Buying a House in Oklahoma
Buying a house is exciting, but it's not always easy. There are so many factors that influence your ability to purchase a home, like the inventory available, conditions of homes and neighborhoods, the economy and housing market, and so much more. If you think the only decision you have to make is saying "yes" to buying a house - think again! There are about a million-and-one decisions and micro-decisions that you have to make from the time you decide to journey into home buying to the time you move into your new home. It's important to evaluate the current conditions before jumping the gun to buy or invest in a property in Oklahoma.
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Things to keep in mind if you are interested in buying a house in the next 6-12 months:
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Lock-in Effect: We're still experiences lower than normal inventory from sellers. Supply and demand continued to teeter with idle rates.
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Property values are increasing: Over the next year, homes in Oklahoma will appreciate by 7.6%.
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Mortgage rates are lowering: Rates for borrowers with good credit are in the mid 6% with FHA and VA loans in the low 6%s (February 2024)
Steps to Buying a Home
Even if you plan to hire a realtor, it's important to understand the steps to purchasing a home. A major component of successful real estate transactions is timing, timing, timing. Understanding the phases of purchasing real estate will be essential to making decisions like when to list your home for sale, establishing financing, and even hiring movers.
There are 8 major steps to buying a house:
