Christy Taylor, 49, a software engineer, and her husband Stewart, 58, the owner of Auto Dents in northwest Oklahoma City, wanted to downsize into a smaller home for themselves, two children, and their three dogs.
However, the couple quickly found that this would be easier said than done in Oklahoma City’s existing housing market as every house they were interested in was purchased before they could make an offer.
The only way for them to beat out the competing buyers in the market, and stand out from the rest, ended up in them paying significantly more than the seller’s asking price.
For their efforts they wound up purchasing a home that suited the family’s needs but was less than perfect. A growing trend in hot real estate markets across the country.
The Popular Opinion
Buyer knowledge has been a prerequisite for the unique sellers’ market that has been unfolding since last year’s coronavirus outbreak. Multiple bids became the norm as an already scarce supply of homes melted away due to sky-high demand.
In other words, OKC has slim pickings in regard to affordable homes for sale.
According to the Metro Association of Realtors, there was a 24-day supply of homes for sale listed with Realtors in the Oklahoma City metro region at the start of the year.
That’s just over a three-week supply.
A six-month inventory is regarded to be a balanced market, with about the same amount of buyers as there are sellers.
Although the coronavirus did not initiate the present state of imbalance, the pandemic worsened it.
How Exactly Did Christy & Stewart Make it Happen?
At first, they gave up and stopped looking for a little while. But eventually, the two decided to give it another go – even getting an offer accepted. Unfortunately, the deal fell through due to issues related to the inspection.
Finally, Christy saw a listing for a home for sale in the Edmond’s Fox Lake area in early one sunny morning. This house featured five bedrooms, four bathrooms, 3,487 square feet, and a small backyard for three dogs to run around in.
But in order to get the house for $421,500, here’s what they had to do.
They bid $20,000 more than the asking price. They waived inspections — something Christy admitted was not recommended. And the couple agreed that they could live with some less than appealing interior design work.
Read more about Christy and Stewart’s house buying troubles here and check out pictures of their less than ideal newly bought home.
