Oklahoma City Bursts Forward into Spring and the 2014 Real Estate Market is Looking Bright!
If you are thinking of buying or selling property, the Oklahoma City area is hard to beat! The “Big Friendly” is thriving with focus on growing the city as a business, cultural, and family friendly area. Seven of the local metropolitan suburbs were recently listed as best places to live in Oklahoma. Topping the list was Norman, followed by Edmond, Moore, Yukon, Bethany, Mustang and Del City. Housing remains affordable and low interest rates encourage home buying and investing. The total number of listings offered for sale by Oklahoma City Metro Area Association of Realtors MLS, at the end of March decreased by over 16 percent according to a report published which includes the entire MLS reporting area. OKC metro inventory is down by 10 percent of single family and condominium properties from last year. There are approximately 3700 residential listings for sale. The median number of 42 days that homes spent on the market decreased by 4 days compared to last year in March. Generally speaking, homes are selling quickly, but it’s not too likely there would be multiple offers at one time, except for HUD owned properties.
Homes are selling for 97 percent of the asking price. Owner occupied purchasers are more attracted to properties in top condition. Bargain hunters can still find great buys on bank owned properties but expect to D-I-Y (do it yourself) for repairs and improvements. In addition, homes with storm shelters and high wind resistant features are very popular as we all consider the season and the areas affected by the devastating storms from last year. New home sales are booming across the metro area. Builders generously provide upgrades, closing costs and storm shelters.
Forbes reports Oklahoma City is one of the BEST BIG CITIES for Jobs for 2014. It is expected the jobs and the labor force will increase by thousands over the next few years. The biggest increases according to Oklahoma Economic Employment Commission will come in from the oil and gas industry, followed by construction and civil engineering. The current rate of unemployment is 5.1 percent.
Benefits of an affordable housing market, desirable communities in which to live, excellent activities for superb quality of life make living in Oklahoma City a first rate place to call home.
Special thoughts and prayers are with all of our brave Americans and their families serving our country in the Armed Forces. God Bless America.
If you or someone you know has a real estate need, I welcome the opportunity to serve you.