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Tulsa's housing market starting to slow down after boom amid pandemic

Posted at 5:53 PM, Oct 18, 2021
and last updated 2021-10-18 19:22:16-04

TULSA, Okla. — Tulsa’s housing market could be slowing down after booming last year.

Forbes ranked Tulsa as the 4th hottest housing market in the country last year. Looking at the lists for this year, Tulsa isn’t on there, as signs point to things calming down.

“This time last year we were seeing 30 plus offers on most homes," said Andrew Jones-Brothers, an associate broker for Unique Properties.

"I mean, it was unlike anything we’ve seen before in our market.”

Jones-Brothers said, in 2020 and early 2021, houses were selling for tens of thousands more than their asking price. Many on the market for a short time before being snapped up. And a lot of those buyers were from out of state. But now, that’s starting to slow down.

“I think we’ll be seeing these higher property evaluations for the foreseeable future," he said. "But some of the frenzy is really gone.”

Jones-Brothers said homes are staying on the market a bit longer and inventory is picking up. He said interest rates are also starting to rise a bit. He said it's now a good time for buyers who kept missing out to get back to looking for a home.

“Something I was actually just talking about with my team today was talking with buyers who are already prequalified because, as interest rates start going back up, they really need to be in touch with their lender to make sure that they still qualify for the home amount that they think they could qualify for," Jones-Brothers said.

"Because if rates start to go up and they’re right on the borderline, they may have to adjust their search down.”

However, Jones-Brothers said it’s still a seller's market. He has some advice for those looking to sell their home.

“I personally find it can do the sellers a bit of a disadvantage if they just take the first couple of offers that come in to review," he said. "So, what I’ve been working with my clients on is setting deadlines. So say, if we go in on Friday, not review until Sunday evening and try and do an open house so the people that didn’t book have an opportunity to still come and see the home.”

The market this past year made it difficult for first-time home-buyers, but if you’re ready to own your own home, Jones-Brothers said it’s now easier to buy.

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