Is Oklahoma City still experiencing a buyer’s market today? We frequently get asked this question as authorities on the Oklahoma City real estate market.
There isn’t a straightforward yes or no answer.
The Status of the Market in Oklahoma City for Buyers Oklahoma
First of all, a lot relies on the kind of property and where it is.
Single-family houses in desirable areas with reasonable prices have been flying off the shelf. While some regions can appear to be ghost towns, others have high market demand.
Buyers frequently have similar criteria, such as desirable locations, convenient access to shops and transportation, good schools, and proximity to their places of employment. Having all of these is undoubtedly in high demand for real estate. The market is controlled by sellers of highly sought-after properties.
Nevertheless, it can be quite a different story for condos and townhouses, especially those that are off the usual road or have unique features. Prices in some sections of Oklahoma City were declining, but they appear to be increasing as the rental market expands.
Demand is high for investment properties. The Oklahoma City market has been affected in particular ways by the enormous inflow of foreign capital investing in American real estate.
In general, those with the cash to buy real estate have been seizing the best bargains available.
Several sellers are offering speculative prices to see if anyone will buy, but the majority of investors are turning away from transactions that don’t make sense.
For buyers, financing continues to be a key barrier. Banks are becoming exceedingly stringent, demanding large deposits, and even altering their terms right before closing. Although it’s improving from a few years ago, it’s still frequent for authorized purchasers to have their loans canceled just before completing escrow.
The markets are still quite polarized overall; there is a lot of activity at the top and the bottom, with the most difficulties in the center.
With mortgage rates nearing 7% and a 28-year low in demand for mortgages, it is possible that spring’s customary rebound in home sales won’t occur.
The Oklahoma City prices seem to be holding steady so far, while declining in some other regions of the country, which is about the only positive news – for owners and sellers at least. Naturally, prospective purchasers would prefer additional price reductions, even though the faltering market has already given them a significant amount of negotiating leverage.
Nationally, the housing market began the year in a state of rebalance, with many buyers and sellers staying cautious while they wait to see where the market is headed.
Sound confusing? It is. But We Can Help.
The US economy is still undergoing significant change, and markets are currently moving quickly in several different directions at once.
We are making an investment in Oklahoma City because we have faith in the locals and the neighborhood.
We can assist you if you need to sell a house close to Oklahoma City.
We buy homes like yours from folks who have to sell them quickly.