Whats going on in OKC with the housing market? (Oklahoma City: real estate, credit report)

[okie1962]

americas-sickest-housing-markets-247wallst: Personal Finance News from Yahoo! Finance

[Rickd203]

I think there are several factors affecting the OKC housing market. The first (that affects me personally) is that people that want to move to OK and buy a house are stuck somewhere else because they own a house that they can't sell.

I see that unemployment in OKC is low but wages are lower in the Midwest so many people with jobs still don't earn enough to qualify for a home loan. Banks have also made it a lot harder for people to qualify for a loan. If you don't have a spotless credit report, you are probably not going to get a home loan.

That wouldn't really bother me because if I could sell my house for anywhere near the appraisal value, I could use the equity and pay cash for a decent house in OKC. Where I live unemployment is over 9.2% and I am struggling to live on my military pension. Those few jobs in my career field that are available have qualifications set so high that only someone with multiple bachelors or masters degrees would qualify. Added to that, the wages they want to pay are so low that I would still have to use some of my pension to pay for cost of living expenses.

If I ever do find a way to get enough cash to equal the appraisal price, I would just donate the house to a local charity so I could get out of here and at the same time, I would really be sticking it to the local "greed is good " crowd that would love to get this house for pocket change and sell it for full market value.

[decious]

No, Oklahoma City is not one of

OKC has also been sited in several publications as having one of the best (and in some cases THE best) housing markets in the US. Blah blah blah either way. A new list saying something else will surface next week.

[cindycat]

Originally Posted by Rickd203

I think there are several factors affecting the OKC housing market. The first (that affects me personally) is that people that want to move to OK and buy a house are stuck somewhere else because they own a house that they can't sell.

Ain't it the truth!! We've been trying for over three years. Stuck Stuck Stuck.

[n8tiv_okie]

I listed my house under market value when real estate was high in 2010...not even ONE offer but tons of "lookers".
A few months after removed it from MLS, one of the "lookers" decided to low-ball me. Heck I was already $15,000 under fair-market value. In the long-run, we came to a good number for the seller and I. We were ready to buy an acreage in an unplatted area so it all worked out but I wasn't about to stay and see if the market would ever demand actual values, I got out while the getting was good and I'm MUCH happier in the rural location.

[PaperCrane]

We're trying to buy a house right now, and out of 32 homes we've seen these past few weeks, 6 we really liked and of these 6, 3 were sold the day we saw the house or day after. Now, we're left with 3 to choose from.

We came upon houses where sellers were trying to sell $10,000 - $20,000 > FMV, and we came upon houses where sellers were selling it way below FMV.