The most impactful real estate trends from 2015 may empower homeowners in 2016
The state’s homebuyers, homeowners and real estate professionals experienced a big year in 2015 marked by positive growth in many areas. Influential trends affected a variety of dimensions for Oklahomans from interior style to shifting market conditions. OAR is sharing the year’s most relevant developments as a useful overview to empower consumers as we transition into a new year.
“The numerous real estate changes across Oklahoma can overwhelm and confuse even the most seasoned homebuyers and sellers,” said OAR 2015 President Kacy Bell. “That’s why we want to help Oklahomans understand the past year’s biggest takeaways, so they may maximize the value of their homes as we enter into 2016.”
Homeowners can learn from these notable real estate trends from the past year:
- Transitional decor.
This style has gained momentum by striking a clean, bright compromise between traditional and contemporary décor. The minimalist approach to home decorating balances comfort with formal elegance, utilizing white and gray color schemes. Homeowners can borrow cues from transitional décor to add appealing touches to their home’s living spaces for peak effect.
- Educated buyers.
Today’s homebuyers increasingly use a variety of online resources to educate themselves about the real estate market and compare their choices. Educated buyers understand interest rates, comparable home prices, the loan process and inspections. Oklahoma home sellers should prepare to answer savvy and direct questions from prospective buyers.
- Low inventory and multiple offers.
Oklahoma’s residential housing market has consistently favored home sellers this year since homebuyers outnumbered the supply of houses available to purchase in many communities. As a result, hopeful homebuyers must often compete against multiple offers for the same home — requiring a strong first offer catering to seller preferences.
- Contract changes.
A November change to Oklahoma real estate purchase contracts removed a longstanding requirement called the Treatments, Repairs and Replacements Cap that set a maximum amount home sellers agreed to spend on post-inspection repairs. For today’s home sellers and buyers, the inspection will precede negotiating the repairs budget to remove guesswork and concentrate on more substantial issues.
- Increase in Millennial buyers.
Oklahoma Realtors expect home purchases by millennials to continue to rise with an estimated 46 percent buying their first home in the next one to two years. Low mortgage rates, a reasonable cost of living and a diverse economy all contribute to an expected increase in first-time millennial homebuyers across the state.
“Taking time to understand the current real estate climate and adjusting accordingly will go a long way to help Oklahomans ensure their next transaction goes smoothly,” said Bell. “But when in doubt, consult the professionals who are daily engrained in the details of residential real estate and passionate about guiding their clients through one of the biggest decisions they may make in their lifetime.”