Q&A with Joe Pryor
Buyers are snapping up houses
Now that supply has diminished
Q: How has the housing market been impacted since last month's storms?
A: Previously, the Oklahoma City market was a strong seller's market, meaning there was a high demand for houses and a low inventory of available homes for purchase. Now, the number of available homes has shrunk even further, and interest rates have inched up a bit. These factors result in buyers making quicker decisions, and houses are on the market for a much shorter time frame before they are purchased. Despite the recent severe weather, we still expect housing appreciation to be strong for at least the next three years.
Q: Will the recent storms cause Oklahomans to move out of the affected areas?
A: Some families will move, but most will stay. In Moore specifically, there is a strong school system and a sense of loyalty to the city and to each other. Builders are buying lots and putting up new construction to meet the demand for new housing in the area. Oklahoma Association of Realtors has used our unique position to help displaced families by starting a Facebook group, facebook.com/groups/okhomeaid, where community members can post housing needs, and our Realtor members help them find temporary and permanent housing. Based on requests on that page, we've learned many who lost homes in Moore are searching for homes in the same area to live in while they rebuild.