Homebuyers struggle amid Oklahoma’s hot housing market

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OKLAHOMA CITY (KFOR) – The housing market in Oklahoma and across the nation has been booming in recent months.  

“It’s been hot and crazy. That’s the simplest way I can explain it,” said Real Estate Agent Mitra Senemar.  

Senemar says the market is unlike anything she’s ever seen.

She says homes in all price ranges are flying off the market and the prices they are going for are sky high.

“I put the house on the market, and I sold it in two hours for $15,000 to $20,000 above the asking price,” she said.  

Senemar says on average, offers are coming in anywhere from 3 to 10% above asking price and the days of waiting around for just a single offer on a home are over.  

“They sit on the offers for five days. They have five days to get as many offers for their homes as possible,” she said.  

Simply put, if you’re a seller in this market, you are at a great advantage. but if you’re a buyer, you won’t be as lucky.  

“It’s depressing,” said Mark Dill, who just purchased a home.  

Dill says just finding a home was half the battle.  

“You’re on Zillow, you’re on realtor.com, you’re on Redfin, you’re constantly looking to see when a house pops up,” he said.  

And he says when he finally did find a home, getting outbid was just part of the process.  

“You get invested into this house, you imagine where your kids are going to pick out the bedroom and you imagine being there for several years or the rest of your life and then you know that you didn’t get this house,” said Dill.  

Senemar says in her opinion, the market is so difficult right now because of low interest rates, a higher demand than the supply for houses and rising construction costs.  

Her best advice is patience, which is hard to hear for a purchase as important as a home.  

“If you don’t get it, don’t be upset. Don’t be discouraged. There’s always another house,” she said.  

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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