(In Spite of Soaring Construction Costs.)
Rising prices for building materials are driving up home prices in Oklahoma – the price of framing lumber has increased over 80% since April 2020. However, these extra costs don’t seem to be slowing down demand, and the low interest rates on mortgages are offsetting the final prices of new residences. People are moving on from the pandemic and moving out to new homes. Plus, there’s a lot of interest from out-of-state people looking to relocate. Many older homes are sold as soon as they are listed, and most sellers are receiving multiple offers, many of them above the asking price. Some buyers are even prepared to pay the closing costs.