Pandemic Causes Major Changes In Oklahoma's Real Estate Market

The real estate market in Oklahoma has evolved over the past year due to the COVID-19 pandemic.

One year later, there are not a lot of homes available for purchase. The homes that are available now cost more than they did before the pandemic.

“It definitely has been crazy,” 2021 Oklahoma Association of Realtors president Amy Bladow said. “We have such low inventory. It is definitely a seller’s market.”

There are a mix of factors that have caused the shortage of available homes. Construction has slowed due to a lack of materials and fewer workers available.

In addition to the shortage of building materials, lumber prices have been on the rise. 

As more people continue to work from home, they are looking to buy larger space.

"Needing more offices (or) having that extra bedroom to turn into an office is making the buyers wanting to get out," Bladow said.

Bladow said people are also making more cash offers, which is driving up the housing cost.

If you are thinking of selling your home, Bladow said now is a good time to do so.

If you are a buyer, Bladow suggests that you must be organized and ready to purchase because the process is moving quicker than ever. During the early summer months last year, a home would typically be sold in three months. Now, homes are being sold in one month.

"Typically, a lot of times the first day, the second day, within the first week, they fly off the market,” Bladow said. “We’re not just talking one offer. We are talking multiple offers.”

Bladow recommends talking with a lender and realtor as a way having all of your ducks in a row. Even if you are just curious about purchasing, realtors can offer useful advice.

She also recommends getting pre-approved and says to be mindful that because things are moving so quickly you may have to be patient in the process of finding the right home for you and your family.

Bladow doesn't anticipate the Oklahoma real estate market changing anytime soon.

"We also have had a lot of people from the west moving towards Oklahoma,” Bladow said. “I've had many conversations people selling their homes in California at a much higher price and they are moving to Oklahoma and just paying cash.”