Are you a first-time home-buyer committed to living in the urban core of OKC? Well you’re not getting that house. For as long as I’ve been looking, the real estate market in the parts of OKC that you want to live in is booming. My agent, Anya “Highest and Best Offer” Mashaney is a badass, but that still isn't helping. That dream house in Classen Ten Penn that just went on the market this morning that’s perfect for your price point and has that Tudor-style you’re crazy for? It has five offers on it already and now the clock is ticking to figure out your "highest and best offer" before losing out again.
I took this experience to Verbode Managing Broker Sarah Bytyqi for perspective. Turns out that it isn’t just me; this is a national trend that is magnified in OKC due to the affordability of this town and our intense desire for walkability, diversity, and above all else, to avoid the slow death of the suburbs.
“We have one urban core and we have a limited supply; low inventory, extremely low inventory, twenty year low inventory” said Sarah as I mouthed “twenty year low” to myself.
“As the Millennials start coming of age, and they get better paying jobs, their ability to buy is stronger” said Sarah. There are thousands of millennials starting families and they all just landed a better job than yours.
It gets worse though: the boomers are leaving the suburbs too. They’re bored by the chain restaurants and lack of culture that they created and are trading in their McMansions for your dream house that you just missed out on.
“As the baby boomer generation ages, we’re going to see more demand…you’re competing with your parents” said Sarah.
So what’s a potential buyer going to do? Here are Sarah’s suggestions to home buyers looking to live in Uptown, Classen Ten Penn, and other such neighborhoods (Sarah in quotes):
- Work with an agent that understands the market. “25% of what we sell we don’t even get to market.”
- Be ready to pull the trigger. “Your agent needs to be watching the market like a hawk. Every hour.”
- Don’t low ball. “Bring your A-game. Go in strong with your highest and best in your first offer.”
- Be open-minded. “Your [house is] going to have imperfections. Be on-board with character.”
- Think about your home as an investment. “Don’t be afraid to buy in a neighborhood that’s coming up.”
- Don’t buy the house that I want. Don’t even put in an offer.