Tulsa Area Sees Fewer Homes On The Market As Mortgage Rates Dropped

Thursday, May 14th 2020, 10:32 pm
By: Chinh Doan

TULSA, Okla. - You're seeing fewer “for sale” signs up while mortgage rates have gone down.

As competitive as it is, experts said it's still a great time to buy as long as you feel ready and have the money.

Joe and Lourdes Willcoxson are back hunting for their next home now that they feel safer and more secure about their money.

"We were shopping for a home like two months ago and made an offer on a house, and then all of a sudden, everything went bad, we withdrew our offer," said Joe Willcoxson.

The Greater Tulsa Association of Realtors told News On 6 there are more buyers than properties.

There are 700 fewer listings this April compared to last April, and those listings are seeing a 14 percent drop in the number of days on the market.

Realtors like Ying "Queenie" Qi said they have been busy.

"For certain price range, such as $200,000 or lower, the market is still very competitive,” said Qi. “Multiple offers all the time."

Experts said one of the positives of the pandemic have been the low mortgage rates, below 3 percent in certain cases.

William Gomez with Supreme Lending said people are buying or refinancing while some rates have had as much as a two percent difference compared to a few months ago.

"This is our busy season, but with the rates being where they're at, we've kind of have had a bunch of work load just because a lot of people wanting to either purchase their new home, and this is the perfect time where they can afford something that maybe before when the rates were a little bit higher, they couldn't afford," said Gomez.

James Nelson said he and his wife weren't planning to close on their first home until June, but they bought a house in April to take advantage of the rates and time.

"I had a lot of free time because I wasn't working, and we were able to move in really quickly," said Nelson.

The Greater Tulsa Association of Realtors said everyone is advised to follow CDC guidelines and state orders during showings.

The association advised if you're shopping for a home, let your agent know of any health or safety concerns.