OKC Real Estate Market

[Bowser214]

Oh yeah I was thinking BOK. My Bad.

[SEMIweather]

Is the general consensus that the OKC market is going to be relatively chill over the next 12-18 months compared to what happened over the past 12-18 months? Starting to seriously consider buying a place once my current lease is up next fall, and just trying to temper my expectations with regards to what areas I could potentially still afford in the 100-150k range at that time. Obviously 95% of the "Core" is already out of that price range at this point, but neighborhoods such as Sequoyah, Pitts Park, Ross Heights, and Culbertson East Highland still seem very doable and wondering if that will still be the case in a year or so.

[WheelerD Guy]

Is the general consensus that the OKC market is going to be relatively chill over the next 12-18 months compared to what happened over the past 12-18 months? Starting to seriously consider buying a place once my current lease is up next fall, and just trying to temper my expectations with regards to what areas I could potentially still afford in the 100-150k range at that time. Obviously 95% of the "Core" is already out of that price range at this point, but neighborhoods such as Sequoyah, Pitts Park, Ross Heights, and Culbertson East Highland still seem very doable and wondering if that will still be the case in a year or so.

i would say "No" for a few reasons
the Great Political Sort is still only
in its first few innings, still more to come
the supply chain, in general, remains broken
and core inflation continues to surge

hard to see home prices moderating against that backdrop

[OKCRealtor]

I think we're going to see a shift next spring into summer with anticipated rate hikes coming from the fed. That being said it looks like it's still going to be a strong market and prices are continuing to rise. I expect it will level out to a more "normalized" rate of appreciation but all the indicators for the OKC Metro area economically are great so there's really only one place to go with some of the lowest national housing prices still.

[T. Jamison]

Zillow is sitting on thousands of homes that they need to get off their balance sheets because they are underwater. I would think that most of the institutional flippers are getting out of the game, because the margins have become less viable. I have no sound data for this in Oklahoma City, nor am I well versed in our residential market. But I am of the opinion that the last "sucker" has already bought their house. I personally am not worried about a significant collapse. I think while the huge run-up over the last year inflated prices, a lot of value was added to our existing stock. On the other hand, if you planned on buying a new home, I would be more cautious. Home builders paid decent sums for development land while trying to get homes out of the ground and I think there may be less value to be had. I easily could be wrong, but I plan on buying in the next couple of year and this is where my mind has been.

It may be worth your while to look at the county assessor's website and check the subdivision sales in the neighborhoods you are looking at. Call the buyers and just ask them what they think of their investment. I have found that people are more willing to talk than you would think. They will give you better information than any other source out there. Just be sure not to creep them out because a lot of people don't know how publicly available their information is.

[Pete]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

[T. Jamison]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.

[TheTravellers]

There are still lots of flips in my neighborhood (west of Penn, south of 50th) that are underway.

I haven't seen any signs of this slowing down, especially because similar re-done homes in the area have been snapped up as soon as they hit the market.

Venice has one going on literally 5 houses away from our house today - jackhammer, skid-steer and all, and there are others that we see in Venice, Cleveland, over by Shepherd, on 36th going east from May every time we're out...

[Pete]

How common was that prior to the current market? When I lived in The Village (2018-2020), every street had a house being remodeled and flipped. I would think some of it is due to the aging housing stock, as opposed to pure speculation.

It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.

And most of it is pure speculation.

I walk the area frequently and the pattern is always the same: home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.

We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes. The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.

In 5 years, my home has appreciated more than 50%.

[T. Jamison]

It was going on when I moved on 5 years ago and very common when an un-updated home hits the market.

And most of it is pure speculation.

I walk the area frequently and the pattern is always the same: home that hasn't had much done to it sells, dumpster shows up, about 2-3 months later it hits the market, sold within days often for more than asking price.

We just had one sell for over $250/SF and another for $220/SF, but those had quite high-end finishes. The more common going rate is somewhere between $160 and $200/SF, depending on the property and the finishes used.

In 5 years, my home has appreciated more than 50%.

Well, that's scary to think about as a potential new homeowner. I love that area and want to move back, but I wouldn't pay $250 a foot for a gold plated house. Fortunately, I come from a long line of woodworkers/tradesmen and have a storage unit full of Dewalt tools begging for use. I just have to beat cash offers from flippers.

Thanks for sharing. I guess I underestimated the extent of the situation. I look at commercial real estate day-in/day-out, and it's been a little more tempered since everyone lost their minds in 2015.

[Pete]

^

My neighborhood was overlooked for a long time and now people are catching on. It's a fantastic location and will only get better when the Oak is developed. Just to the north in Belle Isle, homes are still considerably more expensive.

Yet, there are still a ton of closer-in neighborhoods that are very reasonable. If you are willing to do a lot of the work yourself, you can still find a well-located home in OKC for well under $150/SF.

I am very partial to my area because it is relatively close in but mainly single-story ranch homes which lend themselves well to opening up with a more modern floorplan. My house is only 1,800 SF but after taking walls down and getting rid of a useless and small format living area, I've had large groups over several times and have plenty of space. Another great benefit to most '60s ranchers is they open directly onto the back patio and yard, as opposed to older homes where you have to go through a bedroom or weird side door to get to the back.

My house is modest but functions as well as anything built new. And I can be almost anywhere in town in 10-15 minutes. My only small complaint is there is very little within walking distance. But that is in the process of changing with the Oak starting to happen and big re-dos to the 39th Street District and Mayfair Village. And to be fair, I can already walk to a Braum's and Aldi and even Target and Penn Square if motivated.

[shartel_ave]

So glad I own my duplex outright and able to rent the other side to a friend. Prices for buying are still really high and today I was looking at rentals out of boredom and there is hardly any rentals in OKC, I was using zillow to search with no filters for OKC central.

Anyone else own a duplex? I thought I would hate it but I really like and the fact that I have another income but put that money in savings every month for a just in case situation. I'm in the Paseo/Central Park area which to me is a great location especially for walking, biking or short rides.

We bought the place in the late 90's and that area was super cheap and super high crime, lucked out on that purchase I guess.

[TheTravellers]

^

My neighborhood was overlooked for a long time and now people are catching on. It's a fantastic location and will only get better when the Oak is developed. Just to the north in Belle Isle, homes are still considerably more expensive.

Yet, there are still a ton of closer-in neighborhoods that are very reasonable. If you are willing to do a lot of the work yourself, you can still find a well-located home in OKC for well under $150/SF.

I am very partial to my area because it is relatively close in but mainly single-story ranch homes which lend themselves well to opening up with a more modern floorplan. My house is only 1,800 SF but after taking walls down and getting rid of a useless and small format living area, I've had large groups over several times and have plenty of space. Another great benefit to most '60s ranchers is they open directly onto the back patio and yard, as opposed to older homes where you have to go through a bedroom or weird side door to get to the back....

Ha, we have *three* weird doors going to our backyard - one in a bedroom, one from the laundry room (that used to be the front-end of the garage until they converted it to a den/laundry room/pantry in the 1960s), and one side door from the den (that used to be the rest of the garage), house was built in 1950.

[shartel_ave]

Yeah, I heard people are buying above listed price and sometimes site unseen yet I notice some really nice homes not selling for some reason maybe to expensive for the area?

like this house a near where I live, keeps dropping in price. I think the original listing was over $600k

https://www.zillow.com/homedetails/7...21848502_zpid/

[Pete]

^

$550K for a house in a neighborhood where most are much less expensive. Plus, it doesn't have a garage and shares a driveway with the house (a not very nice rental) next door.

[ChrisHayes]

I bought my house for 91,500 in 2018, and according to my lender, it's now worth 128k. I don't know how accurate that is, but if it is, I'm very pleased. There was a house that underwent a slow renovation down the street from me and is now for sale by owner. There are also at least two other houses in my neighborhood undergoing renovations. So, hopefully this is the beginning of a gentrification of my neighborhood. I've done improvements to my house, and plan on repainting the exterior next year, hopefully I can inspire others to do the same. lol

[chssooner]

I bought my house for 91,500 in 2018, and according to my lender, it's now worth 128k. I don't know how accurate that is, but if it is, I'm very pleased. There was a house that underwent a slow renovation down the street from me and is now for sale by owner. There are also at least two other houses in my neighborhood undergoing renovations. So, hopefully this is the beginning of a gentrification of my neighborhood. I've done improvements to my house, and plan on repainting the exterior next year, hopefully I can inspire others to do the same. lol

What gets people is the tax increase for property taxes (monthly) and the gain they pay when they sell. People have been selling like crazy, not realizing they pay taxes on that sale.

[OKCRealtor]

What gets people is the tax increase for property taxes (monthly) and the gain they pay when they sell. People have been selling like crazy, not realizing they pay taxes on that sale.

If it's a personal residence you don't pay taxes up to $250k if you're single and $500k if married. There aren't too many sellers walking away with those types of proceeds here. Now if it's investment property that's another story but it has still been a historic market to sell in and if one ever had a portfolio to unload and was on the fence this would have been the market!

[GoGators]

I would love to know the dollar amount of investment that has poured in to the residential neighborhoods in the core of the city over the last 20 years.

[G.Walker]

https://journalrecord.com/2022/02/03...d-performance/

[Bill Robertson]

Kind of a real estate market connection. I get at least one call/text/email a day wanting to buy our house. One woman calls at least twice a week. I've even told her we intend to die of old age in our house (truth) and intend to have our ashes spread next to the house (also truth). She still keeps calling. #%+=!!!!!!

[stratosphere]

Kind of a real estate market connection. I get at least one call/text/email a day wanting to buy our house. One woman calls at least twice a week. I've even told her we intend to die of old age in our house (truth) and intend to have our ashes spread next to the house (also truth). She still keeps calling. #%+=!!!!!!

Same here! We are in the process of refinancing our home and i get several calls per week. One guy called today in fact, when i told him i was not interested he actually called me back an hour later! His number is now blocked.

[LocoAko]

Last week we got mailers from two different real estate agents asking us to sell our home (which we only bought last year) and pointing out how quickly specific homes immediately around us are now selling for. That was new for us.

[Bill Robertson]

Same here! We are in the process of refinancing our home and i get several calls per week. One guy called today in fact, when i told him i was not interested he actually called me back an hour later! His number is now blocked.

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

[ChrisHayes]

Last week we got mailers from two different real estate agents asking us to sell our home (which we only bought last year) and pointing out how quickly specific homes immediately around us are now selling for. That was new for us.

I got a letter from this company that buys houses and resells them giving me a price range which they would buy my house for. I'd walk away with anywhere from 30 to 50k