Rise Realty Group OK

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/ Real Estate / By / / Balance Market, Buyer's Market, Days on Market, Market Stats, OKC Real Estate Market, real estate, Seller's Market, wealth building

What in the world is going on with the OKC Real Estate Market?

Everyone seems to be questioning the world these days. It’s hard to know what to think in our current social climate as a parent, as a member of the work force and an economy contributor, and as a homeowner, if you have an impending decision to make about moving this year. So how does that affect the OKC Real Estate Market?

In OKC and the surrounding areas, we are seeing record-breaking home values soar and a significant lack of inventory to choose from. Traditionally, we have had a very balanced market in OKC the last several years, and certain price points typically lean towards a seller’s market.

Let’s dive into this real quick:

  • Buyer’s Market = Abundance of houses for sale to choose from. Prices tend to decline.  Days on Market may exceed 6 months.
  • Balanced Market = Even split between Houses on Market for sale and buyers closing on properties. In this market, you would typically see the Days on Market average about 6 months.
  • Seller’s Market = Low inventory. Sales prices increase. Days on Market less than 6 months.
Let’s look at stats for 2020 to examine our current OKC Real Estate Market:

We use stats from the OKMAR MLS and a 30 mile radius from downtown OKC to analyze our current market. Starting in January 2020, the median Days on Market for homes sold was less than 30 days. Now, in July, that has dropped to less than 15 days. Wow! Talk about a competitive market right now. The fall in interest rates to 2.75% has buyers more incentivized than ever, but our lack of houses for sale has definitely impeded all buyers being able to make their move this year.

We have WON several multiple-offer situations for our buyers this year, and have honed our skills in negotiations for our sellers to make them the highest profit in the least amount of time possible. We HAVE to be this competitive to serve our clients well in our current seller’s market.

 

Do you or someone you know have questions about how to make a move in these conditions? We have consultations available by phone, via zoom, and in person—however you feel most comfortable. Check out our website for money-saving offers and more about our team and services. Even if 2020 is not the ideal year for you to move, let this be the time we discuss our upcoming market expectations to get you set up for success.