There is an overall uptick in the housing market across most of the country, but several surprising cities are really starting to stand out in 2018. According to several research studies done over the last year, including by Realtor.com, Tulsa L is now ranked as one of the top ten housing markets across the country.
While Tulsa sits on the Realtor.com list as number 10, there is not a lot of difference between Tulsa and the rest of the cities making the list. With the exception of number one Las Vegas and number two Dallas, Tulsa is also one of the fastest growing with higher job growth and a steady economy.
There are several drivers of the boost in the Tulsa housing market. Across the country low interest rates and easier funding for mortgages for many people, particularly first-time home buyers, has kept the market steady in the area.
Unlike some of the other cities that have experienced booms in prices followed by buyer’s markets and large numbers of foreclosure properties on the market, this city seems to have a more stable market across the board. This builds confidence in buyers as they know they can count on a steady increase in property values as opposed to the sudden shifts in other markets.
Tulsa neighborhoods, on average, offer homes for sale of all sizes, types and ages that are below national averages. This is a significant factor as younger couples, people downsizing or those moving from a smaller starter home to a family home have a better overall market.
What Home Buyers Want
It is surprising how similar the features that new home buyers want in either custom designed homes or older homes in the Tulsa area. Of course, with custom homes, there is often a higher income level of buyer, but by choosing the right materials and features for home renovations, current owners can further enhance their home’s buyer appeal in an already strong market.
Very close to the top of the list of what home buyers are looking for in existing homes are upgraded kitchens and bathrooms. They want to have a showroom kitchen and bathroom on the day they move in. Specific features buyers are looking for include natural stone counters, most commonly granite or quartz, as well as lots of counter space, storage in the kitchen and open, airy floor plans.
Adding kitchen islands that can double as a food prep, storage, and eating area, particularly when coordinated with cabinets and countertops, are a particularly appealing feature for most buyers.