OKC Real Estate Market

[DowntownMan]

Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.

I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?

I’m In the same boat. I’ll pay off my current mortgage in the next 3 months and I’m on the watch for an upgrade. Not necessarily have to move but if prices come down, I’ll make a move as I’d rather get it at a lower price. The rate doesn’t bother me too much. Like you said it can be refinanced later or I probably will pay it off over a short time anyway.

[Soonerinfiniti]

I saw a headline in the Oklahoman today (I don't subscribe): Home construction is plummeting in OKC. Apparently October was a 10 year low for home starts. That's pretty shocking considering how hot the $250,000 and under price range has been. Makes you wonder what will be the effect on existing home sales...

[chssooner]

I saw a headline in the Oklahoman today (I don't subscribe): Home construction is plummeting in OKC. Apparently October was a 10 year low for home starts. That's pretty shocking considering how hot the $250,000 and under price range has been. Makes you wonder what will be the effect on existing home sales...

Well, rates haven't been this high in decades. Almost 6-7%. It will have an effect until either prices go down or rates do. All over the country, it is like this.

[aDark]

Paid off our house in February and we live in the Crestwood area (down the street from Bullbear). We were looking to purchase a new house and keep the house as a rental, but can't find the right thing in the right area and don't want to move to the burbs. I, honestely, don't care as much about the rate as a lot of people as I would prefer to get a good deal on the purchase and then refi down the road. I would rather pay 2% higher on a rate that can be refinanced in the future than pay $50,000 more for a property that might not appraise for that amount and have to bring that much cash to the table.

I have noticed a significant slow down of the call/text/email/mail/carrier pigeons saying they want to buy our house. Have you?

What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?

[Pete]

What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?

Bullbear is a poster here.

[PhiAlpha]

What is "Bullbear"? Is that an OKCTalk user or some super hip speakeasy bar that doesn't show up on Google Maps?

A distant, weaker cousin of ManBearPig

[TheTravellers]

A distant, weaker cousin of ManBearPig

Dunno, I'd think Bull would beat Man or Pig.........

[Richard at Remax]

Had some clients get 5.75% today for a 30 year. So some good news

[chssooner]

Had some clients get 5.75% today for a 30 year. So some good news

Do you think the market will level out? Or are rates low enough to where things will start to inflate again?

[OKCRealtor]

Had some clients get 5.75% today for a 30 year. So some good news

Nice, any points? Things have stabilized some, hopefully the trend holds.

My business has been slower but I have a ton of people either recently listed or qualified buyers looking hard. I think at some point people just have to accept the market is the market and they can either A) do nothing or B) Accept it and move forward with a little higher payment for the time being.

[Richard at Remax]

Nice, any points? Things have stabilized some, hopefully the trend holds.

My business has been slower but I have a ton of people either recently listed or qualified buyers looking hard. I think at some point people just have to accept the market is the market and they can either A) do nothing or B) Accept it and move forward with a little higher payment for the time being.

Yeah there were some points used. Still pretty encouraging.

My listing have been very slow. Finally got a 20acre land under contract. Have a solid rental at 71st and May area that would have been under contract in 24 hours a few months ago is still sitting. Which is shocking to me. 132 acres off of Wilshire and MW Blvd is still sitting there too.

However, my buyers under $300K have found recent success. Getting homes for under asking AND some closing costs paid. Some say it's crashing but I feel it's just going back to normal.

[OKCRealtor]

Yeah there were some points used. Still pretty encouraging.

My listing have been very slow. Finally got a 20acre land under contract. Have a solid rental at 71st and May area that would have been under contract in 24 hours a few months ago is still sitting. Which is shocking to me. 132 acres off of Wilshire and MW Blvd is still sitting there too.

However, my buyers under $300K have found recent success. Getting homes for under asking AND some closing costs paid. Some say it's crashing but I feel it's just going back to normal.

Yea things definitely moving a little slower, I'm reselling a couple things right now from clients who bought in the last couple years during pandemic and very competitive situations to now things taking a few days or more to get something good on it. It feels much more like it did pre-covid. Kinda nice not being in a cutthroat situation on every house lol.

[oklip955]

A question for your realtors. I live on the east side of Edmond. Tabor and others have additions going in, it seems like they are still building. Are these likely building homes already sold or are they just building since they had plans and contractors lined up to do them? Do you expect homes in subdivisions to slow down or are they already slowed down? No I am not interested in buying something like that. I am on 10 ac and will think about moving farther out. I want to get a horse again but way too much traffic to ride down the roads. I am having issues just gettign out of my driveway. ugh not the peaceful quiet country anymore.

[Richard at Remax]

I think you are the woman I spoke to not too long ago. Even though we are slowing down, there is still an overall shortage of homes, esp new homes in that price range. I would probably think Tabor will finish out whatever they have building and see how the sales go before they go on to the next phases.

[oklip955]

Ok thanks. Yes we talked a bit a while ago. The reason I ask is that I still see them building at the same rate as at the peak of the market. Maybe they are not turning dirt on new developments. They bought 160 ac and I would have expected them to start turning dirt by now. It might be they still have lots of lots to build on first. They have a few phases that have been approved and still not completed enough to start building homes. Anyway, thanks for the update. In my slow rate of speed, I'm working to move a bit farther out. Just dont like the traffic and dont want to have 6000 sq ft lots up against my acreage.

[Pete]

The number of houses for sale in and around my neighborhood has really dropped over the last few months.

I know part of that is due to the time of year when fewer homes are put on the market, but I've also noticed that most are selling pretty quickly.


This spring and summer will be very interesting to watch. It seems interest rates have stabilized; we'll soon see how that affects sales and prices and may provide a good indicator or the longer-term trend.

[FighttheGoodFight]

The number of houses for sale in and around my neighborhood has really dropped over the last few months.

I know part of that is due to the time of year when fewer homes are put on the market, but I've also noticed that most are selling pretty quickly.


This spring and summer will be very interesting to watch. It seems interest rates have stabilized; we'll soon see how that affects sales and prices and may provide a good indicator or the longer-term trend.

Noticing the same. We have friends looking to buy and they are just renting to wait it out a bit. I think we will see how it is all doing come Spring. But there is still a low supply of homes at least in Norman.

[OKCRealtor]

The market is doing better here than what a lot of people probably think. I've personally had a hot start to the year as well as my team- ahead of last year at this time and the market was still screaming then. I think it's pretty likely that OKC sees a small amount of growth in terms of sales and prices this year with the exception of the luxury market. Should rates go back the other way next year it could get hot again quickly.

[DowntownMan]

The market is doing better here than what a lot of people probably think. I've personally had a hot start to the year as well as my team- ahead of last year at this time and the market was still screaming then. I think it's pretty likely that OKC sees a small amount of growth in terms of sales and prices this year with the exception of the luxury market. Should rates go back the other way next year it could get hot again quickly.

I’ll say from my neighborhood this appears to be true. While they don’t sell same day listed like they were a few months ago.
There have been three houses go for sale. Two sold within 2 weeks.
1 remains on market for 3 months but has horrible pictures of the property and does not look visually pleasing if you find it online.

[Richard at Remax]

In the last 7 days, 488 new listings, 649 listings went Pending.

Currently, 4615 active listing in MLS, 2671 that are pending. These numbers have been slowing coming together for the past month or so.

It's not as dire as people think out there. Rates has pumped the breaks on the craziness that was last summer but it's still pretty strong out there.

[Pete]

Interestingly, prices have pretty much held ($/SF in my area) since the big interest rate increases.

That's a very good indication that appreciation is going to start ramping up again and if rates drop, I bet we see another frenzy.

[Just the facts]

OKC might be a little different....for now, but the Fed is nowhere close to halting interest rate hikes (for a number of reasons).

We sold our house in Jax last year as part of our plan to find a permanent City to call home. In the past 4 years we have visited 32 states in our search and have narrowed it down to 3 cities...so far. In 2 of those 3 cities housing prices are declining, and in one of those the decline is significant and accelerating.

We also have taken note that several of the cities are cracking down on illegal short-term rentals which will put more inventory on the market and drive prices down more.

[jackirons]

OKC might be a little different....for now, but the Fed is nowhere close to halting interest rate hikes (for a number of reasons).

We sold our house in Jax last year as part of our plan to find a permanent City to call home. In the past 4 years we have visited 32 states in our search and have narrowed it down to 3 cities...so far. In 2 of those 3 cities housing prices are declining, and in one of those the decline is significant and accelerating.

We also have taken note that several of the cities are cracking down on illegal short-term rentals which will put more inventory on the market and drive prices down more.

What are the 'number of reasons' ? And how do you know when the Fed will stop? The Fed doesn't even know what the rates will be in 12 months. Back in 2021 the Fed had projections of under 2% by 2023. Things change all the time. They could cut, they could keep raising, or things could stay close to where they are. The Fed funds rate is around 4.75% currently and Fed officials have forecasted it from anywhere from 5 to 5.75% by the end of 2023.

[Just the facts]

I don't want to derail this Real Estate thread with an interest rate discussion. Is there a more relevant thread somewhere?

[jackirons]

I thought there was general economy thread but I don't see one. Not sure where that discussion would go.