Buying a home? Prepare for a bidding war zone for OKC housing

• A house in Edmond was listed for $550,000. The buyer offered $550,000. The house sold for $565,277 in one day after five offers.

“Obviously, it’s still a sellers’ market. Obviously, it’s still an aggressive sellers’ market, at that. And interest rates are still amazing,” said Tiffany Elcyzyn, an agent with Prime Realty Inc., 1530 SW 89, Suite A1. “What I’m seeing is people capitalizing in the equity in their house, cashing out on that equity.

“If they bought their house four or five years ago, they might be locked in at a 5 or 5 1/2% interest rate. They’re upgrading that — let’s just say a $200,000 house to a $450,000 house — and they are literally making a lateral move in their mortgage payments.”

The coronavirus and its effects on the economy could be keeping some would-be sellers sidelined and their houses off the market, though, said agent Caitlyn Mathers, with Metro Brokers of OK Elite, 3750 W Main St., Suite No. 105, Norman.

“I think the shortage of homes is potentially because of the uncertainty in the economy right now. People would rather stay until they feel comfortable that they will not be losing their jobs etc. It may also be that they do not want a lot of people in and out of their homes for fear of coronavirus.”

Bidding wars and low inventory — just a 1.3-month supply at the end of September — are lifting the whole market, according to the Oklahoma City Metro Association of Realtors.

The median price in September was $214,515, up 13% compared with September 2019 for houses sold by Realtors in Oklahoma City, Arcadia, Bethany, Blanchard, Choctaw, Deer Creek, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Newcastle, Nicoma Park, Norman, Piedmont, Tuttle, Warr Acres and Yukon, the Realtors reported.

The average price was $248,311, which was 12.7% more than the year before.

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