Changes happening in the housing market could make it easier for buyers. It continues to be a sellers market, but this fall buyers could feel some slight relief.
Consumer sentiment remains low-- according to the University of Michigan's Surveys of Consumers. Interests rates may continue to be low, but there are many factors keeping some buyers feeling down about the housing market. Nationwide home prices are up and there has been limited inventory.
In Oklahoma inventory is ticking upward, so there are more available homes than there were over the summer, but still thousands fewer than there normally should be.
"It is still extremely competitive, but it is getting better. You have every home that is listed, is getting multiple offers if it is in any kind of good shape at all, but instead of 15 to 20 offers, we are seeing maybe three to five," says Monty Strickland, MLSOK President, 2021.
The summer tends to be the busy time of year for realtors with an expected slow down during the end of the year.
"There is still a giant need for homes. There is still a lot of demand. It is just our supply numbers have been so low because although it is a great time to sell as a seller, what are you going to buy," says Strickland.
The Pandemic is still a cause for concern because of the unanswered questions, but low interest rates still bode well for the housing market.
MLSOK recommends working on patience if you are looking to buy a house at this time, and not to let frustrations push you into settling for a home you don't actually want because it is one of the largest purchases a person might make.
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