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

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.

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.

What is days on market looking like?

The signs in my neighborhood are starting to linger.

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.

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?

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.

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...

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.

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.

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.

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

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

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.

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 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.

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

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.

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.

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.

^

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.

There are 2 houses within a couple blocks of mine that have had signs for a couple months. That wasn't happening last year.

It's bad out there folks. Buckle up for the next few months

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.

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?

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.

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.

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?

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.

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.

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?

I’m In the same boat. I’ll pay off my current mortgage in the next 3 months and I’m on the watch for an upgrade. Not necessarily have to move but if prices come down, I’ll make a move as I’d rather get it at a lower price. The rate doesn’t bother me too much. Like you said it can be refinanced later or I probably will pay it off over a short time anyway.

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...

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.

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?

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.

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

A distant, weaker cousin of ManBearPig

Dunno, I'd think Bull would beat Man or Pig.........

Had some clients get 5.75% today for a 30 year. So some good news

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?

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.

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.

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.

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.

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.

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.

The number of houses for sale in and around my neighborhood has really dropped over the last few months.

I know part of that is due to the time of year when fewer homes are put on the market, but I've also noticed that most are selling pretty quickly.


This spring and summer will be very interesting to watch. It seems interest rates have stabilized; we'll soon see how that affects sales and prices and may provide a good indicator or the longer-term trend.

The number of houses for sale in and around my neighborhood has really dropped over the last few months.

I know part of that is due to the time of year when fewer homes are put on the market, but I've also noticed that most are selling pretty quickly.


This spring and summer will be very interesting to watch. It seems interest rates have stabilized; we'll soon see how that affects sales and prices and may provide a good indicator or the longer-term trend.

Noticing the same. We have friends looking to buy and they are just renting to wait it out a bit. I think we will see how it is all doing come Spring. But there is still a low supply of homes at least in Norman.

The market is doing better here than what a lot of people probably think. I've personally had a hot start to the year as well as my team- ahead of last year at this time and the market was still screaming then. I think it's pretty likely that OKC sees a small amount of growth in terms of sales and prices this year with the exception of the luxury market. Should rates go back the other way next year it could get hot again quickly.

The market is doing better here than what a lot of people probably think. I've personally had a hot start to the year as well as my team- ahead of last year at this time and the market was still screaming then. I think it's pretty likely that OKC sees a small amount of growth in terms of sales and prices this year with the exception of the luxury market. Should rates go back the other way next year it could get hot again quickly.

I’ll say from my neighborhood this appears to be true. While they don’t sell same day listed like they were a few months ago.
There have been three houses go for sale. Two sold within 2 weeks.
1 remains on market for 3 months but has horrible pictures of the property and does not look visually pleasing if you find it online.

In the last 7 days, 488 new listings, 649 listings went Pending.

Currently, 4615 active listing in MLS, 2671 that are pending. These numbers have been slowing coming together for the past month or so.

It's not as dire as people think out there. Rates has pumped the breaks on the craziness that was last summer but it's still pretty strong out there.

Interestingly, prices have pretty much held ($/SF in my area) since the big interest rate increases.

That's a very good indication that appreciation is going to start ramping up again and if rates drop, I bet we see another frenzy.

OKC might be a little different....for now, but the Fed is nowhere close to halting interest rate hikes (for a number of reasons).

We sold our house in Jax last year as part of our plan to find a permanent City to call home. In the past 4 years we have visited 32 states in our search and have narrowed it down to 3 cities...so far. In 2 of those 3 cities housing prices are declining, and in one of those the decline is significant and accelerating.

We also have taken note that several of the cities are cracking down on illegal short-term rentals which will put more inventory on the market and drive prices down more.

OKC might be a little different....for now, but the Fed is nowhere close to halting interest rate hikes (for a number of reasons).

We sold our house in Jax last year as part of our plan to find a permanent City to call home. In the past 4 years we have visited 32 states in our search and have narrowed it down to 3 cities...so far. In 2 of those 3 cities housing prices are declining, and in one of those the decline is significant and accelerating.

We also have taken note that several of the cities are cracking down on illegal short-term rentals which will put more inventory on the market and drive prices down more.

What are the 'number of reasons' ? And how do you know when the Fed will stop? The Fed doesn't even know what the rates will be in 12 months. Back in 2021 the Fed had projections of under 2% by 2023. Things change all the time. They could cut, they could keep raising, or things could stay close to where they are. The Fed funds rate is around 4.75% currently and Fed officials have forecasted it from anywhere from 5 to 5.75% by the end of 2023.

I don't want to derail this Real Estate thread with an interest rate discussion. Is there a more relevant thread somewhere?

I thought there was general economy thread but I don't see one. Not sure where that discussion would go.

I don't want to derail this Real Estate thread with an interest rate discussion. Is there a more relevant thread somewhere?

I feel like interest rates are a pretty fair discussion in a real estate thread. I think the main rule of thumb is keep it about interest rates and how they may or may not affect the commercial and residential real estate markets in Oklahoma City.

And here's me watching this thread mainly so I know when to refinance lol

And here's me watching this thread mainly so I know when to refinance lol

Go back to 2020. I don't think I'll be beating my 2.75 in the future. I'm glad I got it done.

Rates have been shooting up last couple weeks after a few more hot inflation reports. It appears more likely than not we'll get a few more increases this year.

That said, primarily due to low inventory we are still seeing a lot of multiple offers on property. I am only 1/4 this week alone and have had a couple very aggressive cash buyers get beat. It's a shifty market for sure but I don't think prices or rates are going down meaningfully anytime soon.

Yeah I ain't got the 2.75. I don't expect it to go down soon (or that low again maybe ever?) but if/when it does I'd like to pounce on it.