Housing Market in OKC

[Martin]

EDIT: nevermind! i was too slow on the draw... would've never found that as it doesn't register as "ultra modern" to me. : )

perhaps one of these? is this at least the style you're describing?

2737 Guilford Ln, Oklahoma City, OK 73120 | Zillow

7609 Dorset Dr, Nichols Hills, OK 73116 | Zillow

[bombermwc]

Homes like that show that if you get greedy in the market, you still won't make the sale. And even Nichols Hills in this market, nope. Too much.

I was originally looking to buy right now, but the market is too high for me to want to purchase pre-owned, so I got in before the lumber went up and went with building instead.

Our home sold in 3 days at above asking. It's nuts. I never would have thought about a home selling in that short of a time. I have seen homes in my neighborhood go like that over the last few years, but it doesn't sink in until it's you.

Contrast that with some other places. Take this one for example: https://www.zillow.com/homedetails/2...69084726_zpid/
It was on radar at least when we first started looking to buy. But the owner posted this thing for something like 600k. Yes it has land, yes its in good condition. But NOTHING anywhere near it is going for anything close to that. They gave up after a few months (which if you haven't sold in a few months in this market, it tells you that it's overpriced by a LOT). Then they decided to flip to renting. 3800 a month....nope. No one is going to take that either.....and haven't. This is the type of greedy that happens when you're trying to re-coupe a bad investment and you can't suck it up that you overpaid and now are going to lose your shirt on it. Yes the market is crazy right now. But people wont do just anything when there are other options around. You still have to be fair on your posting price.

[Richard at Remax]

Homes like that show that if you get greedy in the market, you still won't make the sale. And even Nichols Hills in this market, nope. Too much.

I was originally looking to buy right now, but the market is too high for me to want to purchase pre-owned, so I got in before the lumber went up and went with building instead.

Our home sold in 3 days at above asking. It's nuts. I never would have thought about a home selling in that short of a time. I have seen homes in my neighborhood go like that over the last few years, but it doesn't sink in until it's you.

Contrast that with some other places. Take this one for example: https://www.zillow.com/homedetails/2...69084726_zpid/
It was on radar at least when we first started looking to buy. But the owner posted this thing for something like 600k. Yes it has land, yes its in good condition. But NOTHING anywhere near it is going for anything close to that. They gave up after a few months (which if you haven't sold in a few months in this market, it tells you that it's overpriced by a LOT). Then they decided to flip to renting. 3800 a month....nope. No one is going to take that either.....and haven't. This is the type of greedy that happens when you're trying to re-coupe a bad investment and you can't suck it up that you overpaid and now are going to lose your shirt on it. Yes the market is crazy right now. But people wont do just anything when there are other options around. You still have to be fair on your posting price.

MLS says it sold March 29th, 2021 for $455K. 4 days later it was posted for lease at $3800/month.

[bombermwc]

Well looks like they had to bring it down over 100k to sell it then. 455 seems a reasonable offer for that property, at least to me.

[josh]

Here’s a recent list of the top 50 housing markets.


Dallas was number 1.

My home of San Antonio was number 6.

Oklahoma City was 33.

[kzizok]

^
To be fair, that is for the hottest markets for home building, and the top builders in each, not for the housing market in general.

[josh]

^
To be fair, that is for the hottest markets for home building, and the top builders in each, not for the housing market in general.

That is correct. I should have elaborated and put that in the post.

[SoonerDave]

There are increasing signs the market is slowing down. I've seen several homes pop up on my various realtor sites reflecting $5k drops in price and several days on market. Also, an NYTimes article reported some strong leading indicators that material prices, especially wood, are starting to fall fairly quickly. My son's realtor told him his own home inspector is no longer needing a 14-day notice to book inspections and is fairly readily available now. Expectation from what I'm reading now is that greater OKC home prices in general will be easing in the fall.

[jn1780]

The FED just spoked the market a little bit.

https://www.cnbc.com/2021/06/17/mort...-comments.html

[Plutonic Panda]

405 Mag article talking about real estate in OKC: https://www.405magazine.com/comparin...dable-housing/

[Pete]

In the square mile that is my neighborhood (bounded by NW Expressway, I-44, May and Penn) houses continue to get snapped up within days of hitting the market. Currently, there are zero houses for sale, other than a handful with pending contracts. This is the first time that has been the case in my 5 years here. At the same time, I see about 5-6 homes that look like they are in the process of getting flipped; fully remodeled homes go extra fast. There has also been a handful of new construction (the dreaded 'snout homes') scattered around.

I suspect due to the threat of higher interest rates and the choke on materials that has limited new housing starts, this spring and summer will be a very aggressive seller's market.

Beyond that is anyone's guess but for anyone worried about a bubble, real estate always, always goes up in the longer term regardless of short-term fluctuations. As long as you are not looking to jump in and out, you really can't go wrong. The same is true with the stock market.

[okatty]

This may be a bit off topic as it is not specifically about OKC but the general concept applies, and I thought was a pretty interesting watch.

https://www.cbsnews.com/news/rising-...tes-2022-03-20

[Pete]

This may be a bit off topic as it is not specifically about OKC but the general concept applies, and I thought was a pretty interesting watch.

https://www.cbsnews.com/news/rising-...tes-2022-03-20

The generation that is not long out of college will be the first to not live significantly better than the previous generation in a very long time -- probably ever in the U.S.

I did a study of my high school graduating class (1978) and since I had kept the address for everyone when we were in school and also know where they now live (I keep our class database of almost 1,000 people) and determined that in one generation, the increase in square footage per person in the household was more than a multiple of 4.

This group was from Putnam City HS at a time when that area of town was very much like the nicer parts of Edmond; generally upper-middle class. Then, families were bigger and houses were considerably smaller. And when I say smaller, even among big families with professional parents (which was most of my class) it was extremely rare to see a house over 2,000 SF. In my case, we had 7 living under one roof of about 1,500 SF. And our house was a little larger than most. Then I compared to where my parents grew up (also 7 but in a much smaller space) and on and on as you go back through generations.

Obviously, this trend (4X the SF per person in one generation) could not continue and has now started to reverse. And there are lots of bigger cities where buying any sort of home is out of reach for the majority of the population, especially young adults.

[okatty]

^ My daughter lives in Austin. She is a few years out of college and has a very good job in the tech industry. She has virtually zero chance of buying a home there for the foreseeable future.

[Pete]

^ My daughter lives in Austin. She is a few years out of college and has a very good job in the tech industry. She has virtually zero chance of buying a home there for the foreseeable future.

This is why every 5-10 years there is a new boom city with pull for those who get tired of the traffic, expense and hassle of the previous boom cities.

L.A. was the place in the '50s, '60s and '70s, then it was Phoenix, Seattle, Portland, Denver, Nashville, Charlotte, Atlanta, Dallas, Houston, Austin and Las Vegas.

The interesting question is "where next"? Cold-weather cities have largely missed out on this trend. I've said for a long time that OKC is very well positioned. Also, I think it's just a matter of time before Albuquerque becomes red-hot.

[sooner88]

This is why every 5-10 years there is a new boom city with pull for those who get tired of the traffic, expense and hassle of the previous boom cities.

L.A. was the place in the '50s, '60s and '70s, then it was Phoenix, Seattle, Portland, Denver, Nashville, Charlotte, Atlanta, Dallas, Houston, Austin and Las Vegas.

The interesting question is "where next"? Cold-weather cities have largely missed out on this trend. I've said for a long time that OKC is very well positioned. Also, I think it's just a matter of time before Albuquerque becomes red-hot.

Tampa has to be the hottest market in the US at this point, if not very close.

With the amenities that have been added or are in process in OKC (let alone the pipeline of future growth) coupled with our cost of living, it seems like a matter of time that the growth from Texas bleeds over to us... and that is already happening to an extent. I'm not sure if we could ever get this passed, but eliminating the State income tax would go a long ways to attracting newcomers to the State and City.

[Pete]

Tampa has to be the hottest market in the US at this point, if not very close.

I should have included almost all of Florida, especially Tampa and the Orlando area.

[FighttheGoodFight]

North Carolina is only going to keep growing as well. The tech companies creating their tech triangles will draw jobs.

[Bill Robertson]

In the square mile that is my neighborhood (bounded by NW Expressway, I-44, May and Penn) houses continue to get snapped up within days of hitting the market. Currently, there are zero houses for sale, other than a handful with pending contracts. This is the first time that has been the case in my 5 years here. At the same time, I see about 5-6 homes that look like they are in the process of getting flipped; fully remodeled homes go extra fast. There has also been a handful of new construction (the dreaded 'snout homes') scattered around.

I suspect due to the threat of higher interest rates and the choke on materials that has limited new housing starts, this spring and summer will be a very aggressive seller's market.

Beyond that is anyone's guess but for anyone worried about a bubble, real estate always, always goes up in the longer term regardless of short-term fluctuations. As long as you are not looking to jump in and out, you really can't go wrong. The same is true with the stock market.

Interesting. Our area, Council to Rockwell, Britton to Hefner was "sign up, sold sign, people moving, sign gone" for months. Now there are a handful of houses that have been for sale for a few weeks.

[OKC Guy]

^^^

I think we at start of eventual slowdown. Slow doesn’t mean bad so its really a matter of how inflation starts to eat away at spending. Houses is a big spend and if other cost erode income that might be on buyers radar eventually. Job market is great but inflation is a killer.



Inflation tax

[shartel_ave]

This is why every 5-10 years there is a new boom city with pull for those who get tired of the traffic, expense and hassle of the previous boom cities.

L.A. was the place in the '50s, '60s and '70s, then it was Phoenix, Seattle, Portland, Denver, Nashville, Charlotte, Atlanta, Dallas, Houston, Austin and Las Vegas.

The interesting question is "where next"? Cold-weather cities have largely missed out on this trend. I've said for a long time that OKC is very well positioned. Also, I think it's just a matter of time before Albuquerque becomes red-hot.

Phoenix, Seattle, Charlotte, Dallas, Houston, Austin and Denver are still booming as they are in the list of only 14 cities to gain 100k+ people in the last census as well as Fort Worth, Columbus, OKC, Jacksonville, NYC, LA, and San Antonio....Texas is a boom state and I'm guessing that is helping OKC plus everything OKC is doing to better this great city.

[Pete]

^

Yes, still booming but their success also means a decent amount of the population is tired of the traffic and expense.

I lived in L.A. for 25 years while it was booming, yet lots of people left in search of a better quality of life. Just a small percentage of a big city is a lot of people.

[shartel_ave]

I understand that and never thought of it that way.

I think you are saying that places like LA and NYC are so big in population that people are now moving away from those cities to other cities like OKC etc, am I close?

[Pete]

^

The bigger a city gets, the more people there will be looking for a place with a slower, less expensive lifestyle. But they also continue to attract people who love high energy and density, especially those younger.

OKC has a long way to go before it starts attracting a good chunk of people from other cities. I know we have improved, but nowhere close to most cities in Texas or any of the others I listed.

Most of the people I know here either grew up in OKC or moved in from smaller towns in the state. The latter isn't discussed much, but I'd say that accounts for at least half the people I've met since moving back.

[FighttheGoodFight]

Maybe Oklahoma can leech off the Texas people who get priced out of Texas and want something cheaper?