Getting a dwelling? Prepare for a bidding war zone for OKC housing

• A property in Edmond was outlined for $550,000. The consumer supplied $550,000. The household offered for $565,277 in one day following 5 delivers.

“Clearly, it’s even now a sellers’ market place. Definitely, it is really even now an intense sellers’ market place, at that. And interest costs are nevertheless amazing,” reported Tiffany Elcyzyn, an agent with Key Realty Inc., 1530 SW 89, Suite A1. “What I am viewing is people today capitalizing in the fairness in their dwelling, cashing out on that fairness.

“If they acquired their property 4 or 5 a long time ago, they could be locked in at a 5 or 5 1/2% fascination level. They are upgrading that — let’s just say a $200,000 household to a $450,000 household — and they are pretty much making a lateral transfer in their mortgage payments.”

The coronavirus and its effects on the economic system could be keeping some would-be sellers sidelined and their homes off the market, however, stated agent Caitlyn Mathers, with Metro Brokers of Alright Elite, 3750 W Key St., Suite No. 105, Norman.

“I consider the shortage of homes is most likely for the reason that of the uncertainty in the overall economy correct now. Men and women would alternatively keep until finally they come to feel comfy that they will not be shedding their work and so forth. It may possibly also be that they do not want a lot of folks in and out of their houses for dread of coronavirus.”

Bidding wars and low inventory — just a 1.3-month provide at the close of September — are lifting the full market place, in accordance to the Oklahoma City Metro Affiliation of Realtors.

The median price in September was $214,515, up 13% compared with September 2019 for properties sold by Realtors in Oklahoma Metropolis, Arcadia, Bethany, Blanchard, Choctaw, Deer Creek, Edmond, Harrah, Luther, Midwest Metropolis, Moore, Mustang, Newcastle, Nicoma Park, Norman, Piedmont, Tuttle, Warr Acres and Yukon, the Realtors claimed.

The typical rate was $248,311, which was 12.7% more than the calendar year ahead of.