View Full Version : Housing Market in OKC



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GoGators
11-18-2022, 09:16 AM
You are the one coupling someone with student loan debt with being a median income earner. And it was tough for me at times back in 1978 when I bought my first home. Lots of things I did without so I could be a home owner and not a renter.

Everyone prioritizes certain things over others and goes without. It is tough for everyone at times. This is not the unique experience of people over a certain age.

gjl
11-18-2022, 09:20 AM
Everyone prioritizes certain things over others and goes without. It is tough for everyone at times. This is not the unique experience of people over a certain age.

That was in response to Jersey Boss wanting me to look at post # 225 where with all the thing that person had going for him how he was struggling at times.

GoGators
11-18-2022, 10:23 AM
That was in response to Jersey Boss wanting me to look at post # 225 where with all the thing that person had going for him how he was struggling at times.

In 25 years the current generation that is now being called entitled and spoiled will be telling the new generation how hard they had it and how much they had to sacrifice. They will also claim that the music kids listen to today is nothing like the "real music" they had in the 2020s. Just like every generation did before them. It's all just silly.

Rover
11-18-2022, 10:44 AM
I mean we have it so much better than they did back then with massive jobs programs like the WPA slapping everyone in the face with generous wages and training. My situation is much better than what they had with that giant albatross around their necks

Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

Soonerinfiniti
11-18-2022, 10:44 AM
Only 4 cities where average Americans can afford a starter home: Detroit, Tulsa, Oklahoma City and Memphis.
https://www.yahoo.com/video/only-4-cities-america-where-100000182.html

OKC Guy
11-18-2022, 11:42 AM
Question: Is our rapid growth causing ripple effect problems with housing? I do wonder if we can sustain the growth. Here’s some notes from an article on the KOKH website posted Thu:

OKC sees the fastest rent increase in the nation. OKC is one of only 2 metros to see increases of greater than 20% year over year ( National is up avg of almost 9%}. OKC increased 24.1%. Oklahoma as a state rose 20.8% YOY.

This amount of increase hurts the lowest income earners the most and it slows down their ability to save to buy a house.

Ryan
11-18-2022, 11:42 AM
Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

IÂ’m sitting in a WPA built building actually. The new deal continued to effect the jobs market Decades after the boomer were born. Sub living wages were unfathomabke to Employers and employees alike until the 1980Â’s. Which continued until the 1980Â’s. Enter insane pay disparities.

TheTravellers
11-18-2022, 11:46 AM
Are you even aware of what WPA was and who it went to? And that it was even before the boomers were born? That is was an employment program, building infrastructure. Was for unemployed uneducated starving people? Have you read nothing about the great depression?

Pretty sure he forgot to use the sarcasm font. ;)

Ryan
11-18-2022, 11:46 AM
Look all I’m saying is boomers inherited the greatest economy and job market ever to grace the planet since idk the Roman Empire. (Actually I don’t know that for fact) but I seriously have no time boomer arguments about paying their way through college and buying a home, starting a family at 23. That is not a plausible reality in the last 25 years

Cocaine
11-18-2022, 12:19 PM
Maybe just maybe the solution is for people to buy fixer upper homes in the inner city. There are plenty of affordable homes on the east side, south side and NW S. of 23rd and east of the fairgrounds. It might take some work but people could afford.

This actually reminded of an incredibly privileged friend of mind well she thinks she privileged but she isn't. She was basically complaining that she couldn't find a decently priced house in the suburbs when she did she would get out bid. The only places she could find a house was in poor neighborhoods.

So maybe the solution is two fold. Maybe there needs to be higher density housing in the inner city and people just starting out need to buy older homes. There may still be decent hud houses on the market.

Bill Robertson
11-18-2022, 12:31 PM
Maybe just maybe the solution is for people to buy fixer upper homes in the inner city. There are plenty of affordable homes on the east side, south side and NW S. of 23rd and east of the fairgrounds. It might take some work but people could afford.

This actually reminded of an incredibly privileged friend of mind well she thinks she privileged but she isn't. She was basically complaining that she couldn't find a decently priced house in the suburbs when she did she would get out bid. The only places she could find a house was in poor neighborhoods.

So maybe the solution is two fold. Maybe there needs to be higher density housing in the inner city and people just starting out need to buy older homes. There may still be decent hud houses on the market.Unless you or good friends/relatives can do the updates buying a fixer-upper can end up being very expensive. I don't know if HUD homes are still a thing. I looked at a bunch in '92 when I left wife #1. 90% of them needed work just to be livable. I did buy one but as I've said before I could do footings to the roof cap and everything in between.

Rover
11-18-2022, 12:48 PM
Look all I’m saying is boomers inherited the greatest economy and job market ever to grace the planet since idk the Roman Empire. (Actually I don’t know that for fact) but I seriously have no time boomer arguments about paying their way through college and buying a home, starting a family at 23. That is not a plausible reality in the last 25 years

They didn't inherit it, they built it. They suffered a huge war that took 100's of thousands of boys away to fight that came back as men. They knew how to sacrifice and grow something. They sacrificed to put their kids through college without loans. Kids tended to work through college and took the jobs that were available to them. Some of us came out of school into horrible job markets ourselves.

Before comparing today against something in the past you apparently know little about, do some basic research. Every generation has their issues to bear. To try to make this current generation martyrs is not a good strategy.

GoGators
11-18-2022, 01:26 PM
They didn't inherit it, they built it. They suffered a huge war that took 100's of thousands of boys away to fight that came back as men. They knew how to sacrifice and grow something. They sacrificed to put their kids through college without loans. Kids tended to work through college and took the jobs that were available to them. Some of us came out of school into horrible job markets ourselves.

Before comparing today against something in the past you apparently know little about, do some basic research. Every generation has their issues to bear. To try to make this current generation martyrs is not a good strategy.

Those weren't the boomers, those were the boomer's parents.

Bill Robertson
11-18-2022, 01:51 PM
Those weren't the boomers, those were the boomer's parents.
You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

gjl
11-18-2022, 02:06 PM
You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

Boomer here too. My father was also on a B17 in England. Flew 35 missions over Germany as a Bombardier. They saw horrible death and destruction around them daily. They would lose buddies they just ate breakfast with every mission. And when it was over they came back and just resumed their lives. They were the greatest generation. And I wouldn't trade the times I grew up in with any other times since then.

GoGators
11-18-2022, 02:14 PM
You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

Truly the greatest generation.

OKCRealtor
11-18-2022, 04:36 PM
I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

GoGators
11-18-2022, 06:51 PM
I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

Again, there are just as many people now who are more than willing to start out reasonably and sacrifice now as there ever was. This concept hasn’t gone extinct in the last 10 years.

PoliSciGuy
11-19-2022, 10:28 AM
I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

Your whole path to home ownership and upward mobility started thanks to the first time homebuyer credit, a program that is no longer available. Furthermore, since 2008-2009, house prices in OKC have gone up significantly. Since 2012 for example, the median home price in the OKC metro has gone up a whopping $100,000 (https://kfor.com/news/local/starter-homes-are-hard-to-come-by-in-oklahoma-city), while wages for 25-34 year olds have stayed relatively stagnant.

Again, this isn't a case of the younger generation lacking a will to be "reasonable" and sacrifice, it's that even in just a decade our economy has changed significantly in ways that make it a lot harder to buy a house at a young age, even in "affordable" places like OKC. It's really unbecoming to talk down about younger folks for not trying hard enough when they lack the opportunities and circumstances that you did.

OKCRealtor
11-19-2022, 10:51 AM
Your whole path to home ownership and upward mobility started thanks to the first time homebuyer credit, a program that is no longer available. Furthermore, since 2008-2009, house prices in OKC have gone up significantly. Since 2012 for example, the median home price in the OKC metro has gone up a whopping $100,000 (https://kfor.com/news/local/starter-homes-are-hard-to-come-by-in-oklahoma-city), while wages for 25-34 year olds have stayed relatively stagnant.

Again, this isn't a case of the younger generation lacking a will to be "reasonable" and sacrifice, it's that even in just a decade our economy has changed significantly in ways that make it a lot harder to buy a house at a young age, even in "affordable" places like OKC. It's really unbecoming to talk down about younger folks for not trying hard enough when they lack the opportunities and circumstances that you did.

My path to home ownership started by saving money waiting tables through college, not the stimulus. I simply seized the opportunity. I was going to buy the house with or without the stimulus, and it was a credit after the fact once taxes were filed for the year. I had no help getting into the house, saved my first year out of school for the downpayment and really sacrificed to make it happen. I'm only in my 30's still and the market hasn't changed that much. In fact interest rates have been much lower since then until just recently and I'd actually argue it was a better time in the years after I bought my house for first time buyers.

There are simply less of the younger generation placing a priority on doing so. Being in the industry I experience it first hand all the time. I have had some younger clients like myself- early 20's, not making much money, but have the right mindset with their money and willing to sacrifice to make it happen. Not the norm, however. First time buyers can get downpayment assistance and often times get in with little to no money down. I needed about $10k at the time which I saved relatively quickly hustling waiting tables & then managing a restaurant. Not a lot of 20 year olds willing to do that. There is nothing I've done that young people today still can't.

Richard at Remax
11-19-2022, 12:58 PM
It's no surprise at the rental spikes because over the last year or so many out of state companies bought homes here and are turning around and renting them. Also take into the fact that many people couldn't afford to buy homes so the rental rates increased because supply decreased.

PoliSciGuy
11-19-2022, 01:49 PM
Yep, that's definitely one of the many trends that make it harder for young people today to buy a house compared to a decade or so ago

Bill Robertson
11-19-2022, 03:13 PM
My path to home ownership started by saving money waiting tables through college, not the stimulus. I simply seized the opportunity. I was going to buy the house with or without the stimulus, and it was a credit after the fact once taxes were filed for the year. I had no help getting into the house, saved my first year out of school for the downpayment and really sacrificed to make it happen. I'm only in my 30's still and the market hasn't changed that much. In fact interest rates have been much lower since then until just recently and I'd actually argue it was a better time in the years after I bought my house for first time buyers.

There are simply less of the younger generation placing a priority on doing so. Being in the industry I experience it first hand all the time. I have had some younger clients like myself- early 20's, not making much money, but have the right mindset with their money and willing to sacrifice to make it happen. Not the norm, however. First time buyers can get downpayment assistance and often times get in with little to no money down. I needed about $10k at the time which I saved relatively quickly hustling waiting tables & then managing a restaurant. Not a lot of 20 year olds willing to do that. There is nothing I've done that young people today still can't.I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week or not having a newer Acura, Lexus or higher end Honda or Toyota in order to save for a house.

Ryan
11-19-2022, 03:19 PM
I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week or not having a newer Acura, Lexus or higher end Honda or Toyota in order to save for a house.
This is a trap. Sounds like an angry older guy that thinks he’s had it harder than everyone else in the world.

Bill Robertson
11-19-2022, 03:22 PM
If you're insinuating that I'm an angry old man that thinks I had it hard you could not possibly be more wrong. I've been very good at what I do since school and been in the right place at the right time very many times. I've had a pretty easy time of life. My observations are simply observations.

Ryan
11-19-2022, 03:34 PM
I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week. Not having a newer Acura, Lexus or higher end Honda or Toyota, etc. And won't stop taking trips to who knows where in order to save for a house. Then they whine incessantly that houses aren't affordable to average people.
On the other hand I have an employee that works at our site during the day and has another part time job at a hospital. Skimped on lots of things for a couple years and bought a nice house a couple years ago.
Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hateful

Bill Robertson
11-19-2022, 03:45 PM
Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hatefulIt's a she and she makes about $24 an hour plus insurance allowances.
A specific example of what I'm saying is a bartender I know very well that makes around $1200 a week working at two very busy places. She drives a Lexus, spends tons on clothes, hair, nails, vacations, etc. and then complains that her and her boyfriend can't afford a house. And she's one of a handful that I hear the same stories from. I like all of them very much. There's nothing at all hateful in my observations..

Ryan
11-19-2022, 03:53 PM
It's a she and she makes about $24 an hour plus insurance allowances.
A specific example of what I'm saying is a bartender I know very well that makes around $1200 a week working at two very busy places. She drives a Lexus, spends tons on clothes, hair, nails, vacations, etc. and then complains that her and her boyfriend can't afford a house. And she's one of a handful that I hear the same stories from. I like all of them very much. There's nothing at all hateful in my objections.

Bill today’s youth have a legit complaint. The last housing crisis created a supply issue that we’re dealing with. 25 year olds are not able to pay $2500-$3500 monthly for a mortgage. Look not a week goes by I don’t regret being a realtor. I’m looking at a house in wilemans that sold for under 2 less than 3 years that’s on sale for 325 now. No updates and a garage washer dryer.

OKCRealtor
11-19-2022, 03:58 PM
Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hateful

No, the average 20's something isn't staring down buying a 325-450k thousand dollar house. That's what a 2500-3500/mo mortgage payment gets you with current rates and the minimum 3.5% down. However if that is the expectation for 1st time buyers then we've identified at least part of the problem.

Bill Robertson
11-19-2022, 04:09 PM
No, the average 20's something isn't staring down buying a 325-450k thousand dollar house. That's what a 2500-3500/mo mortgage payment gets you with current rates and the minimum 3.5% down. However if that is the expectation for 1st time buyers then we've identified at least part of the problem.
Exactly. Those aren't first homes material. Our neighborhood is 1400 to 2000 sq ft 3 or 4 bed, 2 to 2 1/2 bath houses that even in this inflated market are selling from 160-240k. A 325-450k house is a nice house.

Ryan
11-19-2022, 04:13 PM
Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic

PoliSciGuy
11-19-2022, 04:15 PM
Those anecdotes are neat an all, but numerous studies show that Millennials (who are now 25-40) have significantly less wealth at this age than previous generations at this current age:

https://www.businessinsider.com/millennials-less-wealth-net-worth-compared-to-boomers-2019-12

https://www.businessinsider.com/millennials-highest-earning-generation-less-wealthy-boomers-2021-9

https://www.stlouisfed.org/institute-for-economic-equity/the-real-state-of-family-wealth/generational-and-age-household-wealth-trends-and-wealth-inequality

Bill Robertson
11-19-2022, 04:24 PM
Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic
I completely agree that this market, which somehow started with COVID, is insane and unrealistic. Young people who really are determined to get a house but can't because of this insane market have all the credit from me that could be given.

OKCRealtor
11-19-2022, 04:32 PM
Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic

Based on this example that same $150k house 4 years ago would probably cost roughly $500/mo more now given current prices + rates. However, that same house could have actually been bought for a cheaper monthly payment when rates were at record lows the last 2 1/2 years than what it cost 4 years ago. Things are still normalizing from the Covid market and it should get cheaper & easier when rates come back down before too long.

gjl
11-19-2022, 07:53 PM
This house close to me sold for 155K 2 years ago when interest rates were 3%. Easily affordable as a starter home for a first time home buyer. In fact a first time home buyer bought it. And it's a family with 2 small children and one person income earner.

https://www.realtor.com/realestateandhomes-detail/5305-NW-42nd-St_Warr-Acres_OK_73122_M70174-27596

ChrisHayes
11-19-2022, 08:08 PM
This house close to me sold for 155K 2 years ago when interest rates were 3%. Easily affordable as a starter home for a first time home buyer. In fact a first time home buyer bought it. And it's a family with 2 small children and one person income earner.

https://www.realtor.com/realestateandhomes-detail/5305-NW-42nd-St_Warr-Acres_OK_73122_M70174-27596

I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.

Ryan
11-19-2022, 10:40 PM
[QUOTE=ChrisHayes;1218245]I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.
I lived blocks from here at some apartments several years ago. same problem as the house im currently in on 62nd street. I got robbed. I don’t like getting robbed. I mean I don’t know if this specific house has been robbed but I’d be curious to look it up I bet a similar property in a safer neighborhood might have accrued a value that just might be out of reach for most in this town

Teo9969
11-19-2022, 10:59 PM
https://www.zillow.com/homedetails/3022-NW-48th-St-Oklahoma-City-OK-73112/21857455_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

I think to the point: this is definitely an affordable home that sold this month. A single individual making $50k-$55k is only putting 30% of their monthly pre-tax budget in this.

Definitely understand that $50k is not something the vast majority are making, but it's also not Top 25% income either. More importantly, it's incredibly affordable for a couple where all of the sudden a vast majority of people could get in on that at a very tenable percentage of income.

I do absolutely see the plight of millennials, being one myself, and it probably is harder than it was for Boomers in large part due to student debt, but that probably only marginally applies to Oklahoma City. Places like Denver or Seattle, truly a different picture.

I would also say to the point of affordability that home improvement is not rocket science. If you buy the linked home, you obviously are going to want/need to do some updating in the long run. So figure out what you want to fix and then go work weekends for someone who does something you would like done to your home to learn the basics of a trade. Yeah, you shouldn't try to rewire or replumb your house, but drywall, flooring, tile work, painting, basic trim work, landscaping, fixtures, insulation...these are not things that take years to learn how to do (mastery is another question) and they can really improve the feel.of your home. You may not do the very best job, but you can pay the people to do the very best job later in life if you've reaped the benefits of home ownership before your 40s.

Ryan
11-20-2022, 12:06 AM
[QUOTE=ChrisHayes;1218245]I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.[/I lived blocks from here at some apartments several years ago. same problem as the house im currently in on 62nd street. I got robbed. I donÂ’t like getting robbed. I mean I donÂ’t know if this specific house has been robbed but IÂ’d be curious to look it up
I have many clinical students that are just starting out most under 25 gambling on themselves with 7% student loans that compound as well as accrue interest. but sometimes itÂ’s hard to not just say everything the boomer generation says about what the millennial/gen z experience is now is not just complete BS. Why are we listening to 70 year olds tell us about what the life experience is for a 30 year old. Especially when they say a majority(not all, we all know a good one or two or grandchildren) are bums

Plutonic Panda
12-02-2022, 02:53 AM
4.2% sales growth expected for 2023:

https://journalrecord.com/2022/11/30/okc-real-estate-market-growth-projected-in-2023/

OKCRealtor
12-02-2022, 08:02 AM
4.2% sales growth expected for 2023:

https://journalrecord.com/2022/11/30/okc-real-estate-market-growth-projected-in-2023/

I would think sales would be up a little compared to this year as people have reset expectations and adjusted.

2.6% price increased there forecasted- that's probably the more critical point and more normal based on historical standards. For all the folks waiting for prices to fall, it is still the cheapest time to buy.

Plutonic Panda
12-02-2022, 08:31 AM
I would think sales would be up a little compared to this year as people have reset expectations and adjusted.

2.6% price increased there forecasted- that's probably the more critical point and more normal based on historical standards. For all the folks waiting for prices to fall, it is still the cheapest time to buy.


I’m considering purchasing my first home in OKC next year. I’m debating between that, Moab, Boulder City, or Page.

Pete
06-18-2023, 10:17 AM
http://www.okctalk.com/images/pete/housing061823a.jpg

jn1780
06-18-2023, 12:29 PM
I saw this last week. https://www.google.com/amp/s/www.koco.com/amp/article/oklahoma-edmond-average-home-price-buy-rent/44158769

Just the facts
06-18-2023, 11:27 PM
It is all part of The Big Sort. We sold our house last year to a couple from Statin Island who paid several hundred thousand more than it was worth, but they had the money because they sold their Statin Island home for a million dollar profit. Prices are dropping here and the house is already worth less than what they paid for it. They better like it because they are going to be stuck in it for a long time. That story is repeated all over Florida.

OKCRealtor
06-19-2023, 09:16 AM
I saw this last week. https://www.google.com/amp/s/www.koco.com/amp/article/oklahoma-edmond-average-home-price-buy-rent/44158769

Yet homes are still flying off the market with multiple offers even in higher price ranges, I had cash clients get beat in Deer Creek over the weekend and then again in another location the next day.

OkieinGeorgia
06-19-2023, 11:45 AM
Yet homes are still flying off the market with multiple offers even in higher price ranges, I had cash clients get beat in Deer Creek over the weekend and then again in another location the next day.

We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

OKCRealtor
06-19-2023, 01:17 PM
We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

Yea some things are sitting for a little while too, it just depends. Pricing is definitely more critical now. Not everything is just flying off the market like it was but it's still a pretty hot market compared to pre-pandemic.

Plutonic Panda
06-20-2023, 04:08 PM
From the Journal Record:

https://journalrecord.com/2023/06/16/home-values-rise-in-okc-nationwide-despite-market-pressures/

jn1780
06-20-2023, 04:23 PM
We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

Harder for a Californian to turn that into a rent house....

I get calls, texts, and flyers all the time to sell my house. Nothing special about my neighborhood, but it would make a great rent house.

April in the Plaza
06-20-2023, 05:33 PM
We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

How updated is it?

Plutonic Panda
06-30-2023, 05:15 PM
OKC made the list in the top 10 cities for real estate development: https://www.velocityokc.com/blog/development/oklahoma-city-makes-list-of-10-best-cities-for-real-estate-development/?back=super_blog

OkieinGeorgia
06-30-2023, 10:38 PM
How updated is it?

Built in 2012. Turnkey. On a green at Golf Club of Edmond (used to be Fairfax).

https://www.zillow.com/homedetails/2917-Saint-Fergus-Dr-Edmond-OK-73034/104360226_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare