What is the local real estate market like here in Oklahoma City?
Any time you decide to sell your home, the first question you might ask is what the local market is doing.
Here in Oklahoma, we have a much more stable market than the volatile areas like Los Angeles, Las Vegas, or Miami. We may not see the huge appreciation these places do, but I think that’s OK, because even though we see a much smaller appreciation in the good times, and a MUCH more subdued drop in the bad times. Of course, the job market and local OKC economy comes into play for that, too. The oil and gas industry certainly plays a big role around here!
Right now, in my opinion, the market is still going pretty well here, but the more expensive properties (maybe $150,000 and up) are definitely getting harder to sell. It’s not as much as of a sellers’ market as it was just a year or two ago. Less expensive properties seem to still be moving OK, but it’s definitely something to keep an eye on, since no one wants to get stuck with a property that doesn’t sell. Flippers that got full asking price with no concessions right after listing a house last year are expecting pickier buyers, not selling as quickly, and selling for a lower percentage of asking price. The pendulum is swinging back to the buyers, it seems.
Luckily for us (and you too, if you’re wanting to sell!), we buy in all types of markets. Since we have lots of different exit strategies, we’re not as dependent on the swings of the market cycle as some buyers. We like to buy to keep for rentals, to flip, to seller-finance to new owners, to sell before fixing to other investors… you name it. I think we just like to buy!