Does It Make Sense to List My Home This Year in Oklahoma?
As we enter the final stretch of 2024, many Oklahoma homeowners ask, "Is it still a good time to list my home?" The answer is: Absolutely!
Low Inventory and High Demand
Housing inventory remains low, well below historical averages, keeping the market in sellers’ favor. In Oklahoma, this trend is evident across both urban and suburban areas. Less competition means quicker sales and stronger offers for you.
Mortgage Rates Are Boosting Buyer Interest
Recent drops in mortgage rates have significantly increased buyer purchasing power. Buyers who’ve been on the sidelines are now re-entering the market, eager to take advantage of lower rates. For every 1% drop in rates, home prices can increase by 5-10%, which means listing now could help you sell for a higher price.
Oklahoma’s Market Advantage
Nationally, the median home price is around $430K, and while Oklahoma trends a bit lower, the state’s affordability and steady appreciation make it attractive to both local and out-of-state buyers. This could work in your favor if you list soon.
Is There Time to Sell?
Yes! Even though we’re approaching the end of the year, the Oklahoma market stays active during the winter months. Motivated buyers, especially with improved affordability, are still looking to close deals before year-end.
Local Factors Matter
While national trends support selling, local factors like job growth and neighborhood appeal play a crucial role in Oklahoma’s market. The Justiz League Real Estate Team is here to help you navigate these specific elements to make the best decision for your home.
Conclusion: Now is a Great Time to Sell
With low inventory, favorable mortgage rates, and ongoing demand, listing your home before 2024 ends could be a smart move. Don’t wait—there’s still time to capitalize on this market!
Contact the Justiz League Real Estate Team today to discuss your options!
How Oklahoma Homebuyers Are Cashing In on Low Mortgage Rates Right Now
With mortgage rates in Oklahoma hovering around 5.88%, homebuyers are capitalizing on historically low borrowing costs, helping them achieve significant long-term savings. According to Freddie Mac, although rates have increased slightly in 2024 from the historic lows seen during the pandemic (where rates were as low as 2.65%), they are still well below the average of over 7% that was common in prior decades.
For homebuyers, especially first-timers, these current rates offer an opportunity to lock in affordable monthly payments that can lead to significant financial savings over time. For example, securing a fixed-rate mortgage now could save Oklahoma buyers thousands of dollars in interest over the life of their loan, compared to when rates inevitably rise again.
Why Buyers Should Move Fast
Experts are cautioning potential buyers to move quickly as rates could rise in response to inflation or economic adjustments by the Federal Reserve. Locking in a rate now could mean the difference between affordable homeownership and more costly mortgage payments down the line. With the median home price in Oklahoma sitting around $249,700, many buyers can leverage today’s rates to enter the market affordably. Furthermore, Oklahoma’s comparatively low cost of living adds even more incentive to secure property in this rising market while rates remain competitive.
Tips for Leveraging Low Rates:
Shop Around: Compare offers from different lenders. Even small differences in interest rates can add up to large savings over a 30-year loan.
Get Pre-Approved: In a competitive market like Oklahoma, pre-approval can give you a leg up on securing the home you want before rates rise.
Consider Refinancing Later: If rates drop further, consider refinancing to secure an even lower interest rate, reducing your long-term costs even more.
Experts Weigh In
Mortgage experts from Zillow and Freddie Mac suggest that while rates could increase due to economic factors, the current environment remains favorable for buyers. In Oklahoma, the combination of low rates, a strong economy, and affordable housing options makes this an ideal time for buyers and investors to make their move before conditions change.
In conclusion, with Oklahoma's low mortgage rates and stable housing market, now is a strategic time to invest. For those looking to make the most of these opportunities, the Justiz League Real Estate Team is here to help you navigate the market and lock in these beneficial rates.
Sources:
Freddie Mac Mortgage Rates Data
Zillow Oklahoma Market Insights
Houzeo Oklahoma Real Estate Market Data
Is the Oklahoma Real Estate Market About to Boom? Here’s What Experts Are Saying!
The Oklahoma real estate market is experiencing a steady but encouraging shift. According to recent data, housing inventory has increased by over 21%, giving buyers more options to choose from. The median home price in Oklahoma now sits around $249,700, with home values steadily increasing. Experts expect new home construction to pick up due to steady demand, supported by the state’s affordable living and strong job market.
Mortgage rates also play a significant role in this market shift, hovering around 5.88%. While slightly higher than in previous years, they remain accessible, especially for investors looking to capitalize on Oklahoma’s growing appeal. The state’s thriving economy, a population that’s steadily increasing, and a cost of living below the national average continue to attract people and businesses alike, adding fuel to a market that could very well be on the verge of a boom.
Several cities, including Oklahoma City and Edmond, are hotspots for investment, offering affordable housing options and potential for future appreciation. With businesses expanding and communities thriving, the state’s real estate market holds promise for those looking to invest.
Investors looking for long-term gains should seriously consider Oklahoma as a prime market. Whether you're interested in commercial properties, rental homes, or land for development, now is a great time to act. For those seeking personalized guidance on how to make the most of the market’s opportunities, reach out to the Justiz League Real Estate Team to help navigate your investment journey.
For further insights, you can check the source here (Houzeo).
5 Reasons Why Oklahoma is a Great Place to Invest in Residential Real Estate
Investing in Oklahoma’s residential real estate market offers a wealth of opportunities, whether you’re a seasoned investor or buying your first home. Here are five compelling reasons why Oklahoma should be on your radar:
1. Affordable Home Prices
Oklahoma’s home prices are significantly lower than in many other states, allowing you to get more house for your money. The median home price in Oklahoma is well below the national average, making it an attractive market for first-time homebuyers, investors, and families looking to upgrade without breaking the bank. This affordability is especially appealing to buyers who are looking to maximize their investment potential in growing communities.
2. Growing Rental Demand and High Returns
Oklahoma’s population growth, driven by strong job markets in cities like Oklahoma City and Tulsa, creates a steady demand for rental properties. Investing in single-family homes, duplexes, or multi-family units can yield high returns, with rental rates steadily increasing alongside property values. The state’s low vacancy rates and strong rental market make it a hotspot for investors seeking reliable cash flow and long-term appreciation.
3. Thriving Communities and Amenities
Oklahoma offers vibrant, family-friendly communities with excellent schools, parks, and amenities that attract homebuyers and renters alike. From the bustling urban neighborhoods in OKC to the charming suburban areas in Edmond and Broken Arrow, the state provides a variety of lifestyle options. Proximity to recreational activities like hiking, boating, and cultural events also boosts the appeal of owning a home here, making it easier to market and sell properties.
4. Robust Job Market and Economic Growth
Oklahoma’s diversified economy, with strong sectors like energy, aerospace, healthcare, and technology, continues to fuel job growth and attract new residents. This economic stability makes it a desirable location for residential real estate investment, as more people seek homes near employment hubs. Cities like Edmond and Norman are particularly popular among professionals, students, and growing families, ensuring a continuous demand for quality housing.
5. Low Taxes and Cost of Living
Oklahoma’s low property taxes and overall cost of living are major draws for potential buyers. One of the lowest property tax rates in the nation, homeowners can enjoy more affordable living expenses compared to many other states. This cost advantage also translates into higher potential returns for investors, as the lower tax burden keeps ownership costs manageable and attractive to buyers at every stage of life.
Investing in residential real estate in Oklahoma is a smart move, offering a unique balance of affordability, strong community appeal, and potential for growth. Ready to explore your options? The Justiz League Real Estate Team is here to guide you on this exciting journey to finding your perfect home or investment property!
Investing in Oklahoma’s residential real estate market offers a wealth of opportunities, whether you’re a seasoned investor or buying your first home. Here are five compelling reasons why Oklahoma should be on your radar:
1. Affordable Home Prices
Oklahoma’s home prices are significantly lower than in many other states, allowing you to get more house for your money. The median home price in Oklahoma is well below the national average, making it an attractive market for first-time homebuyers, investors, and families looking to upgrade without breaking the bank. This affordability is especially appealing to buyers who are looking to maximize their investment potential in growing communities.
2. Growing Rental Demand and High Returns
Oklahoma’s population growth, driven by strong job markets in cities like Oklahoma City and Tulsa, creates a steady demand for rental properties. Investing in single-family homes, duplexes, or multi-family units can yield high returns, with rental rates steadily increasing alongside property values. The state’s low vacancy rates and strong rental market make it a hotspot for investors seeking reliable cash flow and long-term appreciation.
3. Thriving Communities and Amenities
Oklahoma offers vibrant, family-friendly communities with excellent schools, parks, and amenities that attract homebuyers and renters alike. From the bustling urban neighborhoods in OKC to the charming suburban areas in Edmond and Broken Arrow, the state provides a variety of lifestyle options. Proximity to recreational activities like hiking, boating, and cultural events also boosts the appeal of owning a home here, making it easier to market and sell properties.
4. Robust Job Market and Economic Growth
Oklahoma’s diversified economy, with strong sectors like energy, aerospace, healthcare, and technology, continues to fuel job growth and attract new residents. This economic stability makes it a desirable location for residential real estate investment, as more people seek homes near employment hubs. Cities like Edmond and Norman are particularly popular among professionals, students, and growing families, ensuring a continuous demand for quality housing.
5. Low Taxes and Cost of Living
Oklahoma’s low property taxes and overall cost of living are major draws for potential buyers. One of the lowest property tax rates in the nation, homeowners can enjoy more affordable living expenses compared to many other states. This cost advantage also translates into higher potential returns for investors, as the lower tax burden keeps ownership costs manageable and attractive to buyers at every stage of life.
Investing in residential real estate in Oklahoma is a smart move, offering a unique balance of affordability, strong community appeal, and potential for growth. Ready to explore your options? The Justiz League Real Estate Team is here to guide you on this exciting journey to finding your perfect home or investment property!
Fed Cuts Rates. What Does This Mean For the Housing Market?
Current Interest Rates: What Homeowners Should Know Before Moving Up
The housing market has been on a wild ride with interest rates over the past two years. From historically low rates in early 2022 to the sharp increases that followed, many homeowners found themselves locked into mortgages with exceptionally low rates, making the prospect of upgrading to a larger home less appealing. However, recent changes could shift the landscape in your favor.
How Rates Have Changed and What It Means for You
In early 2022, interest rates began their upward climb as the Federal Reserve responded to inflation. By late 2023, the average 30-year fixed rate peaked at around 7.79%, making moving up to a larger home or refinancing an existing mortgage a costly decision. However, as we navigate through 2024, there’s good news on the horizon: rates have started to ease. Currently, the average 30-year fixed rate sits at about 6.20%, and market experts predict further declines towards 6% by the end of this year and potentially down to 5.5% by late 2025.
For current homeowners eyeing a bigger home, this could be the perfect window of opportunity. While today’s rates are still higher than the historic lows seen in the last few years, they are notably more favorable than the peaks of 2023. This could mean significant savings on your next mortgage and a more comfortable monthly payment than you might have anticipated a year ago.
Timing Your Move
If you’re holding off because you’re comparing today’s rates to those seen in the early pandemic years, remember that those were unique, temporary lows. With the Fed’s recent adjustments, we’re moving towards a more balanced market, and waiting for rates to return to 2020-2021 levels might keep you on the sidelines longer than necessary. The current trend suggests rates will gradually decline, making now a strategic time to start planning your next move.
How to Approach Your Next Steps
Before diving into a new home purchase, take some time to reassess your financial position, including your current home equity, which could be substantial after the recent run-up in home prices. Additionally, consult with a mortgage advisor who understands the nuances of the current market. They can guide you on locking in a rate that fits your financial goals and timeline.
The key takeaway? Don’t let the fear of higher rates hold you back from making your next move. The market is shifting, and staying informed will empower you to make the best decision for your family’s future. For a deeper dive into the current rate environment, read more about the latest changes [here].