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Thread: General state of real estate market as we plan a move...

  1. #1

    Default General state of real estate market as we plan a move...

    Hi all,
    Curious to hear what the housing market is like in the area - particularly in or around Edmond. Wife and I are considering a move from North Carolina and things are absolutely crazy here at the moment (homes going within hours of listing for significantly over asking with inspections waived, etc.) This area has a pretty modest cost of living (only very marginally higher than OKC) and this is true even for very high-end (600k+) homes. Never seen anything like it.

    We're strategizing the best way to move if we do. Right now I lean towards moving first and seeing if we can find a corporate rental for a few months while we look for a home. If we move we will need to do so fairly quickly for work purposes and trying to go back and forth constantly while also packing up our existing home (all during a pandemic) sounds like like it would be terrible. I'd prefer to get there, get a feel for the lay of the land and be able to look at homes as they come in the market. We're planning to be rather picky so going back and forth in advance to try and find something might be difficult/disappointing if things are getting scooped up fast right now.

    Appreciate any insight you folks can offer. We're <primarily> looking at homes in the Edmond area (due to schools) in the 400-500 range. However, we're open to considering other areas if folks have suggestions. Mostly want something reasonably convenient to amenities with good schools and a reasonable commute (no more than 20-30 minutes) to OUHSC campus.

    Thanks!

  2. #2

    Default Re: General state of real estate market as we plan a move...

    It is a very HOT seller's market right now. I technically live in North OKC but abut the Edmond city limits. The house next door just sold for $300k (2500 sq ft, no back yard, 2 car garage). Zillow valued it at about $250k before the sale. 2 houses down the street were on the market for less than one day. My daughter is a realtor and agreed with my assessment.

    At your range, you should consider Heritage Hills. You really can't get to OUHSC from most places in Edmond in less than 30 minutes. I live on the southern edge and it takes me 20 even considering the construction on 235. Maybe if you stayed east of 35 you could get there quicker. As for schools, Classen SAS has a really good academic reputation. Haven't had school-aged kids in a while so not as up to date on that.

  3. #3

    Default Re: General state of real estate market as we plan a move...

    I live the Edmond area, east of I 35 and highly recommend it. I am not a realtor but do think from what I have heard the market is similar here from what you described in your current area. I wish you luck finding your dream home. My area is building up fast, I am on an acreage and they are becoming very hard to find.

  4. #4

    Default Re: General state of real estate market as we plan a move...

    The area around i 35 in Edmond is do able to get to OUHSC in about that time. You could get on realtor.com and use their tool to calculate commute times from some properties listed to give you an idea of what falls into that range.

  5. #5

    Default Re: General state of real estate market as we plan a move...

    All I’ll say is good luck. That price range is the same group of houses selling in the $350k-$450k not too long ago. There is so very little inventory right now. Like the previous poster said, houses are selling in hours. My buddy just bought a house and it was on the market for 45 minutes before he jumped on it.

    There is lots of building going on too. That might be a good option but be very careful. Home builders are doing everything they can to reduce costs given the high costs of lumber right now. I even saw that they’re increasing stud spacing in the walls which seems very sketchy to me.

    If you find a house that meets your criteria then jump on it; however, I have another suggestion. Since you’re moving from so far away, I suggest renting a house or an apartment in the area you’re interested in. It will give you some time to get figure the area out, and it will help reduce stress in moving too. If you can give the market some time to balance out, it will work out more in your favor.

    Also, what brings you to Oklahoma from North Carolina?

  6. #6

    Default Re: General state of real estate market as we plan a move...

    Quote Originally Posted by Ollie View Post
    Hi all,
    Curious to hear what the housing market is like in the area - particularly in or around Edmond. Wife and I are considering a move from North Carolina and things are absolutely crazy here at the moment (homes going within hours of listing for significantly over asking with inspections waived, etc.) This area has a pretty modest cost of living (only very marginally higher than OKC) and this is true even for very high-end (600k+) homes. Never seen anything like it.

    We're strategizing the best way to move if we do. Right now I lean towards moving first and seeing if we can find a corporate rental for a few months while we look for a home. If we move we will need to do so fairly quickly for work purposes and trying to go back and forth constantly while also packing up our existing home (all during a pandemic) sounds like like it would be terrible. I'd prefer to get there, get a feel for the lay of the land and be able to look at homes as they come in the market. We're planning to be rather picky so going back and forth in advance to try and find something might be difficult/disappointing if things are getting scooped up fast right now.

    Appreciate any insight you folks can offer. We're <primarily> looking at homes in the Edmond area (due to schools) in the 400-500 range. However, we're open to considering other areas if folks have suggestions. Mostly want something reasonably convenient to amenities with good schools and a reasonable commute (no more than 20-30 minutes) to OUHSC campus.

    Thanks!
    What's bringing you to OKC? I love hearing about people from out of state moving here. I moved here from Ohio in 2013.

  7. #7

    Default Re: General state of real estate market as we plan a move...

    What is the age of the children? I would suggest The Hill downtown, it is in your price range and is suburban style, and is obviously a bike ride away from OUHSC.

    John Rex downtown is a new [charter] elementary school and The Hill is inside the attendance zone.

  8. #8

    Default Re: General state of real estate market as we plan a move...

    I would think you would have more options in the price range you're looking for. Homes above 400k don't move quite as fast. Homes under 300k are selling in days. It is crazy and has been for a year.

    I'm not sure what amenities you're looking for close to home, and Edmond does have good schools, but don't write off OKC in your search.

    I think your idea to rent for a while is the right move short term. Get to know the city and what you like and don't like before committing to buying.

  9. Default Re: General state of real estate market as we plan a move...

    I agree with the renting strategy. I'm sure everywhere is like this but different areas, even areas very close to each other, can have a very different "feel" here. It would be good to get an idea of which area you want to live in.

  10. #10

    Default Re: General state of real estate market as we plan a move...

    Edmond has the best public school system in the state and one of the top in the country. The OKC charters are good but that obviously different than a traditional school.

    Stick around I-35 to eliminate lots of the Edmond traffic. West of Broadway and your are in nightmare territory traffic wise. Houses are way more cookie cutter as well.

    https://www.zillow.com/homedetails/1...21936081_zpid/

    https://www.zillow.com/homedetails/3...75776004_zpid/

    This new development tries to bring back some of the neighborhood feel to life
    https://www.zillow.com/homedetails/3...33721884_zpid/

    https://newhomes.mccalebhomes.com/co...ty/town-square

    https://www.zillow.com/homedetails/2...54582019_zpid/
    That's more classic edmond

    https://www.zillow.com/homedetails/2...79892194_zpid/
    East of I-35 will feel more countryside less city.

    Good luck. I have a realtor to recommend if you need one.

  11. #11

    Default Re: General state of real estate market as we plan a move...

    First - thank you so much for the replies and thrilled to see how active this board is! Posted over on citydata as well, but the oklahoma board there is pretty dead.

    Responses to a couple items:

    RE: Commute times: This has actually been the most confusing part. We spoke with several people there who implied almost every place is > 30 minutes. However we visited a few months back and drove in from where we were staying in the heart of downtown Edmond during rush hour just to test it and we clocked it at 24 minutes. This was going up Broadway. We also clocked it going up I-35 from an area we were looking at homes and it was 22 minutes. Did we just get super lucky? Several future colleagues live pretty far north near 35 and say its never more than 30 minutes into the office. We're primarily interested in the southern part anyways (S of Edmond Rd). Someone mentioned realtor.com commute estimator and that gives us < 30 minutes from just about every place we looked at, but its just confusing since this contradicts what people keep telling us. When people think of Edmond are they predominantly thinking of the NW area (i.e. past Mitch Park)? I could see that commute being longer.

    RE: New homes - I'm actually generally anti-new-construction so we're hoping to avoid it. We prefer classical architecture anyways and it seems like new constructions would generally mean paying a premium for something smaller, not our style and that comes with risk it won't stand the test of time. When we were looked at homes there, our favorite homes (by far) were in the neighborhoods south of EC Hafer park.

    RE: Renting first - Didn't really get into this in my OP, but that is actually the current plan. Trying to go back and forth to try and find a home in the current environment seems crazy. We're going to sell our current home, throw everything in storage and get a corporate/furnished rental there for a few months while we look. Work is covering moving costs so we're trying to avoid moving the stuff twice if we can (hence the furnished place) but we'll see.

    RE: Age of child - Actually about negative 6 months so we're still a ways off from needing schools We're just planning ahead and really want to avoid moving multiple times if we can (both because of the hassle and the transaction costs of buying/selling).

    RE: Reason for moving to OKC - Work! I'm an academic which more or less necessitates some moving around (originally from western NY but have lived up and down the east coast). My current job has some downsides and almost on a whim I saw an ad for OU last year and decided to send in an application. Given the craziness of last year I never thought anything would come of it. But I like the people, OU seems like a great place to work and it sounds like I'll have resources to pursue some things that would be very difficult in my current role. Wife is very flexible, is in a field where she can find work virtually anywhere and is thrilled by the notion of me having less work stress and decidedly fewer 70-hour work weeks. Not ideal timing with the baby on the way (given I applied in early fall, we obviously didn't know at the time). We debated turning it down or seeing if they would let us defer starting til 2022, but decided it was better to move and try to settle pre-baby rather than with a newborn. This also feeds into our desire to find something sooner rather than later.

    I have to say, I never imagined myself in Oklahoma. Mostly just because I've been up and down the east coast so much (not by design - just following opportunities and it worked out that way). I come from a very blue collar family where no one left the city I was born in. One relative moved a couple hours away for a few years and that was viewed as crazy until I started moving all around the country for school/work. My wife is from Europe so her US geography isn't great and truthfully wasn't even 100% sure where Oklahoma was when I submitted the application! Honestly, we were a bit nervous and unsure what to expect but we loved it when we visited. OKC itself is impressive. Admittedly our now wildly unfair bias had it pegged as a much smaller city with less going on than is the case. We were expecting a large college town and it feels more like a smaller Houston/Dallas, which is honestly about perfect for us. Edmond was lovely. I'm big into tennis and it looks like it is hugely popular there. My current environment is pretty cutthroat which is just....not me. So deep breath and we're going to take the plunge

  12. #12

    Default Re: General state of real estate market as we plan a move...

    Quote Originally Posted by Ollie View Post
    Hi all,
    Curious to hear what the housing market is like in the area - particularly in or around Edmond. Wife and I are considering a move from North Carolina and things are absolutely crazy here at the moment (homes going within hours of listing for significantly over asking with inspections waived, etc.) This area has a pretty modest cost of living (only very marginally higher than OKC) and this is true even for very high-end (600k+) homes. Never seen anything like it.

    We're strategizing the best way to move if we do. Right now I lean towards moving first and seeing if we can find a corporate rental for a few months while we look for a home. If we move we will need to do so fairly quickly for work purposes and trying to go back and forth constantly while also packing up our existing home (all during a pandemic) sounds like like it would be terrible. I'd prefer to get there, get a feel for the lay of the land and be able to look at homes as they come in the market. We're planning to be rather picky so going back and forth in advance to try and find something might be difficult/disappointing if things are getting scooped up fast right now.

    Appreciate any insight you folks can offer. We're <primarily> looking at homes in the Edmond area (due to schools) in the 400-500 range. However, we're open to considering other areas if folks have suggestions. Mostly want something reasonably convenient to amenities with good schools and a reasonable commute (no more than 20-30 minutes) to OUHSC campus.

    Thanks!
    It's a similar market here as to what you described in North Carolina. That being said the market does balance out some above $400k price point. Still, inventory is very low overall and even on the higher end am still running into some very quick sales and multiple offers- things that basically don't exist in a normal market at these price points. I would consider Deer Creek as well since school systems are important to you. There are a lot of nice properties in Deer Creek with close access to highway 74 and the turnpike that would still make the commute downtown bearable.

  13. #13

    Default Re: General state of real estate market as we plan a move...

    You should look at the Lincoln Terrace neighborhood if you haven't yet. We live there and love it. Many doctors, nurses, and healthcare professionals in the neighborhood as it is one block north of OUHSC.

    I recently considered selling our 4 bed, 2 bath home just because the market was so high. If you want to buy my house send me a DM

  14. #14

    Default Re: General state of real estate market as we plan a move...

    Another quick note RE: recommended locations.

    Unfortunately, we're looking for a fairly large square footage (3k+). My in-laws live with us and we have frequent long-term guests and 2500 sf is a bit tight for 4-6 adults. While I would LOVE to live in some of the neighborhoods mentioned, homes of the size we need seem to either be rare or out of our price range. Hence something else pushing us towards Edmond.

    It makes me sad. I would much, much, much rather be in a more urban environment with a short walk/bike to work,

  15. #15

    Default Re: General state of real estate market as we plan a move...

    Quote Originally Posted by Ollie View Post
    First - thank you so much for the replies and thrilled to see how active this board is! Posted over on citydata as well, but the oklahoma board there is pretty dead.

    Responses to a couple items:

    RE: Commute times: This has actually been the most confusing part. We spoke with several people there who implied almost every place is > 30 minutes. However we visited a few months back and drove in from where we were staying in the heart of downtown Edmond during rush hour just to test it and we clocked it at 24 minutes. This was going up Broadway. We also clocked it going up I-35 from an area we were looking at homes and it was 22 minutes. Did we just get super lucky? Several future colleagues live pretty far north near 35 and say its never more than 30 minutes into the office. We're primarily interested in the southern part anyways (S of Edmond Rd). Someone mentioned realtor.com commute estimator and that gives us < 30 minutes from just about every place we looked at, but its just confusing since this contradicts what people keep telling us. When people think of Edmond are they predominantly thinking of the NW area (i.e. past Mitch Park)? I could see that commute being longer.
    your own driving experience is spot on unless you live on the west side of Edmond your commute will almost never be more then 30 min during normal driving ..

    and unless you are hitting the absolute prime drive time 5pm going back to Edmond you will likely average much closer to 20 min then 30

  16. #16

    Default Re: General state of real estate market as we plan a move...

    Quote Originally Posted by BoulderSooner View Post
    your own driving experience is spot on unless you live on the west side of Edmond your commute will almost never be more then 30 min during normal driving ..

    and unless you are hitting the absolute prime drive time 5pm going back to Edmond you will likely average much closer to 20 min then 30
    Yeah avoid west of broadway.

    East of Broadway and you can learn to navigate edmond fairly easily. Once you get onto a freeway in OKC things are quick, even quicker when 253/44 is done.

  17. #17

    Default Re: General state of real estate market as we plan a move...

    Look around I 35 either just west or east a few miles in Edmond There are homes that are on the larger side (3500 sq ft or more) Many with larger lots, trees etc. Just have to find one that comes on the market that you like.

  18. #18

    Default Re: General state of real estate market as we plan a move...

    Hi. Just to put my two cents in, there's a whole other area of the Metro with beautiful homes and neighborhoods that are in your price range and sq. footage requirements that unless I missed it, no one seems to have mentioned. I'm referring to the South Metro and in particular, far SW OKC, Mustang, Moore, and Norman. While maybe not ranked as high as Edmond, the school systems in these areas are extremely good and the drive time to OUHSC may be the same or even shorter in some instances. There are multiple arterials (SH 152, I-44, I-35, S. Western, and Sooner Rd) to use for your commute. If far NE OKC and/or Edmond are your only considerations, then definitely look east of I-35 as others have suggested. Good luck with your search!

  19. #19

    Default Re: General state of real estate market as we plan a move...

    Congratulations on your move! You will find this site to be an outstanding resource for things to do once you're here, with a strong community orientation.

    OKC is laden with little pockets of huge homes in areas one would not expect, hidden parks, and other gems not immediately apparent when you're driving through.

    Your decision to rent first is the right decision. I've little doubt you will be able to find something that fits your criteria in a "more urban location." Allowing yourself time to discover all of OKC is the right move.

    Welcome to OKC! And, sorry if I missed it, but when are you moving here?

  20. #20

    Default Re: General state of real estate market as we plan a move...

    Thanks! Final date TBD but the expectation is June-ish?

    We're pretty darn excited.

  21. #21

    Default Re: General state of real estate market as we plan a move...

    Glad to hear that you are excited. I am thinking that you will love the metro area. As I said the area around I 35 west and east is nice. There are a few old like 80 to 90 s a some a bit older then that with larger homes on nice lots. Check out around 33rd and Coltrane area. Also note that the area around Memorial has some nice homes. South of Memorial puts you into okc city limits but still Edmond Schools and easy drive to shopping/doctors offices, resturants etc.

  22. #22

    Default Re: General state of real estate market as we plan a move...

    Anyone have experience with specific corporate rentals/furnished apartments in the area they would recommend?

    We're now pretty well settled on waiting a bit before we buy. I'm going to run the numbers, but from both a financial and a logistical standpoint I think it will make more sense to have movers store our stuff while we stay in a furnished apartment to learn the area and look for home versus moving our stuff into an apartment, dealing with the nightmare of trying to only unpack what we need and then moving again when we find a home....maybe as soon as a month later if we get lucky and stumble on the right place.

    Only trick is we are expecting our first child in October so REALLY hoping we find something before then, but we'll cross that bridge when we get to it.

  23. #23

    Default Re: General state of real estate market as we plan a move...

    We are going to sell ours in September, but at 1,700 sqf it’s gonna be outside your range ��

  24. #24

    Default Re: General state of real estate market as we plan a move...

    Another suggestion is the Yukon area, which is on the near west side and a 20 minute drive on I-40 to OUHSC. Very middle to upper class and schools are good. In the past 8 years there has been a 60 million dollar input into the school system (technology, new high school and new mid-high.
    Real estate is hot, we sold our 2,800 sq ft in 4 days for $300,000.00 and bought a $385,000.00, 3,100 sq ft 5 bath with pool and spa one block away (we downsized from a 2 story). This was all in the summer of 2020. Also with the new turnpike access I get to Will Rogers airport in about 10 minutes.
    Good Luck

  25. Default Re: General state of real estate market as we plan a move...

    Quote Originally Posted by Ollie View Post
    Anyone have experience with specific corporate rentals/furnished apartments in the area they would recommend?

    We're now pretty well settled on waiting a bit before we buy. I'm going to run the numbers, but from both a financial and a logistical standpoint I think it will make more sense to have movers store our stuff while we stay in a furnished apartment to learn the area and look for home versus moving our stuff into an apartment, dealing with the nightmare of trying to only unpack what we need and then moving again when we find a home....maybe as soon as a month later if we get lucky and stumble on the right place.

    Only trick is we are expecting our first child in October so REALLY hoping we find something before then, but we'll cross that bridge when we get to it.
    Check out the Nichols on Sherwood. They have fully furnished units for lease for short term if needed https://www.nicholsonsherwood.com/ They are pricey though, but that's the pretty normal for fully furnished. There is also one at the Centennial Lofts in Bricktown that's fully furnished for almost $4000/month

    Try here too. They might have some inventory https://arealhomeawayfromhome.com/

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