I am frequently asked about the real estate market. Some of my comments lately have been addressed to anyone who is currently paying rent, especially if they are in an apartment. Mortgage interest rates vary day to day. In the current market, a buyer can probably get a 4.5%, 30 year loan, but there have been days in November when the interest rate has been less than 4% on a 30 year loan. My big question to anyone paying rent… “How long do you think interest rates are going to stay this low?” Some buyers may be thinking that prices are still too high. However, the Tulsa market is consistently declared one of the best places to buy real estate now. Tulsa and Oklahoma real estate never saw the “bubble” which was seen in most of the other markets in the country. The Tulsa market is strong. There are a lot of excellent houses on the market. For those who are still thinking that prices have not yet hit bottom, there is something to consider. What is the best scenario in buying? Is it better to buy a house at a cheaper price, or at a time when the interest rates are most favorable? I created a spreadsheet which shows that the mortgage interest rate is much more of a factor in your monthly payment than the sales price of the house. In other words, it would be far less damaging to “pay too much for the house” than to loose out on a low interest rate. In metro Tulsa, right now, you have the best of both factors, house prices are great and mortgage interest rates are at an all time low. This is the time to buy a house!!! There is an article in The Wall Street Journal which seems to agree with me. You can read it at this link WSJ.
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