OKC Real Estate Market

[SEMIweather]

Bulk Mail is so cheap that companies like these can probably turn a profit if even 1-in-1000 people respond, is my guess.

[Richard at Remax]

I send out one mailer a year to my neighborhood. 250 houses. If just one hits it pays for my next 10 years of mailers. Costs me about $250/mailing. 99% of it is luck. Just getting in front of the right person in the right mood on the right day. Someone kept a mailer of mine from 71st and May area and called me 3 years later cause it was still on the fridge.

Most people that are calling you/mass mailings are most likely wholesalers. I won't get into my thoughts about them but they are not your best option and always hose the homeowner.

[Jeepnokc]

Most people that are calling you/mass mailings are most likely wholesalers. I won't get into my thoughts about them but they are not your best option and always hose the homeowner.

Especially the ones that get a property under contract never intending to buy trying to basically flip the contract and make a quick profit. We have pretty much stopped working with wholesalers due to their tactics.

[oklip955]

I had an "investor" call me up a few times and say you want to sell and what is your price. I tell them what land is selling in the area and they say there is no land anywhere in Oklahoma worth that. No land in Oklahoma is worth more then $10,000 an ac. I just say good bye.

[soonerguru]

I always tell them I'm willing to sell my house for $1 million. And, I'm serious. My home value is probably only a third of that but that's what having a place I love so much, in a neighborhood I love so much, with the amenities I have, is worth to me. Even if I got that top end of what the market says my home is worth I would have a terrible time finding a suitable replacement for the same money.

[OKCDrummer77]

This happens to me about once a week: My phone rings with some random number, but hangs up before I can even reach for my phone to reject the call. Moments later, I'll get a voice mail from a completely different area code, which starts out "Hi. My name is Kevin. Sorry for calling out of the blue. I'm a real estate investor *right here* in Oklahoma City..." (I always delete the VM before listening any further).

[stratosphere]

I block every number they call from. But this persistent woman for instance calls from a bunch of different numbers.

Yeah same here, just like the car warranty phone calls, i keep blocking them and they keep calling back from different numbers!

[FighttheGoodFight]

Yeah same here, just like the car warranty phone calls, i keep blocking them and they keep calling back from different numbers!

Verizon and ATT have spam blocking apps you can download. Helps out a bit.

[OKCRealtor]

I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get something under 4% now would be the time considering we may have 3-4x official FED rate hikes this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.

[gopokes88]

I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get something under 4% now would be the time considering we may have 3-4x official FED rate hikes this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.

Not to mention in the CPI yesterday housing started to show up in the inflation metrics.

This may be the start of the rising housing costs not the end

[April in the Plaza]

I just thought I would throw out a quick market update for anyone who has been on the fence during the pandemic. Market is still very hot, most properties still getting multiple offers so it's a good time to sell still. Perhaps more importantly interest rates are already up ~ 1% across the board from the lows and we haven't had the first official rate hike. For those wanting to get something under 4% now would be the time considering we may have 3-4x official FED rate hikes this year beginning next month. Feel bad for all the folks who waited for a market correction as it's way more expensive now than it was last 1-2 years to finance/buy a home.

This is all well and good, but 4% is basically nothing compared to the average 30-year rate available to buyers over the last 50 years or so.

http://www.freddiemac.com/pmms/pmms30.html

[OKCRealtor]

This is all well and good, but 4% is basically nothing compared to the average 30-year rate available to buyers over the last 50 years or so.

http://www.freddiemac.com/pmms/pmms30.html

I know that lol - wasn't my point - it's getting a lot more expensive for everyone that has waited and continuing to wait. Consider the following based on 250,000 financed price and I've got taxes & insurance figured in on a 30 year note:

2.75% (A lot of folks got rates even lower but just for example) - $1395/mo -

4% - $1568/mo = $62,280 more than the 2.75% rate over the life of the loan

5% (only a matter of time with rate hikes) - $1717/mo = $115,920 more than 2.75% rate over the life of loan and $53,640 more than 4% rate over life of loan.

Point being a ton of people have tried to "time" the market, don't want to get into multiple offers and pay over asking, etc and at the end of the day just bad logic that's going to cost people a ton or perhaps more importantly these rate hikes are going to force a ton of people into the rental market. I was just throwing this out for education purposes (because everyone is of course an expert) but most don't truly realize. So even if prices were to come down a little which I don't think they will nobody is saving any money unless they're cash and even then probably still paying more than they would have before because prices have risen so much. I can't tell you how many leads and folks I've had in my pipeline last couple years who didn't want to play by the market rules and were waiting for things to stabilize not realizing they really screwed up. This of course doesn't even take into account what homes could have been bought at with not only much lower rates but also at the prior prices. Anyhow, I hope anyone on the fence finds this helpful- the rate hikes are going to put a lot of people into rentals because the only reason a lot of folks could qualify for what they.wanted/needed in the first place were historically low rates. Sad deal for the buyers who tried to time it IMO.

[DoctorTaco]

Random question OKCRealtor: How do buyers feel about clawfoot tubs? I live in a historic home with an original clawfoot tub in one of the bathrooms. My wife *hates* that tub and want it torn out, which is a shame because that particular bathroom was modernized by a previous owner and is generally in good shape (in contrast to some of the other bathrooms). So my question is: would tearing out an original tub hurt the value of my historic home? Does anyone care? Are people mostly like my wife who actively hate them?

[OKCRealtor]

Random question OKCRealtor: How do buyers feel about clawfoot tubs? I live in a historic home with an original clawfoot tub in one of the bathrooms. My wife *hates* that tub and want it torn out, which is a shame because that particular bathroom was modernized by a previous owner and is generally in good shape (in contrast to some of the other bathrooms). So my question is: would tearing out an original tub hurt the value of my historic home? Does anyone care? Are people mostly like my wife who actively hate them?

That's a great questions - they're not very common and I would personally leave it if in a historic home (I've owned one) for the "character". A buyer can always replace it if they don't like it. I've had someone specifically looking for a claw tub before but besides that hard to say what general consensus might be. Again though if you're in a historic home that would be something that makes it unique which a lot of historic buyers are looking for.. I would definitely not tear it out if you're considering on selling IMO.

[DoctorTaco]

That's a great questions - they're not very common and I would personally leave it if in a historic home (I've owned one) for the "character". A buyer can always replace it if they don't like it. I've had someone specifically looking for a claw tub before but besides that hard to say what general consensus might be. Again though if you're in a historic home that would be something that makes it unique which a lot of historic buyers are looking for.. I would definitely not tear it out if you're considering on selling IMO.

Thanks!

[Bill Robertson]

The first house I owned had a claw foot tub and a pedestal sink. I thought it was great and would never change it.

[FighttheGoodFight]

Also a claw foot tub fan. But hey, everyone has their own style.

[ChrisHayes]

Over 8,000 housing permits were filed in the metro area last year. That's a huge number for OKC Metro. That doesn't include where only ground work is being done, or for planned developments like near Lake Overholser.

[artynok]

I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?

[ChrisHayes]

I would! Or at least get an agent

[soonerguru]

I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?

Yes. That way you can do it at your own pace. You don't have to jump on something for fear of your lease expiring; you can wait until you find the right deal in your preferred area and move then. You would only be out the three or so months of rent.

[OKCRealtor]

I've recently separated from my spouse, my lease is up in June and I plan to purchase a house, do you think I should start looking now for houses?

Yes- Let's just say you went under contract in something in March, closed sometime in April you would then skip May with your first mortgage payment being due in June. So you're pretty much looking at the right time. Also, make sure your spouse is on board to sign docs at closing unless you're going to be fully divorced by then. If you're still legally married she's going to have to consent.

[Bill Robertson]

Yes- Let's just say you went under contract in something in March, closed sometime in April you would then skip May with your first mortgage payment being due in June. So you're pretty much looking at the right time. Also, make sure your spouse is on board to sign docs at closing unless you're going to be fully divorced by then. If you're still legally married she's going to have to consent.

I went through the same thing while ending it with my ex. My attorney made sure that it was in the decree that my new house, mortgage, etc. was mine and mine only with her having no claim to it. He also had her sign an affidavit or something similar stating the same. She didn't attend the closing.

[Soonerinfiniti]

Seems like any house under around $350,000 in the core area is pending within a few days. Many of these homes need serious work, but I guess people are so desperate in that price range that they don't care that a good renovation just doesn't make economic sense. Also, it amazes me when brokers tell me they have 15 offers the first day listed. Obviously the listing price is too low - are the realtors being lazy and looking like a hero? I guess in a hot market you can do that a few times, but the general price trend is moving up - fast.

Amazing to see new construction in the Classen Ten Penn area going for $500,000. Never thought I would see that area get hot. Driving out NW Expressway there are new homes in the $250,000 range. I guess it all comes down to location, location, location....

[Pete]

^

In a hot market, it's common practice to list on the lower end and let the price be bid up with multiple offers.

It's relatively new to OKC but has been going on for decades in other markets.