Usually, summertime marks a busy time in the real estate business. But, with all the craziness going on in the world today, I understand why homeowners might hesitate to put their properties on the market. However, the opposite appears to be true. For Tulsa home sellers, now is actually a great time to sell based on current data.
Tulsa Home Sellers: Why Sell Now?
Buyers Are on the Prowl
Record unemployment numbers. Millions furloughed or laid off of work. On the surface, that doesn’t sound like a great time to sell your Tulsa home. Quite the contrary. We’ve seen sales figures going up in the last few weeks.
Low Inventory
Even before the novel Coronavirus hit our shores, the inventory of available homes all across the country started to dwindle. While this happened, buyers continued to search for homes. Why the low inventory? Because people tend to stay in their homes longer today than before. New construction hasn’t been able to catch up to demand yet either. While this makes it more difficult for buyers to find homes, it’s great news for Tulsa home sellers.
Sale Prices Have Gone Up
Due to the low inventory and increase in buyer demand, sale prices on homes increased. And they don’t show any signs of decreasing anytime soon. Until inventory levels come up, it might be a little while before we see prices begin to level out.
Historically Low Interest Rates
Another reason why now may be a great time for Tulsa homeowners to sell is that interest rates have hit historically low levels. Therefore, it costs less to borrow money to purchase a home. This emboldened home buyers that might have been on the fence before to make the leap to buying a home right now.
Confinement Spurs Change
After being more or less confined to their houses for the last few months, some homeowners have decided that their current homes just don’t meet their needs as well as they thought. This especially rings true for those working from home. The dining room may work as a temporary office for a couple of weeks but not forever. Today’s buyers want to create more permanent office spaces in their homes to make their work-life a little easier.
In addition to office space, they want to enjoy outdoor spaces with their families whenever they aren’t working. Plus, as people started cooking for themselves these past few weeks, a user-friendly kitchen has become even more important. When staging your Tulsa home to sell, focus on dedicated office space, welcoming outdoor living space, and a spacious kitchen.
FEATURED TULSA HOME FOR SALE
For more information about this or other Tulsa homes for sale, please visit my Tulsa Home Search page.
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
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