Tulsa Investment Property
In Oklahoma, employment opportunities within the agricultural, natural gas, and oil sectors are contributing to a housing market turnaround. Many experts predict a total recovery is in the wings, even as many parts of the United States still struggle through one of the worst economic downturns the nation has ever experienced. Attractive mortgage rates, strong homes sales, and the low rate of foreclosures in areas like the large metropolis of Oklahoma City are driving homebuyers to the state.
Many cities within The Sooner State are reporting positive market statistics. Though housing prices have declined in some areas of Oklahoma, they have increased, and continue to rise, in others. Even with a blighted national economy, only approximately 20 percent of houses sold in Oklahoma City were real estate owned, or REOs, in a given month. Many professionals believe this is due to the region’s more conservative lending practices. Overall, most of the state is stabilizing and headed for growth.
Tulsa Market at a Glance
Home sales are expected to rise in Tulsa, Oklahoma, and its surrounding areas. This projected increase is due, in great part, to the influx of newcomers seeking jobs in the area. This year, experts predict home prices will rise 4.3 percent, on average, in the city. Tight home inventory is having a positive effect on home values, which should sustain the market the last half of 2012 as real estate investors purchase homes in numbers in the area.
Tulsa is not the only area expected for flourish. Surrounding cities are experiencing positive market trends.
Norman, OK: For example, Norman, an area near Oklahoma City, is currently experiencing a flurry of home sales activity. Homebuyers are locking in low mortgage rates and purchasing real estate. Values are forecasted to rise by almost 4 percent (3.8) by the end of 2012.
Lawton, OK: Further, experts are predicting values in the Lawton area to rise approximately 2.9 percent this year. Strong signs of stabilization and recovery are evident in this geographic area, as the housing market trends in a positive direction. The local market is successfully trudging through the economic storm better than many areas of the United States.
Tip for Tulsa Investors
Real estate investors looking to make strides in the Tulsa housing market should focus on adding only those properties with “positive cash flow” to their portfolios. Using this property investment strategy, Tulsa investors can’t go wrong.
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