Navigating the Shifting Tides: How Falling Mortgage Rates are Reviving the Housing Market

The housing market in Oklahoma City and the surrounding Edmond area, often a reflection of broader economic trends, is witnessing a significant turnaround. As mortgage rates in the Oklahoma City metro area begin to fall, we're seeing a resurgence in activity, marked by an increase in listings, pending sales, and price growth. This upswing, however, comes with its own set of challenges and nuances, shaping a unique landscape for Oklahoma City metro area buyers and sellers alike. A Surge in Market Activity: For the first time in roughly a year, the housing market in the Oklahoma City metro area is experiencing a notable uptick. This revival is largely driven by decreasing mortgage rates, enticing more Oklahoma City and Edmond buyers and sellers to step off the sidelines and into the market. The result is a surge in home sales, breathing new life into a sector that had shown signs of cooling off. The Complexity of Growth Amidst Uncertainty: Despite the positive trends, the Oklahoma City housing market is not without its challenges. Record-high rates of deals falling through underscore the lingering economic uncertainty affecting both Oklahoma City and Edmond buyers and sellers. This phenomenon highlights the delicate balance in the current Oklahoma City metro area market - while there is newfound enthusiasm, there's also caution due to the unpredictable economic climate. Key Market Statistics: The numbers paint a clear picture of this renewed vigor in the Oklahoma City metro area. Notably, new listings in Oklahoma City have risen by 1.3% month-over-month, reaching levels not seen since October 2022. Moreover, the total supply of homes for sale in Edmond and Oklahoma City has grown by 3.9% month over month. These figures are significant, signaling a shift in market dynamics and a potential for continued growth. Evolving Dynamics Between Buyers and Sellers: The current Oklahoma City metro area market landscape is fostering a new relationship between Oklahoma City and Edmond buyers and sellers. As both parties navigate through these uncertain times, there's a growing realization that flexibility and realistic expectations are key. Sellers are learning to adjust their expectations, moving away from the pandemic-driven boom mindset, while buyers are seizing opportunities created by the slightly relaxed market conditions. Conclusion: The housing market in the Oklahoma City metro area, including Edmond, is in a state of transition, buoyed by falling mortgage rates but tempered by economic uncertainties. This evolving scenario offers opportunities but requires careful navigation. For potential Oklahoma City and Edmond buyers and sellers, understanding these dynamics and staying informed will be crucial in making wise decisions in this rejuvenated market. For those seeking more personalized service in the Oklahoma City metro area, the Abby Mathew Team at REAL BROKER LLC is here to assist. Don't hesitate to reach out to us at 405-203-8558 for expert guidance tailored to your unique needs in this dynamic Oklahoma City and Edmond market. You can also visit our Facebook page and follow us to get more updated market reports and new listing announcements:  https://www.facebook.com/abbymathewteam/              

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Are the Top 3 Housing Market Questions on Your Mind?

Are the Top 3 Housing Market Questions on Your Mind? When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in. Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them. 1. What’s Next for Mortgage Rates? Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends. There’s a long-standing relationship between mortgage rates and inflation. Basically, when inflation is high, mortgage rates tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down. And in some ways, we’ve started to see hints of slightly lower mortgage rates in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, says: “The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think - in the weeks and months to come.” 2. Where Are Home Prices Headed? While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing. To help show just how confident experts are in this continued appreciation, take a look at the Home Price Expectation Survey from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.     3. Is a Recession Around the Corner? While recession talk has been a common thing over the past few years, there’s good news on that front. The Wall Street Journal (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):     This is big news for the housing market. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already. Bottom Line The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. Let’s connect to talk more about the housing market questions on your mind as we head into the new year.    Abby Mathew  REAL BROKER LLC  Cell- 405-203-8558 855-450-0442.  The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Abby Mathew and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Abby Mathew and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.  

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