Tulsa Home View
Tulsa's Performance Real Estate Professional

Market Alerts

November 17, 2009

MSN Real Estate Rates Tulsa the 7th Strongest U.S. Metro
(11/4/09), due specifically to stable home prices, low
unemployment, and potential for job growth!

The median sales price for the Tulsa Metro Area is up and
the number of homes closed was only down 2 from the same
time in 2008. But, pending sales for this month are up 8.7%
over last year according to The Greater Tulsa Association
of Realtors as published in the Tulsa World's article
"Tulsa Area Home Sales Surge" (11/5/09).

Interest rates are incredible right now at 4.75% (over
last year's 6%) for a 30 year conventional loan and only
4.875% for a FHA or VA loan. Strenuous new guidelines
have been put in place including raising the minimum
credit scores 20 points to 600 FHA/VA/USDA and 620 for
conventional loans. (11/17/09, Coldwell Banker Mortgage).

For sellers, it is increasingly important to effectively
market your home through traditional methods such as open
houses and having your Realtor get the word out to other
Realtors. It is also key that all potential buyers have
access to your home online. Buyers regularly use their
I-Phones and netbooks to view pictures and virtual tours.
Staging your home, Broker incentives and drawings are
popular as well. However, the single most important key to
selling is the right price. Using an experienced Realtor to
market your home has never been more important.

The tax credit has definately had a positive affect on
our market already. National Association of Realtors'
chief economist Lawrence Yun stated last week (11/10/09)
that "rising sales from the expanded tax credit should
stabilize home prices by next spring and help to stem
future foreclosures." The expansion of the $8,000 first
time homebuyer credit also included raising the income
limits and added a $6,500 credit to current owners who
have lived in their home for 5 years - great news for
our "middle" price ranges. During his floor speech,
Senator Isakson was quick to warn that the tax credit
will NOT be extended again (C-SPAN2, 11/4/09). So be sure
you LIST your home now to insure a sale and PURCHASE a
new home by April 30, 2010 to receive your tax credit!

With the combination of the lowest interest rates in
decades, the best pricing for buyers, and the strength of
our market, there has never been a better time to buy
real estate in the Tulsa Metro Area.

Today's purchase will be tommorrow's equity!.