In 2008, the housing bubble burst. This inadvertently led to one of the greatest economic recessions the United States has seen in recent years. Values of homes plummeted all across America, foreclosures were at all time highs and it was a tough time to be a realtor.
However, things have changed, and they’ve changed quite drastically. According to the U.S. Department of Housing, homeowner equity is at $10 trillion and foreclosures are at their lowest point since 2005. Additionally, American families are on pace to purchase five million homes this year alone!
In Oklahoma, specifically the metro area, houses appear to be rising in value across the board. To make that tidbit of information a little sweeter, Norman has been rated as the second least expensive city to live in, according to the 2014 Cost of Living Index (COLI), in the United States. This makes Norman a highly attractive market to be a part of.
So, what’s our opinion on the state of the Housing Market? It’s in great shape. Seriously, the best its been in a decade. If there was ever a time to purchase a house and make it a home, it would be now. So don’t let the market make you nervous, and let us help you purchase the home of your dreams!