2023 was a tough year for the real estate market in Tulsa. Historically low interest rates had set a recency bias amongst buyers where they felt rates were 'high'. Compared to 2021, that’s true, but in the grand scheme of things, they weren’t.

Regardless, we at Brown & Co had an excellent year, and several members of our team, including myself, improved on their volume from the year prior.

Looking forward to 2024, where do I think the market is headed?

The Federal Reserve has forecasted three rate drops throughout the course of 2024, but just like weather forecasts, this may not be accurate. They may do more, or less, and no one is completely sure by how much. As long as they achieve their goal of a soft landing and we avoid increased inflation, the likelihood is a decrease in rates. Decreased rates increase buying power, which would likely release the pent-up buyer demand. While the vast majority of experts believe a decrease is coming, no one is sure when it will happen. 

Buyers who make their move early in the year may be the ones at the end of 2024 feeling good about themselves and their decision to avoid the potential mad rush a decrease in interest rates would likely bring on. We had many clients who paused their search during 2023 and now that rates are starting to cool are revisiting the market in earnest! They are seeing the landscape for what it is and ready to buy with less competition. 

At the tail end of 2023, I had some clients who took advantage of stagnant, overpriced listings. They swung for the fences and got some great deals! Some sellers are being slow to react to the most recent data, and as with interest rates, they’re hung up on the pricing we saw during COVID. They’re not seeing how buying power is adversely affected and can’t see the COVID market for what it was, an anomaly.

Whatever your plans with real estate during 2024, know I am here to help you achieve your goals. If you've found this insight helpful, I'd be honored if you shared it with friends or family who might also benefit from our expertise. At Brown & Co, we're committed to helping more people in our community make informed and successful real estate decisions.

Stephen Brocks

Brown & Co. at McGraw Realtors

Cell: 918-984-8029