What is Happening with the Real Estate Market In Western Oklahoma

April 04, 2023

Don't let the media confuse you, the Real Estate Market in Oklahoma is still going strong.

Oh Shift!! I think the biggest question right now is "what's going on with the market", I bet I answer that question at least 3 times every day! The short answer is "I don't know, no one does" but I do study the market daily and have a pretty good handle on the subject, with that being said, I'm no psychic, maybe psycho, (ha ha), but here is my opinion for what it's worth....

With everything you read or watch, use some common sense, your own common sense.  So, with that being said, here is my take on the "market mess"

Yes, it is shifting.  Shifting, not plummeting, so don't fall for that scare tactic.  Homes in Elk City, Oklahoma are sitting on the market a bit longer, you know like back before 2020? Interest rates are higher, you know like back before 2019? Buyers are not throwing huge over list price offers with no inspections, and no anything by the seller, you know like before we lost our minds?  We knew this couldn't go on forever, and to be honest, it shouldn't have.  

In 2005 I bought a home and was proud of my 8.75% interest rate, you heard me right, PROUD!  Fast forward, we are appalled that we are having to pay in the 6's. We have all heard the quote, "date the rate, marry the home", that means, buy the home.  You can refinance later, we know this people.  So if you are one of those saying "I'm going to wait for the market to crash or correct to buy", I say, you silly goose.  Buy, if you can afford the payment, and you must know that answer for yourself; rather the interest is 1% or 100%, know what you can afford and what fits into your budget, no amount of market crashing or adjusting will change that.  

So much of what drives prices is simple supply and demand.  In Western Oklahoma, we are in a housing shortage, almost all of our great state is.  In 2021, Oklahoma saw a growth spurt of .62%, we know this as REALTORS because we sold A LOT of homes to out of staters moving here for our political and religious views, I am very proud of that as an Oklahoman.  We also saw a large number of first time home buyers, keep adding to the equation and you have more people and less houses, which equals a shortage.  These same first time home buyers spent way more than us older folks spent when we were first time home buyers.  The average home sale price of first time home buyers was $215,000 (don't laugh, my first home purchase in 1993 was $22,000 and the owner carried the note for me.  

I think we will see interest rates go up again before the end of 2022, but maybe not, flip a coin and see what you want, I think they will be around 7% before it's all said and done.

I can't stress enough, buy the home you can afford.

Don't let things that are out of your control, like interest rates and market crashes and market bubbles and blah blah blah, don't let them dictate your decisions, you do you!