsa second in projected
home appreciation values (4.3% inflation) of the
nation's 100 largest markets. These numbers reinforce
Smart Money Magazine's listing of homes in Tulsa
being at 19% undervalued, "making Tulsa one of the
5 most undervalued real estate markets among 330 U.S. cities"
(Coldwell Banker RaderGroup Managers Memo, 1/2/08).

This information, coupled with the GTAR statistics
through 12/07 which show that January through the end
of November, the average sales price in Tulsa was up
5.3% ($153,615) over the same time period in 2006
($145,876), show us that we are in fact doing better
than what the national media would have us to believe.
The year to date number of closings is only down 4%
behind 2006. "2007 should be the second best year
in GTAR real estate history."
(CBRG Memo, 1/2/08; GTAR World, 1/08).

I am optimistic about 2008 also because of current
mortgage rates and options. Coldwell Banker Mortgage
is quoting 30-year fixed rates at 5.5% with a 1 point
origination fee, or 5.875% with NO origination!
(Call Zeke Chancey at 918.260.6915 for more info).

It is a great time to invest in Tulsa's real estate market...
Good Thing You're In Tulsa! .