So how’s the market? As Realtors® we get this question at every dinner party, family gathering, or any other situation where you might have a lull in the conversation and someone needs a full-proof talking point. Don’t worry - we love it! The tricky part for us is that it is more complicated to explain the market than just saying good or bad. It is probably because the question can’t be answered in one word  that people love to ask us. But any good Realtor will say “it depends.”

What does it depend on?

The real estate market is often discussed like it is one unified indicator of all things real estate in a specific region or sometimes an entire nation, but it’s actually much more intricate. The market can be different for different areas, different price ranges, investment property, commercial property, rural land, and so many more factors. It also depends on what you are trying to do. Are you a buyer, seller, investor? We will use just one of these variations below to explain what we are talking about.

The Market by Price

The graph above shows the inventory of homes for sale on the entire OKC MLS divided into price ranges. What jumps out here is that the market is completely different for houses below $200,000 and above $400,000. The market for houses $200,000 to $400,000 is somewhere in the middle of those two. Our analysis of the below $200,000 price range would be that we are still in an insane sellers market with tons of leverage for sellers who, if they market their property correctly, will get it sold fast! If you are above $400,000 then you are looking at inventory levels higher than almost ever before and definitely higher than our last “normal” market in 2019. This makes sense because interest rate hikes have a much bigger impact on more expensive houses. It is not having the same effect on the under $200K price range.

What It Means for You!

Most sellers that are looking to purchase are going to buy a bigger and more expensive home. The big benefit of being a seller/buyer combo in this market is that you will save more on any price drop, because you are selling and buying in two different markets. When you sell, you are at a lower price range where there is more seller leverage and a small percentage in price drop doesn’t affect the net cash as much. On the buying side, you are buying in a softening market where you have more leverage and any price drop percentage can mean big dollar savings to you. If you are listening to the generic big picture info on the market, you are missing out on opportunities. Don’t do that! Give us a call and we can make sure you are getting what you deserve!