It’s been a wild ride in 2022. Here’s your guide to the housing market in Oklahoma City. This list will be updated as coverage continues and the market evolves.
— Richard Mize, Oklahoman real estate editor
Looking for homes for sale in Oklahoma City?
Trying to sell your home without a Realtor in OKC? This online method could cost you: The cost of convenience is steep for home sellers who accept fast cash offers, usually online, from buyers like Opendoor, RedfinNow and Offerpad. Nationally, sellers can take hits of more than 10% on their total price, and that trend holds true in the Oklahoma City metro according to statistics compiled by an Oklahoma City real estate agent.
Homebuyers, throw that ‘love letter’ in the trash can; it could be a legal liability: Dear want-to-be homebuyer: You may have been told that writing a “love letter” to the owner of a house you really want — to introduce yourself and your family, maybe include a snapshot, and tell how much you love the house — might give you the edge in this housing market. But it also might get you in trouble, so think twice.
Supply issues complicate Spring Home Parade in Oklahoma City area: OKC-area home builders press on with Spring Parade of Homes despite challenges of rising costs, supply chain disruptions, and unprecedented demand.
Looking for homes to rent in OKC?
Scammers target renters where it hurts — in the (fake) security deposit: Renters, beware. You could be hit with a scam when looking for a house, thanks to the incredibly tight housing market. Scammers fool renters by posting property listings they don’t own as rent houses — on Craigslist or Facebook Marketplace or elsewhere — then collect a security deposit from someone who wants to live in the home, then disappear.
What attracts apartment investors to OKC? More than the money to be made: Investors dropped nearly $1 billion buying up apartment complexes in Oklahoma City last year. The Boathouse District, MAPS, low unemployment — more than potential return on investment is attracting apartment investors to Oklahoma City.
Any advice for homeowners (or soon to be)?
Aging in place? Here’s how to keep parents, grandparents, and you, from raging in place: Knowing about aging-in-place is one thing. Living it is another. Make aging-in-place modifications to your home now to avoid raging-in-place later.
How to spot the telltale signs of housing bubble in 2022, and other speculative frenzies: Before anybody panics, let’s review some components of a financial bubble, as outlined by the late expert-economist-historian John Kenneth Galbraith, who literally wrote the book(s) on bubbles.
Demand for storm shelters explodes after twisters hit in Tornado Alley: It’s spring, and in Tornado Alley that means tornado season. Even with advances in storm forecasting technology, home storm shelters are still a great defense against nature’s fury.
Remodel your home for the joy of it, Realtors say, and refinance mortgage with no remorse: A study by the National Association of Realtors and the National Association of the Remodeling Industry outlines costs and benefits of remodeling.
This article originally appeared on Oklahoman: Seller’s and homebuyer’s guide to OKC’s booming housing market