There is currently a real shortage of homes for sale in the greater Tulsa area, especially in the lower price ranges. Why? Here are a few reasons.
First: Interest rates. Many home buyers, especially first time home buyers, have locked in low interest rates over the last few years. While the rates haven’t jumped very much, they are slightly higher than in past years, so people with those super low interest rates are hesitant to get a new loan.
Second: New home construction. With rising land and development costs, it’s becoming more difficult for builders and developers to construct mid-to-low priced homes, which adds to the scarcity in those ranges.
Third: Baby Boomers. More boomers than expected have decided to stay put instead of downsizing or moving out. Since boomers make up a good chunk of the home owners in the area, it means less available homes on the market.
What does all that mean? For buyers, you need to be aware of how much you can afford and how much you want to spend so that you can move quickly when you find a house you like. For sellers, it means this is a GREAT time to put your house on the market, because less inventory means a greater chance of interest in YOUR home.
We’d love to answer any questions you might have on the current market. Call us at 918-417-6288, or email firstname.lastname@example.org!