Tulsa real estate market could be slowing down

TULSA, Okla. (KOKI) — The fast-paced Tulsa real estate market is seeing a slight slowdown right now after months of putting homeowners through the ringer with high offers, quick turnarounds and low inventory.

Accent Realtor’s Paul Wheeler says buyer’s remorse is partly to blame which happens when folks offer way above the asking price.

“Where people come in and win in a competing offer situation and then they wake up in the middle of the night and go ‘Oh my gosh what did I do?’…We’re seeing that people are going maybe it is worth waiting,” Wheeler said.

Genni Davis of Chinoweth & Cohen Realtors is noticing this too and says buyer’s fatigue is another factor. People are so burnt out from the strain of the rigorous home-buying process that they’re taking a step back to think and slowing down their purchase.

Both agree demand is still high in Tulsa. Davis says while the number of homes on the market is also still low thanks in part due to COVID, as we move past the pandemic’s impact on the market, we can expect to see inventory come back up to pre-pandemic levels.

Wheeler is already seeing that happen.

“Now they’re going ‘Oh my gosh we’re getting such great prices in our market, even if I have to rent for a little bit of time, I will sell a house and take advantage of this great seller’s market,’” added Wheeler.

Both agents also mentioned the fact that people are coming in droves from outside of Tulsa and other states to take advantage of the quality community and low cost of living which is playing into the still-competitive market we’re seeing.

At the end of the day, interest rates are worth taking advantage of and buying or selling when thoughtfully handled is still a good idea before we see those rates start to rise.