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.

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.

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.

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 ..

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.

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.

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.

^

Do those active listing numbers include homes under contract?

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

^

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

I'll leave this here too. A tad self serving but true :) https://www.oklahoman.com/restricted/?return=https%3A%2F%2Fwww.oklahoman.com%2Fstory%2F business%2F2022%2F05%2F13%2Fselling-home-on-opendoor-without-realtor-could-cost-more-zillow-oklahoma-city%2F7414097001%2F

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

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.

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%.

+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 fiancé'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.

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

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

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.

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.

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.

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?

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.

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.

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.

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

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.

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.

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.

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

https://i.imgur.com/BGOzQUr.jpg

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

https://www.oklahoman.com/story/business/2022/05/20/high-rise-tower-envisioned-downtown-okc-apartments-real-estate/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.

https://www.oklahoman.com/story/business/2022/05/20/high-rise-tower-envisioned-downtown-okc-apartments-real-estate/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

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.

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 (https://www.okctalk.com/showthread.php?t=45479&p=1097283#post1097283).

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.

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.

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/600-NW-31st-St-Oklahoma-City-OK-73118/21848513_zpid/

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/600-NW-31st-St-Oklahoma-City-OK-73118/21848513_zpid/

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

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

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

$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

$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.

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/600-NW-31st-St-Oklahoma-City-OK-73118/21848513_zpid/

And now it is listed as pending....

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

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/600-NW-31st-St-Oklahoma-City-OK-73118/21848513_zpid/

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

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!

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.

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.

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 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.

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 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?

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.

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

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.

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.

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?

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

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?

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!

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.

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.

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.

$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.

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.