The Greater Tulsa Association of REALTORS® (GTAR) recently released August 2010’s Tulsa Metropolitan Statistical Area (MSA) market data, provided below:
- 55 more listings this August than last August
- 987 more listings Year-To-Date (YTD) than this time last year
- 1,321 more homes for sale at the end of August 2010 than the end of August 2009
- 2.9 more months supply of inventory (MSI)
- 234 less closings
- Stable average sales price
What does this mean?
- If selling your house, do what it takes to get it noticed–there’s a lot of competition out there.
- Most importantly, this means listing at the right price and making sure it’s in the right condition.
- Evaluate the property as a buyer would–how well does the property show on the Internet? how about the surrounding houses for sale? what’s unique about your house and how would a buyer value those features?
- If buying, just because there are more houses for sale and 24% fewer closings from August 2009 to 2010 doesn’t mean houses are at “give-away” prices.
- Y-O-Y pricing is stable, even after the expiration of the tax credit.
- Most sellers might want to sell a house for a lower price (where you’d ideally like to buy) but may not have the equity to support such a sale. It’s not usually feasible for sellers to bring money to closing. They might choose to wait to sell the house, which would mean continuing to build equity and, potentially, becoming landlords.
- Most sellers are willing to pay up to 3% closing costs for the buyer… if it’s a full-price or near-full-price offer. Seller-paid closing costs can go a long way to help you afford the initial cost of obtaining a mortgage and buying the home you really want. For example, if a house is priced at $150,000, the seller could pay $4,500 (3%) toward your closing costs, which could be 5-7% or even higher (depending on your loan program, choice of lender, and choice of title company). Thus, you’ve effectively purchased the house for $146,500 and had to pay that much less up-front, out-of-pocket.
Whether a buyer or a seller, we know how to serve. 🙂