Months Supply of Inventory (MSI) Increases

The total housing inventory at the end of December 2023 rose 8.88% to 2,526 existing homes available for sale. Over the last 12 months, this area has had an average of 1,027 closed sales per month. This represents an unsold inventory index of 2.46 MSI for this period.

Average Days on Market Lengthens

The average number of 34.35 days that homes spent on the market before selling increased by 5.45 days or 18.84% in December 2023 compared to last year’s same month at 28.90 DOM.

Average Sale Price Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase in Average Price this month. Prices went up 3.01% in December 2023 to $293,793 versus the previous year at $285,222.

Sales Success is Positive

Overall, with Average Prices going up and Days on the Market increasing, the Listed versus Closed Ratio finished weak this month. There were 983 New Listings in December 2023, up 5.36% from last year at 933. Furthermore, there were 865 Closed Listings this month versus last year at 976, a -11.37% decrease. Closed versus Listed trends yielded an 88.0% ratio, down from the previous year’s, December 2022, at 104.6%, a 15.88% downswing. This will certainly create pressure on an increasing Month Supply of Inventory (MSI) in the months to come

Erica Garvin

The post January 2024- Oklahoma Market Update first appeared on Ivy Key Team .

Our newest Facebook group is designed to help our newest real estate agents crush it in their first year! The group was founded when our CEO, Erica Garvin, met with a group of real estate agents and came up with the 7 pillars to run a successful real estate business.

Pillar 1: Branding

Creating your own unique identity that conveys what your business is about is so important. A strong brand builds trust and credibility and becomes recognizable in any market.

Pillar 2: Entrepreneur

This pillar caters to the agent by focusing on the well-being of mind, body, and business. It is no secret that many agents fail due to a lack of knowledge on how to run and operate a successful business

Pillar 3: Customer Service

Many agents believe that we are in the business of helping buyers and sellers find or sell their homes. Instead, agents should approach their business from a customer service point of view. This mind shift opens up creative ways that an agent can improve the customer experience

Pillar 4: Lead Generation

Many agents have trouble not only obtaining organic leads but also knowing what to do once they have them. Here we discuss all forms of lead generation including how to warm up a cold lead.

Pillar 5: Expansion

A valuable trait in a successful real estate agent is their ability to create actions that will lead to their business growth regardless of their current situation. I have seen agents with 2 clients one year, but through consistency grow to 20+ clients the next.

Pillar 6: Automation

Another word for automation is systems. Having systems in place will ensure that no clients fall through the cracks and make the process from start to finish seamless. It will also help you as an agent become savvy, organized, and on track to hitting your goals no matter the market you are in.

Pillar 7: Relationships

Fostering and maintaining relationships is a great way for you to be the go-to realtor in your market. Being intentional and precise in your day-to-day can be proven beneficial in being known as “that realtor.” In a good way.

Erica Garvin

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post New real estate agent? Join our Facebook group first appeared on Ivy Key Team .

Seller Financing

If you are unable to secure a loan through a bank you may want to consider seller financing. Seller financing is when the owner of a property finances the home instead of the bank. The first step in achieving this is to identify the property you are wanting to buy. A qualified real estate agent may also have a list of properties in your area that sellers are essentially willing to be the bank.

Once you identify the property you are interested in, if the seller has not initially offered seller financing then a conversation will be had on agreeable terms that both buyer and seller are satisfied with. Keep in mind that often interest rates or down payments may be steeper than if you were to go through a mortgage bank as there are some risks involved with the seller financing the property. Once terms are established and written into an agreement, then closing would take place normally. Be sure to connect with a qualified realtor to review the terms

Rent To Own

Rent to own is a great opportunity to purchase your dream home sooner rather than later. Rent to Own is when a buyer agrees to rent a home from the owner for a certain time period and becomes a tenant. Once the time period has expired the tenant than becomes the buyer and has the option to purchase. Depending on the terms a predetermined amount of the monthly rent may be applied towards the tenant purchasing the home. When the time comes, The buyer can choose to purchase by applying for a mortgage loan assuming that he/she has been working on becoming eligible for financing. The owner may also be willing to be the “bank” and allow the buyer to finance directly through them.

Real Estate IS Flexible

Many buyers have this idea that real estate is rigid and that there is only one way to become a homeowner. This is an absolute myth! When it comes to real estate we can be creative in helping a buyer find the perfect home for them. It starts with understanding your goals. Once we understand, we can then provide options on what best helps you to achieve those goals. With options, there is power in choice. Real estate is not a one-size-fits-all! Many future homebuyers just need a plan to help guide them to the next step in their homebuying journey.

Erica Garvin

The post How To Buy A Home Without Going Through A Bank first appeared on Ivy Key Team .

5. Broken Arrow

Broken Arrow is a thriving city with a community feel. On average, the city has seen a 2% population growth year after year and has gained over 30,000 residents since 2010. That number is steadily rising (census.gov). This growth coupled with low-cost housing compared to other major cities has created a strong economic outlook for investors wanting to create a rental portfolio here. The best news is that those that take up residence here tend to stay here long-term due to a supportive community. Here are a few other factors to consider which make Broken Arrow a strong contender for those looking to invest:

1. Quality of Life: The city has a reputation for offering a high quality of life. It has good schools, parks, recreational opportunities, and a sense of community. A strong quality of life can contribute to the attractiveness of the area for both residents and businesses.
2. Proximity to Tulsa: Broken Arrow is located just outside of Tulsa, Oklahoma’s second-largest city. This proximity provides residents with access to the amenities and opportunities of a larger urban area while still enjoying the benefits of a smaller community.
3. Job Opportunities: The presence of diverse industries can provide job opportunities for both skilled professionals and entry-level workers, which in turn can contribute to the demand for housing and overall economic health.

4. Edmond

Edmond is home to some of the top schools in the city, parks, and houses a diverse economy. It is Ideal for families and investors seeking urban amenities with a peaceful vibe. There is much history and charm just like its neighbor, Oklahoma City. The city itself is a hub for diverse businesses ranging from healthcare to tech and houses many universities such as https://www.uco.edu/ which creates a strong attraction for future educators and a skilled workforce. Here are a few other factors that make Edmond a great place to invest:

1. Proximity to Oklahoma City: Edmond is located just north of Oklahoma City, the state’s capital and largest city. This proximity provides residents with access to the amenities, job opportunities, and cultural experiences of a major urban center while still enjoying the benefits of a smaller, more suburban environment.
2. Infrastructure and Development: Edmond’s well-maintained infrastructure, including transportation networks and public services, can contribute to a conducive environment for businesses and residents. The city’s ongoing development projects and investments in infrastructure can also create opportunities for investors.
3. Low Crime Rates: Edmond has historically maintained relatively low crime rates compared to some other areas, which can enhance its appeal to families and businesses looking for a safe community.

3. Norman

Home to the University of Oklahoma, it blends the vibrant energy of a college town with the comforts of a suburban community. Known for its educational and cultural offerings, Norman offers a range of academic programs, research opportunities, and events. Here are a few other factors that should have you flocking to Norman to invest:

1. University Influence: Norman is home to the University of Oklahoma, which brings a vibrant academic and cultural atmosphere. This can attract a diverse population of students, faculty, and researchers, creating potential opportunities in areas like rental properties.
2. Quality of Life: Norman offers a high quality of life with a mix of cultural events, recreational opportunities, and community engagement. A desirable living environment can attract residents and businesses alike.
3. Proximity to Oklahoma City: Being close to Oklahoma City provides access to a wide range of amenities and job opportunities while allowing residents to live in a smaller, more suburban setting.

2. Tulsa

Tulsa is known for its diverse economy spanning energy, healthcare, technology, and more. With a rich history as an energy hub, the city offers opportunities in various sectors. A flourishing arts scene, educational institutions, and revitalization projects contribute to its vibrancy. Tulsa’s mix of urban amenities, affordability, and supportive business environment make it an attractive destination for residents and investors alike. Tulsa also has:

1. Affordable Real Estate: Compared to larger urban areas, real estate prices in Tulsa have historically been relatively affordable, potentially offering investment opportunities in both residential and commercial properties.
2. Diverse Economy: Tulsa’s economy encompasses multiple sectors, including energy, healthcare, technology, aerospace, and finance. This diversity can help create a resilient economic environment and provide various investment opportunities.

1. Oklahoma City

Oklahoma City is known for its diverse economy spanning industries like energy, aerospace, and healthcare, the city offers affordable real estate opportunities. With a growing population and a mix of cultural attractions, educational institutions, and job prospects, Oklahoma City is a vibrant destination that blends urban amenities with a cost-effective lifestyle.

1. Affordability: Oklahoma City’s real estate market has been relatively affordable compared to many other major U.S. cities. This affordability can attract buyers and investors looking for cost-effective opportunities.
2. Economic Diversity: The city’s economy is diverse, with sectors including energy, aerospace, healthcare, and technology. A stable and diverse economy can contribute to consistent demand for housing and commercial properties.
3. Population Growth: Oklahoma City has seen steady population growth over the years, driven by factors such as job opportunities and quality of life. Population growth can lead to increased demand for housing.
4. Job Opportunities: The city’s various industries provide job opportunities, which can drive demand for housing, particularly rental properties, and influence the real estate market positively.
5. Pro-Business Environment: Oklahoma City is known for its business-friendly policies and incentives, which can attract companies and entrepreneurs, potentially leading to increased demand for commercial real estate.
6. Infrastructure Development: Ongoing investments in infrastructure, transportation, and urban development projects can enhance the overall appeal of the city and its neighborhoods, potentially increasing property values.
7. Cultural and Entertainment Offerings: The city’s cultural amenities, entertainment venues, and recreational options can enhance its overall attractiveness to residents and potentially lead to increased demand for housing.
8. Educational Institutions: The presence of universities and colleges can attract students and faculty, creating demand for rental properties in the vicinity.
9. Quality of Life: Oklahoma City offers a mix of urban amenities and a lower cost of living compared to larger metropolitan areas. This combination can be appealing to both residents and investors.

Notable Mentions: Vinita & Glenpool

We can not write this list and not include a few other notable mentions.

1. Vinita– On July 2023 news was released that a 2 billion dollar project for an American Heartland theme park is set to be built in 2026. If it comes to fruition this not only would bring nearly 40,000 jobs but also investments that could make Vinita a cash cow.
2. Glenpool– Long-term rentals thrive in this city and are often overlooked by investors. is its small-town atmosphere with a strategic location near larger urban areas. This allows residents to enjoy a close-knit community while having access to the amenities and opportunities of nearby cities like Tulsa.

The post 5 Best Places To Invest In Oklahoma in 2024 first appeared on Ivy Key Team .

Will Tulsa, Oklahoma Pay You To Live There?

The answer is Yes! Tulsa offers an incentive of $10,000 that pays non-residents to launch a business for at least one year with no obligation to stay. If you decide Oklahoma is your new home they are also offering another $10,000 in down payment assistance towards your home purchase. Here are the eligibility requirements: https://tulsaremote.com/. Tulsa has awarded 2,300 businesses so far and that number is steadily rising. Once here many programs will help you with the capital needed to grow your business: Build In Tulsa, TechStars, Female Founder Pitch Night, to name a few.

What is Community Like In Tulsa?

Two words: diverse & hospitable. Tulsa gives major city vibes without the hustle & bustle of major cities. Diverse communities thrive within Tulsa’s borders that align with Oklahoma’s well-known southern hospitality. There are many historical places such as Black Wall Street centered on Greenwood, and a downtown metropolis humming with hotels and businesses. Take a stroll to the most well-known park in the Midwest; https://www.gatheringplace.org/. On the weekends you can attend the many festivals, dance the night away to artists performing at the BOK center, catch the latest broadway show at the Tulsa {erforming Arts Center, or take a tour of the most well-known universities in the country

Relocating & Purchasing A Home In Tulsa

With the Ivy Key Team, you can expect us to go above and beyond to provide assistance to individuals and families looking to relocate or move to Tulsa, Oklahoma. Here are some ways we can help make your transition smoother:

1. Personalized Consultation: We begin by conducting a personalized consultation to understand your specific needs, preferences, and priorities for your new home in Tulsa. Whether you’re seeking a quiet suburban neighborhood, a vibrant downtown area, or proximity to specific amenities, we take the time to listen and tailor our services accordingly.
2. Extensive Market Knowledge: With our in-depth knowledge of the Tulsa real estate market, we stay up-to-date with the latest trends, pricing, and availability of properties. This allows us to present you with a wide range of options that match your criteria, ensuring you have access to the most relevant and desirable listings.
3. Property Showings and Virtual Tours: We arrange property showings and virtual tours, providing you with an opportunity to explore potential homes remotely or in person. Our agents accompany you during these visits, offering valuable insights, answering your questions, and helping you evaluate each property’s suitability.
4. Neighborhood Guidance: We understand that choosing the right neighborhood is crucial when relocating to a new city. Our team is well-versed in the distinct characteristics of different Tulsa communities, including school districts, amenities, transportation options, and cultural attractions. We provide detailed information to help you make an informed decision.
5. Negotiation and Transaction Support: Once you’ve identified your ideal home, we leverage our expertise in negotiation to help you secure the best possible terms and price. We guide you through the complex transaction process, ensuring that all necessary paperwork is completed accurately and efficiently.
6. Relocation Services: We recognize that moving to a new city involves more than just finding a home. We can connect you with trusted professionals for services like moving companies, utility setup, and local resources to simplify your transition.
7. Post-Move Support: Our commitment doesn’t end once you’ve found your new home. We remain available to address any questions or concerns that may arise after your move. We strive to build long-term relationships with our clients and provide ongoing support even after the transaction is complete.

Check out our relocation services here & schedule a consultation today: https://ivykeyteam.com/relocation/

The post Moving To Tulsa? What You Need To Know first appeared on Ivy Key Team .