People often ask me if the Oklahoma City metro area is a buyer’s market or a seller’s market, but there are actually two different answers.

Because of the energy sector being out of work as long as they have been, it’s truly a buyer’s market in the upper end of homes, or those priced $350,000 and up. In the normal price ranges where average folks buy, you’ll find that it’s basically a seller’s market. However, nine times out of 10, sellers still pay the buyer’s closing costs.

You’ve probably heard about low housing inventory in the national news, and it’s the same here. We just don’t have many homes for sale in the price ranges where most people shop; about $100,000 to $300,000. However, inventory in the upper end is plentiful, which has actually driven prices down.
 “Low interest rates mean you have a lot of buying power.”
Mortgage interest rates, which affect your buying power, are still really good. They’re hovering just above or below the 4% mark right now, and it’s pretty easy to get a mortgage these days if you have a job and a down payment.

So what does this all mean for you?

The next few months will be a great time to buy a home thanks to the buying power you’ll have with interest rates so low. Prices are also steady since we never really go way up or way down here in the metro. You won’t have as many options, so when you find a home you like, you need to strike quick.

If you have any questions about the market or you’re ready to buy or sell a home, give me a call or send me an email soon. I’d be happy to help!