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Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

We pride ourselves on having helped so many people achieve their goals of home ownership. Today, we want to share a specific success story that really means a lot to us. 

Recently some home sellers called us, who were referred to us by a past client. They had their home on the market since May. It had gone under contract, with the inspections and repairs done. Unfortunately, the buyers backed out at the last possible second. The sellers had already moved into their new home and now had two mortgages to worry about. They were starting to panic.

Eventually, they called us because they were referred by past clients of ours. We met with them immediately, got their listing document signed electronically, and had their home back on the market within days. We implemented our state-of-the-art marketing strategy, which includes professional photography and other proactive techniques, and had tons of activities within days. 

We soon got a call from a young couple who were moving back to Tulsa from Houston. Our buyer specialist got them over to the home immediately, and this young couple simply loved the home. The home was under contract in only 10 days! It was incredibly exciting - we found the perfect match between buyer and seller to achieve two sets of dreams!

This is only one of many success stories we have to share. They are what we live for and why we do what we do! If you want us to help make your dreams become a reality, reach out to us today!

How Are the Feds Mortgage Backed Securities and Treasuries Affecting the Mortgage Rates?

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Happy 2014 from The Wolek Group! I’m Jennie Wolek with Keller Williams Advantage in Tulsa, Oklahoma!  We are off to a great start and wanted to share some tips and news with you.

At the beginning of this year the Federal Reserve announced it would begin gradually paring back on its purchase of non-traditional assets aimed at stimulating growth. So, beginning this month, the Fed will reduce its monthly purchase of Treasuries and mortgage-backed securities by $10 Billion. The statement also outlined forward guidance for the Fed’s primary policy instrument, short term interest rates.

At Keller Williams Realty we have an amazing research team, and they have summed this up for us by stating that “Because of the Fed’s purchase of mortgage-backed securities it’s likely that mortgage rates will continue to rise, though it may not be a dramatic increase given the modest reduction in the purchase of these assets. Nevertheless, sellers who need to move to a new school district or into a larger home, should consider listing sooner. And buyers who are on the fence would be wise to whittle down their list and make an offer”

We know that 90% of buyers start their search on the internet and many of them plan on buying in the spring.  It takes the typical buyer 2 months to find a home, so if you are thinking of selling this year, we need to get you on the market now.  Since we know interest rates are likely to go up, let’s beat the rush and put your home in the best position to be picked.  You will also have less competition, as most sellers will be waiting until April or May to get on the market.

If you are buying a home, sooner is better as well.  As interest rates increase, you will have less purchasing power.  This means your sales price will have to be less than what it is today and you may have to settle for a smaller home than what you were planning to buy.

And to help you with your search, make sure you download The Wolek Group mobile app.  Just go to your mobile device, download the Keller Williams app and enter our agent code KW112787 at the startup.  This will allow you to search for ALL of the active listings on the market.  This information comes directly from the MLS, which is our Realtor database and the most up to date information.

Thank you for your continued support and we appreciate you and your referrals!

Real Estate Year End Review 2013

Hi!  I’m Jennie with The Wolek Group at Keller Williams Realty in Tulsa, OK.

It is December 2013! What a great year and it seems to have just flown by.  We wanted to review the past year with you and share the Tulsa real estate market statistics.

As we look back, we had an interesting year with many little “shifts” along the way.  The spring market was crazy busy with low inventory and low interest rates.  Because of this we saw good homes sell fast and close to their listing price.  We even had listings with multiple offers!  Then the heat of the summer kicked in and the market seemed to slow down a bit, school started then the government decided to shut down. It was definitely shifty year. 

Overall though, a good real estate year.  The average sale price went up to $157,673 and the list to sale price went up to 96.63%.  This means that sellers had to negotiate about 3% off of their listing price to get their home sold.

The average days on market decreased by over 7% to just 55.46 days.  The months’ supply of inventory, or the absorption rate, went down to around 8 months.  This means that it will take 8 months for all of the active listings to sell, if no new ones came on the market.

Overall, our closed and pending sales were up around 10% while we are still feeling a squeeze on our active inventory.  Over the last year the new listings inventory is down 3.38% and over the last 2 year it is down 3.07%.   As the inventory remains low, buyers have fewer good homes to choose from and homes will sell fast when they are priced right for the current market and are in good condition.  Buyers will see their value and act quickly.

So, what does all this mean?  Basically if you are even thinking about selling your home in the next year, let’s talk sooner than later and get our sign in your front yard.  Most sellers are thinking that they should wait until spring to list. Why wait and have all of that competition when you can get sold before then for closer to your listing price?  Home affordability is still historically low, so let’s help you take advantage of the market now and get you moved!

Connect with us today, we are all in the office working hard to help our buyers and sellers with all of their real estate needs.

Do You Understand the Inspection Period in Tulsa, OK?

Please call us at (918) 706-9845 if you have any questions about the TRR or inspection period. 

At The Wolek Group, we want to make sure our clients are aware of all their options during the inspection period.

During this period, the buyer has 10 days (or more depending on the contract) to have the home inspected: electrical, mechanical, plumbing, etc. 

Once the inspections are complete, the buyer needs to fill out a form known as the TRR (Treatments, Repairs and Replacements) with anything that is not in working order. The TRR lists the items that were on the inspection reports that were not in "normal working order" and the buyer would like the seller to repair prior to closing. The seller has five days to collect bids on all items listed on the TRR. If the repair bids exceed what was negotiated in the contract, the buyer and seller may need to re-negotiate. 

Remember:  When the contract was negotiated, you and the seller agreed on a dollar amount they would pay for repairs. If the bids collected by the seller exceed this amount, the buyer and the seller have the option of renegotiating the contact. 

These new negotiations open the contract back up and the buyer and seller have to agree on new terms. The seller may offer to pay for all the repairs or split the difference or remove some of the items from the list. However, if you are not satisfied with any of the new negotiations, as a buyer, you have the option to cancel the contract and get your earnest money back. 

Tulsa Area Buyer Market Update May 2013

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Much of the nation is experiencing a strong seller’s market and our marketplace is no exception. With interest rates continuing to be available at historic lows buyers everywhere are scrambling to lock them in this season. We are experiencing a lot of pent up demand in our marketplace. Right now Tulsa area buyers are definitely experiencing the crunch that comes with far too many buyers looking at way too few homes for sale. There are, however, some tactics to be used that can help you get the home of your dreams.

Working with a buyer’s agent that chooses to devote full time attention to their buyers’ needs is critical. They will have seen hundreds of homes and will be able to instantly connect your needs with what becomes available if and when it does – a challenge many face during a seller’s market.

If You Want It, You Have to Get Creative
At the moment, our buyers’ agents are pulling out all the stops to help find the perfect home for our clients. Whether that means driving around and seeking For Sale By Owner homes, digging deep into a seller pool of people that may have been on the fence about selling or actively soliciting sales – we get it done.

Buyers Don’t Have Time to Waste
Keep in mind as you embark on your journey to buy a home in this marketplace that you will need to engage in a detailed consultation with your agent. They will help identify exactly what your priorities are while listing your must-haves versus any deal breakers to keep in mind. In fact, the moment you find a home that you think is “the one” we suggest going after it or you may risk losing it to another buyer. Knowing your needs is key to the process.

Financing Preapprovals Are Critical in Today’s Market
In a market where sellers are receiving lots of interest on their homes (more so with well priced homes in good locations and in great condition) it’s important to have a conversation with your lender. In today’s fast-paced preparedness is critical when going against other buyers and sellers these days won’t even consider offers unless accompanied by a preapproval letter from a lender.

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If you are in the market for your dream home, contact us today. Whether you are downsizing, upgrading or just want to take advantage of today’s amazing interest rates – we’re here for you. Our buyers’ agents will make sure you have the best experience! And we have some more tricks up our sleeves to help you get the home you want!

Tulsa April 2013 Real Estate Update – the Market is On Fire!

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We watch our marketplace closely throughout the year with the understanding that any activity reflects upon what we can expect moving forward. As such, the numbers of sales, amount of inventory on hand and average price ranges are all experiencing some major changes. Here is a look at what’s happening today in our Tulsa marketplace and what it means to you as a buyer or seller.

Homes Sales Continue to Rise
Looking at year over year figures, the number of closed sales right now is a significant 13% higher than last year. The number of homes under contract this year has gone up dramatically at 22% higher than the previous year.

Inventory Levels Dwindling
As more and more buyers seek out their perfect homes, the number of available homes on the market is continuously going down. Right now, we are reporting 14% fewer homes on the market than the same time in 2012. With a median sales price of just $136,000 buyers are out there to maximize the affordability of these great prices. 

Buyers Experiencing Fierce Competition
Considering that our sales are up and inventory is down – buyers are pulling out all the stops to get the home of their liking. In fact, many are resorting to aggressive measures to get their homes. Multiple offers, price wars, removal of contingencies and larger earnest deposits are just a few of the things buyers are resorting to, making it a great time to sell your property.

Interest Rates At Historic Lows
Buyers are still able to lock in amazingly low interest rates – currently at about 3.5% in our area. This has almost created a buying frenzy of sorts especially given the pent up demand following last year’s Presidential election and the Fiscal Cliff crisis. With rates expected to rise by mid-year this year or at the latest, next year – many buyers are scrambling to buy now.

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Whether you are looking to sell your home or buy now is a great time to jump off the fence. Sellers are enjoying stacks of offers and buyers can relax with the peace of mind knowing they are locking in the industry’s lowest rates ever. Contact us today – we’d be glad to help you find your next dream home or help you with an honest opinion of what your home will sell for in today’s marketplace.