Over the past 20 years, the Oklahoma City real estate market has undergone significant changes that have impacted both buyers and sellers. These changes have been driven by many factors. Local market changes have also been effected by global changes including advancements in technology, shifts in consumer behavior, and changes in the economy. In the latest post from 1-800-2SellHomes, we will look at these global changes have created five major shifts in the real estate market over the past two decades.
The Rise of Direct Buyers
One major change that has occurred in the Oklahoma real estate market is the rise of direct buyers. In the past, the most common way to sell a home was to list it on the Multiple Listing Service (MLS). This allowed real estate agents to market the property to a wide audience and potentially attract multiple offers. However, this process involves opening your property to buyers, usually paying high commissions to the agent and waiting weeks or even months for the right buyer to come along and get their financing in place.
In Oklahoma 1-800-2SellHomes was one of the first local direct buyers starting in the early 1990’s. The Oklahoma real estate market saw the growth of local direct buyers over the years as well. Today, we now have several national direct buyers in the Oklahoma market. Many home sellers are choosing to work with direct buyers instead of listing. Direct buyers are typically investors or companies that specialize in purchasing homes quickly and efficiently. They often offer cash deals and can close on the sale in a matter of days. This can be a great option for sellers who need to sell quickly or who want to avoid the hassle of listing their homes on the MLS. National home buyers may seem like a good option upfront, but keep in mind that any online offer is going to be subject to an inspection, and that initial offer may end up being much lower. At 1-800-2SellHomes, we work with homeowners to sell their properties directly and we never make an offer before seeing the property so you can have confidence that is the price you will receive at closing. In most cases this not only saves the seller time but many times saves them money compared to the long process of listing on the MLS.
Advancements in Technology
Another way the real estate market has changed over the past 20 years is the increased use of technology. In the past the only way to see a property was through an agent or directly with the seller an always in person. Today, buyers and sellers in Oklahoma City have access to a wealth of information online. They can browse listings, view photos and videos, and even take virtual tours of homes without ever leaving their computer. This has made the home-buying process more efficient and convenient than ever before. For a seller, this can be a problem if they think they have an offer, but it is subject to an inspection. Also, local knowledge is key, looking online without knowing the neighborhoods can lead to an offer based on a property that is nearby, but in a completely different sub-market and not a true comparison.
Technology has also made it easier for real estate agents to market properties and connect with potential buyers. Social media platforms like Facebook and Instagram allow agents to reach a wider audience and showcase their listings in creative and engaging ways. They can also use email marketing and other digital tools to stay in touch with clients and keep them informed about new properties that become available.
Shifts in Consumer Behavior
A third way the real estate market has changed over the past 20 years is the shift in consumer behavior. Today’s homebuyers are more informed and empowered than ever before. They have access to a wealth of information online and are able to do their own research before making a decision. In fact, studies have shown that a vast majority of home buyers start their search online before they ever contact and agent or seller. This means that they are more likely to be proactive in their home search and may be less reliant on real estate agents to guide them through the process. Sometimes only contacting an agent to prepare the offer.
At the same time, sellers have also become more knowledgeable about the home selling process. They are more likely to do their own research and may be more involved in the marketing and sale of their property. This has led to increased competition among real estate agents and a greater emphasis on providing excellent customer service.
The impact of the economy has played a major role in the real estate market over the last 20 years. The housing market is closely tied to the overall health of the economy, and the past two decades have seen their fair share of ups and downs. The housing bubble of the early 2000s led to a major recession that impacted the real estate market for years to come. As you have probably noticed in your local market, we had a long period of time where there were more buyers than sellers, creating a huge increase in the value of properties. Record low interest rates also contributed to this quick increase in value as buyers had more money to spend on properties.
The COVID-19 pandemic created a unique market situation that is still effecting the overall housing market today. This has resulted in a more cautious approach to home buying and selling, as buyers and sellers alike are uncertain about what the future holds. However, the real estate market has proven to be resilient in the face of economic challenges, and there are still many opportunities for those looking to buy or sell a home. The higher interest rates we have seen over the last few months are still historically very low and the real estate market is continuing to be very robust.
Another way the Oklahoma City real estate market has changed over the past 20 years is the increased focus on sustainability and energy efficiency. Today’s homebuyers are more environmentally conscious than ever before and are looking for homes that are energy-efficient and eco-friendly. This has led to a rise in green building practices and the use of renewable energy sources like solar panels. It has also created a change in the Oklahoma market to smaller houses on smaller lots. This increase in density makes the newer neighborhoods more walkable, and a closer community overall.
The Oklahoma City real estate market has undergone significant changes over the past two decades. From the rise of direct buyers to the impact of technology and the economy, these changes have had a profound impact on both buyers and sellers. As we look to the future, it will be interesting to see how the real estate market continues to evolve and adapt to new challenges and opportunities. If you have questions about the local real estate market, give 1-800-2SellHomes a call today at (800) 273-5546! Our creative solutions and advanced technology are helping buyers and sellers throughout the area.