OKC Real Estate Market

[OKCRealtor]

You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well. But believe me -they are moving in and a large portion of them are paying cash for their new house.

Yep, most would be surprised at the % of out of state buyers. I've done 3 deals just in the last month- 2 from CA and one from Seattle and have a number of other buyers looking to relocate here later this year.

[Pete]

Short-term fluctuations aside, In the mid- and longer-term housing prices always, always go up.


My house in California more than doubled in value in 10 years, even though I bought it in 2002 at what was then the highest $/sf in my neighborhood.

Due to the financial collapse in 2008, it did drop but by the time I sold it in 2015 it had more than regained all the previous value.

My house has gone up here in OKC about 40% in 5 years.


Like any investment (if you do consider your home an investment) jumping in and out and what gets you caught. Buying and holding real estate is pretty bulletproof (same is true with the stock market, BTW).

[TheTravellers]

...
My house has gone up here in OKC about 40% in 5 years.
...

What did you use to arrive at that? Actual appraisal, Zillow, ....?

[bucktalk]

Yep, most would be surprised at the % of out of state buyers. I've done 3 deals just in the last month- 2 from CA and one from Seattle and have a number of other buyers looking to relocate here later this year.

I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.

[Pete]

I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.

A few anecdotal incidences aside, Oklahoma doesn't get that many people moving here from out of state without family ties.

[Pete]

What did you use to arrive at that? Actual appraisal, Zillow, ....?

Recent appraisal as part of a re-fi.

[bucktalk]

A few anecdotal incidences aside, Oklahoma doesn't get that many people moving here from out of state without family ties.

Surprisingly, there have been several who don't have family here presently. But what they tell me is they lived here with a family as a child and wanted to return to where they were raised. Maybe it's more of a sentimental relocation process? Who knows?

[OkiePoke]

I'm curious where all these out-of-staters are working.

[Bill Robertson]

You are correct about a lot of people moving into the area. I work in the hospitality industry and can testify many, many people are relocating here for various reasons, from wanting to be in a red state to cheaper real estate prices and other reasons as well. But believe me -they are moving in and a large portion of them are paying cash for their new house.

While my ex and I were married her dad sold a house in Burbank that he had owned for years. Easily paid cash for a house in the high desert in Arizona for summers and a house near Galveston for winters.

[Celebrator]

I've talked with people from: Colorado, Ohio, Washington state, Connecticut and New York who, in the past 30 days, are all moving to OKC area. I find it surprising, in part, because you constantly hear of locals complain how embarrassing our state politics are and yet that perception doesn't seem to hinder people from moving here.

I know several who are moving here specifically for our state's politics. They have had it on the coasts and are specifically looking for a conservative place to live.

[Bowser214]

It would be nice if jobs were the reason people were moving here but the big corporate relocations seem to be to Dallas Austin Houston.

[FighttheGoodFight]

I mean, we will have census data this year. It will be pretty easy to tell if OK had a large amount of migration/population increase or not.

[C_M_25]

I want to buy a different house right now. With what houses are selling for per sq/ft, we would have a lot of equity available to us. However, there’s such limited inventory right now, and we really don’t want to settle for our next house. We want our next house to be THE house. I don’t want to be forced to settle. I also don’t really want to build right now as it seems like all builders are doing what they can to trim anything to offset the cost of lumber. That’s not a situation I want to be in.

I wonder if there is a point where building houses out of aluminum studs is more cost effective than lumber?

[Bill Robertson]

I want to buy a different house right now. With what houses are selling for per sq/ft, we would have a lot of equity available to us. However, there’s such limited inventory right now, and we really don’t want to settle for our next house. We want our next house to be THE house. I don’t want to be forced to settle. I also don’t really want to build right now as it seems like all builders are doing what they can to trim anything to offset the cost of lumber. That’s not a situation I want to be in.

I wonder if there is a point where building houses out of aluminum studs is more cost effective than lumber?

This might be one of those things I learn on here but I've never seen an aluminum stud. 1000s of galvanized steel. Steel framing isn't load bearing so the structure of the house has to be completely different. With the outside walls and possibly a few interior columns hidden or otherwise supporting the roof. I don't know at what point lumber would be expensive enough to offset the engineering of a metal stud house.

[Plutonic Panda]

I’ve often thought about using aluminum studs instead of lumber but it would be a pain mounting heavy objects like TVs on walls.

[FighttheGoodFight]

Construction costs in general are super wild right now. Bids have tripled since 2019. Doesn't look to be going down anytime soon.

[C_M_25]

This might be one of those things I learn on here but I've never seen an aluminum stud. 1000s of galvanized steel. Steel framing isn't load bearing so the structure of the house has to be completely different. With the outside walls and possibly a few interior columns hidden or otherwise supporting the roof. I don't know at what point lumber would be expensive enough to offset the engineering of a metal stud house.

In my limited days as a student apprentice working in a carpentry shop at OSU, we built quite a few walls out of aluminum studs. Hated them. They cut you. They would get super hot in the sun. Etc. Now, these aren’t load bearing walls by any means. During that same time, my step dad and I drove past a house that was built with metal studs. We watched it go up from slab to roof. It was pretty cool.

[Pete]

I had a horrible time finding a contractor to install a sliding door in my master bedroom.

Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.

The residential home construction biz right now is crazy busy.

[C_M_25]

I had a horrible time finding a contractor to install a sliding door in my master bedroom.

Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.

The residential home construction biz right now is crazy busy.

Agreed! I was looking a bit at the idea of remodeling our home and adding a second story, but I wouldn’t trust the contractors for quality work right now. They’re just so busy.

[Bill Robertson]

I’ve often thought about using aluminum studs instead of lumber but it would be a pain mounting heavy objects like TVs on walls.

There are sheetrock anchors that will hold a lot of weight. And TVs and such aren't trying to pull away from the wall. I also don't think you guys have ever seen an aluminum stud. Metal, oh hell yeah, but not aluminum.

[Bill Robertson]

I had a horrible time finding a contractor to install a sliding door in my master bedroom.

Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.

The residential home construction biz right now is crazy busy.

Commercial too. Trying to get projects done is a big PIA right now.

[mugofbeer]

I had a horrible time finding a contractor to install a sliding door in my master bedroom.

Once I found one, still had to wait a while and then deal with delays in scheduling sub-contractors.

The residential home construction biz right now is crazy busy.

Trying to convince a relative that the trades are the place to go to find a job right now. Just need the training.

[emtefury]

I have a friend who is retiring and moving out of state. He is looks to build and a builder he talked to will not quote a final price on the build due to lumber prices.

[oklip955]

Yep I understand. I had some projects scheduled with a friend who was a re modeler. Ok I was patient and waited, the day before he was to start, he had a major heart attack and had to get out of the business. Well 2 plus years I've been waiting on someone else to do the projects plus a detached 2 car garage. Still waiting and should me next on his list. No idea of the costs due to the lumber/material prices and sure hope I can still afford to do the work.

[Bill Robertson]

The fence installer told me he bought a few semi loads of lumber a few months ago and is installing at that price but when he has to buy more the price at todays cost would almost double. Steel fence posts are also about twice what they were last year.