Stephen Brocks, Realtor at MORE Agency

05/04/2023

We’ve got some great lisitngs right now!!!

04/20/2023

📈📊🧐 March market update for everyone!

03/10/2023

CHECK.IT.OUT! 😍

View photos and detailed information for 407 E Commercial ST, Broken Arrow, OK 74012 - MLS Technology (Greater Tulsa & NORES-Northeast Oklahoma), MLS #2303018, don't miss your chance to own this hot property!

01/30/2023

Firm Exclusives are going to be a big thing this year, at least that’s my prediction! 🤷🏻‍♂️

01/17/2023

5518 E 108th ST, Tulsa, OK 74137 just hit the market!
Take a look at this awesome space: https://stephen.bcotulsa.info/d8r43hi3

01/11/2023

Listing Address: 3015 E 103rd PL, Tulsa, OK 74137
Listing Price: $645,000
Schedule a showing and request more information here: https://stephen.bcotulsa.info/d8r40yy0

11/18/2022

Sales for the last month, along with new inventory show that Buyers and Sellers alike are taking stock of the current interest rates and adjusting to the new market. While rates (as mentioned before) are no where near historic highs of days gone by, they are above what we've seen in recent years and the new environment brings some changes. Here are what I've been seeing lately...

Closing costs are back! Sellers are open to providing closing costs, but not for the standard reasons we saw from 2017 to 2019. Buyers are using closing costs to buy down their interest rates to help get their monthly payment closer to where they'd like it to be.

The mania has past. Gone are the days of non-refundable earnest money, contracts saying "as-is" and sellers declining to entertain inspection repair requests.
Time works for all. Because the mania has subsided there isn't the pressure on both parties to make decisions under duress.

However, one thing that was present during the mania is still here...

Closings still happening over or at list price. With active inventory still low, some buyers find their dream home the day it hits the market. They've been looking all year, missed the low interest rate window last year and don't want to miss out now. The big difference is current rate. To reduce that (as mentioned previously) they will "buy down" their interest rate. They do that by offering over list price and asking for the money back at closing. For example; house is listed for $250k. Buyer overs $265k, with $15k in Closing Costs and Buyer used the $15k to get a lower fixed rate.

10/17/2022

🏡📈💵 Sales figures are in for September and they are as expected. New listings are down compared to August, and both new inventory and closings are down compared to '21. This is in response in to two factors, the first being we ALWAYS see an activity decrease in the real estate market this time of year. Back to school, returning to normality after summer etc. all slow down the market. Secondly the current interest rates are causing buyers to adjust their expectations. Buyers who are currently in the market are getting used to the new interest rates and that is taking time. Understandably so too, when rates have increased like they have it is a shock to the system. However, buyers ARE getting used to them and we are still seeing activity across all price points, just not at the fevered rate we were 12-18 months ago.

SIDE NOTE- mortgage interest rates do not track the fed rate directly. They are more closely tracking the bond market. That is because the treasury rates change constantly and mortgage lenders can be more proactive following them, increases can be "baked in". In response to two of the three most recent fed increases, mortgage rates actually dropped. For further explanation check out this article... https://www.mortgagenewsdaily.com/markets/mortgage-rates-09212022

09/15/2022

📊🙌🏻🏡 NORMALITY IS RETURNING!

August numbers for Closings were up compared to July, which is what we typically see this time of year.

Closed homes are down compared to 2021 and we aren't surprised to see that. Interest rates last summer were as low 3%, this year they were circling 5.5%. I kept on, and on, and on, and on (you get it!) about how historically low rates were fueling the buying market. Today we have returned to normality. This summer's data is nearly exactly the same as 2020.

The market is still healthy and active. Inventory is being absorbed at a rapid rate and while we may not be seeing the aggressive terms of last summer, we are still seeing some competing bids. My guess is that the numbers for the rest of the year will be very close to that of 2020, a stable market. While national media may be touting scary real estate headlines, it must be remembered the industry is always local and in Tulsa we look healthy.