State of Real Estate

Wanna play the game “gossip”? Ask your neighbor about the state of the local real estate market and pass it around the block until it gets back to you and see how it makes you feel about the value of your investment. Or, you could rely on the media. That will always make you have a little skip in your step. My point is that if we understand that negative news sells and that we are programmed to gravitate to the negative because there is little or no resistance, then we will seek the truth.

Now, within the last ten years, the real estate market nationwide was amazing and if you could fog a mirror, you could buy a house. No job, no problem – get a stated income, stated assets loan. No money, no problem – include the closing costs and get a 104% loan. Bad credit, no problem – there’s a loan for you; just pay a higher interest rate. Well, now we have made a shift and it’s been a real one. We just have to shift, too.

Everyday, because I’m wearing my real estate name badge, I am asked how the market is and almost without exception, when they ask the question it’s with a grimace on their face as if they are bracing themselves for the response. Come on, we’re in Oklahoma. It’s different but it’s not that bad. Here’s the real scoop and I’ve condensed it to this:

At the end of June 2010, in the Tulsa listing area there were:

6,912 houses on the market      (2009 – 6,037)
764 properties pending               (2009 – 1,081)
YTD Closings- 5,346                      (2009 – 5,136)
YTD Avg Sale Price $150,322   (2009 – $152,721)
9.0 months of inventory            (2009 – 5.6 mos.)

Sellers are still selling. Buyers are still buying. If I were getting my house ready to go on the market, I would make sure that it was ready. By ready, my listing would stand out above the rest. Would I have to do some work? Yep. Would I have to spend a little money? Probably. Would it pay off in the long run? Absolutely. Check out the previous blogs about Staging Your Home to Sell. It makes a difference. I promise!

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Published in: on August 7, 2010 at 1:34 am  Leave a Comment  
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