Just as the leaves are beginning to turn color and fall in Oklahoma, the state’s housing market is opening with opportunity after a hot summer of high prices, high demand and low inventory.
With schools now in session and people nestling in for the fast-approaching winter, people now entering the Oklahoma home real estate market to buy or to sell will face less competition, according to Ruthie Gallardo-Owens, President of Edmond, Oklahoma based-Oklahoma Real Estate Experts.
“For a lot of people, school starting was just a point for them to slow down and stay in their current home. If they didn’t find a house during the summer, they’re going to sign another lease or keep their home for another six to 12 months, which leaves us with a little bit of a balanced inventory — meaning that if you’re still in the market, now you have one less competitor,” explained Gallardo-Owens.
She further added for those wanting to sell, now is the time as well.
“It’s still a great time to put your property on the market because you’ll be able to find your next house a little bit quicker, just like you’ll be able to compete for the next house as well — something that you could not do during the summer.”
Gallardo-Owens said last summer’s home real estate market in Oklahoma was a “complete craze,” home buyers not able to find homes and sellers receiving as many as 85 offers for their properties.
“It was just an unprecedented summer,” she said.
She attributed the season’s hot residential real estate market to high demand and low supply, largely due to a number of factors stemming from the COVID-19 pandemic — among those being low interest rates, the demand for more home square footage due to the increase of remote working and the influx of cash-rich out-of-state buyers fleeing cities and states with stricter COVID restrictions.
“That meant that a lot of business owners could no longer operate their businesses and it just became a dire situation where they either had to move or they had to lose their means of maintaining an income,” she said.
As an example, she explained how her firm, Oklahoma Real Estate Experts, during the summer worked with several restaurant owners who moved to Oklahoma City as they no longer could sustain their businesses at their former locations where everything was closed due to COVID.
Relocating to Oklahoma, they discovered they could buy bigger and better for the money gained from their recently sold homes.
“They come here after selling their house — a three-bedroom, two-bath, 2,000-square-foot home — for almost a million dollars just to come here and buy the same exact square footage for $250,000 or $300,000. Those people came into the market and they helped the frenzy that we had.”
Gallardo-Owens said contributing to the hot Oklahoma real estate market was the low inventory of homes in the area, causing prices to skyrocket.
While she attributed some of this to local concern over the economy and people wanting to play it safe in unsure times, much of this was because those wanting to sell found either too much competition in finding their next home or too little increase in value with the higher ticket prices.
Further complicating matters was the higher cost of building materials, prompting some to wait to sell when material prices came down or not to build at all as buying a home seemed cheaper.
In other situations, she said, buyers with loans would successfully win bidding wars, only to find the house wouldn’t appraise, causing many properties to go off the market just to come right back on.
“This was just something that caused a lot of stress,” said Gallardo-Owens. “We were very lucky to be able to get a lot of buyers in homes, but not all of them were as lucky. Some of them said, ‘You know what? I can’t handle the stress.’ So they decided to wait a little bit.”
“There were a lot of factors.”
All of that said, she said fall time is a great time to enter the Oklahoma real estate market and to take advantage of the greater inventory and lower competition and prices.
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Release ID: 89050425