When to Get Excited About the Housing Market

By Lauren Durmuş, REALTOR® · LIME Realty

Most people don't think much about the housing market until they're ready to buy or sell. When that time comes, the headlines can be confusing. Here are the few things that matter most, and what they mean for you.

Interest rates

Your mortgage rate has a big effect on your monthly payment, and that affects how much home you can comfortably afford. When rates drop, buyers can afford more and demand usually picks up. When rates rise, some buyers pause. Rates change often, so the best number is the one a lender quotes you today, based on your own credit and loan type.

The local economy

Housing follows jobs. When local employers are hiring and people feel confident about their income, more people buy homes. National headlines describe the whole country. What matters for your plans is what's happening here in the Oklahoma City area, and even neighborhood by neighborhood.

Inventory: buyer's market or seller's market?

In a seller's market, there are fewer homes for sale than there are buyers. Homes tend to sell quickly, and multiple offers are common. In a buyer's market, there are more homes to choose from, prices rise more slowly and buyers have more room to negotiate.

If you're selling

The best time to sell is often simply when your life calls for it. When you have flexibility, a seller's market works in your favor, but condition still matters. Homes that are clean, well maintained and priced right tend to sell fastest. My free Home Selling Guide covers pricing and the selling timeline, and you can check what your home may be worth in a couple of minutes.

If you're buying

In a buyer's market, take your time and compare options. In a seller's market, be ready before you start touring:

• Get pre-approved so you know your budget.
• Keep your offer clean and your timelines reasonable.
• Decide ahead of time how high you're willing to go.

You can search homes for sale across the OKC area any time, and my free Home Buying Guide explains each step.

The bottom line

There's good news in every market for someone. The key is local, current information rather than national headlines. If you'd like a read on your part of town, reach out and I'll put it together for you.