Housing markets are bursting everywhere, but Tulsa. News On 6 anchor Jennifer Loren reports with several cities in shambles, local realtors have taken it upon themselves to persuade the public that Tulsa's bubble is holding.
The national headlines are enough to make even the savviest consumer think twice about buying or selling a home in the current economy. But, according to Tulsa area realtors, it's a good thing you're in Tulsa.
The Greater Tulsa Association of Realtors has teamed up with another state organization to create a public awareness campaign: "Good thing you're in Tulsa."
"It's a very important message. You know, a house is the largest investment most people make in their lives. And, we want to make sure that we protect those investments and that we don't talk ourselves into a bad real estate market," said Oklahoma Real Estate Commissioner Pete Gartside.
Local realtors say despite the negative national headlines about other markets, Tulsa real estate is booming. They started the campaign to assure local consumers it's okay to buy.
"You know when you get told that something's bad so many times you start to believe it when it's not the reality. It becomes the perception and as the old adage goes perception is the reality and we want to remind people that the reality is the market's great in Tulsa," said Oklahoma Real Estate Commissioner Pete Gartside.
Backing up their claims, a recent article in BusinessWeek Magazine. Tulsa is listed as the 6th most affordable housing market in the country.
The report looked at the average selling prices for homes similar to those they consider average. It's four bedrooms, two and a half baths with a two car garage.
Consumers, like Heather Johnson who recently moved to Tulsa from Denver, appreciate the local market.
"The median price in Denver is about 235 which will get you basically maybe a 1,600 square foot house, three bedroom. Whereas here, for 235 you could get probably twice that," said Heather Johnson.
As she and her family look for a new home, they say the only problem they have is deciding which one to buy.
"There's just an unlimited supply so it's just a matter of really figuring out where you want to live and what type of house you want to live in," said Heather Johnson.
While the cost of housing is lower than most places, another report suggests foreclosures are on the rise in Oklahoma. According to the report, foreclosures this February are up about 30% from February of last year. Even so, Oklahoma is still far below the national foreclosure rate.
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