Tuesday, November 6, 2007

Still...no falling sky......

We've all heard of chicken little and "the sky is falling." Many of us in the residential real estate business feel a different version of that story is taking place in our local real estate market. Bombarded by constant national news stories regarding bad real estate markets, falling prices, subprime mortgages and rising foreclosures, many people have to believe we have a bad residential market in the Tulsa Metro Area.
However, all real estate is local. And, the Facts indicate our market is much better than most of the reports we are seeing.
Fact: To date, the homes sold in the Tulsa and the four surrounding counties during 2007 was only one and a half percent below the record high sales of 2006.
Fact: Average and median sales prices in the Tulsa area have actually risen 5.9% and 6.9% respectively through August.
Fact: Mortgage financing is available for most buyers and interest rates have held steady between 6.0% and 6.5%.
Fact: Tulsa area homes are a great value.
Don't let the national news deter you. Contact us for the real estate facts related to your neighborhood. Mike Washburn Coldwell Banker Radergroup, Realtors 1-918-948-3425.