A recent national study of 300 major cities showed Tulsa ranked as No. 274 when it comes to job rate. That’s a significant factor in WalletHub’s 2017’s Best Real-Estate Markets.
Tulsa ranks 264th overall and 56th among large cities.
The good news for Tulsa is that it has low home prices and a below-average number of homes with negative equity. Tulsa has low numbers for home appreciation, number of unsold homes owned by banks, population growth rate, average days until a sale and job growth rate.
Health of Tulsa’s Real-Estate Market
- 46th – Home Price as percentage of Income
- 133rd – Percent of Homes with Negative Equity
- 148th – Percent of Delinquent Mortgage Holders
- 158th – Foreclosure Rate
- 201st – Median Home-Price Appreciation
- 207th – Number of Unsold Homes Owned by Banks (REOs)
- 217th – Population Growth Rate
- 260th – Average Days Until Sale
- 274th – Job Growth Rate
Is now a good time to buy? What economic indicators should potential buyers be watching?
With interest rates still historically low, is it a good time to buy a house?
“It depends on many factors,” said Murat Arik, assistant professor of management in at Middle Tennessee State University. “On one hand, current mortgage interest rates suggest it is still a good time to buy. On the other hand, looking at the broader market, factors that are discouraging potential buyers from entering the market include increasing house prices and slow wage growth. Although there are significant regional variations in the housing market, overall it is still a good time to buy.
“The economic indicators that potential buyers should watch are interest rate, house prices, local housing inventory (buyers’ or sellers’ market), and most important, their own finances.”
Will mortgage rates go up this year?
“My reading of current economic trends suggests there may not be an immediate rate increase,” said Arik. “The unemployment rate is at the full employment level, but wage growth is slow. In addition, core inflation is lower than the Fed’s target rate. If interest rates rise, it will affect the cost of a mortgage. For example, if you have a 30-year mortgage at a 4.30 percent rate and a $1,000 monthly mortgage payment, a 0.25 percentage point increase in the rate leads to nearly a $350 additional annual mortgage payment.”
Arik said the top indicators of a healthy housing market are:
- A healthy job market — a low unemployment rate plus the availability of high-paying jobs;
- A healthy mix of housing units — availability of homes and apartments at different price levels;
- A healthy mix of rental units — availability of rental units at different price levels;
- A relatively low mortgage rate;
- Relatively low foreclosure and delinquency rates.
- Berkeley, California has the lowest percentage of homes with negative equity while Hartford, Conn. (No. 278) has the highest.
- Seattle, Washington; Sunnyvale, California; Mesquite, Texas; Berkeley; and San Mateo, California are tied for the lowest average number of days until a house is sold. Newark, New Jersey, is at the bottom at No. 281.
- Richmond, California is No. 1 in highest median home-price appreciation and Fayetteville, North Carolina is last at No. 274.
- Ann Arbor, Michigan has the lowest foreclosure rate while Baltimore, Maryland, and Hartford, Connecticut, are tied for the worst at No. 285.
- Santa Clara, California and Santa Monica, California are tops in the lowest percentage of delinquent mortgage holders while Newark, New Jersey; Rochester, New York; Yonkers, New York; Springfield, Massachusetts; Bridgeport, Connecticut; and Patterson, New Jersey are dead last at No. 264.
- New Orleans has the fewest unsold homes owned by banks and Detroit; Rockford, Illinois; Miramar, Florida; Miami Gardens, Florida; and Sunrise, Florida are tied at No. 284.
- Fayetteville, North Carolina, has the lowest home price as percentage of income while the California cities of San Francisco, Glendale, Berkeley, Santa Monica and Santa Barbara are tied at the bottom at No. 271.