OKC Real Estate Market

[OKCRealtor]

Yes Tik Tok is what it is (and I refuse to have one myself), but these are good very high level videos explaining why today's situation is "different." I can't find the best video I've seen that explains all the math at a pretty granular level (granted, I recognize this is all very high level and doesn't account for geography, etc.) but these do a decent job. Despite being a millennial, I historically agreed more with the POVs of some of what I'm assuming are members of older generations posting on here that it's largely a matter of prioritizing expenses and lifestyle, but my perspective has definitely changed. While, yes, it is possible for younger people to prioritize homeownership (and I'm in the privileged position to have done so), it is also true that it is materially harder for people of my generation to do so than in the past and the math bears this out (again, at a high level).

https://www.tiktok.com/@fmsmith319/v...377962?lang=en

https://www.tiktok.com/@fmsmith319/v...807790?lang=en

Millennials are 28-43 so I don't necessarily agree with that because things were pretty easy until 2-3 years ago so even mid-late 20 year olds had good opportunities. I'm also a millennial and for a decade we had arguably the easiest conditions to buy/own. No longer true after 2022 though to your point. We are at generationally low affordability since mid 22 and may not get much if any easier.

I would say it comes down to personal responsibility (or lack thereof). If you work hard and make good choices, you can own your own home. Yes, it may take some initial sacrifices, but it will be worth it long term.

100%

At any given point in time, it can be harder to buy a home, especially since we are coming off ridiculously low rates that lasted a long time.

Think 7% is high? Rates were at 10%+ from 1975 to 1990, and got as high as 18%.


It still doesn't change the fact that given any current economic situation, you have to save for a downpayment then be prepared to lower your expectations and put in some work so you can get your foot in the door, then all the various forces -- inflation, high rates, high home prices -- are canceled out because you are already in the market.

And if things in fact are increasingly hard on first-time homeowners, you can either complain or come up with a plan to get in ASAP because waiting on the sidelines always makes it worse.

So much this. I wish there was a way to make people understand that. Especially after the last few years, so many people chose to wait on conditions they were just certain would be more favorable only to now realize the very unfortunate reality.

There has been a lot of good information posted!

[Pete]

So much this. I wish there was a way to make people understand that. Especially after the last few years, so many people chose to wait on conditions they were just certain would be more favorable only to now realize the very unfortunate reality.

Show them this graph.

Prices do nothing but go up, with the only exception the once-in-a-lifetime 2008 mortgage mess. And even that didn't last long.

[OKCRealtor]

I probably should keep something like that in photo form I can easily message out or to include with a buyer presentation. Just like the stock market. It almost always seems the most expensive when you're buying unless it just happens to be one of the down turns and all the better if you can afford then but as you look back it was almost always the cheapest. The best time to buy was always a few years ago. As long as you stay in the market linearly for several years you'll be just fine & sometimes can turn around and make much quicker move ups that wouldn't have been possible before.