Housing Market in OKC

[ChrisHayes]

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

I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.

[Ryan]

[QUOTE=ChrisHayes;1218245]I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.
I lived blocks from here at some apartments several years ago. same problem as the house im currently in on 62nd street. I got robbed. I don’t like getting robbed. I mean I don’t know if this specific house has been robbed but I’d be curious to look it up I bet a similar property in a safer neighborhood might have accrued a value that just might be out of reach for most in this town

[Teo9969]

https://www.zillow.com/homedetails/3...ource=txtshare

I think to the point: this is definitely an affordable home that sold this month. A single individual making $50k-$55k is only putting 30% of their monthly pre-tax budget in this.

Definitely understand that $50k is not something the vast majority are making, but it's also not Top 25% income either. More importantly, it's incredibly affordable for a couple where all of the sudden a vast majority of people could get in on that at a very tenable percentage of income.

I do absolutely see the plight of millennials, being one myself, and it probably is harder than it was for Boomers in large part due to student debt, but that probably only marginally applies to Oklahoma City. Places like Denver or Seattle, truly a different picture.

I would also say to the point of affordability that home improvement is not rocket science. If you buy the linked home, you obviously are going to want/need to do some updating in the long run. So figure out what you want to fix and then go work weekends for someone who does something you would like done to your home to learn the basics of a trade. Yeah, you shouldn't try to rewire or replumb your house, but drywall, flooring, tile work, painting, basic trim work, landscaping, fixtures, insulation...these are not things that take years to learn how to do (mastery is another question) and they can really improve the feel.of your home. You may not do the very best job, but you can pay the people to do the very best job later in life if you've reaped the benefits of home ownership before your 40s.

[Ryan]

[QUOTE=ChrisHayes;1218245]I'd love to have that house. Perfect size and love how it sits on nearly a half an acre. Very rare in OKC. With some time and money, I could turn that into my dream home.[/I lived blocks from here at some apartments several years ago. same problem as the house im currently in on 62nd street. I got robbed. I donÂ’t like getting robbed. I mean I donÂ’t know if this specific house has been robbed but IÂ’d be curious to look it up
I have many clinical students that are just starting out most under 25 gambling on themselves with 7% student loans that compound as well as accrue interest. but sometimes itÂ’s hard to not just say everything the boomer generation says about what the millennial/gen z experience is now is not just complete BS. Why are we listening to 70 year olds tell us about what the life experience is for a 30 year old. Especially when they say a majority(not all, we all know a good one or two or grandchildren) are bums

[Plutonic Panda]

4.2% sales growth expected for 2023:

https://journalrecord.com/2022/11/30...ected-in-2023/

[OKCRealtor]

4.2% sales growth expected for 2023:

https://journalrecord.com/2022/11/30...ected-in-2023/

I would think sales would be up a little compared to this year as people have reset expectations and adjusted.

2.6% price increased there forecasted- that's probably the more critical point and more normal based on historical standards. For all the folks waiting for prices to fall, it is still the cheapest time to buy.

[Plutonic Panda]

I would think sales would be up a little compared to this year as people have reset expectations and adjusted.

2.6% price increased there forecasted- that's probably the more critical point and more normal based on historical standards. For all the folks waiting for prices to fall, it is still the cheapest time to buy.

I’m considering purchasing my first home in OKC next year. I’m debating between that, Moab, Boulder City, or Page.

[Pete]

[jn1780]

I saw this last week. https://www.google.com/amp/s/www.koc...-rent/44158769

[Just the facts]

It is all part of The Big Sort. We sold our house last year to a couple from Statin Island who paid several hundred thousand more than it was worth, but they had the money because they sold their Statin Island home for a million dollar profit. Prices are dropping here and the house is already worth less than what they paid for it. They better like it because they are going to be stuck in it for a long time. That story is repeated all over Florida.

[OKCRealtor]

I saw this last week. https://www.google.com/amp/s/www.koc...-rent/44158769

Yet homes are still flying off the market with multiple offers even in higher price ranges, I had cash clients get beat in Deer Creek over the weekend and then again in another location the next day.

[OkieinGeorgia]

Yet homes are still flying off the market with multiple offers even in higher price ranges, I had cash clients get beat in Deer Creek over the weekend and then again in another location the next day.

We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

[OKCRealtor]

We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

Yea some things are sitting for a little while too, it just depends. Pricing is definitely more critical now. Not everything is just flying off the market like it was but it's still a pretty hot market compared to pre-pandemic.

[Plutonic Panda]

From the Journal Record:

https://journalrecord.com/2023/06/16...ket-pressures/

[jn1780]

We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

Harder for a Californian to turn that into a rent house....

I get calls, texts, and flyers all the time to sell my house. Nothing special about my neighborhood, but it would make a great rent house.

[April in the Plaza]

We have my parent's house on the market in Edmond and it's been on the market now for 90+ days. Beautiful home, on a golf course, and we can't even get a damn lowball offer. I'm confused and thought it would go quickly, but apparently not. Maybe because it's quite a bit higher than that average price in the article. Who knows.....

How updated is it?

[Plutonic Panda]

OKC made the list in the top 10 cities for real estate development: https://www.velocityokc.com/blog/dev...ack=super_blog

[OkieinGeorgia]

How updated is it?

Built in 2012. Turnkey. On a green at Golf Club of Edmond (used to be Fairfax).

https://www.zillow.com/homedetails/2...ource=txtshare