Housing Market in OKC

[Bill Robertson]

Maybe just maybe the solution is for people to buy fixer upper homes in the inner city. There are plenty of affordable homes on the east side, south side and NW S. of 23rd and east of the fairgrounds. It might take some work but people could afford.

This actually reminded of an incredibly privileged friend of mind well she thinks she privileged but she isn't. She was basically complaining that she couldn't find a decently priced house in the suburbs when she did she would get out bid. The only places she could find a house was in poor neighborhoods.

So maybe the solution is two fold. Maybe there needs to be higher density housing in the inner city and people just starting out need to buy older homes. There may still be decent hud houses on the market.

Unless you or good friends/relatives can do the updates buying a fixer-upper can end up being very expensive. I don't know if HUD homes are still a thing. I looked at a bunch in '92 when I left wife #1. 90% of them needed work just to be livable. I did buy one but as I've said before I could do footings to the roof cap and everything in between.

[Rover]

Look all I’m saying is boomers inherited the greatest economy and job market ever to grace the planet since idk the Roman Empire. (Actually I don’t know that for fact) but I seriously have no time boomer arguments about paying their way through college and buying a home, starting a family at 23. That is not a plausible reality in the last 25 years

They didn't inherit it, they built it. They suffered a huge war that took 100's of thousands of boys away to fight that came back as men. They knew how to sacrifice and grow something. They sacrificed to put their kids through college without loans. Kids tended to work through college and took the jobs that were available to them. Some of us came out of school into horrible job markets ourselves.

Before comparing today against something in the past you apparently know little about, do some basic research. Every generation has their issues to bear. To try to make this current generation martyrs is not a good strategy.

[GoGators]

They didn't inherit it, they built it. They suffered a huge war that took 100's of thousands of boys away to fight that came back as men. They knew how to sacrifice and grow something. They sacrificed to put their kids through college without loans. Kids tended to work through college and took the jobs that were available to them. Some of us came out of school into horrible job markets ourselves.

Before comparing today against something in the past you apparently know little about, do some basic research. Every generation has their issues to bear. To try to make this current generation martyrs is not a good strategy.

Those weren't the boomers, those were the boomer's parents.

[Bill Robertson]

Those weren't the boomers, those were the boomer's parents.

You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

[gjl]

You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

Boomer here too. My father was also on a B17 in England. Flew 35 missions over Germany as a Bombardier. They saw horrible death and destruction around them daily. They would lose buddies they just ate breakfast with every mission. And when it was over they came back and just resumed their lives. They were the greatest generation. And I wouldn't trade the times I grew up in with any other times since then.

[GoGators]

You have a point. Boomers were born between 1946 and 1964. I'm a Boomer. My parents were the generation before. They had it much worse than I or the next generation did growing up. They were in the Depression. Dad spent two years as a belly gunner in a B-17 in Italy. Mom raised my oldest sister for three years without seeing dad but once or twice.

Truly the greatest generation.

[OKCRealtor]

I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

[GoGators]

I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

Again, there are just as many people now who are more than willing to start out reasonably and sacrifice now as there ever was. This concept hasn’t gone extinct in the last 10 years.

[PoliSciGuy]

I bought my first home at 24 just a year out of college. I was not making much money at the time and '08 - '09 was a very uncertain time. I took advantage of the $10k gov't stimulus for first time buyers and bought a house built in 1938 in the OKC core. Remodeled the kitchen & bathroom and also did some other things before we sold and along the way. Definitely sacrificed and house hacked it turning it ultimately into about a $75k profit.

We rolled that into our current home which we bought pre-pandemic and now have a significant amount of equity + cash from previous sale just as a result of buying young in early 2's. This exact same thing is still quite possible & affordable even for younger generation if they are smart with their money.

This was all years before I was in real estate and had what I do now. OKC is still very affordable in general there are just not as many people willing to start out reasonably and sacrifice.

Your whole path to home ownership and upward mobility started thanks to the first time homebuyer credit, a program that is no longer available. Furthermore, since 2008-2009, house prices in OKC have gone up significantly. Since 2012 for example, the median home price in the OKC metro has gone up a whopping $100,000 (https://kfor.com/news/local/starter-...-oklahoma-city), while wages for 25-34 year olds have stayed relatively stagnant.

Again, this isn't a case of the younger generation lacking a will to be "reasonable" and sacrifice, it's that even in just a decade our economy has changed significantly in ways that make it a lot harder to buy a house at a young age, even in "affordable" places like OKC. It's really unbecoming to talk down about younger folks for not trying hard enough when they lack the opportunities and circumstances that you did.

[OKCRealtor]

Your whole path to home ownership and upward mobility started thanks to the first time homebuyer credit, a program that is no longer available. Furthermore, since 2008-2009, house prices in OKC have gone up significantly. Since 2012 for example, the median home price in the OKC metro has gone up a whopping $100,000 (https://kfor.com/news/local/starter-...-oklahoma-city), while wages for 25-34 year olds have stayed relatively stagnant.

Again, this isn't a case of the younger generation lacking a will to be "reasonable" and sacrifice, it's that even in just a decade our economy has changed significantly in ways that make it a lot harder to buy a house at a young age, even in "affordable" places like OKC. It's really unbecoming to talk down about younger folks for not trying hard enough when they lack the opportunities and circumstances that you did.

My path to home ownership started by saving money waiting tables through college, not the stimulus. I simply seized the opportunity. I was going to buy the house with or without the stimulus, and it was a credit after the fact once taxes were filed for the year. I had no help getting into the house, saved my first year out of school for the downpayment and really sacrificed to make it happen. I'm only in my 30's still and the market hasn't changed that much. In fact interest rates have been much lower since then until just recently and I'd actually argue it was a better time in the years after I bought my house for first time buyers.

There are simply less of the younger generation placing a priority on doing so. Being in the industry I experience it first hand all the time. I have had some younger clients like myself- early 20's, not making much money, but have the right mindset with their money and willing to sacrifice to make it happen. Not the norm, however. First time buyers can get downpayment assistance and often times get in with little to no money down. I needed about $10k at the time which I saved relatively quickly hustling waiting tables & then managing a restaurant. Not a lot of 20 year olds willing to do that. There is nothing I've done that young people today still can't.

[Richard at Remax]

It's no surprise at the rental spikes because over the last year or so many out of state companies bought homes here and are turning around and renting them. Also take into the fact that many people couldn't afford to buy homes so the rental rates increased because supply decreased.

[PoliSciGuy]

Yep, that's definitely one of the many trends that make it harder for young people today to buy a house compared to a decade or so ago

[Bill Robertson]

My path to home ownership started by saving money waiting tables through college, not the stimulus. I simply seized the opportunity. I was going to buy the house with or without the stimulus, and it was a credit after the fact once taxes were filed for the year. I had no help getting into the house, saved my first year out of school for the downpayment and really sacrificed to make it happen. I'm only in my 30's still and the market hasn't changed that much. In fact interest rates have been much lower since then until just recently and I'd actually argue it was a better time in the years after I bought my house for first time buyers.

There are simply less of the younger generation placing a priority on doing so. Being in the industry I experience it first hand all the time. I have had some younger clients like myself- early 20's, not making much money, but have the right mindset with their money and willing to sacrifice to make it happen. Not the norm, however. First time buyers can get downpayment assistance and often times get in with little to no money down. I needed about $10k at the time which I saved relatively quickly hustling waiting tables & then managing a restaurant. Not a lot of 20 year olds willing to do that. There is nothing I've done that young people today still can't.

I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week or not having a newer Acura, Lexus or higher end Honda or Toyota in order to save for a house.

[Ryan]

I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week or not having a newer Acura, Lexus or higher end Honda or Toyota in order to save for a house.

This is a trap. Sounds like an angry older guy that thinks he’s had it harder than everyone else in the world.

[Bill Robertson]

If you're insinuating that I'm an angry old man that thinks I had it hard you could not possibly be more wrong. I've been very good at what I do since school and been in the right place at the right time very many times. I've had a pretty easy time of life. My observations are simply observations.

[Ryan]

I agree. I personally know of a handful of 20 somethings and 30 somethings that "really" want to buy a house. But they aren't willing to give up going out 5, 6 or 7 nights a week. Not having a newer Acura, Lexus or higher end Honda or Toyota, etc. And won't stop taking trips to who knows where in order to save for a house. Then they whine incessantly that houses aren't affordable to average people.
On the other hand I have an employee that works at our site during the day and has another part time job at a hospital. Skimped on lots of things for a couple years and bought a nice house a couple years ago.

Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hateful

[Bill Robertson]

Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hateful

It's a she and she makes about $24 an hour plus insurance allowances.
A specific example of what I'm saying is a bartender I know very well that makes around $1200 a week working at two very busy places. She drives a Lexus, spends tons on clothes, hair, nails, vacations, etc. and then complains that her and her boyfriend can't afford a house. And she's one of a handful that I hear the same stories from. I like all of them very much. There's nothing at all hateful in my observations..

[Ryan]

It's a she and she makes about $24 an hour plus insurance allowances.
A specific example of what I'm saying is a bartender I know very well that makes around $1200 a week working at two very busy places. She drives a Lexus, spends tons on clothes, hair, nails, vacations, etc. and then complains that her and her boyfriend can't afford a house. And she's one of a handful that I hear the same stories from. I like all of them very much. There's nothing at all hateful in my objections.

Bill today’s youth have a legit complaint. The last housing crisis created a supply issue that we’re dealing with. 25 year olds are not able to pay $2500-$3500 monthly for a mortgage. Look not a week goes by I don’t regret being a realtor. I’m looking at a house in wilemans that sold for under 2 less than 3 years that’s on sale for 325 now. No updates and a garage washer dryer.

[OKCRealtor]

Bill the average 20’s something is staring down the Barrel of a $2500-3500 mortgage payment. Or a $2000 rent payment. Saving for homes isn’t an option for young people. Your blanket disapproval isn’t warranted when homes were priced at $170 2 years ago and now the same homes are listing $320., but now the guy that works for you for low enough that he needs another job to make ends meet? This is the most stereotypical statement ever and it’s kind of entitled and hateful

No, the average 20's something isn't staring down buying a 325-450k thousand dollar house. That's what a 2500-3500/mo mortgage payment gets you with current rates and the minimum 3.5% down. However if that is the expectation for 1st time buyers then we've identified at least part of the problem.

[Bill Robertson]

No, the average 20's something isn't staring down buying a 325-450k thousand dollar house. That's what a 2500-3500/mo mortgage payment gets you with current rates and the minimum 3.5% down. However if that is the expectation for 1st time buyers then we've identified at least part of the problem.

Exactly. Those aren't first homes material. Our neighborhood is 1400 to 2000 sq ft 3 or 4 bed, 2 to 2 1/2 bath houses that even in this inflated market are selling from 160-240k. A 325-450k house is a nice house.

[Ryan]

Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic

[PoliSciGuy]

Those anecdotes are neat an all, but numerous studies show that Millennials (who are now 25-40) have significantly less wealth at this age than previous generations at this current age:

https://www.businessinsider.com/mill...oomers-2019-12

https://www.businessinsider.com/mill...boomers-2021-9

https://www.stlouisfed.org/institute...lth-inequality

[Bill Robertson]

Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic

I completely agree that this market, which somehow started with COVID, is insane and unrealistic. Young people who really are determined to get a house but can't because of this insane market have all the credit from me that could be given.

[OKCRealtor]

Let me restate 4 years ago made just above 50/yearly. That would entitle me to a 150k dollar home., let’s look at what homes that were $150 4 years ago cost today. I think young people deserve credit. It’s unrealistic

Based on this example that same $150k house 4 years ago would probably cost roughly $500/mo more now given current prices + rates. However, that same house could have actually been bought for a cheaper monthly payment when rates were at record lows the last 2 1/2 years than what it cost 4 years ago. Things are still normalizing from the Covid market and it should get cheaper & easier when rates come back down before too long.

[gjl]

This house close to me sold for 155K 2 years ago when interest rates were 3%. Easily affordable as a starter home for a first time home buyer. In fact a first time home buyer bought it. And it's a family with 2 small children and one person income earner.

https://www.realtor.com/realestatean...2_M70174-27596