Local Real Estate Market

[Gaspar]

We are selling our house to move to a larger home.  We put the house on the market last week and have had a steady flow of people calling to see it from the minute that the sign went into the yard.  Yesterday (Sunday) we had our first open house, and 25 families toured the house in the two hours it was open.  Our Realtor was worn out.

This morning in the last hour we have gotten several return calls from Realtors wanting to bring their clients back for a private tour.

Is anyone else seeing this?  Any Realtors?  Our house is nothing extravagant, but our neighborhood is quite popular for families.  Our home is priced under the $200k market.

I've sold 3 houses in the last 10 years and never have I seen this much action.

[Hoss]

We are selling our house to move to a larger home.  We put the house on the market last week and have had a steady flow of people calling to see it from the minute that the sign went into the yard.  Yesterday (Sunday) we had our first open house, and 25 families toured the house in the two hours it was open.  Our Realtor was worn out.

This morning in the last hour we have gotten several return calls from Realtors wanting to bring their clients back for a private tour.

Is anyone else seeing this?  Any Realtors?  Our house is nothing extravagant, but our neighborhood is quite popular for families.  Our home is priced under the $200k market.

I've sold 3 houses in the last 10 years and never have I seen this much action.

Maybe people are trying to downsize to reduce their mortgages?  It is a little weird, especially with the economic conditions.  You would think people would be leery of trying to get another mortgage, seeing how some people who got them two or even three years ago likely won't qualify for one now.

[Gaspar]

Most that we're seeing are young families buying their first home.  I don't think we've seen a single person over the age of 35.

[BierGarten]

Buyers are much more informed these days.  With tools such as Zillow, Buyers are able to get a good feel for ranges of per square foot value in certain neighborhoods.  They are also to see recent sales data and generally can be very well informed.

All that to say, having sold a house recently and having watched friends and so forth do the same, it is my observation that foot traffic in your home is directly proportional to your list price.  Were you reasonable with your list price?  If so, well informed buyers are more prone to spending the time with a walk through.  Unreasonable?  Well informed buyers will move on to the next one without a second thought.

[Gaspar]

Buyers are much more informed these days.  With tools such as Zillow, Buyers are able to get a good feel for ranges of per square foot value in certain neighborhoods.  They are also to see recent sales data and generally can be very well informed.

All that to say, having sold a house recently and having watched friends and so forth do the same, it is my observation that foot traffic in your home is directly proportional to your list price.  Were you reasonable with your list price?  If so, well informed buyers are more prone to spending the time with a walk through.  Unreasonable?  Well informed buyers will move on to the next one without a second thought.

$167,500 for 2,200sf.  About $76.14 per sf.  Reasonable for the area and we did make lots of updates, so I think it's a bargain, but I'm bias for sure.

[TheArtist]

Builders being a little more conservative and not building as many spec homes right now may also be making the market a little tighter than usual. Spoke with one of the builders I often work with just this last week and they mentioned that they were very slow. They build the multi million dollar homes. Dont know what the other high end builders are experiencing.

Seems things are spotty and irregular. One may be doing well, the other not. My brother in law owns a pool building and maintenance company. He says he is doing great, but has heard of other similar compannies having trouble or even going out of business. My friend Carolyn who does lots of faux finishes in the newer homes for builders and such, has been busy, but just lately has been much slower than usual.

I am much slower than usual, but Feb-April and sometimes May is traditionally my slow period, so its hard to get a really good feel for whats going on. I have several potential large home projects that will finish contstruction and be ready to paint in May. But right now, just eeking by. 

[Gaspar]

Builders being a little more conservative and not building as many spec homes right now may also be making the market a little tighter than usual. Spoke with one of the builders I often work with just this last week and they mentioned that they were very slow. They build the multi million dollar homes. Dont know what the other high end builders are experiencing.

Seems things are spotty and irregular. One may be doing well, the other not. My brother in law owns a pool building and maintenance company. He says he is doing great, but has heard of other similar compannies having trouble or even going out of business. My friend Carolyn who does lots of faux finishes in the newer homes for builders and such, has been busy, but just lately has been much slower than usual.

I am much slower than usual, but Feb-April and sometimes May is traditionally my slow period, so its hard to get a really good feel for whats going on. I have several potential large home projects that will finish contstruction and be ready to paint in May. But right now, just eeking by. 

We're still designing a lot of homes.  Doing quite a few remodels too, but we only have a hand full of builders that are building spec stuff.  The bank wants 20-30% down on the lots now, and that makes it almost impossible for spec development.  The good news is that we are doing a lot of new LEED certified homes now.  People seem more willing to invest in smart energy and material conservation systems.

[nathanm]

Doing quite a few remodels too, but we only have a hand full of builders that are building spec stuff.  The bank wants 20-30% down on the lots now, and that makes it almost impossible for spec development. 

Seems like a good thing from my perspective. If you're buying land and building houses with no buyers lined up, you probably ought to shoulder more of the risk. (not you personally, builders in general)

[Conan71]

Since I've been in the home market recently I can add a little to the conversation.  Good homes in good areas are selling very quick right now.  Ones which are over-built for the neighborhood and over-priced flips are sitting still and/or vacant.  One other thing that is helping is the change on the homebuyer tax credit.  I'm seeing a fair amount of houses for rent in the area just south and east of TU and they are not renting quickly.  Something sure seems to be driving the $100 to $200K market, at least areas where I've looked.

[RipTout]

Median price Tulsa homes here have gone up in value while across the country they have gone down. Tulsa affordability and values are approaching the national level albeit in a backwards manner as everyone comes down to our level. All good!

The banking fiasco of the 1980's has given us a stability the rest the nation must now seek. Your lookin fine Oklahoma!

[Renaissance]

Most that we're seeing are young families buying their first home.  I don't think we've seen a single person over the age of 35.

Yes, I think a lot of young people are taking advantage of mortgage rates and the tax credit to make their first home purchase.  I just closed on my first home about 10 days ago.  Just because the stock market is down doesn't mean you can't make a great investment in yourself.

[Chicken Little]

I just closed on my first home about 10 days ago. 

Congratulations!  +1 to you!

[Renaissance]

Congratulations!  +1 to you!

Thanks!  It's very exciting.

[ARGUS]

Gaspar, your home was clean, organized,tasteful, well priced and situated. There are buyers for homes like that.
Yes, I am a "R" and see and experience what you saw during your open house.
If a property is clean and maintained it will sell in out beloved Tulsa area.
Let's have 3 cheers for TULSA! Let's have 3 cheers for OKLAHOMA! Let's have 3 cheers for REALTORS!

[Gaspar]

Gaspar, your home was clean, organized,tasteful, well priced and situated. There are buyers for homes like that.
Yes, I am a "R" and see and experience what you saw during your open house.
If a property is clean and maintained it will sell in out beloved Tulsa area.
Let's have 3 cheers for TULSA! Let's have 3 cheers for OKLAHOMA! Let's have 3 cheers for REALTORS!

Thanks for the complement.  My 4 year old can make a mess of it in less than 4 minutes!