OKC Real Estate Market

[T. Jamison]

I'm not a Realtor, so I have no stake in the matter, but the MLS is much better than Zillow for renters as well. When looking for a rental, the property manager is a factor commonly overlooked. I have had terrible experiences with poor property management, and in the end I hated where I lived due to the management not the property. Using the MLS helps filter some of that out.

[AnguisHerba]

How does everyone feel about the 2018 residential real estate market vs. 2017? I'm thinking this is going to be the year I buy and I've been doing a lot of research on houses sold in the past year. Personally, I'm not expecting more than a 3% increase in urban core home prices vs. last year, but I want to know what more experienced people here might be feeling.

[Richard at Remax]

To me I think a lot of uncertainty (energy/economy/politics/ect) that we encountered in 2017 has somewhat dissipated. On paper everything seems to be ticking upwards. I always hesitate saying that something will definitely have an X % increase but if anything I would be shocked if the value of homes didn't trend upwards not just this coming year but for the next few. Would be a nice time to get in.

As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying >$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.

[Pete]

As for the CORE, to me I think the demand has somewhat fallen off. Things don't seem to be moving as fast as they were some time ago. Maybe people have decided that paying <$300/ft isn't the most economical when you can get more bang for your buck, even at ~$250/ft range. Very interesting to follow nonetheless.

But work has started on 3 different for-sale complexes this past year, all at quite high prices: 701 N. Hudson, the Broadway Condos and The Bower will break ground any day.

I know the first two had decent pre-sales... And The Hill continues to sell well and the Dwellings at SoSA are sold out I believe.

[Richard at Remax]

You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.

[Pete]

You are correct. I guess the perception I have is while there are still sales and desire, the demand (aka all these new builds completely sold out) seems to be ticking downwards. As in Days on Market is longer. I hope I am wrong though, I want these places to succeed.

Yes, there does seem to be a decent market for new-build condos in the core and of course all of those are the highest price per SF in all of OKC.

[Richard at Remax]

For anyone who is interested here is 6 month CMA of the Core. Only did active, pending, and sold properties. I did Classen east to I-235, then 10th south to I-40. Some pretty interesting numbers

[Pete]

^

Very interesting!

Thank you.

[LocoAko]

This may have been known to people more in-the-know with these things, but I hadn't realized our real estate prices in the core were growing THAT quickly.

http://newsok.com/article/5559095?ut...areBar-Twitter

"Cogan said no non-coastal city had seen a faster growing rental market between 2000 and 2015 than Oklahoma City, and that in just 15 years the current growth rate would put Oklahoma City's median rents to levels currently seen in Los Angeles and Austin."

[Pete]

I don't think rents will continue to climb and certainly nowhere near what they have done in the recent past.

You can already see they have leveled off and even come off recent highs.

[Bits_Of_Real_Panther]

The sale signs sit stagnant in my 'hood, but I attribute it to the time of the year first and the increased supply of sale signs second.

Waiting on the spring market to gauge strength/weakness, since it will tell the early tale of the market.

[stratosphere]

I was recently contemplating a move from OKC to Norman and found a house on the east side that i really loved. I made an offer and one thing that shocked me was the estimated $7k i would have to bring to closing, while it was only estimated, i couldn't believe it was that much. In 2005 when i bought my current home, i think i brought around $700 to closing when all was said and done. Can't recall if the seller paid any of my closing or not since it was 12.5 years ago. Anyway lucky for me my offer wasn't accepted and they sold the house to someone else. I am currently watching the market but no plans to list my home...interestingly enough my realtor wanted me to list my house but i don't want to do that unless i actually find a home i want to buy.

[Richard at Remax]

Closing costs are really out of control these days. A buyer I had recently did and FHA on a $150K and it was almost $8,000! It has become almost normal for buyers to ask ridiculous amounts from the sellers to go towards their closing costs. I educate my buyers that not only do the sellers have to pay both brokerage fees, they will most likely have to do some kind of repairs as well. Asking for absurd amounts can really sour a deal. Some of this is due to lenders dampening the initial shock value of closing estimates by saying something like "don't worry, you won't have to pay that much, the seller will cover it." Sellers are not obligated to pay for closing costs and some sellers see it as paying the buyer to move into their house. I am not against it, but I do think there should be some discretion.

That being said I had a past client wait until she found the home she wanted before putting hers on the market, against my recommendation. It ended up backfiring horribly on her.

I always suggest to put home on market when looking to move. There are plenty of companies who do bridge loans these days. I don't want them to miss out on their perfect house. You can't sell what's not for sale.

[stratosphere]

Part of my concern is we have inside pets and a very specific need in finding a new home, so if we put ours on the market and it sells and we can't find a new house then we are kind of screwed. Don't want to get rid of the pets and it is hard to find a place that will rent to inside pets (cats). Also i don't want to have to move twice. That said, i am thinking about staying put for the time being, there are just too things that could go wrong.

[bradh]

In talking to my realtor yesterday at our closing he said that the allure of Deer Creek schools has kinda wore off a bit, most people moving into the area are mostly requesting Edmond northern.

[oklip955]

Since you brought it up bradh, anyone know what the demand or request is for property east of I-35 in Edmond. Just wondering. I'm thinking there are a few realtors following this thread.

[Richard at Remax]

The demand is there. Ever since it was announced that the new high school was going to be out that way the new construction has gone way up. Add to the new businesses going in on I-35 and Covell, this might be the new hot spot over the next few years (suburbs wise)

[bradh]

yeah i think that area is going to blow up

worthy....you heard/felt the same about DC?

[Richard at Remax]

I think there is still some appeal. But from my observation the first time home buyers don't want to live out that direction though. I think there was a big push 5 years or so to get out there for the allure of better schools. Then people realized some of the best deals we're pretty far out and decided it wasn't worth the driving. I can only confirm this for myself because I have been working at Remax for 3 years now, and not one client has shown interest. Edmond is still king and a destination for buyers that want that lifestyle.

Let me run some numbers for deer creek over the last few years

[Richard at Remax]

OK I went back 5 years in MLS and did search for all SOLD homes in Deer Creek School district. MInd you this is very raw data. The only filtering I did was take out extremely low price per sqft (<$40/ft), which we're foreclosures, short sales, ect. From 2013-2014 there was a decent jump in both homes sold and price per sq ft. From then on it seems like the prices have overall leveled off (I usually focus on the median in such a large CMA) but home purchases are still ticking up. So to me that means there is still some demand, but prices have plateaued to an extent.

2013


2014


2015


2016


2017

[BlackmoreRulz]

What does the metro housing market look like these days? Has there been any uptick or is it still stagnant? Any expected change in the near future?

[Richard at Remax]

In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.

[PhiAlpha]

In the broadest stroke I can make it anything under $200K system wide, is a sellers market. $200K-$500K is a buyers market. Anything above that be prepared to be on the market for at least 3-6 months.

I would add that in the higher end historic districts, Nichols Hills, etc, that sellers market number increases to anything below $500k if the price per square foot lines up with the neighborhood average.

[kukblue1]

https://www.dakil.com/event/may-2019-real-estate Land is for sale

https://www.dakil.com/wp-content/upl...IBIT-Model.pdf So a mobile home park being built? Maybe some apartments? Is Melrose west of Council going to get finished? What is zoned r-4 would that be apartments.

[GoGators]

https://www.nytimes.com/interactive/...investors.html

This article says In 2018, 19% of single family homes purchased in OKC were by investors. Tied for 4th highest rate in the nation.

Could someone more knowledgeable on the subject help explain what this means? Is this generally a good or bad indication for the health of the local market?