Mike & I are asked this question almost daily. Most of the national media that we hear has everyone a little nervous about the value of their homes. The good news is that Tulsa's real estate market has fared this recession fairly well. Especially if you consider the hard hit areas of California, Florida, Nevada, and Arizona.
Ten years ago a Tulsa area home owner could typically count on 3% appreciate per year on their home value and that's not been the case for about the last 5 years. In those years, we've seen some years of 0% appreciate to a slight negative in some areas and price ranges. There have also been some lucky areas that have had slight increases. Everyone's situation is unique, in that, it depends on how good of a deal you got when you purchased your home; what improvements have you made (and at what cost); how the neighborhood is selling; and do the properties on your street help or hurt you. It's always good advice to be the smaller or less valued home in an area with larger and more expensive homes around you. That gives you a better opportunity to appreciate in value.
I will add that it is still a Buyer's Market due to there being so much competition on the market and the low interest rates. But there are Buyer's in the market...that's the good news! Sellers have to put their best foot forward, be priced competitively, and obviously use an experienced realtor! (I have the number of a good one!)
Feel free to call Mike or I if you have questions about buying or selling a home. We frequently meet with homeowners and provide a Market Analysis of their area and at no cost.
Tina 918-740-1000 Mike 918-645-9669
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