Whether the predictions are from local folks with a great understanding of the central Oklahoma market, or national folks with an in-depth understanding of things happening across the US, the fact is, today’s roller-coaster that is the real estate business has most of us playing a bit of a guessing game.
- How will the expiration of the Tax Credit affect the economic recovery?
- Has housing hit bottom and/or has recovery truly begun?
- Is now the right time for me to buy/sell?
All valid questions indeed, and chances are good that you’ll get a different answer from each person you ask. Additionally, the answer to the third question is unique to only you. With that in mind, let’s look at what we do know, according to the latest OKC metro area real estate statistics:
- The number of homes closed last month (Sept 09) was up from both a monthly and annual comparison.
- The average home price is down in comparison to last year, but the median sales price is up over last year.
- The average listing is selling faster this year than last, and the inventory levels are much healthier.
What exactly does it all mean? That’s where the interpretation comes into play, but overall things still look pretty stable and positive here locally.
I believe we’re seeing a more balanced market, but many sellers haven’t realized that yet, which means there are plenty of ‘deals’ out there right now. Will that help balance out the downside of the expiration of the Tax Credit, if it is allowed to expire?