Tulsa home prices increase 4.9 percent since last year, study finds
By ROBERT EVATT World Staff Writer
Home values in Tulsa have been comparatively modest for years, but a new study indicates the area has the third-highest rate of home price increases in the nation.
The study, compiled by real estate website Zillow and published on the website inmanNews, indicated home prices in Tulsa rose 4.9 percent from February 2011 to February of this year.
That growth was only topped by the 5.5 percent growth in Morristown, Tenn., and the 5.2 percent growth in Oklahoma City.
Zillow's study, which is based on the site's own estimated values for all homes, whether they're currently offered for sale or not, found that only 13, or 8 percent, of the 165 U.S. metro areas tracked by the site had positive home value growth over the year.
Pete Galbraith of Coldwell Banker Select said that he wasn't surprised by the report, as he's starting to see a significant increase in home sales.
"The increase home values are a further indicator that the local housing market is on a slow, steady recovery," he said.
Galbraith said increased sales should lessen the pool of properties on the market and continue to push values up over the next few months.
Among the largest 25 metro areas, only Phoenix showed a gain in home values, though the gain was very slight at 0.1 percent.
Nationally, home prices appear to have leveled out, the report said. Zillow economist Svenja Gudell said there's a number of issues keeping prices from going up.
"We have made it through the worst of the housing recession with a bottom on the horizon, but the deep backlog of foreclosures, elevated negative equity and high unemployment are all still obstacles on the road to recovery," she said.
The latest report from real estate data service RealtyTrack indicates Tulsa had a foreclosure rate of one for every 247 homes during the first quarter of the year, compared to a national foreclosure rate of one for every 230 homes.
Zillow indicated the average Tulsa home has a value of $100,200. In its February report, the last month for which data is available, the Greater Tulsa Association of Realtors indicated the average sale price of a home was 141,754, though that only takes into account homes that were for sale.
Top metro areas for home value growth
1. Morristown, Tenn. + 5.5%
2. Oklahoma City + 5.2%
3. Tulsa + 4.9%
4. Binghamton, N.Y. + 4.4%
5. Fort Myers, Fla. + 3.7%
6. Laconia, N.H. + 3.5%
7. Ann Arbor, Mich. + 2.5%
8. Fort Collins, Colo. + 2.1 %
9. Utica, N.Y. + 1.6%
10. Lebanon, N.H. + 1.6%
Attention Tulsa Home Sellers:
How to Stage the Exterior of your House
Curb Appeal! Curb Appeal! Curb Appeal!
Remember: You only get one chance to make a good first impression.
The moment a prospective buyer parks their car in front of your house they are forming an opinion about it. And that opinion needs to be a positive one or they may drive off without ever setting foot inside. You want the buyer’s first impression to be that of a well-maintained home.
First and foremost the lawn must be mowed and edged. Plant grass seed or sod if the lawn has bare spots. All shrubs should be trimmed and “off” the house. Plant flowers in the flower beds and keep them free of weeds. If you have large trees on the property, make sure they are trimmed. The branches should not be brushing against the house or roof. Be sure to water regularly to keep everything lush and green. If you have a collection of lawn gnomes, pink flamingoes, old tires, children’s’ toys, etc., it’s a good idea to store these things in the garage. The yard should not be cluttered with personal items. You get the idea! In the autumn be sure to rake the fallen leaves and in the winter remove any snow or ice promptly from walkways and the driveway.
The sidewalk, patio, walkways, driveway, and deck should be free of grime and mildew. I recommend power washing all of these areas.
Now take a look at the house itself. The windows should be washed and if there are any broken or foggy windows, they should be replaced. How long has it been since you painted the front door or the shutters? Are they faded looking? Paint is relatively inexpensive and a new coat of paint on the front door and shutters can go a long way to freshen the look of the entire house. The house number should be clearly visible from the street and if it’s damaged or faded from the sun, replaced. Make sure the gutters are clean and make any necessary repairs. Be certain all exterior lights and the door bell are in working order. If the welcome mat is in tatters, replace it! And lastly, add a nice wreath to the front door. This is especially important during the winter months when you can’t plant flowers for color!
Many of these ideas are likely things that you do already. One weekend devoted to “sprucing up” the exterior of your home will go a long way towards making a great first impression with a potential buyer.
How Tulsans Can Protect Their Home's Value
There’s an exciting new product available to home owners and buyers in the Tulsa real estate market and it’s called Home Value Protection. For a relatively low cost, (approximately $19 per month per $100,000 of coverage) you can purchase insurance to safeguard your home’s value.
Say you purchase a house tomorrow for $150,000 and then in five years decide to sell it. But during the five years you owned the house, housing prices in Tulsa have declined and the value of your home is now only $125,000. As a policy holder of Home Value Protection insurance you can file a claim and be reimbursed for your loss.
Sellers: Give yourself an advantage over the competition in today’s competitive housing market! Consider giving potential buyers an incentive by offering to pay the premium for the first year or two of coverage!
Current home owners can also take advantage of this insurance by purchasing a policy based on their home’s current value, not the original purchase price.
*Home values are based on the Case-Shiller® Home Price Index.
*Coverage only available to owner occupied dwellings (can be single family, town houses, condos and multi-dwelling units).
*Coverage available only for a primary residence.
*10% deductible applies the first year, 5% deductible applies the second year, no deductible after the second year.
Contact me for information regarding how you can learn more about this exciting insurance option.
Why Stage a Vacant Home?
Consider this scenario…. You found your dream home, made an offer and it was accepted, and then you placed your current home on the market. Now 45 days have quickly passed and you just closed on your dream home. The moving van arrives and packs up all of your belongings taking them to your new house. Over the next few weeks you unpack, decorate, and put your stamp on your new house making it your home.
Your Real Estate Agent is working hard to get your old house sold. They are advertising it and holding an open house or two every weekend. Possibly you’re beginning to feel anxious about the sale of your first house because you can’t afford to carry two mortgages for very long.
But what has become of your old house? The reality is it’s an empty shell with no personality. There is nothing to disguise its flaws or to help it stand from the competition. Prospective buyers can’t picture the house’s potential and they can’t envision themselves living there.
A great tool to help market your home is to have it professionally staged. Through the use of furniture, accessories, and knick-knacks, professional stagers will decorate your home to emphasize its strengths and down play its weaknesses allowing buyers to see its true potential. An out of date bathroom can look much more inviting with a few smart accessories. Well positioned furniture can show a prospective buyer the possibilities of a room that my otherwise be perceived as having an awkward layout.
A staged home typically sells 73% faster and for more money than an unstaged home, according to the Real Estate Staging Association. In addition, the home is more likely to be perceived as “well maintained” by both buyers and appraisers.
Put this strategy to work for you. Your Real Estate Agent can recommend a reputable staging company in your area and assist you in working with them to maximize your house’s potential.
Home Sales are Up in Tulsa for the Start of 2012!
If you have been thinking about putting your home on the market, now is the time. There’s good news in Tulsa’s residential Real Estate market. For the first two months of 2012 home sales are up dramatically over the past three years. As of the end of February closed listings are up 20% over 2011, 25% over 2010 and 14% over 2009. More impressive however, are the number of pending home sales. Through the end of February pending sales are up a whopping 45% over 2011, 23% over 2010 and 19% over 2009. Take advantage of this trend now. De-clutter, spruce up and get your home on the market!
"Bringing Home Results"
Chinowth & Cohen Realtors