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Potential Homebuyers Face Obstacles In Hot Housing Market

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Tulsa’s housing market is booming and local realtors have said it is consuming everything. They said it was still a seller’s market.

“I think it’s the opposite of a dust bowl […] From the 1930s and 1940s everyone went to California from Oklahoma to look for a job. And I feel like the opposite is happening. Everyone leaves the stand and returns to Oklahoma, “said Holly Berry of Keller Williams Advantage.

Oh, how have the times changed?

“Many people from California are selling their homes, they have it fairly, and they come here, pay cash for these homes, and have no debt. “Berry said.

Holly Berry of Keller Williams Advantage said Tulsa’s housing market will not slow down anytime soon.

“Texas has so much growth that it’s actually being kicked out of Texas and I can’t stand what’s happening in the state, so I’m looking for a property to move to Oklahoma,” Berry said. .. “They are being kicked out of those cities because the prices of everything they have are rising and they are coming to Tulsa because they are seeing the opportunity we have here. . “

Berry said there are many out-of-state clients who prefer living expenses and remote work capabilities, and that northeastern Oklahoma is a lake, river, stream, and a geographical gem with hunting, fishing, arts, and entertainment opportunities. believe.

“”[My clients] I told me to offer cash in full for their invisible property. They accepted it and didn’t fly until next week to see the property. “

She said the house was selling and the customer was paying cash before the sign came up.

“Cash negotiations,” Berry said.

Many people even cover the cost of closing the seller.

“10 to 12 offers are still being made in real estate, and people were willing to pay 15 to 20,000 more than the asking price,” Berry said.

Berry has become better at writing and reading contracts.

“It’s like scoring a treatise. Learning a lot about how other agents write offers and then submitting offers to the next skill of writing another offer. You can, “Berry said. “You are working in different ways and angles to buy the property for your clients.”

Many are forced to compromise.

“I’ve driven over 2000 miles because this particular client is trying to find the right property,” Berry said.

Much of the market consists of homes ranging from $ 200,000 to $ 300,000. As of Saturday, more than 60 homes are worth more than a million, and depending on the region and equipment, those homes have also been relocated, Berry said.

“It’s really hard to tell anyone because interest rates are rising and purchasing power is less than they can afford,” Berry said.

According to Berry, housing supplies are typically 7-9 months, but the Tulsa market is now worth a month.

She said Sunday morning there were about 1,146 homes in the Tulsa market, usually 7,000-9,000 homes.

“If it’s out of stock, there’s nothing to sell,” Berry said. “They want to sell their home and move, but they can’t find another home to move in. So we’re a bit stagnant, so there’s a demand for home buyers, so there are multiple offers. The house that continues and it’s becoming frenzy. “

Rents are also difficult to get, according to Berry.

“I’ve been reading since 2019 the other day, and the cost of building a house has risen by 42%, so every new construction is trying to find supplies,” Berry said.

The shortage continues to affect new construction costs, but Berry wants more homes to come to market as the prices of timber-like supplies go down.

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