I want to take a moment to share with you my perception of the current real estate market. I have been in the real estate business for almost two decades now and have never seen a market quite like this. The Tulsa area has seen a five year decline in sales. We are still selling a lot of homes, but we are seeing a decline in value of those homes by anywhere from10 to 30%. This decline in value is attributable to the increase in foreclosures and distressed sellers – many who have sold homes through the short sale process. With all of that said it is truly a great time to buy. The interest rates remain low and inventory high. There are always swings in the real estate market, so I expect values to go back up, but don’t expect it to happen quickly. So in this market a home is like a fine wine or a good stock – classified as a BUY and HOLD.
If you have to sell or really want to take advantage of the buyer’s market by selling your current home, it is more important than ever to hire an experienced and productive realtor.