OKC Real Estate Market

[securityinfo]

I walk my dog by this house all the time I thought it was being renovated for someone to move in. Should have known it was going to be a flip.

Nice house

https://www.zillow.com/homedetails/6...21848513_zpid/

And now it is listed as pending....

I wonder how many "pendings" actually turn to completed contracts... any Realtors™ out there :-) ?

[unfundedrick]

I walk my dog by this house all the time I thought it was being renovated for someone to move in. Should have known it was going to be a flip.

Nice house

https://www.zillow.com/homedetails/6...21848513_zpid/

I hope the refrigerator shown in the pics is just a prop. LOL

[soonermike81]

In search of a realtor. Sounds like we have a few on here. Looking at buying an one more rental property. Can I get your contact info if you’re interested. TIA!

[OKCRealtor]

And now it is listed as pending....

I wonder how many "pendings" actually turn to completed contracts... any Realtors™ out there :-) ?

My closing ratio is about 90% once I've got something under contract.

Looking at my team and such it varies depending on the experience of the agent and other factors but generally speaking 80-90% is probably a pretty accurate statistic.

[OKCRealtor]

In search of a realtor. Sounds like we have a few on here. Looking at buying an one more rental property. Can I get your contact info if you’re interested. TIA!

I sent you a message.

[Pete]

A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.

They had 27 showings and 13 offers in 24 hours.

Ended up accepting a bid for $21K over asking, all cash and no inspections.

Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak. That's going to be a huge amenity for my 'hood.

[jn1780]

I hope the refrigerator shown in the pics is just a prop. LOL

For how much you pay, it would be a nice little bonus for the man cave.

Makes you wonder why they bother with that prop, I guess its for bottled water.

[Ryan]

A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.

They had 27 showings and 13 offers in 24 hours.

Ended up accepting a bid for $21K over asking, all cash and no inspections.

Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak. That's going to be a huge amenity for my 'hood.

I just don’t get it. 21 over appraisal. It’s crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?

[Richard at Remax]

Just won a multi offer situation in east edmond. We went waaaaaay over asking and did a $20K appraisal gap

I would never encourage someone to waive inspections. I don't think I ethically could even bring up that option. Cause you know who gets blamed when something goes south? This guy.

[Pete]

Remember, no matter how crazy a market may be, in the mid to longer term, real estate always appreciates.

[OKCRealtor]

I just don’t get it. 21 over appraisal. It’s crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?

The contract price isn't the appraised value. Remember there are 2 values of a property - the market value which a buyer and seller are willing to pay today and then the appraised value which can look back at subject properties closed within the last 365 days. The appraised value in this market we've been in for the last 2 years is often times less than the market value.

Prices aren't likely to go down here, and if they do I doubt it's significant or long term. We are anticipating an even further inventory shortage after we get past the summer months so even though there might be a little less demand it's still going to outstrip supply.

[Pete]

Other than the middle of Detroit, how many housing markets lose value apart from some temporary corrections?

I say this all the time: it's just like the stock market. You only lose if you are jumping in and out rather than taking advantage of the mid- and long-term trends that always reveal themselves to be smooth upward lines.

[jn1780]

I just don’t get it. 21 over appraisal. It’s crazy. These people are still going to be underwater on a mortgage. That seems like a risky investment for an owner. Might it have been an investor/speculative?

Party like its 2007? Hope they like where they live for the next 10 years.

[jccouger]

The national trend is definitely showing a housing price correction

There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?

[PaddyShack]

The national trend is definitely showing a housing price correction

There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?

Then I can finally buy something at a discount!

[Pete]

The national trend is definitely showing a housing price correction

There might be a shortage now but what happens if people have to start selling all their Air BNB & rental properties due to being over leveraged?

Investment properties generally draw interest from deep-pocket investors and while some little guys might not be able to hang if there is a big downturn, there are tons of others looking for opportunities.

I don't see that issue having much impact on the overall housing market.

[OKCRealtor]

Investment properties generally draw interest from deep-pocket investors and while some little guys might not be able to hang if there is a big downturn, there are tons of others looking for opportunities.

I don't see that issue having much impact on the overall housing market.

Not to mention most of it is leveraged at historically low rates and with current rent values it's hard not to be cash flowing on something.

[Pete]

Not to mention most of it is leveraged at historically low rates and with current rent values it's hard not to be cash flowing on something.

Same with AirBnB's.

A lot of them are very profitable and there are now a bunch of investors buying homes specifically to list on AirBnB.

[soonerguru]

$232 a square foot and you dont even get a garage or good school district. My lord.

Not everyone considers this at all. Plus, OKC has Classen and Harding and other excellent schools.

[soonerguru]

A house just sold in my neighborhood for $188/SF, and it backs up to NW Expressway.

They had 27 showings and 13 offers in 24 hours.

Ended up accepting a bid for $21K over asking, all cash and no inspections.

Beyond just the typical market craziness, I'm sure part of this was due to the proximity to The Oak. That's going to be a huge amenity for my 'hood.

Was it that super cute 2 bed / 1 bath on 52nd? I saw pics of that on FB and it seemed underpriced. I imagine it had an insane number of offers.

[Richard at Remax]

For the first time in a long time there are more active homes for Sale (4486) than there are Pending Homes (4159)

[jccouger]

Hey Pete, do you follow all of the housing additions that are being created? I see a lot of cleared land in far north OKC around Portland Ave area. Seems like there are a ton of neighborhoods being built in mass. Might just be anecdotal observation but I'd like to see if there are actual numbers to this.

[Pete]

Hey Pete, do you follow all of the housing additions that are being created? I see a lot of cleared land in far north OKC around Portland Ave area. Seems like there are a ton of neighborhoods being built in mass. Might just be anecdotal observation but I'd like to see if there are actual numbers to this.

Tons of new plats filed out that way (Deer Creek, Piedmont) as well as far west OKC/Mustang.

[Bits_Of_Real_Panther]

What is days on market looking like?

The signs in my neighborhood are starting to linger.

[PoliSciGuy]

We just sold our house in 5 days but there's a lot of houses hitting the market between in the $250k-$299k range that ours sold for. We didn't get a ton of offers but were able to get list at least.