Shopping for a residence? Put together for a bidding war zone for OKC housing

• A residence in Edmond was listed for $550,000. The purchaser made available $550,000. The household sold for $565,277 in one particular working day just after five offers.

“Naturally, it truly is even now a sellers’ market. Obviously, it can be nevertheless an aggressive sellers’ marketplace, at that. And fascination charges are still remarkable,” said Tiffany Elcyzyn, an agent with Prime Realty Inc., 1530 SW 89, Suite A1. “What I am viewing is persons capitalizing in the equity in their household, cashing out on that fairness.

“If they acquired their house 4 or five many years ago, they may well be locked in at a 5 or 5 1/2% desire price. They are upgrading that — let us just say a $200,000 residence to a $450,000 household — and they are literally creating a lateral go in their home loan payments.”

The coronavirus and its consequences on the economic climate could be holding some would-be sellers sidelined and their residences off the current market, though, explained agent Caitlyn Mathers, with Metro Brokers of Okay Elite, 3750 W Major St., Suite No. 105, Norman.

“I imagine the scarcity of houses is potentially simply because of the uncertainty in the financial system ideal now. Men and women would somewhat stay right up until they feel comfortable that they will not be dropping their work etc. It may also be that they do not want a ton of persons in and out of their properties for concern of coronavirus.”

Bidding wars and lower inventory — just a 1.3-thirty day period offer at the conclude of September — are lifting the total marketplace, in accordance to the Oklahoma Town Metro Association of Realtors.

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

The typical price tag was $248,311, which was 12.7% additional than the yr ahead of.