Oklahoma City Metro Real Estate Update for January 2021

Oklahoma City Metro Real Estate Update for January 2021

Real estate ended roughly for buyers in 2020, and 2021 is looking to be the same. Inventory count is still at an all-time low, sitting at around 1.9 months. Inventory is the number of homes available for sale. This means that if no new homes go for sale, we will entirely run out of houses on the market in about two months.

Seller's Market

If you're a homeowner and are looking to sell, then this the perfect time to sell, why? Because you are more than likely to get more than what your house is worth. How is that possible? With the market being so low on the available homes for sale, any home in a hot area of town immediately goes into a bidding war, forcing buyers to submit the highest offer they can give.

The con to this is if you sell your home, finding a new home to buy might take some time but doable.

Buyer's Market

If you're looking to purchase a home, you're going to feel the hardship, but this doesn't mean you won't be able to buy a home. It might take several offers, but sooner or later, you will land one.

With a market like this, you can't expect to be putting in low offers and expect them to play ball with you. The lowest we recommend going in on an offer is 95%, and even then, it's pushing it. With all the competition out there, 95% might not even be considered. Talk to your agent and see what he/she recommends.

If you have an excellent real estate agent on your side, they will make your offer look as good as possible by adding certain things to put pressure on the sellers. That being said, if you ever need an agent feel free to give us a call.

Conclusion

We are still very much in a seller's market. If you're looking for a listing agent in Oklahoma City, Moore, Norman, or anywhere in the OKC Metro, feel free to shoot us a message! Thank you, and have a wonderful day!

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