A sellers paradise: Southern Oklahoma housing market still booming
The real estate market in Southern Oklahoma continues to boom with a limited number of properties on the market, and a much larger pool of people interested in buying. Laci Jo Littleton-Gomez, a realtor with I Sell Houses, described the situation.
“It's on fire, and there are a lot of shoppers but not a lot of buyers,” she said. “It's definitely a good time to sell, so if you have a piece of property to list, you can make lots of money. But if you need to sell your house and then purchase another property to move into, you're going to need to be very strategic.”
According to Tyler Mikrot, realtor with I Sell Houses, the market for land is even more competitive than the market for housing.
“One of the major things driving the price of land up are all of the cannabis farms coming in,” Mikrot said. “There's a lot of people with out of state money coming in to grow cannabis. They're able to pay cash; they're able to pay above list price. So locals who are looking to buy land but would need to finance, are priced out of the market.”
Mikrot offered some advice for anyone looking to buy a home.
“You definitely want to get with an agent,” he said. “Somebody local who knows the market, knows what's going to be listed soon, and knows what's currently under contract. You also want to do everything you can on your end so you're ready to go. Get approved for a loan, and use a good local lender. You can find some online that take five minutes to apply for, but a lot of those are going to be lenders based out of California or New York, and you're just a number on a file to them.”
Littleton-Gomez said the rental market is just as busy as the buyers market.
“I have a property management company with over 90 properties, and most of the time we have zero vacancies,” she said. “We might get one or two that come open every month, but as soon as one is vacant we rent it immediately.”
As with buying a house, she said renting is also more expensive than it used to be.
“You're not going to find a nice property with three or four bedrooms in Ardmore for much less than $1,000 a month,” she said. “You used to be able to find a three bedroom for $600 or $700, but now that's going to be a minimum of $900 to $1,000.”