Oklahoma Real Estate Statistics from September 2022

The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month. New listings increased 4.9 percent for Single Family homes but decreased 7.5 percent for Townhouse-Condo homes. Pending Sales decreased 12.3 percent for Single Family homes but increased 15.7 percent for Townhouse-Condo homes. Inventory increased 52.7 percent for Single Family homes and 40.6 percent for Townhouse-Condo homes.

Month’s Supply of Inventory increased 61.5 percent for Single Family homes and 43.8 percent for Townhouse-Condo homes.

Median Sales Price increased 11.4 percent to $245,050 for Single Family homes but decreased 1.7 percent to $142,500 for Townhouse-Condo homes.

Days on Market increased 35.3 percent for Single Family homes and 143.8 percent for Townhouse-Condo homes.

Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continues to shift, experts project homes begin to spend more days on the market and price growth will slow in the months ahead.

If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

This Weekend: Oklahoma City Metro Area Open Houses for October 14th-16th

Our agents are hosting Open Houses this weekend all over the OKC Metro. You can find all of these listings on our website. Please reach out to the listing agent for information on times and more information on the listing!

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Just Listed: Fully Remodeled Home in Morris Will Roger Park

Here’s your sign, this is this one!!

A well thought out layout to create an open and airy space that you can’t help but feel right at home after entering. A special design feature includes the double-sided fireplace separating your living and dining area. Connecting the open concept kitchen which includes brand new appliances and a massive island perfect for entertaining. Tons of natural light to flood each room. Spacious primary suite with a large extended closet, double sink vanity and shower. Brand new exterior paint, wood fence in backyard, and well manicured landscaping. Your perfect home just in time for the holidays!

Listed by Emilee Rankin for West + Main Homes. Please contact Emilee for current pricing + availability.

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Have questions?
West + Main Homes
(405) 652-6635
hello@westandmainok.com

Presented by:
Emilee Rankin
(405) 777-6638
emilee@westandmainok.com

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Four Things That Help Determine Your Mortgage Rate

If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan.

Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically.

If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.

Your Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains:

“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate.”

That’s why it’s important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your real estate advisor, make sure you find out what’s available in your area and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

Your Down Payment

If you’re a current homeowner looking to sell and make a move, you can use the home equity you’ve built over time toward the down payment on your next home. The CFPB explains:

“In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it—you’ll usually get a lower interest rate.”

To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage.

Bottom Line

These are just few factors that can help determine your mortgage rate if you’re buying a home. The best thing you can do is have a team of professionals on your side. Connect with a local real estate professional and a trusted lender so you have the expert advice you need in each step of the process.

Learn more on Keeping Current Matters.

Related Links

• Is the Rental Market Beginning To Normalize?

• Young people earning $100,000 or more are fleeing California and New York—here’s where they’re going

• How to Sort Through and Get Rid of Your Paper Clutter For Good

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How to Sort Through and Get Rid of Your Paper Clutter For Good

It’s time to part ways with your paper clutter!

Today, identify all the paper piles from around your home and gather them together into one massive pile. If you feel like each area has a big amount already, consider focusing on just one zone. Then, sort it into five main categories:

• Trash and recycling: Throw out used envelopes, inserts, and bulk mail. For any items with sensitive information, use a shredder, scissors, or your hands to tear them up. Recycle items where possible.

• Action items: These are things that require you to do something, such as a bill that needs to be paid. These should be accessible — such as in a bin near your workspace or at the entryway — so you know to address them.

• Short-term: This includes coupons that you want to use but expire in the next few months or something you need to reference soon. Just like the action items, you’ll want to be able to access these items with ease. Consider stashing them in a tray, bin, or paper sorter away from the rest of your paper.

• Long-term: Items that you need for your records that can be filed away. These should be stored in a safe place.

• Leisure reading: Catalogs, magazines, and newsletters should be sorted and placed in an area you like to read in, such as in a magazine holder by the sofa or in the guest bathroom or have it placed on the coffee table.

PRO TIP: Once things are sorted and decluttered, take further action by identifying what can be digitized for the future in order to minimize clutter. Go ahead and cancel those unwanted magazine subscriptions and sign up for e-bills too.

Get more tips like this on Apartment Therapy.

Related Links

• Is the Rental Market Beginning To Normalize?

• Young people earning $100,000 or more are fleeing California and New York—here’s where they’re going

• The Housing Revolution Is Coming

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon