Oklahoma City housing inventory shrinking
Increasing homes sales and decreasing supply are tipping the advantage from buyers toward sellers in Oklahoma City.
A friendly market for buyers has kept sales healthy here all year. Brian and Alexis Lux were able to buy a home in Oklahoma City in May with assistance from Heidi Rose, an associate with Keller Williams Realty in Edmond. The couple still own a house they left behind in North Canton, Ohio, four years ago.
“We love Oklahoma City ... and plan to be here for many more years,” Alexis Lux said. “We are thankful to be here and for our house!”
Koeninger said she sees the market giving sellers the edge before long.
“Just my opinion: that there's still a buyer's market and there may well be with the low interest rates, but unless housing inventory increases before the end of the year and into the start of the coming year, we may well see a seller's market in 2013 with new homes being built to fill the supply and demand for first-time homebuyers as well as relocations,” she said.
Houses sold eight days faster on average last month compared with October 2011, and the average loan rate in October was 3.7 percent, compared with 4.29 percent the month before.
“Home sales are still holding strong for 2012 with two months remaining. With the interest rates still at an all-time low, buyers will still be shopping,” Koeninger said, looking ahead to 2013. “Investors will still be looking for foreclosures and distressed properties, lowering still the inventory, which should push the demand for homebuilders.
“With elections finally over, interest rates remain low — but for how long? This question has always been a consideration in buying now or later. 2013, with interest rates remaining low and builders' confidence still high, could be a seller's market.”