Oh yeah I was thinking BOK. My Bad.

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.

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

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.

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.

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.

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.

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...

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%.

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.

^

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.

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.

^

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.

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/714-NW-32nd-St-Oklahoma-City-OK-73118/21848502_zpid/

^

$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.

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

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.

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!

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.

https://journalrecord.com/2022/02/03/okc-office-market-shows-solid-performance/

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. #%+=!!!!!!

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.

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.

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.

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

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

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.

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.

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.

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.

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).

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

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

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

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.

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

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

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.

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?

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.

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!

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

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

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.

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?

I would! Or at least get an agent

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.

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.

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.

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....

^

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.

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.

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.

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.

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?

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

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.

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.

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?

^

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.

^

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 .