What Are the Best Options for Today’s First-Time Homebuyers?

If you’re looking to buy your first home in Oklahoma City, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold. If you partner with us to hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started. Work with a Professional To Prioritize Your Wish List If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your lists of what you want and what you really need. According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list can have as much impact on your search as your finances: “Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.” It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Partner with a local us to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home your own. Increase Your Search Radius To Consider More Locations Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location. For example, if you’re a remote worker, you may be able to expand your search radius. As Fannie Mae explains: “. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.” Oklahoma City has one of the lowest costs of living in the US, which is a significant plus to keep you within your budget and check the most boxes off your wish list. Bottom Line If you’re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Let’s connect to explore all the options in our local market – and beyond – so you can achieve your homeownership dreams.

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What does the market shift mean for Oklahoma City home values?

Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what's happening with home prices and where experts say they're going, here’s a look at a few terms you may hear: Appreciation is when home prices increase. Depreciation is when home prices decrease. Deceleration is when home prices continue to appreciate, but at a slower pace. Where Home Prices Have Been in Recent Years For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for 122 consecutive months (see graph below): As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been more dramatic as home price growth accelerated. So why did home prices climb so much? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was high and supply was low. Where Experts Say Home Prices Are Going While this is helpful context, if you’re a buyer or seller in today’s market, you probably want to know what’s going to happen with home prices moving forward. Will they continue that same growth path or will home prices fall? Experts are forecasting ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. None are calling for prices to fall (see graph below): Mark Fleming, Chief Economist at First American, identifies a key reason why home prices won’t depreciate or drop: “In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect house prices to decline.” And although housing supply is starting to tick up, it’s not enough to make home prices decline because there’s still a gap between the number of homes available for sale and the volume of buyers looking to make a purchase. Terry Loebs, Founder of the research firm Pulsenomics, notes that most real estate experts and economists anticipate home prices will continue rising. As he puts it: “With home values at record-high levels and a vast majority of experts projecting additional price increases this year and beyond, home prices and expectations remain buoyant.” Bottom Line Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace. Let’s connect so you can get the full picture of what’s happening with home prices in our local market and to discuss your buying and selling goals.

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Should You Update Your House Before Selling? Ask a Real Estate Professional. [INFOGRAPHIC]

Some Highlights If you’re deciding whether you should make updates before you sell your house, lean on your us to be your guide. In today’s sellers’ market, buyers have limited options and may be more willing to take on repairs themselves. If you’re thinking about selling your house, let’s connect so you have expert advice that’s customized to your home and our local area.

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