# OKCpedia > General Real Estate Topics >  OKC Real Estate Market

## AP

http://journalrecord.com/2017/10/13/...own-from-2016/

I thought there was a similar thread out there but couldn;t find it. Can someone share the article?

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## Richard at Remax

Short answer is everything below $250K in average and up areas are doing just fine. Maybe up to $275K because that's where the FHA cutoff is. Anything above $275K might be sitting for a bit. Especially in the burbs. It's tough out there right now.

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## FighttheGoodFight

> Short answer is everything below $250K in average and up areas are doing just fine. Maybe up to $275K because that's where the FHA cutoff is. Anything above $275K might be sitting for a bit. Especially in the burbs. It's tough out there right now.


Sounds about right. Any house in our neighborhood under 250k sells in less than a month. Anything above 300k looks like they have been sitting, some for a year or more.

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## AP

My neighborhood (Woodland Park) has been doing very well. Several houses on my street have sold recently in the 125/sqft range. Two years ago everything was in the 100/sqft range.

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## BLJR

Ditto to what the guys above said.  Closing on a flip house this Friday.  1379 sq ft, and sold for $138,000.  In a neighborhood that struggles to get $90 per sq ft.  Mine was updated (except the bathrooms) and most in that neighborhood aren't.

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## rte66man

Location, location, location.

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## warreng88

OKC area home sales down from 2016

By: Molly M. Fleming  The Journal Record	October 13, 2017

OKLAHOMA CITY – Despite a busy summer for Realtors, Oklahoma City area home sales are down compared to the same time last year.

As of September, home sales were down 9.6 percent from the first nine months of 2016, according to data from Multiple Listing Service of Oklahoma.

Keller Williams Realty Elite Managing Broker Jennifer Arsenault said the office exceeded all of its sales numbers from the previous year.

“The summer was fantastic,” she said. “It’s still a very strong market.”

MLSOK has homes listed from Edmond, Altus, El Reno, Midwest City, Moore, Yukon, Piedmont, Elk City, Oklahoma City, Weatherford, Norman, Del City, Shawnee, Mustang and Nichols Hills.

MLSOK President Loren Coburn said he doesn’t expect the year-over-year sales total to improve, especially as daylight decreases. Fall and winter are typically slower months for home sales. But this year, as rebuilding starts in hurricane-struck areas, supply costs will rise, which could make homes more expensive.

He said he doesn’t expect home sales to get closer to positive until spring 2018.

There’s been an 18.6 percent year-over-year increase in homes listed for sale. The hottest product is properties that cost $225,000 or less, said Arsenault. 

There’s only about three months of inventory in that price range.

Homes priced at $600,000 or more are sitting longer, she said. There are 544 properties listed at $600,000 or more. Yet, if the home is an attractive school district, like Deer Creek, the price doesn’t bother people.

“We had one home with multiple offers sell for $1.5 million in Nichols Hills,” she said. “But you’ll still have others that will sit for a year. It’s not about the price point. It’s about the location.”

Coburn said he’s seen a similar trend, with homes in more popular school districts getting higher prices, even more now than ever before.

Compared to September 2016, this year, there was a 13.2-percent increase in single family homes and a near 30-percent uptick in condos and townhomes for sale. The median home price in September 2017 was 3 percent higher than in September 2016, according to MLSOK.

For the month, September 2017 was nearly on track with the other months this year, with 1,896 homes getting new owners. In June, 2,351 homes were sold, making it the highest amount for the calendar. The lowest was in January, when 1,200 homes traded hands.

Coburn said if someone is looking to sell their home, and it’s priced at $250,000 or lower, now is the time to do it. If it’s higher, then people should expect the home to sit on the market longer. He called it a buyer’s market because of the influx of inventory.

But Arsenault called it a seller’s market for people marketing homes priced in the $225,000 range and lower, with properties still getting multiple offers.

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## aDark

I love these types of articles. I would love to see the data on home sales as compared to proximity to the urban core. I suspect that the market is much steadier the closer one gets to downtown, but I have no support for this theory. Is there a way to look into this?

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## AP

That would be nice to see. There are a couple of real estate agents on OKCT, but I'm not sure they have that data.

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## Richard at Remax

Yeah there are so many variables when looking at that kind of stuff. Let's just say as you get closer to the core, it is a sellers market. However, people don't seem to be overpaying for properties, so it's all about pricing. The ~$600K and below market within a few miles outside of downtown is def stronger than farther away. That being said the Nichols Hills market seems to be sitting longer than usual. There are 33 homes for sale over a million in there, and only 3 are pending. Total in the area there are about 69 for sale, and only 8 pending. Pretty interesting.

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## Rover

I think a lot of owners in Nichols hills saw the high $/ft and started doing remodels, additions, etc. with an idea to cash in.  However, it is a niche market and I think they produced more for sale than normal, creating an excess.  I would expect the prices to fall a little, especially since there are now a number of cleared off lots sitting empty and 2 new high end developments are underway.  Plus, West Nichols Hills (outside of Nichols Hills municipality) has seen a lot of high end development.  It may stay soft for awhile til inventory is worked off and/or oil is back over $60.

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## bradh

> Sounds about right. Any house in our neighborhood under 250k sells in less than a month. Anything above 300k looks like they have been sitting, some for a year or more.


Yep, ours in Deer Creek Village has been on the market since 6/1 in that 250-275 range.  Getting old paying for an empty house 12 hours away.  It's a great neighborhood and good suburban location.  Had someone recently choose The Grove over our house.  Enjoy that miserable mess getting to any highways from there.

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## HangryHippo

> Yep, ours in Deer Creek Village has been on the market since 6/1 in that 250-275 range.  Getting old paying for an empty house 12 hours away.  It's a great neighborhood and good suburban location.  Had someone recently choose The Grove over our house.  Enjoy that miserable mess getting to any highways from there.


You left OKC?

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## oklip955

I am watching the market. It seems to me the higher the price property, the less they are selling. I have an Edmond acreage that I am looking to put on the market, but I am not seeing very many of them selling, so I'm holding off. I'm a bit surprised that properties under about $300K are not selling. bradh sorry to hear yours is not selling.

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## LakeEffect

> You left OKC?


Yeah. Totally missed that!

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## LakeEffect

> I am watching the market. It seems to me the higher the price property, the less they are selling. I have an Edmond acreage that I am looking to put on the market, but I am not seeing very many of them selling, so I'm holding off. I'm a bit surprised that properties under about $300K are not selling. bradh sorry to hear yours is not selling.


Yep. We had ours listed for 7 months total (3 months the first time, 4 months the second). Lots of views, a few really interested buyers, and no eventual sale. Being over $300,000 really starts to limit the buyers. Rough times.

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## bradh

> You left OKC?


We did, over educational opportunities for our daughter.

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## Richard at Remax

In this HGTV generation we live in, if your home doesn't fit a specific mold, then it will get overlooked by a big chunk of buyers. It's hard to explain but they want all the grays and clean lines, ect but don't have the vision, and usually the extra cash after closing costs, ect, to buy an under priced dated home and make it that way. As a seller if you don't want to invest in sprucing up the home then a neat option is virtual staging. Someone comes in and takes pictures of your home, edits them as if it's been updated/remodeled, then puts the pictures on easel in each of the rooms to show what it COULD look like. It all comes back to pricing though, esp in this (except small pockets) buyers market.

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## Rover

Am also seeing lots of asking prices on homes needing remodeling the same per foot as those that already have been remodeled. Sellers need to be realistic.  All comps arent the same and realtors seem to always over promise what they can get so as to get the listing.  If something is not moving then the price or realtor needs to be changed.

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## OKCretro

for any realtors on the site,

has the emergence of zillow helped or hurt sales?

Do sellers or buyers have unrealistic expectations b/c of zillow?

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## Martin

^
 my mom's a realtor who's been in the business 30 years... the biggest gripe she has with zillow is that they scrape listings from mls (which she pays for) and will show other realtors' contact information on her listings unless she pays zillow.

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## T. Jamison

Another complaint I've heard is their "Zestimates" leading to potential buyers having unrealistic expectations regarding the market value of the property which can make it more difficult to sell. 

Here is an article from Reuters about the topic, if anyone is interested. I disagree with the ruling but that's just me.

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## Richard at Remax

before I was a realtor I really enjoyed Zillow. Now that I am on the other side it is a pain in the rear. The Zestimates need to go. You wouldn't believe how many arguments I've been in when I show someone the TRUE value I think they could get vs what the Zestimate says. There are so many variables they don't factor in. It's basically this zip code for 3 bed 2 bath house should go for X amount, and apply that to ALL neighborhoods, creating unrealistic numbers. In my own house right now it is probably $50K over what it is in reality because Traditions to the east is bringing up values. I had a listing, in which the Zestimate said it was $490K. My numbers told me best case scenario was in the mid 430s to 445k. You have to do what your client tells you so they put it on at $490K, although we got showings, we never got offers. Sold 7 months later for $435K.

Another big gripe of Z is that there are too many "ghost" listings. Listings that have already gone pending or sold but the agents are too lazy to change the status's. Some do it on purpose so when someone calls them they say "well that one sold but we have others!". I get it, but to me that's too bait and switch for my tastes. Also, someone above said that listing agents over promise just to get a listing. This happens way more than you think and it hurts everyone involved when you know they will never get that price. Don't get me started on the new $999 listings you hear on the radio either  :Smile: 

I am now a proponent of having our MLS stop feeding them our data. Even now that zillow is talking about getting into the brokerage business. Basically someone wants to go see a house, as a zillow agent i would just show them, write an offer, and get paid my commission, but split a finders fee with Zillow. Same with listings. Some realtors would say that they would lose business if we stopping feeding them our data because that's all that people use. My argument is that if you take away the data and steer the public to where our own up to the minute data is, then they would use that. Shameless plug here but www.MLSOK.com is our new search engine and it's terrific  :Smile:

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## Stew

The entire process of selling houses needs to drastically change. The commissions are too high and some of the closing costs are ridiculous. In 2017 it shouldn't be so cumbersome selling real estate. It's a racket.

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## Richard at Remax

First of all commissions ARE negotiable and there is no set rate. I will also say that the "standard" rate everyone knows needs to probably be reevaluated. With the evolution of zillow and the internet in general, we keep giving out our information and still expect to be paid really well like we hold all the cards. People used to earn that rate when you would have to take people house to house without ever seeing any pictures or anything. Now with all the pictures and info you need the role of the agent has significantly decreased. I will never cut the rate of the selling (buying side) due to the fact that I think the buying side is a bit more difficult than the listing side. Going from house to house, getting people qualified, inspections, ect is a lot of work.  But I will say yes it can be a lot, but all the advertising we do, postcards, open houses, professional pictures, ect and everything else we do to get a listing exposed comes out of our commission at the end. Plus all the paperwork and negotiations to protect our clients is invaluable, esp to a home owner who has no idea what is going on. But I am a minority in my positions. Some agents just have zero wiggle room.

Second, I agree with closing costs. It's almost extortion. I also don't like when the seller is paying both realtors AND the buyer asks for thousands of dollars in closing costs. I think that has become too the norm and needs to change.

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## T. Jamison

I'm not a Realtor, so I have no stake in the matter, but the MLS is much better than Zillow for renters as well.  When looking for a rental, the property manager is a factor commonly overlooked. I have had terrible experiences with poor property management, and in the end I hated where I lived due to the management not the property. Using the MLS helps filter some of that out.

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## AnguisHerba

How does everyone feel about the 2018 residential real estate market vs. 2017? I'm thinking this is going to be the year I buy and I've been doing a lot of research on houses sold in the past year. Personally, I'm not expecting more than a 3% increase in urban core home prices vs. last year, but I want to know what more experienced people here might be feeling.

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## Richard at Remax

To me I think a lot of uncertainty (energy/economy/politics/ect) that we encountered in 2017 has somewhat dissipated. On paper everything seems to be ticking upwards. I always hesitate saying that something will definitely have an X % increase but if anything I would be shocked if the value of homes didn't trend upwards not just this coming year but for the next few. Would be a nice time to get in. 

As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying >$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.

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## Pete

> As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying <$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.


But work has started on 3 different for-sale complexes this past year, all at quite high prices:  701 N. Hudson, the Broadway Condos and The Bower will break ground any day.

I know the first two had decent pre-sales...  And The Hill continues to sell well and the Dwellings at SoSA are sold out I believe.

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## Richard at Remax

You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.

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## Pete

> You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.


Yes, there does seem to be a decent market for new-build condos in the core and of course all of those are the highest price per SF in all of OKC.

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## Richard at Remax

For anyone who is interested here is 6 month CMA of the Core. Only did active, pending, and sold properties. I did Classen east to I-235, then 10th south to I-40. Some pretty interesting numbers

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## Pete

^

Very interesting!

Thank you.

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## LocoAko

This may have been known to people more in-the-know with these things, but I hadn't realized our real estate prices in the core were growing THAT quickly. 

http://newsok.com/article/5559095?ut...areBar-Twitter

"Cogan said no non-coastal city had seen a faster growing rental market between 2000 and 2015 than Oklahoma City, and that in just 15 years the current growth rate would put Oklahoma City's median rents to levels currently seen in Los Angeles and Austin."

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## Pete

I don't think rents will continue to climb and certainly nowhere near what they have done in the recent past.

You can already see they have leveled off and even come off recent highs.

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## Bits_Of_Real_Panther

The sale signs sit stagnant in my 'hood, but I attribute it to the time of the year first and the increased supply of sale signs second.  

Waiting on the spring market to gauge strength/weakness, since it will tell the early tale of the market.

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## stratosphere

I was recently contemplating a move from OKC to Norman and found a house on the east side that i really loved.  I made an offer and one thing that shocked me was the estimated $7k i would have to bring to closing,  while it was only estimated,  i couldn't believe it was that much.  In 2005 when i bought my current home,  i think i brought around $700 to closing when all was said and done.  Can't recall if the seller paid any of my closing or not since it was 12.5 years ago.  Anyway lucky for me my offer wasn't accepted and they sold the house to someone else.  I am currently watching the market but no plans to list my home...interestingly enough my realtor wanted me to list my house but i don't want to do that unless i actually find a home i want to buy.

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## Richard at Remax

Closing costs are really out of control these days. A buyer I had recently did and FHA on a $150K and it was almost $8,000! It has become almost normal for buyers to ask ridiculous amounts from the sellers to go towards their closing costs. I educate my buyers that not only do the sellers have to pay both brokerage fees, they will most likely have to do some kind of repairs as well. Asking for absurd amounts can really sour a deal. Some of this is due to lenders dampening the initial shock value of closing estimates by saying something like "don't worry, you won't have to pay that much, the seller will cover it." Sellers are not obligated to pay for closing costs and some sellers see it as paying the buyer to move into their house. I am not against it, but I do think there should be some discretion.

That being said I had a past client wait until she found the home she wanted before putting hers on the market, against my recommendation. It ended up backfiring horribly on her. 

 I always suggest to put home on market when looking to move. There are plenty of companies who do bridge loans these days. I don't want them to miss out on their perfect house. You can't sell what's not for sale.

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## stratosphere

Part of my concern is we have inside pets and a very specific need in finding a new home,  so if we put ours on the market and it sells and we can't find a new house then we are kind of screwed.  Don't want to get rid of the pets and it is hard to find a place that will rent to inside pets (cats).  Also i don't want to have to move twice.  That said,  i am thinking about staying put for the time being,  there are just too things that could go wrong.

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## bradh

In talking to my realtor yesterday at our closing he said that the allure of Deer Creek schools has kinda wore off a bit, most people moving into the area are mostly requesting Edmond northern.

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## oklip955

Since you brought it up bradh, anyone know what the demand or request is for property east of I-35 in Edmond. Just wondering. I'm thinking there are a few realtors following this thread.

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## Richard at Remax

The demand is there. Ever since it was announced that the new high school was going to be out that way the new construction has gone way up. Add to the new businesses going in on I-35 and Covell, this might be the new hot spot over the next few years (suburbs wise)

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## bradh

yeah i think that area is going to blow up

worthy....you heard/felt the same about DC?

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## Richard at Remax

I think there is still some appeal. But from my observation the first time home buyers don't want to live out that direction though. I think there was a big push 5 years or so to get out there for the allure of better schools. Then people realized some of the best deals we're pretty far out and decided it wasn't worth the driving. I can only confirm this for myself because I have been working at Remax for 3 years now, and not one client has shown interest. Edmond is still king and a destination for buyers that want that lifestyle.

Let me run some numbers for deer creek over the last few years

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## Richard at Remax

OK I went back 5 years in MLS and did search for all SOLD homes in Deer Creek School district. MInd you this is very raw data. The only filtering I did was take out extremely low price per sqft (<$40/ft), which we're foreclosures, short sales, ect. From 2013-2014 there was a decent jump in both homes sold and price per sq ft. From then on it seems like the prices have overall leveled off (I usually focus on the median in such a large CMA) but home purchases are still ticking up. So to me that means there is still some demand, but prices have plateaued to an extent.

2013


2014


2015


2016


2017

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## BlackmoreRulz

What does the metro housing market look like these days? Has there been any uptick or is it still stagnant? Any expected change in the near future?

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## Richard at Remax

In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.

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## PhiAlpha

> In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.


I would add that in the higher end historic districts, Nichols Hills, etc, that sellers market number increases to anything below $500k if the price per square foot lines up with the neighborhood average.

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## kukblue1

https://www.dakil.com/event/may-2019-real-estate  Land is for sale 

https://www.dakil.com/wp-content/upl...IBIT-Model.pdf  So a mobile home park being built?  Maybe some apartments?  Is Melrose west of Council going to get finished?   What is zoned r-4 would that be apartments.

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## GoGators

https://www.nytimes.com/interactive/...investors.html

This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.

Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?

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## T. Jamison

https://www.marketwatch.com/story/mo...igh-2019-06-20

Based on what this is talking about, a lot of the "investors" are buying less than 10 homes. In my opinion it is a good indicator. Investors seek to minimize risk and real estate is not like stocks you can sell tomorrow, so it tells me investors are finding Oklahoma City a safe bet into the future. Maybe a realtor can chime in, but I don't see Oklahoma City as having a housing shortage so I don't see it pushing new home-ownership out of reach.

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## Teo9969

I think it's pretty axiomatic that if investors are lining up, you're doing something right.

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## ChrisHayes

I'm a member of Biggerpockets which is a real estate investor network, and there's always a lot of talk about investing in Oklahoma City. Especially for cash flow as we don't have rapid appreciation like Denver, Austin, and Dallas do.

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## T. Jamison

The Journal Record also had a recent article about data from the National Association of Realtors indicating Oklahoma City is experiencing a high amount of international investment in transactions of  less than $2,500,000.

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## josh

> https://www.nytimes.com/interactive/...investors.html
> 
> This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.
> 
> Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?


Looking at the four cities ahead of OKC. I don’t know/think if that’s a good list to be on. Obviously, that is my initial impression and I could be wrong.

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## aDark

Paging WorthyCook, are you noticing a trend of increased homes for sale within 3 miles of the core? When I hop on Zillow it looks like houses for sale in Mesta, Heritage, Classen 10P, Gatewood, PAseo, etc. are way up. I'm not a professional in this field. Hoping for input.

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## Richard at Remax

There is a TON of supply right now in those areas. I took the area from Villa over to 235, I40 up to 23rd. 

*2019 YTD*
156 homes have Sold so far this year. Average Price of $320,000. $161/ft. 46 days on market. 64 of these are over $300K. $225/ft. 54 days on market.
29 are Pending. $299,000 average.  $160/ft. 40 days on market.
102 are Active. $530,000 average. $239/ft. 77 days on market. 75 of those Active are over $300,000. 

*Compared to 2018*
266 Properties Sold. Average of $311,000. $158/ft. 43 days on market. 
of those 266, 94 were over $300K. $224/ft. 58 days on market. 

From what I can see. IF you have a home over $300K be prepared to sit a while. It's def a buyers market right now. The first part of the year was pretty consistent with last years numbers. However, around June or so a ton of houses got dumped on the market. So if you have been waiting on the sidelines to get into this area it might be a good time. Some sellers are wanting OUT.

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## Pete

^

Don't you think the supply is due to the fact that prices have gone up so rapidly that people are profit-seeking?

There are also a bunch of straight-out flips happening in those areas.

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## Richard at Remax

I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.

Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there. 

Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.

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## chuck5815

> I don't disagree with that. From what I have seen in my 3+ years in this business, is that Oklahoma Citians usually don't overpay for stuff just because it looks pretty. Most just want a good value and don't mind maybe doing some stuff themselves.
> 
> Unfortunately most of these flips are just lipstick on a pig. They turn a blind eye to behind the scenes stuff like foundation, plumbing, electrical, hvac, ect. They want all the top dollar but it usually goes to crap after inspections. It's embarrassing what some are throwing out there. 
> 
> Honestly I'm surprised at so many attempting to flip and push the comps. OKC has such small margins anyway for profit that most usually "renovate to rent" then end up selling down the road. Then you have the wholesalers trying to undercut the market but that's a whole different thread.


Thanks for all the great info in this thread! With respect to the flippers, are there any particular groups that actually take a project down to the studs, shore up the integrity of the house, make efficiency improvements, etc.?

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## Richard at Remax

It's pretty rare that you see an actual group with a name attached to a flip job. Such as " Another great flip by the XXXXX Team".  It's usually just an owner that has a lot of different contractors come through. If that makes sense. I need to do a bit more research to know who the good/quality groups are and I will post them here.

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## Dob Hooligan

I am not typically a vouching type, but I have seen firsthand the Bruce Mulford flips in the Village. They have gone deeply in the houses on ether side of mine. Windows, sidewalks, even a driveway on one. 

I think they are top of the market on price, however.

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## Pete

We also have the scrape-and-build-new groups mainly in Nichols Hills.

Several builders doing this now.

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## HangryHippo

> We also have the scrape-and-build-new groups mainly in Nichols Hills.
> 
> Several builders doing this now.


Which is just sad.

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## rezman

> It's pretty rare that you see an actual group with a name attached to a flip job. Such as " Another great flip by the XXXXX Team".  It's usually just an owner that has a lot of different contractors come through. If that makes sense. I need to do a bit more research to know who the good/quality groups are and I will post them here.


Kalidy comes to mind off the top my head.   I have a friend of mine who is a window installer for Bruce Mulford, and I've seen some nice properties they've turned around.

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## CloudDeckMedia

> Which is just sad.


+1

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## Lazio85

I'm in between May and Independence, and North of 50th St in a neighborhood called Mayfair Hills. I can attest to what worthy cook is saying from my personal experience. Been on the market 105 days with a lot of interest, and we are one mile away from pretty much anything you would need, including work along NW Expy with BRT on the way. OAK development coming in will only increase prices further along with additional investments along the May Ave shopping corridor.

Open House Sunday 2-4 PM
$315,000
3 bd
2.5 ba
2,591 sqft

Redfin Link: https://www.redfin.com/OK/Oklahoma-C.../home/72038499
Zillow Link: https://www.zillow.com/homedetails/5...d/?view=public

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## Pete

^

Why are you selling?

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## Lazio85

> ^
> 
> Why are you selling?


Need another bedroom, playroom, office, and schools (I don't have time to see what happens with OKC realignment, although I think it is a good change).

Also, house across the street from us just sold for $365,000+! Average $/sqft in our neighborhood is $120+ for the quick flips.

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## MikeLucky

> Need another bedroom, playroom, office, and schools (I don't have time to see what happens with OKC realignment, although I think it is a good change).
> 
> Also, house across the street from us just sold for $365,000+! Average $/sqft in our neighborhood is $120+ for the quick flips.


I'll sell you my house in NW OKC....lol  5 bed, 3 full/2 half baths, formal dining, eat-in, office/living area off the back of the master, a little over 3,400 square feet.  Putnam City schools to avoid that pesky OKCPS re-alignment mess. lol.  Back yard backs up to the neighborhood walkiing trail which also leads to the neighborhood pool/playground area, clubhouse, tennis courts, and lake. Pretty sought after established family neighborhood.

We're not on the market yet but when we are we'll be listed in the $300,000-$315,000 range.  Would be more than happy to strike a deal prior to putting in on the market as that would give us both some wiggle room on the price.  Or if anyone else might know someone that's interested hit me up with a private message or just ask here.  Our neighbor just sold her house in 1 day for $113 a square foot.  Best comp we've had in a long while so we're getting serious now about finally downsizing since kid 2 of 3 is off to college next week.

What we've noticed is that the updated houses in our neighborhood are selling quickly but the ones that need some work are sitting for a bit. We have definitely noticed a trend of millenials moving to our hood and buying becuase it was where their grandparents lived back in the day and now they are moving back to start their families.  Definitely seeing that transition starting to take place which is nice to see.

----------


## Johnb911

> I am not typically a vouching type, but I have seen firsthand the Bruce Mulford flips in the Village. They have gone deeply in the houses on ether side of mine. Windows, sidewalks, even a driveway on one. 
> 
> I think they are top of the market on price, however.


+1 Bruce does a really good job.  As far as I know he has limited his activities to The Village though.

----------


## chuck5815

Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?

----------


## BoulderSooner

> Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?


depending on the school district /neighboorhood   the 300k +/- range   in edmond   goes extremely fast       we have lost 5 houses that we have looked at in the last few months  where someone offered more than list price on the first day of showing

----------


## Richard at Remax

For the most part, with a few exceptions, everything in that price range and above is def slowing down. You have to basically get lucky this time of year.

----------


## oklip955

What is the market doing as far as acreage properties in Edmond/Arcadia/Deer Creek?

----------


## chuck5815

> For the most part, with a few exceptions, everything in that price range and above is def slowing down. You have to basically get lucky this time of year.


Yeah, I've noticed a number of properties in Edmond (particularly in new construction) that seem to be priced right and have a lot of the desired features, but are just completely stuck. Not a lot of momentum.

----------


## Rover

If you want some real data on new home sales instead of anecdotes:  https://www.builderonline.com/local-...lahoma-city-ok

It looks like it is the under $350K homes that lag the last few years, not the above.

Interesting if you compare it to Tulsa, which really lags OKC in new home sales and prices.  Wonder if that's because they are much more dependent on O&G.

----------


## Richard at Remax

I can see that being true for new builds since there is an over saturation of new builds $350K and under so it takes time to close all those out. Most new builds above that are custom and the ones that aren't sell at a faster rate since there is less competition. However, lump existing in with new builds the MLS says another story

For all homes, in Edmond, current Active homes *above* $350K have been on market an average of 90 days.
pending homes at 71 days
sold homes (past 6 months) at 60

For all homes, in Edmond, current Active homes *below* $350K have been on market for 58 days
pending homes at 43
sold homes (past 6 months) at 33

----------


## OKCRealtor

> Is it just me or has the market for 300k+ homes in Edmond /NW OKC basically ground to a halt?


I would say 300k is the rough dividing line where the market begins to slow and things can take awhile to get sold. However, that is just a general rule and there is a lot of 300k competition in Edmond. Things are also still moving very quickly at that price point if they are priced right and depending on other factors.

----------


## gopokes88

> I would say 300k is the rough dividing line where the market begins to slow and things can take awhile to get sold. However, that is just a general rule and there is a lot of 300k competition in Edmond. Things are also still moving very quickly at that price point if they are priced right and depending on other factors.


That’s the thing too, anything priced correctly leaning towards aggressive will move quickly. 

I see homes in fox lake move in a weekend and others take months. All about price.

----------


## oklip955

The reason I ask is that I plan on selling my acreage horse property close in. (Edmond) so I watch. I just have to find the right place to buy first. Not much out there like I want or that would work. Kind of funny that there is a lot of acreage but never the right place. I guess its the same with most people, just trying to find there perfect place.

----------


## OKCRealtor

> The reason I ask is that I plan on selling my acreage horse property close in. (Edmond) so I watch. I just have to find the right place to buy first. Not much out there like I want or that would work. Kind of funny that there is a lot of acreage but never the right place. I guess its the same with most people, just trying to find there perfect place.


What price range are we talking about? There are a lot of people looking for acreages/privacy in general. Some of the properties I've seen get the most attention from buyers have been acreages. If priced right-this is key, overall, market is healthy and things are moving well.

----------


## OKCRealtor

> That’s the thing too, anything priced correctly leaning towards aggressive will move quickly. 
> 
> I see homes in fox lake move in a weekend and others take months. All about price.


Yes. My sister in law and her family live in Fox Lake. They are probably on the higher end in there but have a pretty unique property that has been updated with a pool and I think it would go pretty quick.

----------


## oklip955

Ok Realtor, mine place is est in mid 500K since it is 10 ac in Oklahoma county and close in but no in Edmond city limits, hill, view, trees, privacy, horse barn w/stalls, pipe and cable riding arena, small house in good shape, but a bit dated to todays standards. Fruit and nut trees, huge fenced garden area, mult outbuildings. Fenced and cross fenced. I cannot sell without finding my next place as I cannot be out in the street with all my stuff and renting is not an option for mult buildings worth of stuff. I am trying to find a smaller acreage close in with a larger house but hate what is in style now. Love light golden oak, brass, non open concept. Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well and painted woodwork is also a deal breaker for me. it would have to be in a dumpser and gone. Same price range and area.

----------


## BBatesokc

> That’s the thing too, anything priced correctly leaning towards aggressive will move quickly. 
> 
> I see homes in fox lake move in a weekend and others take months. All about price.


That's how it is in my neighborhood to the south of Foxlake. I like that every house is different, with many built in the 60's-80's on 1.5 to 5 acres. They come up for sell often. Those who price reasonably and are low $300's sell really fast and people fix them up. Those who have unrealistic expectations have apparently no idea how many homes compete in the $400,000 range and you can build a nice brand new large home for that. We bought our's very reasonably, but had to take it "as is" and close quickly. But we bought it within hours of it coming up for sale.

----------


## Edmond Hausfrau

> Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well .


Good soil in Oklahoma? Let me know when you find some.

----------


## Rover

Theres lots of good soil in Oklahoma.  Lots of very productive farming. You have to know what you are looking at and for what.

----------


## Richard at Remax

If you want to know current state of higher end market look no further than Nichols Hills area. 

62 homes for sale over $1 million.
0 homes under contract over $1 million.

----------


## chuck5815

> If you want to know current state of higher end market look no further than Nichols Hills area. 62 homes for sale over $1 million.0 homes under contract over $1 million.


Is this mainly due to continued weakness in the oil market?

----------


## Richard at Remax

I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.

----------


## chuck5815

> I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.


That's a pretty good point. $150-175/ft. gets you an updated house with some high-end features in most parts of the metro, and the commutes are easy enough from most places. I can see why Buyers wouldn't want to pay a 2 or 3x premium to get into NH.

----------


## OKCretro

> If you want to know current state of higher end market look no further than Nichols Hills area. 
> 
> 62 homes for sale over $1 million.
> 0 homes under contract over $1 million.




I think most of those homes people have overvalued the market.  They see someone down the street get 1.5, they think they should get it as well.  
They look at zillow and think thats what they should get as well.

I wonder if the new tear down law in NH is hurting sales?

----------


## Rover

> I don't think that is helping. I also thing that NH just isn't as desirable as it has been in the past. It's stupid expensive to live there and you can get more bank for your buck in so many other parts of metro.


I don't think people buy in NH looking for a bargain.  If cheaper is what you are looking for, yeah, they go elsewhere. 

Relative to other high end neighborhoods, I don't think NH is necessarily less desirable than it has been, but may be less affordable overall right now.  Million $ plus homes are struggling all over the metro.

----------


## okatty

Several of the Street of Dreams Homes in NE Edmond (may now just be two) are still on the market from the 2018 SOD, all in excess of $1 mill.  Been sitting there a while and are beautiful homes.

----------


## stlokc

I agree with Rover. People don't live in Nichols Hills because they are worried about price per square foot or how many minutes it takes to commute somewhere. Even with the tear downs, which are unfortunate, Nichols Hills has a "feel," a history and a cachet (and a deep family history for a lot of people), not to mention possibly the best geographic location in the metro.

----------


## SEMIweather

In terms of high-end neighborhoods, not sure I see how Nichols Hills has a better geographic location than Heritage Hills/Mesta Park.

----------


## Richard at Remax

Lets look at Edmond

42 for sale over $1 Million
5 under contract over $1 million
(1,073 total for sale, 408 under contract) 

Mesta/Heritage/Downtown Area

8 for sale over $1 million
0 under contract for over $1 million
(66 total properties for sale, 10 under contract)

MLS OKC METRO (Residential)

182 for sale over $1 million
6 Under Contract over $1 million (5 in Edmond, 1 in Norman) 

As a 35 year old, from conversations I've had with buyers around my age, no one has Nichols hills high on their radar. If they have any interest, it's usually those east side streets that run along western. However, All agree it's just not worth the prices and property taxes. Places like Mesta, Heritage Hills, Crown Heights, Edgemere, Lakehurst, Linwood, Lincoln Terrace have more positive vibes. 

All of Nichols Hills, there are 73 homes for sale. 4 under contract. Two of those are under $300K, one is at $575K gut job on east Wilshire, and one is an $875K tear down. I guess I just disagree with some (which is fine) that it's still the cream of the crop. Numbers aren't showing it. The people who live there obviously don't care, there just isn't a line forming to replace them when they put their house on the market.

----------


## oklip955

Worthy Cook and others involved in the real estate market, is it just me or are builders building a lot more low end starter homes these days? What i am calling starter homes are ones under $200K and under 2000 sq ft more like around 1500 sq ft. Also it seems like alot of the newer homes are being built on 7000 sq ft lots or less. I am sadden that developers east of I-35 in Edmond are dozing alot if not most of the trees not in a green belt and building lots of say 7000 sq ft range.

----------


## stlokc

To each their own re: Nichols Hills. I dont really have a dog in the fight. Its a small area and will definitely have a narrower pool of buyers than some place like Edmond. In my experience the people my age (40s) that are buying there are often those that grew up there, are through their starter houses and want to go back to raise their own kids there. Or the ones that grew up in surrounding areas and have always just really loved it.

----------


## Richard at Remax

Absolutely. The smaller the lots, the more houses you can build. Under $200K is a price range where they can basically print money, because it's a great starter home price, PLUS it being brand new. Now that being said you get what you pay for. They usually aren't the best quality of homes and most have issues down the road. 

I'm still perplexed about east Edmond and the demand. Prices are ridiculous too. Reminds me of the flight to deer creek area not too long ago. You have over inflated prices that will eventually become saturated. Then when you try to get out you are upside down.

----------


## stlokc

My age old complaint about OKC, and it's not unique to OKC but does seem really prevalent there, is the fact that the developers will throw the tight, small, low quality starter home neighborhoods everywhere without a sense of what may be surrounding it, which makes it impossible for the area to start to string together the more higher-end areas that will help OKC attract better retail etc. 

My favorite example of this is 150th street between Penn and Santa Fe. When I was growing up there was the very nice Northwestern Estates there, followed by Glen Eagles and then the area on the NW corner of the Western intersection developed (forget the name). I thought that was starting to develop into a nice, higher end stretch. But the last time I was home, I saw these ugly tiny places filling in all the gaps along that road. 

Some would argue, by the way, that that's a strength of OKC, in that the lower and higher end places aren't separated out, it makes the city more equitable and less segregated. I get that point. But it does lend to a sense of schizophrenia.

----------


## Soonerinfiniti

Beautiful new home in Nichols Hills listed for $700/SF.  I can't recall that high of a price....1303 Bedford....we will see....

https://www.realtor.com/realestatean...-13814?view=qv

----------


## sooner88

> Beautiful new home in Nichols Hills listed for $700/SF.  I can't recall that high of a price....1303 Bedford....we will see....
> 
> https://www.realtor.com/realestatean...-13814?view=qv


I'd be very surprised if they get that much, they've only lived there for ~6 months after construction was completed so I have a feeling they bit off more than they can chew.

----------


## OKCretro

Its a pretty awesome piece of land.  Front faces Kite park, back faces grand park.

----------


## thunderbird

> Its a pretty awesome piece of land.  Front faces Kite park, back faces grand park.


Agreed on that lot, it's a big asking price but there are only so many lots that are this desirable. I really dislike the design of this house, it's like Todd and Margo went to a parade of homes in Edmond and said "build me this and make it 3x as big." There are a lot of good houses for sale in the 2.5 range that you could make amazing for less than this.

I think it is owned by one the "kids" (probably 50 now) of the guy that started Leisure Time Pools. I need to start selling pools apparently.

----------


## Rover

> I'd be very surprised if they get that much, they've only lived there for ~6 months after construction was completed so I have a feeling they bit off more than they can chew.


Was this the house Russell Westbrook built?

----------


## OKCRealtor

> Beautiful new home in Nichols Hills listed for $700/SF.  I can't recall that high of a price....1303 Bedford....we will see....
> 
> https://www.realtor.com/realestatean...-13814?view=qv


Its double the highest price per foot within a 1/2 mile radius in the last year that has closed. Even the new builds aren't anywhere near that high per foot. Also, that may have been a hard house to photograph but the pictures are pretty underwhelming IMO.

----------


## OKCretro

> Was this the house Russell Westbrook built?


Westbrook's house is on Guilford Lane.

----------


## Thetio

> Ok Realtor, mine place is est in mid 500K since it is 10 ac in Oklahoma county and close in but no in Edmond city limits, hill, view, trees, privacy, horse barn w/stalls, pipe and cable riding arena, small house in good shape, but a bit dated to todays standards. Fruit and nut trees, huge fenced garden area, mult outbuildings. Fenced and cross fenced. I cannot sell without finding my next place as I cannot be out in the street with all my stuff and renting is not an option for mult buildings worth of stuff. I am trying to find a smaller acreage close in with a larger house but hate what is in style now. Love light golden oak, brass, non open concept. Need good soil and about 3 or 4 ac of which 2 needs to be tillable. good well too for a rather large size garden and orchard. Soil is a deal breaker if not good as well as a good well and painted woodwork is also a deal breaker for me. it would have to be in a dumpser and gone. Same price range and area.



That sounds like our desirable home.  We are on 5 acres now and would like to upgrade but stay in the same area.  Land all seems incredibly pricey and with more lane people seem to want larger houses.  Just because I want 10 acres doesn't mean I want a 3k sq ft home.

----------


## Soonerinfiniti

While I am sure I haven't seen all the contemporary homes for sale in Oklahoma City, but it sure seems that Dallas has nicer, even less-expensive contemporary homes....

https://moderndallas.net/moderndalla.../#.Xhh-vVNTmqQ

----------


## Timshel

Less expensive than what, Sosa? Perhaps, but there are definitely much cheaper contemporary homes than that in OKC. Especially when you consider that house appears to be a couple hundred yards from the end of one of the runways at Love Field and looks to be the first nice house on a pretty rough (at least in comparison to the house being discussed - I have no firsthand knowledge of the area in question) street. Plop that house in highland park, deep ellum, uptown, etc. (my knowledge of Dallas neighborhoods is pretty limited) and I'd assume it would go for what, maybe double that asking price?

https://www.zillow.com/homes/4425-Co...26735448_zpid/

That said it does look like a really nice place and would love to see hundreds more of those in OKC, which would help drive down the prices of contemporary homes in the city.

----------


## Pete

$620K new build right next to Classen Curve:

https://www.zillow.com/homedetails/1...21377617_zpid/

----------


## Richard at Remax

That's Kyle Singler's place. Been on the market for a LONG time at 405 days. Already priced below what he paid for it back in 2015. Took over 300 days to sell it then too.

----------


## Pete

^

There have been a bunch of new moderns home built in that same Meadowbrook Acres neighborhood and all have sold.

----------


## Timshel

^ 

You didn't hear it from me but have it on good authority that another of the modern Meadowbrook homes will be on the market soon.

----------


## Richard at Remax

There must be something really funky about it then. Or it smells lol

----------


## Timshel

LOL nothing of the sort (to my knowledge). : )  Onward and upward type of situation is my understanding!

----------


## king183

> $620K new build right next to Classen Curve:
> 
> https://www.zillow.com/homedetails/1...21377617_zpid/


I toured this house when I was looking for a place for my move back to OKC. Its pretty nice and spacious. One of its big positives is also a big negative, in my opinion: it has super easy access to all the shops at Classen Curve and Whole Foods. But thats because it literally abuts Classen Curves big parking lot, and thats the predominant view from the back deck.

There are a lot of really nice new builds in that neighborhood too. It has a nice, tucked away feeling.

----------


## OKCRT

> LOL nothing of the sort (to my knowledge). : )  Onward and upward type of situation is my understanding!


Can you give us the initials of seller?

----------


## mugofbeer

> My age old complaint about OKC, and it's not unique to OKC but does seem really prevalent there, is the fact that the developers will throw the tight, small, low quality starter home neighborhoods everywhere without a sense of what may be surrounding it, which makes it impossible for the area to start to string together the more higher-end areas that will help OKC attract better retail etc. 
> 
> My favorite example of this is 150th street between Penn and Santa Fe. When I was growing up there was the very nice Northwestern Estates there, followed by Glen Eagles and then the area on the NW corner of the Western intersection developed (forget the name). I thought that was starting to develop into a nice, higher end stretch. But the last time I was home, I saw these ugly tiny places filling in all the gaps along that road. 
> 
> Some would argue, by the way, that that's a strength of OKC, in that the lower and higher end places aren't separated out, it makes the city more equitable and less segregated. I get that point. But it does lend to a sense of schizophrenia.


An interesting observation.  I worked for a major financial services company that (still) does not have a presence in Oklahoma City.  Years ago l got acquainted with the man in charge of establishing offices and he said 2 things -  one was that the DOK had the highest add rates per capita in the country (newspaper advertising was still big).  The second reason was that OKCs wealth was very scattered around most all directions in the city and not concentrated in one area like most cities.  They wanted to put offices in areas of concentrated wealth and high traffic.

----------


## Lazio85

Economists are commenting and highlighting the affordability of homes here in Oklahoma City metro area. This is in part due to companies having a hard time hiring and recruiting well in high growth areas like Boise, Nashville, San Francisco, Tampa, etc. They caution that if our housing supply doesn't keep up we could become the next Boise.
https://www.marketplace.org/shows/marketplace/

"There is a general belief that unaffordable housing could drive businesses away and thus impede job growth." - Boston Fed
https://www.bostonfed.org/publicatio...nt-growth.aspx

----------


## ChrisHayes

> Economists are commenting and highlighting the affordability of homes here in Oklahoma City metro area. This is in part due to companies having a hard time hiring and recruiting well in high growth areas like Boise, Nashville, San Francisco, Tampa, etc. They caution that if our housing supply doesn't keep up we could become the next Boise.
> https://www.marketplace.org/shows/marketplace/
> 
> "There is a general belief that unaffordable housing could drive businesses away and thus impede job growth." - Boston Fed
> https://www.bostonfed.org/publicatio...nt-growth.aspx


We have plenty of land for homes to be built in and around the city and we don't have a lot of policies that impede home building like San Fransisco does, so as long as we play our cards right, we should be okay.

----------


## Thomas Vu

In addition to the affordability, I've been informed that interest rates are at an all time low too.

----------


## OKCRealtor

> In addition to the affordability, I've been informed that interest rates are at an all time low too.


They're about to get even lower- I had a client lock at 2.7% yesterday on a 30 year which is insane. It's a pretty good time to be both a seller and a buyer.

----------


## Pete

I just had my house appraised and it went up about 30% over the last one I had done, under 2 years ago.

I live in the nameless neighborhood south of 50th, west of Penn and east of May.  Been a bunch of flips in this area and they have all sold in less than a month.  Walking my dogs through the area, I can see what look like several more flips:  dumpsters on the driveway and near full gut jobs.

Seems to be a real sweet spot in the price range between $200 and $350 or so.  Nice, well-located properties in that range seem to be snapped up very quickly, even before we hit the spring and summer.

----------


## OKCretro

> I just had my house appraised and it went up about 30% over the last one I had done, under 2 years ago.
> 
> I live in the nameless neighborhood south of 50th, west of Penn and east of May.  Been a bunch of flips in this area and they have all sold in less than a month.  Walking my dogs through the area, I can see what look like several more flips:  dumpsters on the driveway and near full gut jobs.
> 
> Seems to be a real sweet spot in the price range between $200 and $350 or so.  Nice, well-located properties in that range seem to be snapped up very quickly, even before we hit the spring and summer.


have you ever looked at google/maps?  they have all the neighborhood names.  Btw Penn and May and south of NW expressway and north of 44, there are 4 different neighborhoods,  Belle Isle View, Suggs Park, Mayfair Heights, Community 200.

----------


## T. Jamison

The City of OKC's open data portal has google earth files of all platted subdivisions in Oklahoma City with names.

As a real estate professional, it has come in handy a few times. But probably overkill for most.

https://data.okc.gov/portal/page/vie...aries&view=map

----------


## Pete

> have you ever looked at google/maps?  they have all the neighborhood names.  Btw Penn and May and south of NW expressway and north of 44, there are 4 different neighborhoods,  Belle Isle View, Suggs Park, Mayfair Heights, Community 200.


Yes, there is really no cohesive name though.  Just a jumble of different names no one ever uses.

My house is actually in a subdivision (according to the official plat) called McKown.  One street over it is Robert Penwood; one more street over is Ortners Fairfield.

----------


## BoulderSooner

> The City of OKC's open data portal has google earth files of all platted subdivisions in Oklahoma City with names.
> 
> As a real estate professional, it has come in handy a few times. But probably overkill for most.
> 
> https://data.okc.gov/portal/page/vie...aries&view=map


thank you for posting this

----------


## T. Jamison

> thank you for posting this


Anytime.

----------


## DenverPoke

> They're about to get even lower- I had a client lock at 2.7% yesterday on a 30 year which is insane. It's a pretty good time to be both a seller and a buyer.


Wow that is insane!  Can you send me a DM, I may be looking at a move to OKC later this year and need a realtor.

Thanks!

----------


## OKCRealtor

> Wow that is insane!  Can you send me a DM, I may be looking at a move to OKC later this year and need a realtor.
> 
> Thanks!


You bet, sent.

----------


## Bits_Of_Real_Panther

Any "boots on the ground" updates ?  

One the one hand, we have very low interest rates.

On the other hand, there is a lot of economic uncertainty and its difficult to obtain financing without a job...

----------


## Richard at Remax

Stuff is still moving. Slowly. numbers no where near what March usually produces. Between jobs, economic uncertainty, and the virus not a ton of buyers out there. Sellers are wary of letting folks in their homes. Some are even temp taking homes off market for a few weeks.

I put on a listing in the Shepherd district last Wednesday. Following it for the past few months most homes go extremely quickly. It's been a ghost town so far. Pretty disappointed but it is what it is right now. 

As for rates, I haven't seen it affect much. It's so backlogged from people refinancing already that I have even talked to lenders saying they post false, higher rates to deter folks right now. They are just overloaded.

Long story short if you are a buyer with funds there are a ton of deals to be had.

----------


## OKC Guy

> Stuff is still moving. Slowly. numbers no where near what March usually produces. Between jobs, economic uncertainty, and the virus not a ton of buyers out there. Sellers are wary of letting folks in their homes. Some are even temp taking homes off market for a few weeks.
> 
> I put on a listing in the Shepherd district last Wednesday. Following it for the past few months most homes go extremely quickly. It's been a ghost town so far. Pretty disappointed but it is what it is right now. 
> 
> As for rates, I haven't seen it affect much. It's so backlogged from people refinancing already that I have even talked to lenders saying they post false, higher rates to deter folks right now. They are just overloaded.
> 
> Long story short if you are a buyer with funds there are a ton of deals to be had.


Side note on max refi going on it will put real extra dollars in pockets.

----------


## OKCRealtor

> Any "boots on the ground" updates ?  
> 
> One the one hand, we have very low interest rates.
> 
> On the other hand, there is a lot of economic uncertainty and its difficult to obtain financing without a job...


I would echo what Richard said, things are still moving and its a good time to both buy and sell for different reasons dependent upon circumstances. Rates are great and there is generally more demand than supply on the buying side but inventory is a challenge. 

None of my current deals have been affected so far and March as a whole has been very busy for me until this week really. I've noticed a little drop in activity but still picked up a couple active new clients. We'll see what happens as we get further into this but overall I would say things are still moving just a little slower.

----------


## Bits_Of_Real_Panther

Any more updates or color on what you are seeing in the day-to-day?  

I'm looking on zillow and seeing a fair number of price decreases on listed property.  

But its harder for me to see how sales are being impacted.  Or are we having a surge of new listings by people affected with unemployment, etc.?

----------


## emtefury

Sales are hot at certain price points.  There aren’t many selling in waiting out the virus.  I sold my house in a few days (got an offer and under contract) recently.   My house was under $250,000.

----------


## OKCRealtor

> Any more updates or color on what you are seeing in the day-to-day?  
> 
> I'm looking on zillow and seeing a fair number of price decreases on listed property.  
> 
> But its harder for me to see how sales are being impacted.  Or are we having a surge of new listings by people affected with unemployment, etc.?


It really depends on the price point and a number of other factors of course but generally speaking things are still moving well. Inventory is still a little low in general but activity picked up a good bit last week. Demand is strong on the buyer side still with interest rates hovering at historic lows. In all honesty March and April have been better for me this year than last- which I was not expecting. I'm generally hearing realtors say they are staying busy and despite a little pullback over things still moving.

----------


## ChrisHayes

I bought my house by OCCC for 91,500 in 2018 and it was appraised at 93,500. I'm refinancing into a lower interest rate and it got appraised at 98,000. 4,500 dollar/5% gain in just over a year and a half in this part of town isn't bad.

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## Plutonic Panda

^^^ Nice!

----------


## EBAH

I bought in a very very good spot back in 2007 and have seen a lot of value added since then. I kind of have an interest rate in mind and if I see it in all of this incentivizing the market, I will totally buy another house in the inner city and kind of rejigger my entire financial structure and living situation. If I can just like maintain my general level of income and credit this could be a decent opportunity. I know that's a little morbid, but times of flux like this can have some pretty interesting outcomes.

----------


## OKCRealtor

> I bought in a very very good spot back in 2007 and have seen a lot of value added since then. I kind of have an interest rate in mind and if I see it in all of this incentivizing the market, I will totally buy another house in the inner city and kind of rejigger my entire financial structure and living situation. If I can just like maintain my general level of income and credit this could be a decent opportunity. I know that's a little morbid, but times of flux like this can have some pretty interesting outcomes.


I don't think we're going to see rates drop much if any more. They've been up a little the last few weeks- we are waiting to pull the trigger on a refi ourselves. I think they'll stay low for some time as it's hard to imagine the fed raising the benchmark rate but doubt we will see much more downward movement from here.

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## Teo9969

> I don't think we're going to see rates drop much if any more. They've been up a little the last few weeks- we are waiting to pull the trigger on a refi ourselves. I think they'll stay low for some time as it's hard to imagine the fed raising the benchmark rate but doubt we will see much more downward movement from here.


Some were predicting lower rates in Q3 or Q4.

You can only do so many refinances and I don't think home purchases are going to pick up at all through the end of the year, because nobody knows if we're going to get smacked with another shut down.

I don't think we're going to drop a whole percent or anything, but I'm thinking it will get back down around where it was right before COVID sent rates flying, give our take an 1/8 of a percent.

----------


## Executionist

Depends. My recently retired neighbor decided to sell his place FSBO on Zillow March 1. Figured if he didn't get any traffic he'd engage a realtor, as he wasn't in a hurry.

Hired the same folks who take the pictures for realtors, did his own comps, priced it realistically, put it on Zillow on a Friday. Had a contract Monday. Cash, close in 45 days. All inspections completed and closed a week ago.

He was actually advised to try this by his financial advisor, who sold his $450k place in Rose Creek FSBO on Zillow/Trulia in two weeks. Wasn't in a hurry, either and had to scramble and rent the place back for a month.

This is the biggest threat to the real estate "industry" which still sells in a 1950's commission-based model with increasingly less value-add in an era of virtual technology, combined with people who have the time, information, and skills to sell themselves.

Price it right and you'll sell quickly. Too many people are too in love with their homes and place some monetary value on their emotional attachment. Bad strategy.

----------


## Richard at Remax

Problem with some of my peers is that they put their head in the sand when it comes to stuff like this. Mainly all the old school agents. Our MLS gives away way too much information to the Zillows of the world, and then they wonder why more and more people decide to venture out and do it themselves. 

I am all for people selling FSBO if they can do it. The biggest concerns I've heard from FSBO is ability to show, safety, and getting price right. I've let a few clients try it first, and both ended up using me cause of these factors.

For ability to show, some underestimate how many times a day you have to show your property. If you work this can be very tough, so your time frame to show could be small, which in turn leads to not being able to accommodate buyers schedules, which leads to sitting on the market.

For safety, you have no idea who is coming to your house. With agents, we have to vet the buyers, so we don't try and waste the sellers time. You want to make sure you have a legit person walking through your home. The digital lockboxes are an added layer of security as well, as only realtors have access to them. 

Price is def key, as you mentioned it twice. The biggest mistake FSBO makes is they look at zillow or whatever and get a good idea what it would sell for. Then they ADD the potential realtors commission on to that price to "recapture it". Problem is those prices you see already have that built in. So if you don't have representation on your side, you need to take money off your listing price.

The adams family real estate of the worlds (entry only listings) do a lot of business. However, they also lead in expireds and released listings. The biggest complaint I hear is that they do not adequately explain that A) you have to pay the buyers agent their cut posted on the MLS and B) that they do not owe any duty to you. YOu are on your own. I did a cross sale with an entry only recently and asked me for help with the paperwork. They have a signed listing agreement with the entry only brokerage, and I cannot "cross signs" so therefore I cannot help them. 

in 2018, 7% of sales were FSBO, only 4% of that we using services like entry only according the the National Asso of Reatlors in 2018. https://www.nar.realtor/research-and...ate-statistics  So still a small, yet growing, market share.

The classic Realtor model isn't for everyone, but it's not going away any time soon. However, we (more the older agents) need to adapt better or we are going to wonder what happened. Taxis and the blockbusters of the world thought they were invincible, now look at them. 

I give it up to Remax though, they have spent a TON of money acquiring technology companies that have really separated us from other companies. I'm using First right now and its ridiculous what it can do: https://www.prnewswire.com/news-rele...300977132.html . The booj platform is impressive too https://news.remax.com/the-booj-plat...ology-solution

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## LocoAko

So I nerded out over the weekend and, owing to our current process of house shopping and trying to predict the trajectory of the neighborhood we buy into, I decided to analyze the counter assessor data for home sales within the core since 2010. I was specifically interested in "flips"/renovations/remodeling/etc. (pick your terminology of choice) as a proxy for surging interest and newfound investment in a neighborhood (albeit imperfect). 

To examine this, I downloaded the last ten years of sales data from central OKC, matched addresses, and conservatively identified "flips"/renovations/remodelings as homes/apartment buildings (sans condos) that sold again within 3 years at >=50% of their previous sale value as that seemed to be sufficiently beyond the background appreciation rate. The below animation shows the evolution of the pattern of these sales, with the dots scaled by the absolute increase in dollar amount associated with the sales (rather than a ratio, so that a 50K-->100K transition isn't weighted the same as a 200K-400K one). I think the result is plenty of fun to stare at.

While there aren't any massive surprises, a number of things are apparent from the animation. There is a bit of spin-up at play for the first few years given the 3-year window used. Things start to take off in the 2013-2014 timeframe, with booming beginning in the Paseo/Jefferson Park area, Shepherd Historic District, and Gatewood, with more minor attention in Crestwood and Las Vegas. By 2015 into 2016, there is explosive development happening, particularly in Mesta Park and Gatewood, and the nascent "SoSA" district west of Midtown begins to take off. Development also continues in Las Vegas and begins to blossom in the eastern portions of Military Park (closest to Classen Ave) and north of Putnam Heights. 

From 2017 onward, the axis of massive investment (e.g., >$400,000 increases in sale price) is clearly delineated along the 16th Street corridor from about Penn Ave, eastward through the Plaza District, and extending continuously into Mesta Park, with an epicenter in the eastern half of Gatewood and with development rapidly expanding southward into Classen Ten-Penn. A second corridor of slightly less-big turnarounds is clear from eastern Military Park eastward into Central Park and extending north along the west side of Classen and McKinley Ave, with small but plentiful renovations in Cleveland UCD and Crestwood. While 2020 (shown in yellow) is obviously incomplete and slower than expected due to the coronavirus pandemic, the continued focus in Classen Ten-Penn/Gatewood and the Paseo/Jefferson Park is clear. Some clustering along particular streets is visible here: Virginia and Indiana Avenues in Gatewood, McKinley Ave and Classen Ave north of NW 30th Street, between Walker and Dewey Avenues in the Paseo/Jefferson Park, and Barnes Avenue in the Shepherd Historic District.

Obviously there are many caveats with this analysis, and the use of "flips" as a proxy for desirability is imperfect -- the process of flipping homes requires housing stock to be in disrepair in the first place. There are noticeable gaps on this map in some of OKC's most upscale and desirable neighborhoods (Heritage Hills, Crown Heights, Edgemere Park, and Putnam Heights) since presumably the housing stock has remained in good shape and/or the Historic Preservation designation of these neighborhoods may prevent the types of large-scale renovations surging in other inner city neighborhoods. I could also be reading into this too much, but beyond the obvious factors like walkability, proximity to downtown, etc., the number of renovations seems to also be correlated with age of the housing stock, with neighborhoods with older housing stock (from 1900-1920 or so) in the neighborhoods along Classen, following the former streetcar corridor, receiving "bigger" (not necessarily less) attention than well-established but slightly younger neighborhoods like Crestwood (1920-1940).

I'd be curious to know how this analysis agree or disagrees with people's anecdotal experiences with real estate in the core over the past decade. I had a lot of fun (in a nerdy way) doing this analysis and figured people here may be interested.

----------


## Pete

^

Holy cow, that's a lot of work and interesting info.

Wanted to quickly point out that in my neighborhood (which unfortunately does not have a cohesive, recognizable name but is bounded on the south by 39th, north by NW Expressway, west by May and east by Penn) has had a bunch of expensive flips in just the last 1 or 2 years.

Most are 60's ranch houses and the renovated homes are generally going for about $150-$170/SF.  As a consequence, my renovated home was just appraised at $155/SF, up from $120/SF just a couple of years ago.

And these flips have been generally going under contract within a couple of weeks of hitting the market.

A big part of that is most these homes are around 2,000 SF which means you can buy a gorgeous home with a converted open floor plan (as opposed to older homes with small rooms and a big staircase right in the middle) for around $250-$350K and while not in the core, you are darn close.

I'm thrilled with my decision to buy here, not only due to appreciation (which I anticipated) but because it's just a great location and I have a house with a modern floorplan and virtually everything is new.  Also have a ton of mature trees.

The same thing has been happening in The Village and Lakeview and Rollingwood.  Not as centrally located but the houses lend themselves to the same treatment and you are still far closer in than the tract homes in outlying areas.

----------


## LocoAko

> ^
> 
> Holy cow, that's a lot of work and interesting info.
> 
> Wanted to quickly point out that in my neighborhood (which unfortunately does not have a cohesive, recognizable name but is bounded on the south by 39th, north by NW Expressway, west by May and east by Penn) has had a bunch of expensive flips in just the last 1 or 2 years.
> 
> Most are 60's ranch houses and the renovated homes are generally going for about $150-$170/SF.  As a consequence, my renovated home was just appraised at $155/SF, up from $120/SF just a couple of years ago.
> 
> And these flips have been generally going under contract within a couple of weeks of hitting the market.
> ...


I've noticed that in the listings too (we are house shopping as I mentioned in another thread, which is what spurred this whole thing in the first place). We are currently just a bit west of you in Coronado with a home that was renovated relatively recently, so hopefully it moves quickly. We really wanted to be closer to the core to help shorten my commute to Norman and have put in an offer on a house in the Military Park vicinity, so the results of this analysis were encouraging to me since the area is still somewhat, for lack of a better word, transitional. I should also note that I focused only on the core but by happenstance grabbed some data from outside the core, so the relative lack of points there shouldn't be taken as representative or accurate. 

I'm also curious about looking at just number of sales per neighborhood (regardless of flipping), median sale price over time, etc. and have the data to do it if I find the time. Not sure what people would find useful or interesting. But the trends that popped out here for flips were plenty interesting. I knew they were popular, but I didn't realize just how much of an epicenter eastern Gatewood/western Mesta Park/eastern Classen Ten-Penn were in this regard. Seeing the individual streets highlighted was cool, too.

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## AP

It looks like the animation you posted is no longer working. Can you post again?

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## LocoAko

> It looks like the animation you posted is no longer working. Can you post again?


Sorry, I'm having issues with it since it is so large.

*Here's a link to the full animation, which I much prefer to the static image: https://i.imgur.com/ITDsJBd.gifv*

In lieu of that, here's just the 2020 (final) map:

----------


## Pete

^

What does yellow indicate?

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## Canoe

> ^
> 
> What does yellow indicate?


I believe it is 2020 to date.

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## LocoAko

Yep. I wanted it to stand out since it's an incomplete year.

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## Richard at Remax

Awesome Map. when I moved to Edgemere Park in 2009 it was on the tail end of the remodels. I bet it you extended this back to 2005 it would light up like a christmas tree.

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## GoGators

That’s a great visual. I love looking at stuff like that. Awesome job.

I think there will be a ton of new yellow ones by the end of 2020 all over this map. I counted out 9 current “flips” in progress in a 4 block radius of my house last month (Gatewood)

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## AP

I agree with Richard. I’d love to see data going back a little further. I think there are a few neighborhoods that were ahead of the curve.

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## LocoAko

> I agree with Richard. I’d love to see data going back a little further. I think there are a few neighborhoods that were ahead of the curve.


Very cool. I'll extend it back at some point and update it accordingly. Now that I have the code written it shouldn't take too long!

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## AP

Thanks for you work on this. Super insightful!

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## Bits_Of_Real_Panther

Any updates from industry folk?

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## Pete

These are national numbers but shows existing home sales down substantially:

https://www.nar.realtor/research-and...ing-home-sales

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## gopokes88

Was told by my realtor Edmond is on fire.

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## Drake

More buyers than properties. Multiple offers have been common. Helping to push the prices up

There was 1413 less houses on the market in May 2020 than May 2019. Just think homeowners are being more cautious about selling what they have.

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## OKCretro

https://www.cnbc.com/2020/06/29/coro...nt-in-may.html

realize its national but still

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## sooner88

I re-if’d my house and closed Friday. The notary for the title company said he’s been personally closing ~150 homes a month the past 4 months. While a portion of that is refinancing, he said this is the hottest he’s seen the market in some time.

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## ditm4567

The Village is on absolute fire. I believe my neighbor who is a realtor posted that homes in the Village are on the market for less than 10 days. My family just sold a rental property in here for $20k over what we paid for it in 2017.

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## OKC Guy

I know someone who lives in Plano area (Texas) and they had a hard time finding a house.  They were looking in McKinney and it took them 5 houses before they finally got one.  Keep in mind they bid $5-$10k higher than list on all of them.  One house was posted on a Mon night they viewed on Tue and made an offer $10 over and it was refused due to another higher cash offer.  This house sold in less than 1 day.  They finally got one ($357k) at $7k over on 5th try.  This is all within the past 4 weeks.  Its crazy on fire there. His agent said in addition to new jobs moving in there is huge increase in people moving out of core Dallas.  Plus Covid slowed down new home construction.  So the suburban market is on fire down there.

----------


## jedicurt

> I know someone who lives in Plano area (Texas) and they had a hard time finding a house.  They were looking in McKinney and it took them 5 houses before they finally got one.  Keep in mind they bid $5-$10k higher than list on all of them.  One house was posted on a Mon night they viewed on Tue and made an offer $10 over and it was refused due to another higher cash offer.  This house sold in less than 1 day.  They finally got one ($357k) at $7k over on 5th try.  This is all within the past 4 weeks.  Its crazy on fire there. His agent said in addition to new jobs moving in there is huge increase in people moving out of core Dallas.  Plus Covid slowed down new home construction.  So the suburban market is on fire down there.


that seems to match up right with a family member i have in the Frisco area who is looking at new homes. and talks about how they keep getting outbid, and houses are going off the market in days

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## emtefury

Same in DC area. I have relatives who are trying to buy a house there.  To be competitive they had to offer than the asking price and within three days of the house posting for sale.

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## Pete

I bet the buying competitiveness is coming at the lower end of the market, though.

This was already happening around OKC before Covid-19.

I live near Penn Square and there have been tons of flips in the last couple of years with most of them being snatched up within weeks of listing.  But these are all in the $250K-$350K range.

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## OKCRealtor

The market is hot, inventory is still low overall and strong buyer demand due to interest rates. Running into tons of multiple offers, it's a really aggressive market overall. It's a great time to both sell and buy for different reasons. I wasn't really sure what to think in March as Covid was unraveling but have been pleasantly surprised overall. Very gratefully I have been fortunate enough to be ahead of where I was last year through June.

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## gopokes88

> The market is hot, inventory is still low overall and strong buyer demand due to interest rates. Running into tons of multiple offers, it's a really aggressive market overall. It's a great time to both sell and buy for different reasons. I wasn't really sure what to think in March as Covid was unraveling but have been pleasantly surprised overall. Very gratefully I have been fortunate enough to be ahead of where I was last year through June.


Is there a flight to Edmond like we’re seeing in other metros? My realtor think there is but he says Edmond is always busy so hard to tell

----------


## OKCRealtor

> Is there a flight to Edmond like we’re seeing in other metros? My realtor think there is but he says Edmond is always busy so hard to tell


Edmond is always in demand due to school system and overall high standard of living but I don't think any more so than normal and I'm in Edmond myself. There are generally more buyers out there at the moment but not everyone who wants to buy can, especially in an aggressive market like this.

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## LocoAko

Can also confirm. We just sold our house on the "low" end of the market and it was explosive -- 9 offers in the first day with more on the way before we cut it off, all AOA asking, after which a bidding war ensued, etc. I guess inventory in the $100-150K price range was just very low because while we knew it was a seller's market the competitiveness of it surprised even us.

----------


## ShadowStrings

I just bought a $250K house without looking at it in person (was out of town) because of how quickly houses have been selling. There were a couple I had been interested in that sold the same day they were listed.

----------


## chuck5815

How is the $600K+ market doing?

----------


## Bellaboo

> How is the $600K+ market doing?


I was at a womans home Sunday in Norman. She put her home on Zillow prior to listing with an agent. She had 2 face time walk throughs and a contract within 48 hours. This one was in excess of $600 thousand but less than $700 k.

----------


## Jersey Boss

How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?

----------


## Roger S

> How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?


I've been cranking out grading plans for new subdivisions since this all started and have way more work than I can handle right now. Have even been turning work away due to the backlog.

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## sooner88

> How has Covid impacted the market in the metro? Condos harder to move? Suburban market more desirable? No changes, etc.?


I work with a home builder who focuses on the $250-350k purchase price, and they can't build homes fast enough. Between historically low interest rates and people wanting to get out of the confines of apartment dwelling, they are hitting record numbers. Investment properties have taken a hit due to a large portion of the tenants (at least for my customers) working in the hospitality industry and unable to make rent payments.

----------


## Bill Robertson

Just an observation but our area of neighborhoods is about half a square mile of 130 to 250 thousand dollar houses. Up until a few weeks ago everything seemed to sell within a couple weeks of a sign popping up. It seems like it's come to a screeching halt. The ten or so houses I can think of that are for sale have had signs for weeks.

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## Richard at Remax

It is starting to slow down as it usually does this year, but still the market is humming at a good pace. With no end in sight of interest rates being historically low, expect it to roll through to the spring.

----------


## Jersey Boss

> It is starting to slow down as it usually does this year, but still the market is humming at a good pace. With no end in sight of interest rates being historically low, expect it to roll through to the spring.


Did you observe a noticeable uptick in houses in sub divisions say post March or a noticeable down tick in condo sales for the same time frame?

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## Jersey Boss

It sounds like all housing types have been strong. Thanks.

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## MikeLucky

We just put our house on the market last Tuesday.  We've had a showing everyday since it's been listed.  We're listed at $325.  Our realtor doesn't expect it to last longer than 30 days.  We'll see.

Side note: Anyone looking for a 5 bedroom home in a tree lined neighborhood?  Tree pruning has been done recently. lol

----------


## thunderbird

Our has been listed since the middle of March, still not sold. It's in the higher price range and our realtor and others who have viewed it agree the price is right if not a hair low. It has an upstairs bedroom and I think that is killing the market on it which skews older since it's a bit pricey. 

We had one buyer but they backed out because it needed two piers. Apparently that's too many issues for a completely remodeled 82 year old house. 

All that said, the neighborhood we are moving to can't build houses fast enough, new construction is flying off the shelf - Even the ugly ones.

----------


## oklip955

Just me watching realtor.com but it seems that acreage properties esp in the Edmond area are selling fast. Someone in the know, let me know if I am right.

----------


## BoulderSooner

> Just me watching realtor.com but it seems that acreage properties esp in the Edmond area are selling fast. Someone in the know, let me know if I am right.


yes they are selling fast and prices are up about 15% in the last year

----------


## Bellaboo

In July we sold our house in 4 days. Got $ 297 k which was $ 2 k less than full asking price. Closed first week of August.

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## OKCRealtor

In a nutshell it has created less supply and more demand with the historic interest rates. With a few exceptions homes are selling within a couple weeks (and thats a long time) if priced correctly. Even some of the higher end stuff I've been in multiple offer situations on. Tons of multiple offers, particularly under 200k. Condos of course move a little slower but still not bad because of all the buyers out there, with the exception of the Norman market. Basically it's been a great time to sell most of the year and looks to continue for awhile. Average days on the market is 11 right now, up only 1 day from last month. It's still hot even for this time of the year just not quite as crazy as a couple months ago.

----------


## Jeepnokc

> In a nutshell it has created less supply and more demand with the historic interest rates. With a few exceptions homes are selling within a couple weeks (and thats a long time) if priced correctly. Even some of the higher end stuff I've been in multiple offer situations on. Tons of multiple offers, particularly under 200k. Condos of course move a little slower but still not bad because of all the buyers out there, with the exception of the Norman market. Basically it's been a great time to sell most of the year and looks to continue for awhile. Average days on the market is 11 right now, up only 1 day from last month. It's still hot even for this time of the year just not quite as crazy as a couple months ago.


Is the Norman market bad or good right now for condos?

----------


## OKCRealtor

> Is the Norman market bad or good right now for condos?


It's been tough and slow moving compared to the general market. I had a listing which was pretty nice and completely remodeled not long ago and had to basically give it away. So many of them are investor owned and rent to the college population and there has been a lot of pull back and uncertainty with Covid.

----------


## FighttheGoodFight

> It's been tough and slow moving compared to the general market. I had a listing which was pretty nice and completely remodeled not long ago and had to basically give it away. So many of them are investor owned and rent to the college population and there has been a lot of pull back and uncertainty with Covid.


It does *feel* like a lot of places are for rent now where usually most places are just full. Maybe landlords or rental companies are feeling the pinch of students who stayed home and did online.

----------


## MikeLucky

> We just put our house on the market last Tuesday.  We've had a showing everyday since it's been listed.  We're listed at $325.  Our realtor doesn't expect it to last longer than 30 days.  We'll see.
> 
> Side note: Anyone looking for a 5 bedroom home in a tree lined neighborhood?  Tree pruning has been done recently. lol


Well, we got an offer on Thursday and accepted. $316, each side pays own closing, close December 30. It came exactly 3 weeks after listing. We had like 8 or so showings right in a row then absolutely nothing until Thursday. They saw it that morning, requested another showing for the next day, then about an hour later submitted the offer. Completely shocked but very happy. Nest is empty and I got laid off in October so this was needing to happen. Already found a place very near 23rd Street so we are going to do the fun, urban living for a bit and see how we like it.

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## Bellaboo

My neighbor across the street listed his and sold, got a contract for $450. He said he got near asking price. He closes Jan 5.

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## C_M_25

I can’t figure out this market right now. I have seen many houses go up and sell within hours in the north side of the city. There isn’t much inventory out there right now...at least in my price range and location preference. Everything just seems artificially hot right now and I can help but wonder if we have a bubble forming.

New builds are through the roof because of lumber shortages. Extremely low rates. Limited inventory for older homes. I was even told that there are a lot of people borrowing against their 401k’s to finance their homes!!!

Interest rates  will go up. Lumber will catch up as covid wanes. More people will eventually feel comfortable selling their homes (hopefully). If this all happens, I could see home prices correcting a bit. They need to because they’re getting out of control right now.

----------


## oklip955

Yah, I think you are right about a bubble. When the lumber shortage is over then a lot of new homes will be built. People upsizing and downsizing. I think then alot on the market will drive down prices and will be a buyers market. I'm not in real estate, just an older lady who watches the market and seeing a lot of new building going on the east side of Edmond right now. I see the signs for homes stating at..... and cannot believe the price for the square footage and tiny lots. cookie cutter homes, all the same.

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## OKCRealtor

The market won't stay like this forever and will level out at some point but I think we see more of the same into 2021. There has never been a better time to sell and there's a lot of pent up demand with extremely low inventory. There are a ton of people relocating here from the coasts and we still have one of the lowest average housing prices in the country so really only one direction to go IMO.

----------


## SouthOfTheVillage

Surprising, to me, that the Builders think they can throw hollow-core doors in new construction at $180+/ft. Are the margins really that tight or do the buyers just not care?

----------


## bucktalk

> The market won't stay like this forever and will level out at some point but I think we see more of the same into 2021. There has never been a better time to sell and there's a lot of pent up demand with extremely low inventory. There are a ton of people relocating here from the coasts and we still have one of the lowest average housing prices in the country so really only one direction to go IMO.


You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well.  But believe me -they are moving in and a large portion of them are paying cash for their new house.

----------


## OKCRealtor

> You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well.  But believe me -they are moving in and a large portion of them are paying cash for their new house.


Yep, most would be surprised at the % of out of state buyers. I've done 3 deals just in the last month- 2 from CA and one from Seattle and have a number of other buyers looking to relocate here later this year.

----------


## Pete

Short-term fluctuations aside, In the mid- and longer-term housing prices always, always go up.


My house in California more than doubled in value in 10 years, even though I bought it in 2002 at what was then the highest $/sf in my neighborhood.

Due to the financial collapse in 2008, it did drop but by the time I sold it in 2015 it had more than regained all the previous value.

My house has gone up here in OKC about 40% in 5 years.


Like any investment (if you do consider your home an investment) jumping in and out and what gets you caught.  Buying and holding real estate is pretty bulletproof (same is true with the stock market, BTW).

----------


## TheTravellers

> ...
> My house has gone up here in OKC about 40% in 5 years.
> ...


What did you use to arrive at that?  Actual appraisal, Zillow, ....?

----------


## bucktalk

> Yep, most would be surprised at the % of out of state buyers. I've done 3 deals just in the last month- 2 from CA and one from Seattle and have a number of other buyers looking to relocate here later this year.


I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.

----------


## Pete

> I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.


A few anecdotal incidences aside, Oklahoma doesn't get that many people moving here from out of state without family ties.

----------


## Pete

> What did you use to arrive at that?  Actual appraisal, Zillow, ....?


Recent appraisal as part of a re-fi.

----------


## bucktalk

> A few anecdotal incidences aside, Oklahoma doesn't get that many people moving here from out of state without family ties.


Surprisingly, there have been several who don't have family here presently. But what they tell me is they lived here with a family as a child and wanted to return to where they were raised.  Maybe it's more of a sentimental relocation process?  Who knows?

----------


## OkiePoke

I'm curious where all these out-of-staters are working.

----------


## Bill Robertson

> You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well.  But believe me -they are moving in and a large portion of them are paying cash for their new house.


While my ex and I were married her dad sold a house in Burbank that he had owned for years. Easily paid cash for a house in the high desert in Arizona for summers and a house near Galveston for winters.

----------


## Celebrator

> I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.


I know several who are moving here specifically for our state's politics.  They have had it on the coasts and are specifically looking for a conservative place to live.

----------


## Bowser214

It would be nice if jobs were the reason people were moving here but the big corporate relocations seem to be to Dallas Austin Houston.

----------


## FighttheGoodFight

I mean, we will have census data this year. It will be pretty easy to tell if OK had a large amount of migration/population increase or not.

----------


## C_M_25

I want to buy a different house right now. With what houses are selling for per sq/ft, we would have a lot of equity available to us. However, there’s such limited inventory right now, and we really don’t want to settle for our next house. We want our next house to be THE house. I don’t want to be forced to settle. I also don’t really want to build right now as it seems like all builders are doing what they can to trim anything to offset the cost of lumber. That’s not a situation I want to be in. 

I wonder if there is a point where building houses out of aluminum studs is more cost effective than lumber?

----------


## Bill Robertson

> I want to buy a different house right now. With what houses are selling for per sq/ft, we would have a lot of equity available to us. However, there’s such limited inventory right now, and we really don’t want to settle for our next house. We want our next house to be THE house. I don’t want to be forced to settle. I also don’t really want to build right now as it seems like all builders are doing what they can to trim anything to offset the cost of lumber. That’s not a situation I want to be in. 
> 
> I wonder if there is a point where building houses out of aluminum studs is more cost effective than lumber?


This might be one of those things I learn on here but I've never seen an aluminum stud. 1000s of galvanized steel. Steel framing isn't load bearing so the structure of the house has to be completely different. With the outside walls and possibly a few interior columns hidden or otherwise supporting the roof. I don't know at what point lumber would be expensive enough to offset the engineering of a metal stud house.

----------


## Plutonic Panda

I’ve often thought about using aluminum studs instead of lumber but it would be a pain mounting heavy objects like TVs on walls.

----------


## FighttheGoodFight

Construction costs in general are super wild right now. Bids have tripled since 2019. Doesn't look to be going down anytime soon.

----------


## C_M_25

> This might be one of those things I learn on here but I've never seen an aluminum stud. 1000s of galvanized steel. Steel framing isn't load bearing so the structure of the house has to be completely different. With the outside walls and possibly a few interior columns hidden or otherwise supporting the roof. I don't know at what point lumber would be expensive enough to offset the engineering of a metal stud house.


In my limited days as a student apprentice working in a carpentry shop at OSU, we built quite a few walls out of aluminum studs. Hated them. They cut you. They would get super hot in the sun. Etc. Now, these arent load bearing walls by any means. During that same time, my step dad and I drove past a house that was built with metal studs. We watched it go up from slab to roof. It was pretty cool.

----------


## Pete

I had a horrible time finding a contractor to install a sliding door in my master bedroom.

Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.

The residential home construction biz right now is crazy busy.

----------


## C_M_25

> I had a horrible time finding a contractor to install a sliding door in my master bedroom.
> 
> Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.
> 
> The residential home construction biz right now is crazy busy.


Agreed! I was looking a bit at the idea of remodeling our home and adding a second story, but I wouldnt trust the contractors for quality work right now. Theyre just so busy.

----------


## Bill Robertson

> I’ve often thought about using aluminum studs instead of lumber but it would be a pain mounting heavy objects like TVs on walls.


There are sheetrock anchors that will hold a lot of weight. And TVs and such aren't trying to pull away from the wall. I also don't think you guys have ever seen an aluminum stud. Metal,  oh hell yeah, but not aluminum.

----------


## Bill Robertson

> I had a horrible time finding a contractor to install a sliding door in my master bedroom.
> 
> Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.
> 
> The residential home construction biz right now is crazy busy.


Commercial too. Trying to get projects done is a big PIA right now.

----------


## mugofbeer

> I had a horrible time finding a contractor to install a sliding door in my master bedroom.
> 
> Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.
> 
> The residential home construction biz right now is crazy busy.


Trying to convince a relative that the trades are the place to go to find a job right now.  Just need the training.

----------


## emtefury

I have a friend who is retiring and moving out of state. He is looks to build and a builder he talked to will not quote a final price on the build due to lumber prices.

----------


## oklip955

Yep I understand. I had some projects scheduled with a friend who was a re modeler. Ok I was patient and waited, the day before he was to start, he had a major heart attack and had to get out of the business. Well 2 plus years I've been waiting on someone else to do the projects plus a detached 2 car garage. Still waiting and should me next on his list. No idea of the costs due to the lumber/material prices and sure hope I can still afford to do the work.

----------


## Bill Robertson

The fence installer told me he bought a few semi loads of lumber a few months ago and is installing at that price but when he has to buy more the price at todays cost would almost double. Steel fence posts are also about twice what they were last year.

----------


## oklip955

wow. You got lucky on this deal and not having to pay the higher price. I might now not be able to do a 2 car garage.

----------


## Bunty

> I know several who are moving here specifically for our state's politics.  They have had it on the coasts and are specifically looking for a conservative place to live.


This is a Vacaville, CA family's story for wanting to move to Oklahoma.  They bought 10 acres and built a farm style house on it :

https://www.youtube.com/watch?v=2WX7Euyvtv8

----------


## C_M_25

> This is a Vacaville, CA family's story for wanting to move to Oklahoma.  They bought 10 acres and built a farm style house on it :
> 
> https://www.youtube.com/watch?v=2WX7Euyvtv8


I’m curious what the census shows as we haven’t talked much about how many people are selling and leaving Oklahoma. A massive influx of Californians is something I hope isn’t happening. That’s not a political statement btw. I have nothing against them, but their home values are so inflated which gives them a ton of cash when they sell. That influx of cash can cause a sudden rise in prices which could price many Oklahomans out of the game. 

I hope it’s just a local phenomenon at the end of the day. Also, I still can’t help but wonder what’s really driving people here. Cheap housing isn’t enough, IMO. What industries are pulling people in?

----------


## SouthOfTheVillage

> I’m curious what the census shows as we haven’t talked much about how many people are selling and leaving Oklahoma. A massive influx of Californians is something I hope isn’t happening. That’s not a political statement btw. I have nothing against them, but their home values are so inflated which gives them a ton of cash when they sell. That influx of cash can cause a sudden rise in prices which could price many Oklahomans out of the game. 
> 
> I hope it’s just a local phenomenon at the end of the day. Also, I still can’t help but wonder what’s really driving people here. Cheap housing isn’t enough, IMO. *What industries are pulling people in?*


Most of them continue to work remotely for their coastal employers. It’s actually a pretty good deal for OKC. Should likely see more of this.

----------


## GoGators

> I’m curious what the census shows as we haven’t talked much about how many people are selling and leaving Oklahoma. *A massive influx of Californians is something I hope isn’t happening*. That’s not a political statement btw. I have nothing against them,* but their home values are so inflated which gives them a ton of cash when they sell*. That influx of cash can cause a sudden rise in prices which could price many Oklahomans out of the game. 
> 
> I hope it’s just a local phenomenon at the end of the day. Also, I still can’t help but wonder what’s really driving people here. Cheap housing isn’t enough, IMO. *What industries are pulling people in?*


You don't want people moving to Oklahoma because "they have to much money?" It seems like that is exactly what the state and city needs. 

I just want to throw in that I highly doubt there is an exodus of Californians moving to OK right now. Definitely not enough to affect housing prices in the OKC metro by any noticeable amount.

This is *very* anecdotal but the industry that is probably drawing the most people from out of state right now is the marijuana industry. I have done a small amount of work for a few new grows setting up shop in OKC and these companies were all out of state people moving to OK. Mostly from Colorado and California with a few from Nevada, Tennessee, and Oregon. Again very anecdotal with a tiny sample size. All of them did mention that Oklahoma was the wild west and they were coming to leave behind the regulations of their home states. The Oklahoma marijuana industry is nationally known and has a lot of positive buzz around it.

----------


## Pete

The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived.  (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)

And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).

People are kidding themselves if they think any large migration into Oklahoma is happening.

----------


## DowntownMan

> The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived.  (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)
> 
> And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).
> 
> People are kidding themselves if they think any large migration into Oklahoma is happening.


Home in my neighborhood was just bought by a California family moving here. Bought house without seeing anything except pictures and offered 25k over asking price

----------


## LocoAko

> The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived.  (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)
> 
> And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).
> 
> People are kidding themselves if they think any large migration into Oklahoma is happening.


Yeah. I guess we'll know soon enough with the census, although that may have occurred too early into the pandemic to catch this trend. It all still sounds extremely anecdotal to me. I had another person last night claim that people are flooding into Oklahoma because of lockdown policies in liberal states and I just don't know if this is a story people here are eager to tell themselves. I could see this being true if we're talking about Texas. Conversely, I know multiple people who have either left Oklahoma or plan to because of where it is now politically and where it is headed, and obviously we won't be hearing about those anecdotes by people selling homes to buyers here. I'd be shocked if there was any significance to this trend, as the little data we have on the subject re: CA doesn't even bear this out. It could just be poor memory, but I honestly felt like there was more momentum for attracting out of state folks to OKC about 5 years ago than there is now. *shrug*


Study: https://www.capolicylab.org/wp-conte...California.pdf




> KEY RESEARCH FINDINGS
> • We find no evidence of a pronounced exodus from the state.
> • Drilling down, however, we find that net exits from the Bay Area have increased during the pandemic,
> particularly in San Francisco, where exits in the second through fourth quarters of 2020 were 31%
> higher than during the same period in 2019, and new entrances were 21% lower.
> • Historically, the number of people leaving California tracks the number of people entering California,
> but this pattern deviated in Q4 2020, when 267,000 people left the state and only 128,000 entered.
> • Despite concerns about tax revenue impacts, there is little evidence that wealthy Californians are
> leaving en masse

----------


## SouthOfTheVillage

I’ve seen tons of luxury vehicles driving around OKC with California Plates. And, no, these weren’t rentals.

----------


## BoulderSooner

california and ny are going to lose house seats for the first time ever

----------


## Pete

^

Well that proves it then!

SOME people are moving here as they always have.  I completely reject the idea that people without family ties are moving here in large numbers.

And the growth rate of the city and state show that.

----------


## Pete



----------


## FighttheGoodFight

Some of the prelim numbers in 2020 should Oklahoma with a 6.7% population increase since 2010. I hope that is not true as that would be below our 2000 to 2010 increase of 8.7%. We will know more in April went the final counts come out.

I expect to see big gains in Texas, North Carolina, Colorado, Oregon and Florida. Big loss for NY and medium loss for California. 

Oregon will be interesting since their population was similar to ours. Not a super comparable state in any other fashion I guess.

----------


## dcsooner

> The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived.  (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)
> 
> And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).
> 
> People are kidding themselves if they think any large migration into Oklahoma is happening.


Agree, what you describe relative to license plates is overwhelming here in NC

----------


## dcsooner

> Some of the prelim numbers in 2020 should Oklahoma with a 6.7% population increase since 2010. I hope that is not true as that would be below our 2000 to 2010 increase of 8.7%. We will know more in April went the final counts come out.
> 
> I expect to see big gains in Texas, North Carolina, Colorado, Oregon and Florida. Big loss for NY and medium loss for California. 
> 
> Oregon will be interesting since their population was similar to ours. Not a super comparable state in any other fashion I guess.


Hate to be a downer, but Oklahoma for multiple reasons some of which I won't discuss for fear of rapid reprisal has become a lot less desirable as a relocation option over the last 15 years. I will however submit two reasons,  the most partisan  politics of any State I can think of that has no tolerance for alternative views and consistently is viewed nationally as simply backward and inept.  Second, Oklahomas people and leadership (of course not all) are tolerant of mediocrity in almost ALL issues important to people, hence the States poor rankings by any measure to other more prosperous and growing States.

----------


## Rover

We get California retirees that made money off of the appreciation of their homes and need to stretch what they have out for the rest of their lives.  They aren't really earning that much so income taxes don't matter as much as low property taxes.  They take the profit from their Cali homes and pay cash for homes here, and maybe put a little in the bank.  For the most part they don't have kids and don't have to worry about education.  They aren't necessarily coming here to start businesses, so they aren't concerned about an educated work force.  They aren't looking for high paying jobs as they are likely retired and have a pension from a Cali company.  We have relatively cheap homes.  We have pretty darn good medical communitiy, so that is a positive for them.  We have pretty open streets and freeways, so driving is less a problem.  

All in all, we are the Mexico of US retirement destinations .... low cost for fixed income populations and a fairly peaceful lifestyle.  

However, we aren't all that attractive for high earners and for moving a business here.  Those go to Austin, Columbus, Charlotte, and the like. Their economic growth far eclipses us.

----------


## gopokes88

> 


The south is really interesting. Oklahoma is basically average

----------


## Jersey Boss

> 


ME, WV, & AR numbers surprise me.

----------


## Pete

^

All are big retirement spots.

I know a bunch of people who have retired to Idaho, hence the #1 ranking.

----------


## Jake

A Tale of Two Dakotas.

----------


## oklip955

One thing most people miss is the $10K deduct from taxes on a pension, Ira or other type retirement money. Add to this no taxes on SS and lower housing costs compaired to other states and lower property taxes. Food and gas is cheaper along with electricity. Retirees see this as a plus. We dont get bad winters, ie long cold and snowy. For some folks we have the interstates so if they have kids scattered out then they are more centrally located for family get togethers. I keep meeting people who have left either Calif or Chicago due to laws they dont like or high taxes and love the cheaper housing prices. WE are not perfect but for some people we do offer a better place to live. Remember lots of people have different needs/wants.

----------


## GoGators

> One thing most people miss is the $10K deduct from taxes on a pension, Ira or other type retirement money. Add to this no taxes on SS and lower housing costs compaired to other states and lower property taxes. Food and gas is cheaper along with electricity. Retirees see this as a plus. We dont get bad winters, ie long cold and snowy. For some folks we have the interstates so if they have kids scattered out then they are more centrally located for family get togethers. I keep meeting people who have left either Calif or Chicago due to laws they dont like or high taxes and love the cheaper housing prices. WE are not perfect but for some people we do offer a better place to live. Remember lots of people have different needs/wants.


We need to attract a lot more people than the occasional retiree. Lots of people have different needs/wants but if we are only catering to the retiree wants/needs then the state is in trouble. Businesses aren't going to flock to the state just because a couple of senior citizens liked the tax break on SS. How many of the above pros that you listed are going to convince a young educated workforce to move here?

----------


## Pete

^

If there is any appeal to a retiree, it's to those without much money.  Those with more options choose rural Oregon, Florida, Maine and many other places.

And even with the "it's cheap here" approach, I think it's highly unusual for someone to retire here without family ties.

----------


## Bunty

> Hate to be a downer, but Oklahoma for multiple reasons some of which I won't discuss for fear of rapid reprisal has become a lot less desirable as a relocation option over the last 15 years. I will however submit two reasons,  the most partisan  politics of any State I can think of that has no tolerance for alternative views and consistently is viewed nationally as simply backward and inept.  Second, Oklahomas people and leadership (of course not all) are tolerant of mediocrity in almost ALL issues important to people, hence the States poor rankings by any measure to other more prosperous and growing States.


Yet, there are states, such as Kansas,  that don't have as much of this reputation of backwardness and/or stubborn partisan politics, while not being able to draw as many new people as Oklahoma.  

Fortunately not all of them, but too many rural counties try to hold back Oklahoma, while adding to their own detriment.  I don't think they need to worry about too many people moving in and driving up home prices.

----------


## Bunty

> I hope it’s just a local phenomenon at the end of the day. Also, I still can’t help but wonder what’s really driving people here. Cheap housing isn’t enough, IMO. What industries are pulling people in?


It doesn't necessarily depend on industry.  If you work for the post office, you can apply to be transferred to any other post office in the country, while hoping the wait won't be too long.  I suppose some of the private businesses with locations around the country would offer the same.

----------


## GoGators

You cant claim people are flocking to OKC from the coasts and also point out the dirt cheap cost of housing in OKC. Those two ideas cant exist together. That isn't how supply and demand work.

----------


## Pete

^

People are saying prices have gone up quite a bit recently.

But of course, OKC is still well below average when it comes to housing costs.

What seems to be driving demand as much as anything is record-low interest rates that have brought a lot more people into the housing market, and allowing existing homeowners to use their equity the low rates to buy more expensive houses.  These seem to be national trends, not just specific to OKC.

----------


## Bellaboo

> The easiest way to tell if there is a real influx from elsewhere is you start noticing a lot of out-of-state license plates because people usually change them long after they have arrived.  (You'll see plenty of stories about this for Seattle, Portland, Las Vegas, Phoenix, and Austin.)
> 
> And you just almost never see them here, except Texans likely visiting their families, or the occasional upper midwest plate if you are heading north on I-35 (passing through).
> 
> People are kidding themselves if they think any large migration into Oklahoma is happening.


It happened in the early 1980's. Rust belt plates everywhere, and oil was good at the time. Not sure if the influx with the last oil boom was as great as back then ?

----------


## SouthOfTheVillage

> You cant claim people are flocking to OKC from the coasts and also point out the dirt cheap cost of housing in OKC. Those two ideas cant exist together. That isn't how supply and demand work.


Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.

----------


## Pete

> Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.


The energy industry is not nearly dominant as it once was, evidenced by OKC's continuous very low unemployment rate.

And any realtor will tell you the increase in prices has been towards the lower end of the scale.  Expensive homes are much slower to appreciate.

----------


## OKCRealtor

> Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.


OKC is much better diversified now than it used to be. I thought last year would be much worse given covid+energy bottom but in reality it had little effect on the housing market unless you happened to be directly impacted in the industry.

----------


## Bill Robertson

> ^
> 
> People are saying prices have gone up quite a bit recently.
> 
> But of course, OKC is still well below average when it comes to housing costs.
> 
> What seems to be driving demand as much as anything is record-low interest rates that have brought a lot more people into the housing market, and allowing existing homeowners to use their equity the low rates to buy more expensive houses.  These seem to be national trends, not just specific to OKC.


^
And for first time buyers to get a house. 2 of my employees are shopping for houses for the first time.

----------


## Pete

^

That's exactly what I meant when I wrote: "brought a lot more people into the housing market".

Especially because rents have really escalated around town, particularly for anything nice.  I bought a great, completely renovated 3 bd 2 ba house in a wonderful area and my total payment is less than a decent 2bd apartment, and that's not even taking into account the tax advantages and appreciation (or the fact I'm on 1/3rd an acre overlooking a park, have complete privacy and quiet and a big attached 2-car garage).

----------


## FighttheGoodFight

Our refi this year saved us a good chunk of change.

----------


## GoGators

> Employment in the City’s key industry has fallen by nearly 50% over the last year, and yet the average house in OKC has appreciated by 10%. I don’t think that can be explained away with federal stimulus or low interest rates.


The OKC housing market doesn’t really care what the O&G market looks like. Home prices have been showing us that since 2015. I would say the 10% (9,000 dollar) home value increase in the OKC market over the last year would easily be explained by the lower interest rates that came in March 2020. Half of a percent will save you that 9,000 dollars several times over.

----------


## Bunty

As long as Oklahoma has nobody like Mark Cuban promoting Oklahoma, I don't think we have to worry much about overly inflated real estate prices.

https://www.aol.com/finance/mark-cub...231144452.html

----------


## SouthOfTheVillage

> *The OKC housing market doesn’t really care what the O&G market looks like.* Home prices have been showing us that since 2015. I would say the 10% (9,000 dollar) home value increase in the OKC market over the last year would easily be explained by the lower interest rates that came in March 2020. Half of a percent will save you that 9,000 dollars several times over.


That’s my point.

----------


## Martin

thought i'd pose this question here. i'm constantly looking online at house listings in the okc area because real estate is in my blood...

i ran across a listing about a week ago for a 3500sqft home in an established neighborhood in the suburbs, built in the 2010's, and listed around $650k.  so... pretty nice home, but it could easily sit at that price unless everything is 'just right.'  i'm looking through the pictures and get to one of the guest bedrooms and, lo and behold, there's a huge rebel flag draped on the wall.  my jaw kind of hit the floor... ideology aside, just from a business perspective... it just seemed to me like a huge misstep on both the part of the owners and *especially* the realtor for not advising their client differently.  i'd be interested in hearing your opinions on this...

if you're the listing agent on this, do you advise your seller to take the flag down?  do you at least employ some strategic interior photos to conceal the rebel flag?

if you're the selling agent, do you not present this listing to your buyers because you might offend them?

if you're the buyer, do you eliminate this house from consideration because of it?

or... does this not make a lick of difference? (i am actually kind of curious if my impression is a bit of an overreaction)

(btw... i'm not going to give the address... and if anybody is able to find it, i'd appreciate that you'd do the same.  my point isn't to cause grief for these people.)

----------


## Pete

^

Good grief.

When I listed my home in California, the realtor strongly advised me to make a bunch of small changes like moving artwork around and removing one chair from the living area.  Mind you, I am borderline OCD, a neat freak and a minimalist and she still wanted changes.  I realized at that point I was in the process of letting go and not having it be my home anymore, so I did pretty much as she advised.  The house sold very quickly but everything does out there, so I have no idea if her recommendations made any impact.

And as a potential buyer, I personally would never want to give my money to someone who had a confederate flag in their home.  I'm sure I'm not the only one.

----------


## fromdust

If I was listing a house and the owner had a confederate, gay, blm flag, or any other political paraphernalia I'd advise them to hide it for sure.

----------


## WheelerD Guy

I’m certainly not trying to cast shade on real estate agents, but a number of them (even the ones with the listings) aren’t necessarily Phi Beta Kappas. 

I could see how the impact of certain symbols might be lost in the ether.

----------


## liirogue

Are there signs that the real estate market is easing up just a bit? I imagine it’ll still be a seller’s market for some time, but I’m noticing homes in my neighborhood sit on the market for a week or two (when they would have been under contract in a matter of days) and also a couple of homes that have even cut their listing price.

----------


## Pete

^

I bet it will start to cool off once school starts, as families with kids prefer to move during the summer.

----------


## FighttheGoodFight

Lumber is going down, semiconductors are coming into stock more and used car prices are starting to stabilize and go down. Real estate will probably follow those trends and cool off a bit.

----------


## Pete

And I'm sure there are a ton of homes in the pipeline in terms of new construction.

----------


## T. Jamison

Single-family residential permits in the OKC Metro are at their highest level since like 2005 or 2006.

----------


## Bits_Of_Real_Panther

In the last few months I've noticed out of state license plates in the driveways for at least half a dozen places that were recently listed, just south of Oklahoma city university.

Colorado, California, Washington and texas plates.

----------


## d-usa

We listed our home in the OKC/DC/Edmond triangle area last Friday and accepted an offer on Sunday. We had lots of showings during that time.

----------


## Richard at Remax

I tell sellers to take down anything that might offend anyone. Flags, teams they might cheer for, animal heads, photos, ect. I try to disassociate the sellers from the house so people only focus on the property and not anything extracurricular.

----------


## Teo9969

> I tell sellers to take down anything that might offend anyone. Flags, teams they might cheer for, animal heads, photos, ect. I try to disassociate the sellers from the house so people only focus on the property and not anything extracurricular.


My mom keeps insisting that when she finally sells her house, she won't sell to an investor. I"m absolutely beside myself because she's only been in the house for like 10 years, didn't raise her kids there, and by and large has mostly bad memories as it's been a rough 10 years. I'm just like "Why the hell do you care?"

But nope - human beings are not rational and will torpedo their ability to make money because they "have to" let people know who they are.

----------


## Pete

I'm still seeing lots of flip homes in my neighborhood bounded by May & Penn and I-44 & NW Expressway.

The signs are clear:  a dumpster shows up, they almost always paint the brick white and the trim black, and put in new interior finishes.

Have been selling between $150 and $180 per SF, and the numbers keep going up.

The homes in the area are generally '60s ranchers which lend themselves well to opened floorplans, and the location is awesome.  Really glad I bought here when I did; my house has now appreciated almost 50% in just 5 years, although I have put a bunch of work into it.

----------


## Jeepnokc

> We listed our home in the OKC/DC/Edmond triangle area last Friday and accepted an offer on Sunday. We had lots of showings during that time.


I listed a house in Gatewood on Friday.  8 showings so far, 2 offers above ask and still have an open house today and a showing tomorrow. We are taking offers till Tuesday.  It is a crazy market right now.

----------


## Teo9969

> I'm still seeing lots of flip homes in my neighborhood bounded by May & Penn and I-44 & NW Expressway.
> 
> The signs are clear:  a dumpster shows up, they almost always paint the brick white and the trim black, and put in new interior finishes.
> 
> Have been selling between $150 and $180 per SF, and the numbers keep going up.
> 
> The homes in the area are generally '60s ranchers which lend themselves well to opened floorplans, and the location is awesome.  Really glad I bought here when I did; my house has now appreciated almost 50% in just 5 years, although I have put a bunch of work into it.


At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:

https://www.zillow.com/homedetails/1...21856262_zpid/

I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.

 :Frown:

----------


## GoGators

> At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:
> 
> https://www.zillow.com/homedetails/1...21856262_zpid/
> 
> I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.


Yikes. Thats a great way to ruin a good neighborhood. Snout houses are a plague.

----------


## Thomas Vu

> At least you are getting remodels. There's a guy in my neighborhood buying the sub-1200 square foot stock not even looking at whether or not it could be rehabbed, and building this garbage:
> 
> https://www.zillow.com/homedetails/1...21856262_zpid/
> 
> I think there are at least 10 of these that have gone up between Classen and Western, 50th and 40th since the pandemic really got going. There are some slightly different facades but the guy won't even mirror the floor plan to make it look like it's not the exact same house. Cheap builder's grade material. Started out like 1,550 sq feet then realized he was selling the area short and went from selling new builds for $300k to $400k by tacking on an additional 200 square feet or so.


As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?

----------


## WheelerD Guy

> As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?


They don’t like that the garage tends to dominate the frontage. And probably would prefer the owners park in the street.

----------


## LocoAko

> As somebody who isn't and wasn't ever in the market to buy, what is wrong with this listing?


I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of housemassive driveway, garage in front, etcin an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.

----------


## Thomas Vu

> I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of house—massive driveway, garage in front, etc—in an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.


Ah yes, this is more understandable!  THank you!

----------


## Teo9969

> They dont like that the garage tends to dominate the frontage. And probably would prefer the owners park in the street.


No need to park in the street - garage in back is just fine  :Smile: 

And honestly if it wasn't literally as plain Jane as development could be, I wouldn't mind asich. There are more than a few new builds east of Western and west of Shatter between 45th and 42nd that show a way to make a more attractive house with a prominent garage in front.

----------


## Teo9969

> I won't speak for Teo and I've certainly seen much worse examples, but I can certainly understand the disappointment with such a suburban style of house—massive driveway, garage in front, etc—in an area like Helm Farm (in this example) that is full of historic Craftsmans and other bungalows, etc. It's inevitably out of place and doesn't mesh with the vibe and character of the existing homes.


Well, it's definitely going to mesh soon enough when they guy has built 40 of them in helm farm by the end of 2023  :Lol2:

----------


## Mballard85

Has anyone had any experience with an ibuyer? Opendoor is offering well above what I thought would be possible and from what I can see it's a pretty good process. Just curious about others experience or insights.

----------


## Richard at Remax

They do that so they get in the door. Then HAMMER you on everything else once inspections are done.

----------


## Mballard85

> They do that so they get in the door. Then HAMMER you on everything else once inspections are done.


Care to give a bit more details?

----------


## G.Walker

Seems like the office market in OKC is rebounding this year in 2021. 

The Q2 2021 office market report showed a net absorption in all 3 classes. And Class A office space is down to 11.8 percent.

https://www.naisullivangroup.com/themarket

----------


## G.Walker

Moreover, there is not much Class A office space left downtown. Bancfirst is nearly full, Sandridge Building is now nearly full also.

BOK Park Plaza has 300,000 sqft of available space. Once that is gone, there will be no big square footage of office space available for a big company. 

If a big company wanted to be downtown and wanted Class A more that what is offered at the BOK Park Plaza, they will have to build, or a developer will need to build spec. 

I'm optimistic that will see a new Class A office building downtown before too long.

----------


## king183

I wanted to move my company to the BOK building, but they required an absurd payment for parking in addition to the lease.

----------


## G.Walker

> I wanted to move my company to the BOK building, but they required an absurd payment for parking in addition to the lease.


I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.

----------


## DowntownMan

> I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.


Devon owns the BOK building is my understanding. The property records show mailing address as the address of the Devon tower

----------


## BoulderSooner

> Devon owns the BOK building is my understanding. The property records show mailing address as the address of the Devon tower


yep

----------


## king183

> I don't think the rates for BOK will come down anytime soon. As the owners of the building are still getting paid. It's my understanding that 250,000 of the available 300,000 space is still being paid for by Devon, and they are trying to sublease it.


To be clear, we the lease rates were fine—actually quite reasonable for us. The issue was a required, added parking per employee fee that in the aggregate would not have made sense for us. We also weren’t going to force our employees to pay for parking out of their own pocket.

----------


## G.Walker

> To be clear, we the lease rates were fineactually quite reasonable for us. The issue was a required, added parking per employee fee that in the aggregate would not have made sense for us. We also werent going to force our employees to pay for parking out of their own pocket.


You would think the parking fees would be included in the lease rates, geez....lol

----------


## Pete

Especially because they build two huge parking garages that are almost completely empty.

And the big Devon garage across the street is less than half full, as is the new city-owned Arts District garage.

----------


## djohn

Is Leadership Square filling up since Enable (and others) left?

----------


## Bowser214

I don't think Enable has completely left the building. yet.

----------


## OkiePoke

> I don't think Enable has completely left the building. yet.


Enable left Leadership Square in Summer of 2018.

----------


## Bowser214

Oh yeah I was thinking BOK. My Bad.

----------


## SEMIweather

Is the general consensus that the OKC market is going to be relatively chill over the next 12-18 months compared to what happened over the past 12-18 months? Starting to seriously consider buying a place once my current lease is up next fall, and just trying to temper my expectations with regards to what areas I could potentially still afford in the 100-150k range at that time. Obviously 95% of the "Core" is already out of that price range at this point, but neighborhoods such as Sequoyah, Pitts Park, Ross Heights, and Culbertson East Highland still seem very doable and wondering if that will still be the case in a year or so.

----------


## WheelerD Guy

> Is the general consensus that the OKC market is *going to be relatively chill over the next 12-18 months compared to what happened over the past 12-18 months*? Starting to seriously consider buying a place once my current lease is up next fall, and just trying to temper my expectations with regards to what areas I could potentially still afford in the 100-150k range at that time. Obviously 95% of the "Core" is already out of that price range at this point, but neighborhoods such as Sequoyah, Pitts Park, Ross Heights, and Culbertson East Highland still seem very doable and wondering if that will still be the case in a year or so.


i would say "No" for a few reasons
the Great Political Sort is still only 
in its first few innings, still more to come
the supply chain, in general, remains broken 
and core inflation continues to surge 

hard to see home prices moderating against that backdrop

----------


## OKCRealtor

I think we're going to see a shift next spring into summer with anticipated rate hikes coming from the fed. That being said it looks like it's still going to be a strong market and prices are continuing to rise. I expect it will level out to a more "normalized" rate of appreciation but all the indicators for the OKC Metro area economically are great so there's really only one place to go with some of the lowest national housing prices still.

----------


## T. Jamison

Zillow is sitting on thousands of homes that they need to get off their balance sheets because they are underwater. I would think that most of the institutional flippers are getting out of the game, because the margins have become less viable. I have no sound data for this in Oklahoma City, nor am I well versed in our residential market. But I am of the opinion that the last "sucker" has already bought their house. I personally am not worried about a significant collapse. I think while the huge run-up over the last year inflated prices, a lot of value was added to our existing stock. On the other hand, if you planned on buying a new home, I would be more cautious. Home builders paid decent sums for development land while trying to get homes out of the ground and I think there may be less value to be had. I easily could be wrong, but I plan on buying in the next couple of year and this is where my mind has been. 

It may be worth your while to look at the county assessor's website and check the subdivision sales in the neighborhoods you are looking at. Call the buyers and just ask them what they think of their investment. I have found that people are more willing to talk than you would think. They will give you better information than any other source out there. Just be sure not to creep them out because a lot of people don't know how publicly available their information is.

----------


## Pete

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

----------


## T. Jamison

> There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.
> 
> I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.


How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.

----------


## TheTravellers

> There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.
> 
> I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.


Venice has one going on literally 5 houses away from our house today - jackhammer, skid-steer and all, and there are others that we see in Venice, Cleveland, over by Shepherd, on 36th going east from May every time we're out...

----------


## Pete

> How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.


It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.

And most of it is pure speculation.

I walk the area frequently and the pattern is always the same:  home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.

We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes.  The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.

In 5 years, my home has appreciated more than 50%.

----------


## T. Jamison

> It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.
> 
> And most of it is pure speculation.
> 
> I walk the area frequently and the pattern is always the same:  home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.
> 
> We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes.  The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.
> 
> In 5 years, my home has appreciated more than 50%.


Well, that's scary to think about as a potential new homeowner. I love that area and want to move back, but I wouldn't pay $250 a foot for a gold plated house. Fortunately, I come from a long line of woodworkers/tradesmen and have a storage unit full of Dewalt tools begging for use. I just have to beat cash offers from flippers. 

Thanks for sharing. I guess I underestimated the extent of the situation. I look at commercial real estate day-in/day-out, and it's been a little more tempered since everyone lost their minds in 2015.

----------


## Pete

^

My neighborhood was overlooked for a long time and now people are catching on.  It's a fantastic location and will only get better when the Oak is developed.  Just to the north in Belle Isle, homes are still considerably more expensive.

Yet, there are still a ton of closer-in neighborhoods that are very reasonable.  If you are willing to do a lot of the work yourself, you can still find a well-located home in OKC for well under $150/SF.

I am very partial to my area because it is relatively close in but mainly single-story ranch homes which lend themselves well to opening up with a more modern floorplan.  My house is only 1,800 SF but after taking walls down and getting rid of a useless and small format living area, I've had large groups over several times and have plenty of space.  Another great benefit to most '60s ranchers is they open directly onto the back patio and yard, as opposed to older homes where you have to go through a bedroom or weird side door to get to the back.

My house is modest but functions as well as anything built new.  And I can be almost anywhere in town in 10-15 minutes.  My only small complaint is there is very little within walking distance.  But that is in the process of changing with the Oak starting to happen and big re-dos to the 39th Street District and Mayfair Village.  And to be fair, I can already walk to a Braum's and Aldi and even Target and Penn Square if motivated.

----------


## shartel_ave

So glad I own my duplex outright and able to rent the other side to a friend.  Prices for buying are still really high and today I was looking at rentals out of boredom and there is hardly any rentals in OKC, I was using zillow to search with no filters for OKC central.

Anyone else own a duplex?  I thought I would hate it but I really like and the fact that I have another income but put that money in savings every month for a just in case situation.  I'm in the Paseo/Central Park area which to me is a great location especially for walking, biking or short rides.

We bought the place in the late 90's and that area was super cheap and super high crime, lucked out on that purchase I guess.

----------


## TheTravellers

> ^
> 
> My neighborhood was overlooked for a long time and now people are catching on.  It's a fantastic location and will only get better when the Oak is developed.  Just to the north in Belle Isle, homes are still considerably more expensive.
> 
> Yet, there are still a ton of closer-in neighborhoods that are very reasonable.  If you are willing to do a lot of the work yourself, you can still find a well-located home in OKC for well under $150/SF.
> 
> I am very partial to my area because it is relatively close in but mainly single-story ranch homes which lend themselves well to opening up with a more modern floorplan.  My house is only 1,800 SF but after taking walls down and getting rid of a useless and small format living area, I've had large groups over several times and have plenty of space.  Another great benefit to most '60s ranchers is they open directly onto the back patio and yard, as opposed to older homes where you have to go through a bedroom or weird side door to get to the back....


Ha, we have *three* weird doors going to our backyard - one in a bedroom, one from the laundry room (that used to be the front-end of the garage until they converted it to a den/laundry room/pantry in the 1960s), and one side door from the den (that used to be the rest of the garage), house was built in 1950.

----------


## shartel_ave

Yeah, I heard people are buying above listed price and sometimes site unseen yet I notice some really nice homes not selling for some reason maybe to expensive for the area?

like this house a near where I live, keeps dropping in price.  I think the original listing was over $600k

https://www.zillow.com/homedetails/7...21848502_zpid/

----------


## Pete

^

$550K for a house in a neighborhood where most are much less expensive.  Plus, it doesn't have a garage and shares a driveway with the house (a not very nice rental) next door.

----------


## ChrisHayes

I bought my house for 91,500 in 2018, and according to my lender, it's now worth 128k. I don't know how accurate that is, but if it is, I'm very pleased. There was a house that underwent a slow renovation down the street from me and is now for sale by owner. There are also at least two other houses in my neighborhood undergoing renovations. So, hopefully this is the beginning of a gentrification of my neighborhood. I've done improvements to my house, and plan on repainting the exterior next year, hopefully I can inspire others to do the same. lol

----------


## chssooner

> I bought my house for 91,500 in 2018, and according to my lender, it's now worth 128k. I don't know how accurate that is, but if it is, I'm very pleased. There was a house that underwent a slow renovation down the street from me and is now for sale by owner. There are also at least two other houses in my neighborhood undergoing renovations. So, hopefully this is the beginning of a gentrification of my neighborhood. I've done improvements to my house, and plan on repainting the exterior next year, hopefully I can inspire others to do the same. lol


What gets people is the tax increase for property taxes (monthly) and the gain they pay when they sell. People have been selling like crazy, not realizing they pay taxes on that sale.

----------


## OKCRealtor

> What gets people is the tax increase for property taxes (monthly) and the gain they pay when they sell. People have been selling like crazy, not realizing they pay taxes on that sale.


If it's a personal residence you don't pay taxes up to $250k if you're single and $500k if married. There aren't too many sellers walking away with those types of proceeds here. Now if it's investment property that's another story but it has still been a historic market to sell in and if one ever had a portfolio to unload and was on the fence this would have been the market!

----------


## GoGators

I would love to know the dollar amount of investment that has poured in to the residential neighborhoods in the core of the city over the last 20 years.

----------


## G.Walker

https://journalrecord.com/2022/02/03...d-performance/

----------


## Bill Robertson

Kind of a real estate market connection. I get at least one call/text/email a day wanting to buy our house. One woman calls at least twice a week. I've even told her we intend to die of old age in our house (truth) and intend to have our ashes spread next to the house (also truth). She still keeps calling. #%+=!!!!!!

----------


## stratosphere

> Kind of a real estate market connection. I get at least one call/text/email a day wanting to buy our house. One woman calls at least twice a week. I've even told her we intend to die of old age in our house (truth) and intend to have our ashes spread next to the house (also truth). She still keeps calling. #%+=!!!!!!


Same here!  We are in the process of refinancing our home and i get several calls per week.  One guy called today in fact,  when i told him i was not interested he actually called me back an hour later!  His number is now blocked.

----------


## LocoAko

Last week we got mailers from two different real estate agents asking us to sell our home (which we only bought last year) and pointing out how quickly specific homes immediately around us are now selling for. That was new for us.

----------


## Bill Robertson

> Same here!  We are in the process of refinancing our home and i get several calls per week.  One guy called today in fact,  when i told him i was not interested he actually called me back an hour later!  His number is now blocked.


I block every number they call from. But this persistent woman for instance calls from a bunch of different numbers.

----------


## ChrisHayes

> Last week we got mailers from two different real estate agents asking us to sell our home (which we only bought last year) and pointing out how quickly specific homes immediately around us are now selling for. That was new for us.


I got a letter from this company that buys houses and resells them giving me a price range which they would buy my house for. I'd walk away with anywhere from 30 to 50k

----------


## SEMIweather

Bulk Mail is so cheap that companies like these can probably turn a profit if even 1-in-1000 people respond, is my guess.

----------


## Richard at Remax

I send out one mailer a year to my neighborhood. 250 houses. If just one hits it pays for my next 10 years of mailers. Costs me about $250/mailing. 99% of it is luck. Just getting in front of the right person in the right mood on the right day. Someone kept a mailer of mine from 71st and May area and called me 3 years later cause it was still on the fridge. 

Most people that are calling you/mass mailings are most likely wholesalers. I won't get into my thoughts about them but they are not your best option and always hose the homeowner.

----------


## Jeepnokc

> Most people that are calling you/mass mailings are most likely wholesalers. I won't get into my thoughts about them but they are not your best option and always hose the homeowner.


Especially the ones that get a property under contract never intending to buy trying to basically flip the contract and make a quick profit.  We have pretty much stopped working with wholesalers due to their tactics.

----------


## oklip955

I had an "investor" call me up a few times and say you want to sell and what is your price. I tell them what land is selling in the area and they say there is no land anywhere in Oklahoma worth that. No land in Oklahoma is worth more then $10,000 an ac. I just say good bye.

----------


## soonerguru

I always tell them I'm willing to sell my house for $1 million. And, I'm serious. My home value is probably only a third of that but that's what having a place I love so much, in a neighborhood I love so much, with the amenities I have, is worth to me. Even if I got that top end of what the market says my home is worth I would have a terrible time finding a suitable replacement for the same money.

----------


## OKCDrummer77

This happens to me about once a week: My phone rings with some random number, but hangs up before I can even reach for my phone to reject the call. Moments later, I'll get a voice mail from a completely different area code, which starts out "Hi. My name is Kevin. Sorry for calling out of the blue. I'm a real estate investor *right here* in Oklahoma City..." (I always delete the VM before listening any further).

----------


## stratosphere

> I block every number they call from. But this persistent woman for instance calls from a bunch of different numbers.


Yeah same here,  just like the car warranty phone calls,  i keep blocking them and they keep calling back from different numbers!   :Smiley122:

----------


## FighttheGoodFight

> Yeah same here,  just like the car warranty phone calls,  i keep blocking them and they keep calling back from different numbers!


Verizon and ATT have spam blocking apps you can download. Helps out a bit.

----------


## OKCRealtor

I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get something under 4% now would be the time considering we may have 3-4x official FED rate hikes this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.

----------


## gopokes88

> I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get something under 4% now would be the time considering we may have 3-4x official FED rate hikes this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.


Not to mention in the CPI yesterday housing started to show up in the inflation metrics.

This may be the start of the rising housing costs not the end

----------


## April in the Plaza

> I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get *something under 4% now would be the time considering we may have 3-4x official FED rate hikes* this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.


This is all well and good, but 4% is basically nothing compared to the average 30-year rate available to buyers over the last 50 years or so. 

http://www.freddiemac.com/pmms/pmms30.html

----------


## OKCRealtor

> This is all well and good, but 4% is basically nothing compared to the average 30-year rate available to buyers over the last 50 years or so. 
> 
> http://www.freddiemac.com/pmms/pmms30.html


I know that lol - wasn't my point - it's getting a lot more expensive for everyone that has waited and continuing to wait. Consider the following based on 250,000 financed price and I've got taxes & insurance figured in on a 30 year note:

2.75% (A lot of folks got rates even lower but just for example) - $1395/mo - 

4% - $1568/mo = $62,280 more than the 2.75% rate over the life of the loan

5% (only a matter of time with rate hikes) - $1717/mo = $115,920 more than 2.75% rate over the life of loan and $53,640 more than 4% rate over life of loan. 

Point being a ton of people have tried to "time" the market, don't want to get into multiple offers and pay over asking, etc and at the end of the day just bad logic that's going to cost people a ton or perhaps more importantly these rate hikes are going to force a ton of people into the rental market. I was just throwing this out for education purposes (because everyone is of course an expert) but most don't truly realize. So even if prices were to come down a little which I don't think they will  nobody is saving any money unless they're cash and even then probably still paying more than they would have before because prices have risen so much. I can't tell you how many leads and folks I've had in my pipeline last couple years who didn't want to play by the market rules and were waiting for things to stabilize not realizing they really screwed up. This of course doesn't even take into account what homes could have been bought at with not only much lower rates but also at the prior prices. Anyhow, I hope anyone on the fence finds this helpful- the rate hikes are going to put a lot of people into rentals because the only reason a lot of folks could qualify for what they.wanted/needed in the first place were historically low rates. Sad deal for the buyers who tried to time it IMO.

----------


## DoctorTaco

Random question OKCRealtor: How do buyers feel about clawfoot tubs? I live in a historic home with an original clawfoot tub in one of the bathrooms. My wife *hates* that tub and want it torn out, which is a shame because that particular bathroom was modernized by a previous owner and is generally in good shape (in contrast to some of the other bathrooms). So my question is: would tearing out an original tub hurt the value of my historic home? Does anyone care? Are people mostly like my wife who actively hate them?

----------


## OKCRealtor

> Random question OKCRealtor: How do buyers feel about clawfoot tubs? I live in a historic home with an original clawfoot tub in one of the bathrooms. My wife *hates* that tub and want it torn out, which is a shame because that particular bathroom was modernized by a previous owner and is generally in good shape (in contrast to some of the other bathrooms). So my question is: would tearing out an original tub hurt the value of my historic home? Does anyone care? Are people mostly like my wife who actively hate them?


That's a great questions - they're not very common and I would personally leave it if in a historic home (I've owned one) for the "character". A buyer can always replace it if they don't like it. I've had someone specifically looking for a claw tub before but besides that hard to say what general consensus might be. Again though if you're in a historic home that would be something that makes it unique which a lot of historic buyers are looking for.. I would definitely not tear it out if you're considering on selling IMO.

----------


## DoctorTaco

> That's a great questions - they're not very common and I would personally leave it if in a historic home (I've owned one) for the "character". A buyer can always replace it if they don't like it. I've had someone specifically looking for a claw tub before but besides that hard to say what general consensus might be. Again though if you're in a historic home that would be something that makes it unique which a lot of historic buyers are looking for.. I would definitely not tear it out if you're considering on selling IMO.


Thanks!

----------


## Bill Robertson

The first house I owned had a claw foot tub and a pedestal sink. I thought it was great and would never change it.

----------


## FighttheGoodFight

Also a claw foot tub fan. But hey, everyone has their own style.

----------


## ChrisHayes

Over 8,000 housing permits were filed in the metro area last year. That's a huge number for OKC Metro. That doesn't include where only ground work is being done, or for planned developments like near Lake Overholser.

----------


## artynok

I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?

----------


## ChrisHayes

I would! Or at least get an agent

----------


## soonerguru

> I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?


Yes. That way you can do it at your own pace. You don't have to jump on something for fear of your lease expiring; you can wait until you find the right deal in your preferred area and move then. You would only be out the three or so months of rent.

----------


## OKCRealtor

> I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?


Yes- Let's just say you went under contract in something in March, closed sometime in April you would then skip May with your first mortgage payment being due in June. So you're pretty much looking at the right time. Also, make sure your spouse is on board to sign docs at closing unless you're going to be fully divorced by then. If you're still legally married she's going to have to consent.

----------


## Bill Robertson

> Yes- Let's just say you went under contract in something in March, closed sometime in April you would then skip May with your first mortgage payment being due in June. So you're pretty much looking at the right time. Also, make sure your spouse is on board to sign docs at closing unless you're going to be fully divorced by then. If you're still legally married she's going to have to consent.


I went through the same thing while ending it with my ex. My attorney made sure that it was in the decree that my new house, mortgage, etc. was mine and mine only with her having no claim to it. He also had her sign an affidavit or something similar stating the same. She didn't attend the closing.

----------


## Soonerinfiniti

Seems like any house under around $350,000 in the core area is pending within a few days.  Many of these homes need serious work, but I guess people are so desperate in that price range that they don't care that a good renovation just doesn't make economic sense.  Also, it amazes me when brokers tell me they have 15 offers the first day listed.  Obviously the listing price is too low - are the realtors being lazy and looking like a hero?  I guess in a hot market you can do that a few times, but the general price trend is moving up - fast.

Amazing to see new construction in the Classen Ten Penn area going for $500,000.  Never thought I would see that area get hot.  Driving out NW Expressway there are new homes in the $250,000 range.  I guess it all comes down to location, location, location....

----------


## Pete

^

In a hot market, it's common practice to list on the lower end and let the price be bid up with multiple offers.

It's relatively new to OKC but has been going on for decades in other markets.

----------


## sooner88

It’s becoming common practice to put in contingencies to go x% over your bid also. A family member of mine recently put a full ask offer on a house in Belle Isle for ~$500,000 the day it was listed with a contingency to go 20% over their offer and still lost. Hopefully the rising rates will bring some normalcy back to the market, but realistically we’re just playing catch-up.

----------


## Soonerinfiniti

The flip side of this is the upper end of NYC real estate, where they use "aspirational" pricing - very high price that lets the market catch up.  I understand the reasoning behind it, and suppose I understand the FOMO aspect of it.  I am surprise we don't see more For Sale By Owners at this point.

----------


## Richard at Remax

> Seems like any house under around $350,000 in the core area is pending within a few days.  Many of these homes need serious work, but I guess people are so desperate in that price range that they don't care that a good renovation just doesn't make economic sense.  Also, it amazes me when brokers tell me they have 15 offers the first day listed.  Obviously the listing price is too low - are the realtors being lazy and looking like a hero?  I guess in a hot market you can do that a few times, but the general price trend is moving up - fast.
> 
> Amazing to see new construction in the Classen Ten Penn area going for $500,000.  Never thought I would see that area get hot.  Driving out NW Expressway there are new homes in the $250,000 range.  I guess it all comes down to location, location, location....


Not lazy at all. We look at all sorts of comps and scenarios. We can't guaranteed demand. We can only go off what comps are out there. Now lets say all the comps put my listing at $310,000. I'm going to suggest to my seller to start at $299,999, mainly since a lot of people use search increments of $25,000. So while I start it lower than it should, a TON more eyeballs get to see it, therefore I'll probably get more than the $310 I was going to begin with.

----------


## Pete

I would think the biggest issue is getting financed due to low appraisals.

Virtually every decent house on the market is setting a new high for $/SF in every neighborhood.

Are buyers having to come up with more cash to close that gap?

----------


## Richard at Remax

Yes. Usually a $5000-$10,000 minimum gap is the norm right now.

----------


## jompster

> Yes. Usually a $5000-$10,000 minimum gap is the norm right now.


That was our experience, too.  We had to come up with $2,500 to cover the gap, and we had the contingency clause to overbid up to a certain ceiling.  Both were a first for me.

----------


## Pete

Despite the interest hikes, home inventory remains very low, at least anywhere near me.

There are exactly zero homes for sale in my almost one square mile neighborhood and those that do come on the market are snapped up very quickly.

For anything decently renovated, my area is approaching $200 per sq. ft.   Just six years ago I bought my house for half that.

----------


## PaddyShack

All of this talk really puts a damper on the future. We are fortunate to be in a good sized home in a a great neighborhood, but it is in Yukon and we are just not feeling like it is home to us anymore. Plus the house is just not the style or layout we desire. We bought our home for right at $100/sq ft and I just cannot stomach paying double or more than that for a sq ft, no matter location or what not. As with everything we buy, houses get lived in and things degrade over time. However house never seem to loose value, I mean buying a house is more paying for stuff around the house, i.e. schools, shopping, roads, services, and amenities than it is the actual good you buy, the physical house. We thought about downsizing altogether and renting for a little bit, just to be more nomadic for a bit, but the rental market is even worse. I say this merely as a call to what are the positives in a market like this?

----------


## Pete

^

But you're just looking at the buying side of the equation.  You'll get an equally high price when you sell, so it's a wash.



People here are just starting to experience what has been common in hot markets for decades.  When I moved to California, you can't imagine my sticker shock; houses were generally 4-5 x the price in OKC and with small lots and of poor quality.

When things kept going up and I remained on the sidelines, I finally sucked it up and bought a place I had very mixed feelings about and needed a lot of work.  

Fast-forward a decade later and that house had doubled in price and I was able to quickly sell it, buy a home here that is actually better in every way, and put all that money in my pocket and basically retire.

----------


## BoulderSooner

> ^
> 
> But you're just looking at the buying side of the equation.  You'll get an equally high price when you sell, so it's a wash.


the difference is that you likely currently have a very low interest loan ... and you won't be able to get that if you are buying now .

----------


## Ginkasa

I've been trying to buy a house and it has been a struggle. Had a few offers go out and one was accepted but things just keep not working out for one thing or another. And the interest rate is super gross. And I've got some particular wants that limit my choices even further.

I think I'm going to back off for now. Consider other options. Build up savings even more and see how things shake out in the future.

----------


## chssooner

> the difference is that you likely currently have a very low interest loan ... and you won't be able to get that if you are buying now .


Bingo. I refinanced at 1.975%. No chance in Hades of getting a rate that low, no matter how much I put down on next house.

----------


## Pete

Rates are still very low,  just not the all-time lows we've been experiencing.


Anyway, my point is that despite the rising interest rates, the housing market is still red-hot.

----------


## BoulderSooner

> Rates are still very low,  just not the all-time lows we've been experiencing.
> 
> 
> Anyway, my point is that despite the rising interest rates, the housing market is still red-hot.


that is for sure ..

----------


## Pete

Spring and summer are usually very busy times in the housing market.

The true test will be in the fall and winter.  Then we'll know if interest rates and other factors will start to slow things down.

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## Bill Robertson

Everything in our area is selling within a couple days of the sign appearing. I was going to say there's one exception because one went up a week ago and doesn't have a sold sign yet. But I just looked it up on Realtor.com and it is sold.

----------


## Richard at Remax

2 months ago active listing were hovering around 1,900/day. That number has bumped up to ~2,700 today. Def seeing houses stay on market a tad longer due to interest rates, but it's still record low inventory for this time of year.

----------


## Pete

^

Do those active listing numbers include homes under contract?

Because it seems like 98% of everything listed right now is pending sale.

----------


## Richard at Remax

> ^
> 
> Do those active listing numbers include homes under contract?
> 
> Because it seems like 98% of everything listed right now is pending sale.


No. Current Pending homes is at 4,731

----------


## Richard at Remax

I'll leave this here too. A tad self serving but true  :Smile:  https://www.oklahoman.com/restricted...F7414097001%2F

----------


## okccowan

Between 1979 and 1989 average mortgage rates were over 10%. So, things could get much worse

----------


## soonerguru

> Between 1979 and 1989 average mortgage rates were over 10%. So, things could get much worse


Not self serving at all. People who don't use realtors are idiots, unless they have extensive background in the industry. All of the inventory on our cul-de-sac sold very quickly in the last year, including three homes that were previously vacant. Now, there are no vacant homes at all and nothing for sale anywhere in our entire neighborhood. 

But, there was one house in which the sellers thought they could "save a little money" by listing the house themselves. While everything else sold within a week or less (one sold after being listed for eight hours), their home languished in For Sale By Owner status for several months. Finally, they got wise and found a realtor, who sold the property within a week.

Ultimately, I suspect they had to seriously reduce the asking price to sell the home, which I believe was bought by a real estate flipper.

----------


## Bill Robertson

> Between 1979 and 1989 average mortgage rates were over 10%. So, things could get much worse


Yeah. Wife #1 and I bought a new house in 84 or 85. If I remember right the interest was around 12%.

----------


## stlokc

+1 on using a realtor. 

My personal story: When I got married, I sold my small "bachelor" house. All the houses on the street were small and very similar 2BR, 1 Bath. Three of them had sold the prior year for between $180K-200K. Now, I was "sure" that my house was nicer than those. At my fianc's urging, I got a realtor and promptly told her I wanted to list for about $205-210K. My reasoning, I thought was valid: "Well, if it doesn't sell for a while I can always lower the price and I'll still come out ahead." 

My realtor was like: "Ummm, no, the market is $190-195K on this street. People know that. If you put it on the market for $210K it will sit there. And then it will eventually have 30 days on the market, people will wonder what is wrong with it, you'll be forced to go down to $190-195K and then it will maybe sell. Gone are the days where you can expect haggling and give and take. You will waste that time and effort. Plus, if we happen to price it a little too low, there's the chance of a bidding war." 

Long story short, took her advice, listed it for $194K, sold it in two days for $198K. Which is what it was worth, in the end. 

Point being, always trust a professional.

----------


## kukblue1

Homes in my Neighborhood 6 years ago sold for 140,000-110,000 Now they are sailing for $220,000-160,000

----------


## shartel_ave

I own a duplex outright in the Paseo, wonder how much it is worth now?

----------


## Bill Robertson

> I own a duplex outright in the Paseo, wonder how much it is worth now?


If there are any duplexes remotely like it in the area that have sold recently you can look them up on realtor.com or zillow.com.  Even if anything not like yours has sold you can get a feel for what the area is selling for per sq ft.

----------


## shartel_ave

> If there are any duplexes remotely like it in the area that have sold recently you can look them up on realtor.com or zillow.com.  Even if anything not like yours has sold you can get a feel for what the area is selling for per sq ft.


thanks man, yeah lots of duplexes in that area.  I'm not selling but I am constantly renovating and rent the other side so it's a net positive.

----------


## OKCRealtor

Things are still pretty much the same as they have been. Very low inventory still and way more buyers than sellers. The interest rates are starting to tighten things up just a bit but they're really just eliminating the weaker buyers from the pool who didn't have a good shot at getting something in this market anyways. That being said affordability is certainly becoming an issue for a lot of folks and they're either going to have remain in their current homes for longer periods of time or continue to rent.

----------


## securityinfo

I have had several realtors tell me anecdotally that there is a large pool of buyers from outside of the state, or just people new to the state.  Has this been your experience?

----------


## shartel_ave

> Things are still pretty much the same as they have been. Very low inventory still and way more buyers than sellers. The interest rates are starting to tighten things up just a bit but they're really just eliminating the weaker buyers from the pool who didn't have a good shot at getting something in this market anyways. That being said affordability is certainly becoming an issue for a lot of folks and they're either going to have remain in their current homes for longer periods of time or continue to rent.


that is a bummer especially for renters as rent is getting stupid high.  I have never raised the rent on my tenant and rent it a couple hundred below the average for a one bed one bath in the paseo and that includes washer and dryer, internet, and water.

My tenant said she plans on staying as long as I let her and I'm fine with that she pays on time everytime so much so I forget rent is due until she reminds me.

----------


## OKCRealtor

> I have had several realtors tell me anecdotally that there is a large pool of buyers from outside of the state, or just people new to the state.  Has this been your experience?



Yes, I've helped a lot of people relocate in the last couple years and that doesn't appear to be slowing down anytime soon. Big reason there are more cash sales than before.

----------


## jn1780

I get 1 to 2 calls each week with someone asking to buy my house. Or I get a flyer in the mail asking. Starting to get annoying. Its only a "profit" if your at a later stage in life and are downsizing.

----------


## jedicurt

> Yes, I've helped a lot of people relocate in the last couple years and that doesn't appear to be slowing down anytime soon. Big reason there are more cash sales than before.


that is what i keep hoping is that it is people relocating. but in my neighborhood in norman, of the 12 houses sold in the past  30 months, 10 of them are now rent houses.   I just keep getting worried that a large chunk of these cash offers are people just buying up all of the available inventory to then rent them all out and make the market for actually purchasing a family home even more difficult with fewer options.     But if i am wrong in thinking that is the majority, please prove me wrong, because i would love to hear that is the case

----------


## OKCRealtor

> that is what i keep hoping is that it is people relocating. but in my neighborhood in norman, of the 12 houses sold in the past  30 months, 10 of them are now rent houses.   I just keep getting worried that a large chunk of these cash offers are people just buying up all of the available inventory to then rent them all out and make the market for actually purchasing a family home even more difficult with fewer options.     But if i am wrong in thinking that is the majority, please prove me wrong, because i would love to hear that is the case


That's definitely occurring with individual out of state investors and large hedge funds as well. We're still one of the cheapest places nationally. If you're in a sub $200k neighborhood good chance there will be a high percentage of rentals.

----------


## Pete

This is happening in the other direction as well.

Several former rental houses on my street have been fixed up and sold and none of them were out of state sellers or buyers.

----------


## Richard at Remax

Big investment firms are buying them up even at these prices, cause it's a volume game. I have been stopped in my tracks from buying a 6th rental because the numbers just don't work for me right now.

----------


## josh

Be glad you’re not at this point and hope to never be.



It’s a new neighborhood in San Antonio from Lennar that consists of small homes. Like, really small. And they’re selling. /facepalm

Like that one. It sold. /facepalm

----------


## G.Walker

https://www.oklahoman.com/story/busi...te/9792397002/

Good to see that there is a demand for an apartment tower in OKC. I think the apartment tower slated for the U-Haul site is our best bet. Or maybe Richard Mize is hinting at something else already in the works, we'll see.

----------


## shartel_ave

> https://www.oklahoman.com/story/busi...te/9792397002/
> 
> Good to see that there is a demand for an apartment tower in OKC. I think the apartment tower slated for the U-Haul site is our best bet. Or maybe Richard Mize is hinting at something else already in the works, we'll see.


Are the midtown apartments not in use?  The midtown apartments in far NW OKC

----------


## Richard at Remax

A midrise on the Goodwill property would kill it. After being in Austin and Dallas, there are so many APT towers exiting and being built. I know we aren't on that level but there is enough demand for at least one solid one.

----------


## David

> A midrise on the Goodwill property would kill it. After being in Austin and Dallas, there are so many APT towers exiting and being built. I know we aren't on that level but there is enough demand for at least one solid one.


It'd be fantastic to see midrise housing going up on that lot. For reference: Goodwill property on the boulevard.

----------


## mugofbeer

I would have to think something built on the Scissortail Park would be successful, especially by the time it would be completed a couple of years down.

----------


## April in the Plaza

Has anyone used Houzeo to sell? It seems pretty tempting in a market like this, if you're comfortable with the contracts and negotiation points.

----------


## shartel_ave

I walk my dog by this house all the time I thought it was being renovated for someone to move in.  Should have known it was going to be a flip.

Nice house

https://www.zillow.com/homedetails/6...21848513_zpid/

----------


## FighttheGoodFight

> I walk my dog by this house all the time I thought it was being renovated for someone to move in.  Should have known it was going to be a flip.
> 
> Nice house
> 
> https://www.zillow.com/homedetails/6...21848513_zpid/


$232 a square foot and you dont even get a garage or good school district. My lord.

----------


## Pete

I bet that house sells quickly and for pretty much what they are asking.

Fantastic location and that's a very nice renovation.

Nicely remodeled homes in my own modest neighborhood (west of Penn, south of NW Expressway) are approaching $200/SF

----------


## shartel_ave

> I bet that house sells quickly and for pretty much what they are asking.
> 
> Fantastic location and that's a very nice renovation.
> 
> Nicely remodeled homes in my own modest neighborhood (west of Penn, south of NW Expressway) are approaching $200/SF


You would think it would sell quickly.

there is a house on 32nd close to Shartel that has been listed for over a year or close to a year but its over half a million

Price has been dropped a couple of times and it has a shared driveway and not much of a yard.  I know the guy that owns the house on the corner a 2 story red brick house

https://www.zillow.com/homedetails/7...21848502_zpid/

----------


## shartel_ave

> $232 a square foot and you dont even get a garage or good school district. My lord.


not a lot of garages in the Paseo unless they have been recently built or built during the renovation.  Once you get into Edgemere Park you see more garages

----------


## Dob Hooligan

> $232 a square foot and you dont even get a garage or good school district. My lord.


My sons went to the "urban" Wilson Elementary in the mid to late 1990s. It was a great group of educators and a real family atmosphere. I won't soapbox, because I can't stop when I get started, but I will say it was humbling, revelatory, and gave my boys a clear-eyed understanding of the world. All while getting as good an education as we could have gotten anywhere.  I love OKCPS.

----------


## securityinfo

> I walk my dog by this house all the time I thought it was being renovated for someone to move in.  Should have known it was going to be a flip.
> 
> Nice house
> 
> https://www.zillow.com/homedetails/6...21848513_zpid/


And now it is listed as pending....

I wonder how many "pendings" actually turn to completed contracts...  any Realtors out there :-) ?

----------


## unfundedrick

> I walk my dog by this house all the time I thought it was being renovated for someone to move in.  Should have known it was going to be a flip.
> 
> Nice house
> 
> https://www.zillow.com/homedetails/6...21848513_zpid/


I hope the refrigerator shown in the pics is just a prop.  LOL

----------


## soonermike81

In search of a realtor. Sounds like we have a few on here. Looking at buying an one more rental property. Can I get your contact info if you’re interested. TIA!

----------


## OKCRealtor

> And now it is listed as pending....
> 
> I wonder how many "pendings" actually turn to completed contracts...  any Realtors™ out there :-) ?


My closing ratio is about 90% once I've got something under contract. 

Looking at my team and such it varies depending on the experience of the agent and other factors but generally speaking 80-90% is probably a pretty accurate statistic.

----------


## OKCRealtor

> In search of a realtor. Sounds like we have a few on here. Looking at buying an one more rental property. Can I get your contact info if you’re interested. TIA!


I sent you a message.

----------


## Pete

A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.

They had 27 showings and 13 offers in 24 hours.

Ended up accepting a bid for $21K over asking, all cash and no inspections.

Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak.  That's going to be a huge amenity for my 'hood.

----------


## jn1780

> I hope the refrigerator shown in the pics is just a prop.  LOL


For how much you pay, it would be a nice little bonus for the man cave.

Makes you wonder why they bother with that prop, I guess its for bottled water.

----------


## Ryan

> A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.
> 
> They had 27 showings and 13 offers in 24 hours.
> 
> Ended up accepting a bid for $21K over asking, all cash and no inspections.
> 
> Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak.  That's going to be a huge amenity for my 'hood.


I just dont get it. 21 over appraisal. Its crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?

----------


## Richard at Remax

Just won a multi offer situation in east edmond. We went waaaaaay over asking and did a $20K appraisal gap  :Dizzy: 

I would never encourage someone to waive inspections. I don't think I ethically could even bring up that option. Cause you know who gets blamed when something goes south? This guy.

----------


## Pete

Remember, no matter how crazy a market may be, in the mid to longer term, real estate always appreciates.

----------


## OKCRealtor

> I just don’t get it. 21 over appraisal. It’s crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?


The contract price isn't the appraised value. Remember there are 2 values of a property - the market value which a buyer and seller are willing to pay today and then the appraised value which can look back at subject properties closed within the last 365 days. The appraised value in this market we've been in for the last 2 years is often times less than the market value. 

Prices aren't likely to go down here, and if they do I doubt it's significant or long term. We are anticipating an even further inventory shortage after we get past the summer months so even though there might be a little less demand it's still going to outstrip supply.

----------


## Pete

Other than the middle of Detroit, how many housing markets lose value apart from some temporary corrections?

I say this all the time:  it's just like the stock market.  You only lose if you are jumping in and out rather than taking advantage of the mid- and long-term trends that always reveal themselves to be smooth upward lines.

----------


## jn1780

> I just dont get it. 21 over appraisal. Its crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?


Party like its 2007? Hope they like where they live for the next 10 years.

----------


## jccouger

The national trend is definitely showing a housing price correction 

There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?

----------


## PaddyShack

> The national trend is definitely showing a housing price correction 
> 
> There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?


Then I can finally buy something at a discount!

----------


## Pete

> The national trend is definitely showing a housing price correction 
> 
> There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?


Investment properties generally draw interest from deep-pocket investors and while some little guys might not be able to hang if there is a big downturn, there are tons of others looking for opportunities.

I don't see that issue having much impact on the overall housing market.

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## OKCRealtor

> Investment properties generally draw interest from deep-pocket investors and while some little guys might not be able to hang if there is a big downturn, there are tons of others looking for opportunities.
> 
> I don't see that issue having much impact on the overall housing market.


Not to mention most of it is leveraged at historically low rates and with current rent values it's hard not to be cash flowing on something.

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## Pete

> Not to mention most of it is leveraged at historically low rates and with current rent values it's hard not to be cash flowing on something.


Same with AirBnB's.

A lot of them are very profitable and there are now a bunch of investors buying homes specifically to list on AirBnB.

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## soonerguru

> $232 a square foot and you dont even get a garage *or good school district.* My lord.


Not everyone considers this at all. Plus, OKC has Classen and Harding and other excellent schools.

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## soonerguru

> A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.
> 
> They had 27 showings and 13 offers in 24 hours.
> 
> Ended up accepting a bid for $21K over asking, all cash and no inspections.
> 
> Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak.  That's going to be a huge amenity for my 'hood.


Was it that super cute 2 bed / 1 bath on 52nd? I saw pics of that on FB and it seemed underpriced. I imagine it had an insane number of offers.

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## Richard at Remax

For the first time in a long time there are more active homes for Sale (4486) than there are Pending Homes (4159)

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## jccouger

Hey Pete, do you follow all of the housing additions that are being created? I see a lot of cleared land in far north OKC around Portland Ave area. Seems like there are a ton of neighborhoods being built in mass. Might just be anecdotal observation but I'd like to see if there are actual numbers to this.

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## Pete

> Hey Pete, do you follow all of the housing additions that are being created? I see a lot of cleared land in far north OKC around Portland Ave area. Seems like there are a ton of neighborhoods being built in mass. Might just be anecdotal observation but I'd like to see if there are actual numbers to this.


Tons of new plats filed out that way (Deer Creek, Piedmont) as well as far west OKC/Mustang.

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## Bits_Of_Real_Panther

What is days on market looking like?

The signs in my neighborhood are starting to linger.

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## PoliSciGuy

We just sold our house in 5 days but there's a lot of houses hitting the market between in the $250k-$299k range that ours sold for. We didn't get a ton of offers but were able to get list at least.

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## kukblue1

> What is days on market looking like?
> 
> The signs in my neighborhood are starting to linger.


Same in my neck of the woods.  Interest rates might kill the market?  Maybe?

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## chssooner

> Same in my neck of the woods.  Interest rates might kill the market?  Maybe?


The market won't be killed. But it was too explosive to keep up with. Hence high prices and rents. With less activity, it can allow supply to begin to build up again, so prices can level off. Not be killed.

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## Bits_Of_Real_Panther

> We just sold our house in 5 days but there's a lot of houses hitting the market between in the $250k-$299k range that ours sold for. We didn't get a ton of offers but were able to get list at least.


Did you give up a low fixed rate mortgage?

Seems most sellers (if selling then buying another place)  would be trading a lower mortgage rate for a higher mortgage rate. 

Incentive there would be to stay put...

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## PoliSciGuy

We're fortunate to not see too much of a change in our interest rate, and the equity we've made over 7 or so years gives us a significant enough down to make it a wash essentially.

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## OKCRealtor

> What is days on market looking like?
> 
> The signs in my neighborhood are starting to linger.


Average DOM is 16 days while the median DOM is still a remarkable 4. 

Like Richard mentioned the supply of homes is higher than it has been in a long time - couple years roughly. 1.7 months total supply which is still pretty low overall. 

It's not quite the feeding frenzy that it was on the buying side but if you have a nice property and it's priced in the range it should be it will still sell for a good price quickly. 

While a lot of people have been priced out of buying all together it really has gotten a lot easier to get deals done without so much competition. 

These are MLS wide statistics at the end of June just FYI.

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## Bellaboo

We put my mothers house on the market July 11. Built in 1963 in Yukon. In 5 days we had 3 offers. We took the bid that was $5,000 over listing price. 

Close is set for August 17.

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## OKCRealtor

I also forgot to add that prices went up 13.9% in June so they are moderating overall and starting to come down.

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## jccouger

Any general updates on housing prices/inventory/days on market?

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## OKCRealtor

> Any general updates on housing prices/inventory/days on market?


Prices more or less staying stable, still up quite a bit y/y. There have been a lot of price reductions this month, sellers having to be more realistic now that the market has shifted. 

Inventory has been up the last couple months but still a shortage overall and looks to be staying relatively flat now. 

Median DOM is still only 6 and average is 18 - MLS Wide. These have ticked up a little but still pretty hot by historical norms. 

There's still a supply/demand imbalance and will be interesting to see what happens going forward, the general market conditions are likely only going to exacerbate the issue.

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## josefromtulsa

I am 23 and probably wont be buying for another 3-5 years. What areas of OKC will be ripe for revitalization in that time? 

Maybe Capitol Hill will be on the upswing by then.

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## Pete

> I am 23 and probably wont be buying for another 3-5 years. What areas of OKC will be ripe for revitalization in that time? 
> 
> Maybe Capitol Hill will be on the upswing by then.


I would keep an eye on Metro Park, which is south of 10th and west of Classen.

There is already some movement there but still way cheaper than anything north of 10th, the Classen-Ten-Penn area that has tons of tear-downs and new construction.

Also Military Park, on either side of 30th and west of Classen.  And May-Penn, north of 36th and west of Penn.  Sequoyah, south of 36th and west of Penn.

I think the Britton neighborhood just south of the old town of Britton (which is really taking off) is still relatively affordable and it's a great location not that far from the Village and Nichols Hills.

There is a great little neighborhood just east of Broadway and south of NE 63rd called Wildwood.  Really, lots of great little pockets on the NE side, some on some very pretty lots.

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## oklip955

Hey, OKC realtor what are acreage properties doing right now? More specific in the Edmond/Arcadia area. thanks.

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## OKCRealtor

> Hey, OKC realtor what are acreage properties doing right now? More specific in the Edmond/Arcadia area. thanks.


Edmond area is still doing pretty good and properties are moving pretty quickly overall if they're priced/marketed appropriately. Got beat on several multiple offers still in Sept- most of them in Edmond area/north OKC.

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## OKCRealtor

Median DOM now with Sept data in is 9 days and average DOM is 24 days. 

Statistically these are both up quite a bit but compared to historical norms it's still a pretty hot market. Macro & economic conditions deteriorating but economy remains strong & resilient. Still not back to a pre-covid market yet but things continuing to normalize as long as rates keep going up. Much easier for buyers to get a deal done now, last couple years it took a lot of cash to win which many simply don't have.

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## Soonerinfiniti

While looking for a house in the South of I-44, west of I-235 area, we previously saw multiple contracts, cash offers the day of the open house.  813 NW 54th is a good example.  In the past, this type of house in this location would go fast.  They have now had to drop the price twice.  I realize it is anecdotal, but we only know what we see....

 My anecdotal feeling is in the past when people paid with cash, they likely borrowed it from a family member, etc.  Where are all the cash buyers now?  You wouldn't think an interest rate increase would affect the cash buyer.  I don't think real cash buyers are out in force.  Or they realize the market has turned and they are waiting for prices to go down even further.

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## Pete

^

I don't think many people pay with cash.

They do often use cash in order to finance the property after the appraisal comes in lower than the asking price.

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## Bill Robertson

There are 2 houses within a couple blocks of mine that have had signs for a couple months. That wasn't happening last year.

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## Richard at Remax

It's bad out there folks. Buckle up for the next few months

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## Bill Robertson

I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.

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## Jersey Boss

> It's bad out there folks. Buckle up for the next few months


How does the # of mortgage applications in Oct compare to previous Octobers?

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## Edmond Hausfrau

> I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.


I'm confused. If you are paid off for the mortgage in a few months (congrats), why get a reverse mortgage? There are better ways to get an annuity payment that don't risk your home. Can you sell a home that has a reverse mortgage if you need to liquidate? I'm genuinely asking as I always assumed reverse mortgages were bad news.

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## Bill Robertson

> I'm confused. If you are paid off for the mortgage in a few months (congrats), why get a reverse mortgage? There are better ways to get an annuity payment that don't risk your home. Can you sell a home that has a reverse mortgage if you need to liquidate? I'm genuinely asking as I always assumed reverse mortgages were bad news.


I have heard bad things also. I've also heard positive stories. That's why I'm going to thoroughly research. I have a couple years to research.

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## warreng88

> I'm really glad I don't have to worry about it. Our house will be paid off in January. My daughter has informed me that she doesn't want me to leave her anything that she has to deal with. So when my wife turns 62 we're going to look into reverse mortgages. Now if I could just stop the "I want to buy your house" texts. We're leaving when the last one of us is taken out.


Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.

I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?

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## Bill Robertson

> Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.
> 
> I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?


As far as the call/text/email/mail/carrier pigeons saying they want to buy our house definitely no slowdown. If anything it's getting worse and they're getting pushier. As in I can block one number and they use another.

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## OKCRealtor

Median & Average DOM for October were 12 & 27 days respectively. Despite higher rates things still moving pretty good overall.

It's not a bad market it's just a different market/norm now. Buyers can now get into a home again for little to no money out of pocket in a lot of cases if they can afford the higher payment.

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## DowntownMan

> Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.
> 
> I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?


Im In the same boat. Ill pay off my current mortgage in the next 3 months and Im on the watch for an upgrade. Not necessarily have to move but if prices come down, Ill make a move as Id rather get it at a lower price. The rate doesnt bother me too much. Like you said it can be refinanced later or I probably will pay it off over a short time anyway.

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## Soonerinfiniti

I saw a headline in the Oklahoman today (I don't subscribe): Home construction is plummeting in OKC.  Apparently October was a 10 year low for home starts.  That's pretty shocking considering how hot the $250,000 and under price range has been.  Makes you wonder what will be the effect on existing home sales...

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## chssooner

> I saw a headline in the Oklahoman today (I don't subscribe): Home construction is plummeting in OKC.  Apparently October was a 10 year low for home starts.  That's pretty shocking considering how hot the $250,000 and under price range has been.  Makes you wonder what will be the effect on existing home sales...


Well, rates haven't been this high in decades. Almost 6-7%. It will have an effect until either prices go down or rates do. All over the country, it is like this.

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## aDark

> Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.
> 
> I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?


What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?

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## Pete

> What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?


Bullbear is a poster here.

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## PhiAlpha

> What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?


A distant, weaker cousin of ManBearPig

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## TheTravellers

> A distant, weaker cousin of ManBearPig


Dunno, I'd think Bull would beat Man or Pig.........

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## Richard at Remax

Had some clients get 5.75% today for a 30 year. So some good news

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## chssooner

> Had some clients get 5.75% today for a 30 year. So some good news


Do you think the market will level out? Or are rates low enough to where things will start to inflate again?

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## OKCRealtor

> Had some clients get 5.75% today for a 30 year. So some good news


Nice, any points? Things have stabilized some, hopefully the trend holds. 

My business has been slower but I have a ton of people either recently listed or qualified buyers looking hard. I think at some point people just have to accept the market is the market and they can either A) do nothing or B) Accept it and move forward with a little higher payment for the time being.

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## Richard at Remax

> Nice, any points? Things have stabilized some, hopefully the trend holds. 
> 
> My business has been slower but I have a ton of people either recently listed or qualified buyers looking hard. I think at some point people just have to accept the market is the market and they can either A) do nothing or B) Accept it and move forward with a little higher payment for the time being.


Yeah there were some points used. Still pretty encouraging. 

My listing have been very slow. Finally got a 20acre land under contract. Have a solid rental at 71st and May area that would have been under contract in 24 hours a few months ago is still sitting. Which is shocking to me. 132 acres off of Wilshire and MW Blvd is still sitting there too. 

However, my buyers under $300K have found recent success. Getting homes for under asking AND some closing costs paid. Some say it's crashing but I feel it's just going back to normal.

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## OKCRealtor

> Yeah there were some points used. Still pretty encouraging. 
> 
> My listing have been very slow. Finally got a 20acre land under contract. Have a solid rental at 71st and May area that would have been under contract in 24 hours a few months ago is still sitting. Which is shocking to me. 132 acres off of Wilshire and MW Blvd is still sitting there too. 
> 
> However, my buyers under $300K have found recent success. Getting homes for under asking AND some closing costs paid. Some say it's crashing but I feel it's just going back to normal.


Yea things definitely moving a little slower, I'm reselling a couple things right now from clients who bought in the last couple years during pandemic and very competitive situations to now things taking a few days or more to get something good on it. It feels much more like it did pre-covid. Kinda nice not being in a cutthroat situation on every house lol.

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## oklip955

A question for your realtors. I live on the east side of Edmond. Tabor and others have additions going in, it seems like they are still building. Are these likely building homes already sold or are they just building since they had plans and contractors lined up to do them? Do you expect homes in subdivisions to slow down or are they already slowed down? No I am not interested in buying something like that. I am on 10 ac and will think about moving farther out. I want to get a horse again but way too much traffic to ride down the roads. I am having issues just gettign out of my driveway. ugh not the peaceful quiet country anymore.

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## Richard at Remax

I think you are the woman I spoke to not too long ago. Even though we are slowing down, there is still an overall shortage of homes, esp new homes in that price range. I would probably think Tabor will finish out whatever they have building and see how the sales go before they go on to the next phases.

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## oklip955

Ok thanks. Yes we talked a bit a while ago. The reason I ask is that I still see them building at the same rate as at the peak of the market. Maybe they are not turning dirt on new developments. They bought 160 ac and I would have expected them to start turning dirt by now. It might be they still have lots of lots to build on first. They have a few phases that have been approved and still not completed enough to start building homes. Anyway, thanks for the update. In my slow rate of speed, I'm working to move a bit farther out. Just dont like the traffic and dont want to have 6000 sq ft lots up against my acreage.

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