OKC Real Estate Market

[oklip955]

I live east of I35 in Edmond. This past week a builder just dozed off 80 ac of all the trees. Another addition just paved the streets and another still has houses going up. This is in just a 2 mile area on the state mile section rd. It doesnt look to be stopping but maybe slowing down a bit. I dont know maybe Edmond is a bit different. My 3 cents. My neck of the woods its getting a bit crowded for me. I am glad I am sitting on my 10 ac with my wild turkeys and other wild life coming to find shelter.

[soonerguru]

It seems to me the correction from rate raising is lagging about 12 months. I am really concerned what it will look like in a year from now... Inflation should be dropping, but you can't predict the future. Definitely a delicate balance, and they haven't been doing a super good job at it, but they haven't forced a recession yet.

It seems that 8% mark is a redline for people. It feels (no data yet, for me) that people have just stopped buying unless they have a huge down payment or 100% cash. With the demand for housing still here, but not being affordable, where does this put builders? Obviously concessions, but are they considering financing for 5 years? I think this is going to really shift the dynamic how new houses are sold/financed.

I remember in the mid-1990s when people were refinancing their mortgages when they fell to............8 percent! Crazy to think about now.

[kukblue1]

https://x.com/KobeissiLetter/status/...999164091?s=20 10% coming? Sounds like it's not getting better anytime soon.

[Ryan]

https://x.com/KobeissiLetter/status/...999164091?s=20 10% coming? Sounds like it's not getting better anytime soon.

With the last jobs report exploding the way it did. I don’t think 9% is on another planet.

[kukblue1]

Well we just hit 8% https://x.com/KobeissiLetter/status/...742409379?s=20 As far a jobs go more people are working two jobs more than ever before. Labor market is about to crash also? https://x.com/KobeissiLetter/status/...342131475?s=20

[Ryan]

Well we just hit 8% https://x.com/KobeissiLetter/status/...742409379?s=20 As far a jobs go more people are working two jobs more than ever before. Labor market is about to crash also? https://x.com/KobeissiLetter/status/...342131475?s=20

ThatÂ’s not a legitimate economic Forum/institute or organization. This Letter is an opinion(political) site. We absolutely need a labor market downturn. Unemployment is way too low. ItÂ’s called the Phillips curve in economics look it up. My salary has increased 45% from 3.5 years ago. Err 4 years ago. But prices are high because everyone has money.what that site doesnÂ’t tell you is gas is expensive because I have an F250 super duty so I complain about $3.10-3.30/a gallon. Never mind the fact I chose a suped 4x4 with a 7 liter engine. IÂ’d love to refinance my house but a decade plus of fiscal irresponsibility on the part of the Fed is going to prevent that for a few years

[OKCRealtor]

The 30 year officially crossed the 8% mark today which is the highest since 2000 and mortgage demand is at it's lowest since '95. Yet we still have a really strong labor market. One must crash before the other?

I smell opportunity. Everyone waiting for the dip- it's here. Next 3-6 months will be critical. I feel like things are probably pretty close to a tipping point here.

[Jersey Boss]

ThatÂ’s not a legitimate economic Forum/institute or organization. This Letter is an opinion(political) site. We absolutely need a labor market downturn. Unemployment is way too low. ItÂ’s called the Phillips curve in economics look it up. My salary has increased 45% from 3.5 years ago. Err 4 years ago. But prices are high because everyone has money.what that site doesnÂ’t tell you is gas is expensive because I have an F250 super duty so I complain about $3.10-3.30/a gallon. Never mind the fact I chose a suped 4x4 with a 7 liter engine. IÂ’d love to refinance my house but a decade plus of fiscal irresponsibility on the part of the Fed is going to prevent that for a few years

Kobeissi is 22 years old, a couple years out of university. I value real world experience when seeking financial advice. Just sayin'.

[BoulderSooner]

The 30 year officially crossed the 8% mark today which is the highest since 2000 and mortgage demand is at it's lowest since '95. Yet we still have a really strong labor market. One must crash before the other?

I smell opportunity. Everyone waiting for the dip- it's here. Next 3-6 months will be critical. I feel like things are probably pretty close to a tipping point here.

there are 1.4 mil less people working today then in 2020

[PoliSciGuy]

there are 1.4 mil less people working today then in 2020

Yes we had a pandemic and multiple years of declining birth rates and life expectancy, that will happen.

[oklip955]

ThatÂ’s not a legitimate economic Forum/institute or organization. This Letter is an opinion(political) site. We absolutely need a labor market downturn. Unemployment is way too low. ItÂ’s called the Phillips curve in economics look it up. My salary has increased 45% from 3.5 years ago. Err 4 years ago. But prices are high because everyone has money.what that site doesnÂ’t tell you is gas is expensive because I have an F250 super duty so I complain about $3.10-3.30/a gallon. Never mind the fact I chose a suped 4x4 with a 7 liter engine. IÂ’d love to refinance my house but a decade plus of fiscal irresponsibility on the part of the Fed is going to prevent that for a few years

Wow. That give of a salary increase. Those of us retired on any of the state pension systems have received just 4% over the last 14 yrs. Have money to spend, not for us and some of us dont get much ss since we have the state pension. ugh. Inflation has eaten up our pensions.

[Ryan]

Yes we had a pandemic and multiple years of declining birth rates and life expectancy, that will happen.

Also 1.2 million unexpected EXTRA deaths from COVID in the US alone.

[kukblue1]

ThatÂ’s not a legitimate economic Forum/institute or organization. This Letter is an opinion(political) site. We absolutely need a labor market downturn. Unemployment is way too low. ItÂ’s called the Phillips curve in economics look it up. My salary has increased 45% from 3.5 years ago. Err 4 years ago. But prices are high because everyone has money.what that site doesnÂ’t tell you is gas is expensive because I have an F250 super duty so I complain about $3.10-3.30/a gallon. Never mind the fact I chose a suped 4x4 with a 7 liter engine. IÂ’d love to refinance my house but a decade plus of fiscal irresponsibility on the part of the Fed is going to prevent that for a few years

Does it matter if they are legitimate or not when facts are fact? The fact is WE IN TROUBLE and something is going to have to break.

[Ryan]

Wow. That give of a salary increase. Those of us retired on any of the state pension systems have received just 4% over the last 14 yrs. Have money to spend, not for us and some of us dont get much ss since we have the state pension. ugh. Inflation has eaten up our pensions.

Yeah the state pension blows on the federal level. I think mine would be 600/month today if I retired. I expect SS to be gone by my retirement or shortly after. ., 15-20 if I’m lucky. The TSP fund we have seems reliable but I’m not a gambler

[HangryHippo]

Does it matter if they are legitimate or not when facts are fact?

Wut?

[BoulderSooner]

Also 1.2 million unexpected EXTRA deaths from COVID in the US alone.

nope

[kukblue1]

https://www.cnn.com/2023/10/19/homes...ber/index.html Facts I was going to post from the other site but I'm sure CNN is better.

[jedicurt]

nope

and once again, you of course have a citable source to refute that?

[BoulderSooner]

and once again, you of course have a citable source to refute that?

nope as in that not having an effect on the employment data

[oklip955]

I dont get the impression that the market is going down by much. I drove west from Edmond to the NW Expressway and Counsel area and seeing all the huge apt as well as housing development, someone is buying or renting all this new housing. Its a massive amount of development. I have no idea of east of Midwest city or south in the Norman/Moore area or the Yukon/Mustang area. The metro must be having huge population gains. I expect the numbers in the next 5 to 10 years to show this.

[kukblue1]

So what is going to have to give? Can we continue like this? https://x.com/KobeissiLetter/status/...335948975?s=20 I would assume it's not that bad in Oklahoma?

[chssooner]

So what is going to have to give? Can we continue like this? https://x.com/KobeissiLetter/status/...335948975?s=20 I would assume it's not that bad in Oklahoma?

Should have let the market crash. It's tough, but short-term pain for long-term gain. Now, people are suffering hard before the market crashes anyway.

[oklip955]

I just did a quick search of the Edmond area for homes under $300K. In the Edmond area which is usually a bit higher then other areas, there are a fair number of homes to be had in that price range. Homes that would be starter homes or a bit above that i would guess a couple or even a single person with an average job could afford as long as they did not have a huge amount of other debt. Maybe a 1200 to 1600 sq ft house on a small to ave sized lot is not what they want but it seems do able. My 3 cents.

[oklip955]

By the way they are in areas a person would want to live. I would guess, Yukon, Mustang and the Moore/Norman area would be similar.

[Ryan]

nope as in that not having an effect on the employment data

Your 4D chess is so far beyond my understanding