Real Estate Market Impacting Decisions Of Future Homebuyers


Wednesday, May 11th 2022, 6:23 pm


OKLAHOMA CITY -

Many future homebuyers wonder when the hot housing market will cool off or if they should be waiting for the housing market to crash.

Experts said now is not the time to wait.

The median price for a home has never before exceeded $400,000, but this year, this is the price range prospective homeowners are facing.

According to a recent survey, 77% of home buyers believe that there's a bubble waiting to pop, just like it did in 2006. While there are some similarities in 2006, experts point to several differences in 2022.

Namely, the supply and demand for homes are what are revving up the prices.

"Buyers want to buy a home even if the interest rates are higher," said Susanna Lorg, the President of the Oklahoma Association of REALTORS.

While realtors in Oklahoma expect interest rates to decrease some, there is something that will remain constant.

After the pandemic has put things into perspective, there are more buyers out there.

It also costs more to build houses in addition to fewer people selling their homes.

For those not ready to buy, rent for a studio apartment in Oklahoma City has gone up 92%, with one of the reasons for this happening being the competitive housing market.