The journey to purchasing your first home can be both exciting and overwhelming. From crunching the numbers and searching for properties to choosing a realtor and making an offer, first-time homebuyers have many high-stakes decisions to make. However, one of the most important decisions is where to plant your roots. Broken Arrow is sure to be your top choice.

Whether you’re drawn to our excellent schools, small-town charm, growing amenities, or affordable housing market, we have much to offer. And we want to help guide you through the home-buying process. Here are some key points and tips to consider when you’re ready to start your home-buying journey.

Understand the Local Housing Market

The housing market in Broken Arrow has become more competitive in recent years, but is still a relatively affordable entry point for first-time home buyers compared to national averages. The U.S. Census Bureau reports Broken Arrow’s median income to be approximately $84,000, which is relatively high for the state of Oklahoma. Using the federal government’s standard, families in Broken Arrow should aim for a monthly mortgage payment of $2,100. With an average mortgage interest rate of 7 percent and the median home sale price in Broken Arrow at $283,000 (as of October 2024), this is entirely possible for many aspiring homebuyers. It’s a great idea to work with a local real estate agent who can help you navigate and understand the nuances of the local market.

Set a Budget

Establishing your budget early is one of the most essential parts of the homebuying process as it helps you set the filters for your search. Your budget should consider several costs outside the home price, including down payment requirements, property taxes, insurance, closing costs, and future maintenance. Oklahoma offers several resources for first-time home buyers, including the Oklahoma Housing Finance Agency (OHFA), which provides down payment assistance and favorable mortgage rates.

Take Advantage of First-Time Home Buyer Programs

Many programs in Oklahoma offer a range of no and low down payment options, particularly for first-time homebuyers and those who qualify for specific financing based on income or location. The OHFA offers eligible buyers access to down payment assistance and competitive mortgage rates. The Federal Housing Administration (FHA) and USDA offer loans with a lower down payment requirement than conventional loans.

Get Pre-Approved for a Mortgage

When you get pre-approved for a mortgage, you not only have a better idea of how much you can spend, but also give you an advantage over other buyers who may not be pre-approved. Sellers and real estate agents consider pre-approved buyers as more serious candidates, as they have the ability to move more quickly in a competitive environment. Local lenders and credit unions could offer mortgage rates tailored to first-time homebuyers, so it’s worth shopping around and comparing rates.

Choose the Right Neighborhood

Now that you’ve done all the pre-work, it’s time to start the search. Working with your real estate agent, determine which neighborhoods best suit your needs.

The Rose District is known for its charming downtown area and features art galleries, boutiques, and restaurants. Homes here tend to be slightly higher prices due to their appeal. 

Broken Arrow Hills offers a suburban environment with a mixture of medium to large single-family homes. Its family-friendly environment makes it a highly desirable place to live, making the housing market a bit more competitive.

The Bentree neighborhood is surrounded by undeveloped land and offers large lots, giving it a more country feel. However, its proximity to schools, shopping, entertainment, and the expressway makes it a desirable location for those looking for a little more space without compromising on convenience.

Make an Offer

Once you’ve found “the one,” the offer process begins. According to Realtor.com, homes in Broken Arrow stay on the market for an average of 51 days – slightly longer than the national average of 30-35 days. Additionally, sellers receive the asking price or above. This certainly varies, but your real estate agent can guide you on fair market value and help you make a strong offer based on current market demand and comparable sales in the area.

Close on Your New Home 

The closing process can be a bit daunting and is undoubtedly something you’ll want to consider when estimating costs and timing. You’ll need to have a home inspection to ensure you uncover any hidden issues. In Broken Arrow, it’s common to have inspections for the home’s foundation, roofing, electrical and plumbing, and HVAC systems. Pending a satisfactory inspection, your agent will coordinate the final paperwork and signatures and then voila! You’ll receive the keys to your new home. Congratulations!

Why Should You Buy in Broken Arrow?

The unique blend of suburban pace and urban accessibility makes Broken Arrow ideal for first-time homebuyers who are looking for quality of life at an affordable price. Our low crime rate, highly rated schools, beautiful parks and trails, and plentiful shopping centers and amenities make the city one of Oklahoma’s best places to live. And, with Tulsa just a short drive away, residents have access to larger city amenities and employment opportunities.

With the right amount of preparation, awareness of local programs, and the support of a local real estate agent, we’re confident that you’ll call our affordable, charming, and safe community home in no time. For more information on buying a home here, visit the Broken Arrow Economic Development website. We can’t wait for you to #BeInBA!