Housing Market in OKC

[oklip955]

Chris, buy one without trees and save the house with the big trees for someone who really wants them. Problem solved. Actually if you look in a newer subdivision then you are less likely to find a place with huge trees. I love my large trees on my acreage.

[progressiveboy]

Actually, trees and landscaping add additional "value" to your home. In addition, it provides shade, oxygen and filters out harmful rays from the sun. Another important thing it does is add beauty to the landscape. OKC needs a more dense urban canopy to provide aesthetics and beautification!

[Bits_Of_Real_Panther]

House price appreciation is good for mortgage companies.

Who is helping renters transition to ownership?

[SoonerDave]

The OKC housing market is insane. My son is looking for a house and the price of a place he wanted a year ago has jumped 20% in under a year. Builders are only being given quotes for materials that valid for *two weeks* because of price volatility. My son has put bids in on four houses, even offering some $ to cover an appraisal gap (apparently pretty common right now) but has lost on all of them. A neighbor put his house up at what I thought was too high a price even in this market but sold it in 12 hours for 10% over his asking for cash. No appraisal. It's insane.

[C_M_25]

The OKC housing market is insane. My son is looking for a house and the price of a place he wanted a year ago has jumped 20% in under a year. Builders are only being given quotes for materials that valid for *two weeks* because of price volatility. My son has put bids in on four houses, even offering some $ to cover an appraisal gap (apparently pretty common right now) but has lost on all of them. A neighbor put his house up at what I thought was too high a price even in this market but sold it in 12 hours for 10% over his asking for cash. No appraisal. It's insane.

One of my friends just sold her house, and out of 10 offers, half were investor buyers with cash. I don't know why, but having that many "investors" trying to buy houses around here kinda bugs me. Luckily, she sold to a small local family.

[Bunty]

One of my friends just sold her house, and out of 10 offers, half were investor buyers with cash. I don't know why, but having that many "investors" trying to buy houses around here kinda bugs me. Luckily, she sold to a small local family.

So people renting homes is going to be more popular than buying them?

[Pete]

So people renting homes is going to be more popular than buying them?

Or buying, updating and flipping.

I see it all over my neighborhood... There is a big premium on homes in established neighborhoods that have modern kitchens and bathrooms.

[kzizok]

So, what am I missing? Investors are buying high? Also, people are paying over appraisal, not getting an appraisal or paying the difference in cash? To me, it seems like a bad time to buy, unless you have to. What happens when the market equalizes or the bubble bursts?

[jn1780]

What goes up...............must come down.

I don't really understand why people just don't sit back and wait it out. Well I do kind of with DYers bored at home with a stimulus check to spend. But building a new house in this environment, why?

I think some investors convinced themselves that this "new normal" of staying at home 24/7 is here to stay. I will take the other end of that bet.

[mugofbeer]

There are a couple of "nimble" families in my neighborhood who are selling or sold their houses for a price $100k or more than they could have last year, then looking to buy at a significantly lower price in a year or 2.

[Pete]

Houses go up and go down in the short-term, but always, always up in the mid to longer term.

Jumping in and out or waiting for a hoped-for better time only makes sense if you have a very short-term view, which is a bad way to approach buying any house.

[mugofbeer]

I would usually agree but Im not sure after some areas here have seen 20 -30% increases in the past year. There has to be some pullback once the supply chain gets upright and certainly if we see a few points of rate increase.

[Pete]

^

I"m not so sure.

I think appreciation might stay a bit flat for a year or two but I seriously doubt prices will drop.

[soonerguru]

I would usually agree but Im not sure after some areas here have seen 20 -30% increases in the past year. There has to be some pullback once the supply chain gets upright and certainly if we see a few points of rate increase.

The only mitigating factor might be interest rates, but I don't see us ever going back to the days of 15% interest rates on a 30-year mortgage.

The only other scenario that would lead to price deflation in OKC would be a total economic bust situation that lasts for several years, leading to depopulation.

Do you think OKC is going to stop growing, or worse, lose population? I don't.

That being said, people who are paying above ask and above appraisal could be making a major financial mistake.

[mugofbeer]

If rates go up to 6-7%, l bet home buying slows significantly and only slowly picks up - especially if the rate rises quickly. I've seen it happen more than once. If a severe slowdown happens due to rising interest rates, home prices will back off. As it is today, it's all supply and demand.

[Pete]

I would usually agree but Im not sure after some areas here have seen 20 -30% increases in the past year. There has to be some pullback once the supply chain gets upright and certainly if we see a few points of rate increase.

These seem to be isolated incidences, not the trend of the overall housing market.

I"ve had several appraisals and my house didn't go up that much after strong gains over the last 5 years. The house next to me just sold quickly, but not at some crazy price.

You could make a strong argument that OKC-area housing has simply been undervalued which means there is not a bubble, just a correction.

The real test is when new homes start being produced in mass quantities again.

[OkiePoke]

According to some real estate economist I listened to a few weeks ago, most believe it will flat line after the appreciation for a few years, then go back to normal increases.

[Pete]

Apart from the financial crash of 2008, houses usually don't go down in price.

And even then, housing came back stronger than ever not long afterward.

[T. Jamison]

The real test is when new homes start being produced in mass quantities again.

We should see a lot of supple come online. I've heard some residential developers are paying more that they typically would for land just to get sticks out of the ground.



Single-family permits have continued to increase since 2017 and 2020 experienced a 23.2% increase from 5,474 in 2019 to 6,742 in 2020. Q1 2021 has a year-over-year increase of 37% and 2020 had the highest number of single family permits since 2006.

[ChrisHayes]

We should see a lot of supple come online. I've heard some residential developers are paying more that they typically would for land just to get sticks out of the ground.



Single-family permits have continued to increase since 2017 and 2020 experienced a 23.2% increase from 5,474 in 2019 to 6,742 in 2020. Q1 2021 has a year-over-year increase of 37% and 2020 had the highest number of single family permits since 2006.

Thanks for posting that graph. I've wondered how many houses were built in the metro since I moved here in 2013. By contrast, the county I moved here from had 78 residential building permits filed in March, which is the highest monthly total since at least 2015.

[Anonymous.]

Can someone help me find [the address] of a house that was recently built in Nichols Hills? It was ultra modern and for sale for the last yearish. I think it finally sold, but I am curious what it sold for and for the life of me I cannot find it on realtor sites or even just cruising streetviews (likely outdated).

It was white with modern metal structure elements. it had two gas-lit torch column things at the entrance, it was extremely unique for the area.

[Richard at Remax]

Can someone help me find [the address] of a house that was recently built in Nichols Hills? It was ultra modern and for sale for the last yearish. I think it finally sold, but I am curious what it sold for and for the life of me I cannot find it on realtor sites or even just cruising streetviews (likely outdated).

It was white with modern metal structure elements. it had two gas-lit torch column things at the entrance, it was extremely unique for the area.

1303 Bedford Drive, Nichols Hills, OK 73116 ?

[Pete]

1303 Bedford Drive, Nichols Hills, OK 73116 ?

Here is a photo; it last sold in 2015 for $1.1 million; was listed at $3.95M last July but doesn't look like it sold.

[sooner88]

^^ Same family that built it lives there. They put it on the market for I want to say around $4.50mm, but it never sold.

[Anonymous.]

Yes that is the one! No wonder I couldn't find it under the recently solds.

What an amazing home. Thank you for finding that so quickly!