Locating Oklahoma City home buyers is a bit of an art for the real estate wholesaler in 2022. The best way to find success is to stay on top of housing market trends and identify opportunities for Oklahoma City home buyers, rehabbers, and investors.
Consider the following 2022 relocation trends for Oklahoma City home buyers when strategizing for the remainder of the year.
“Second Properties” Become First Homes for Millennials
The vacation home, known as a “second property” in the real estate world, is the new starter home for younger generations. Vacasa surveyed 701 US consumers interested in purchasing a property in addition to their primary residence for their 2022 Vacation Rental Buyer Report. The results? Nearly 1 in 5 short-term rental buyers don’t own their own home; and Millennials account for 43% of vacation home purchases.
If you have a homeowner with a property marketable as a vacation getaway from Oklahoma City life (or you have a contract for a Oklahoma City property attractive to non-locals), consider younger generations among the ranks of potential buyers–even if they don’t own a home yet.
Economical Issues Persist for Prospective Home Buyers
At the same time, increasing mortgage rates, paired with inflation, remain an entry barrier to first time homeownership for many. Today, average mortgage rates are between 4.4% and 5.3% (check latest mortgage rates here). It’s cheaper to rent than to buy in 3 out of 4 cities despite high rent prices across the country. Between a looming recession and pressing day-to-day concerns surrounding the affordability of groceries, fuel, and rent, it’s a tough real estate market.
Opportunities exist to target home buyers and rehabbers interested in Oklahoma City, OK fixer-uppers. If you can find a Oklahoma City homeowner willing to sell an off-market, fixer-upper at a reasonable price, you may have an easier time finding buyers during these uncertain financial times..
Another opportunity, with consideration to 2022 relocation trends for Oklahoma City home buyers, is to practice reverse wholesaling. This process of wholesaling involves finding buyers first and locating off-market properties that match their preferences. Once you find a homeowner willing to sell a suitable property, you’ll have a list of investors and buyers ready with known offers.
Oklahoma City Housing Inventory Shortages Aren’t an Overnight Fix
There are more people who want to buy a home than there are existing homes available. Supply chain issues and expensive material costs are causing delays as builders do their best to meet new construction demands.With an inventory shortage, the price to purchase an existing property remains high despite house sales falling in June 2022. Between the economy and inventory shortages, there’s considerable speculation regarding housing affordability in the future.
A Volatile Housing Market Defines 2022 Real Estate
Economical prospects, housing inventory, affordability, supply shortages, and inflation each play a role in 2022 relocation trends for Oklahoma City home buyers. The housing market will continue to see positive and negative trends that create challenges and opportunities for wholesalers, depending on which news stories homeowners and buyers trust regarding the real estate market’s future.
Home sales are slowing, but 2022 remains a seller’s market.