Months Supply of Inventory (MSI) Increases

The total housing inventory at the end of February 2024 rose 8.20% to 2,389 existing homes available for sale. Over the last 12 months this area has had an average of 1,031 closed sales
per month. This represents an unsold inventory index of 2.32 MSI for this period.

Average Days on Market Lengthens

The average number of 40.93 days that homes spent on the market before selling increased by 5.45 days or 15.35% in February 2024 compared to last year’s same month at 35.48
DOM.

Average Sale Price Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 5.38% in February 2024 to $297,067 versus the previous year at $281,890.

Sales Success Is Positive

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished strong this month. There were 1,092 New Listings in January 2024, down 8.85%
from last year at 1,198. Furthermore, there were 740 Closed Listings this month versus last year at 700, a 5.71% increase. Closed versus Listed trends yielded a 67.8% ratio, up from the previous year’s, February 2023, at 58.4%, a 15.98% upswing. This will certainly create pressure in the months to come.

Erica Garvin

The post February 2024- Oklahoma Market Update first appeared on Ivy Key Team .

Pros & Cons of Building A New Home

Pros:

• Customization: Building a new home allows you to customize it according to your preferences. You can choose the layout, materials, finishes, and amenities to suit your needs and lifestyle.
• Energy Efficiency: New homes often incorporate the latest energy-efficient technologies and building materials, resulting in lower utility bills and a reduced environmental impact.
• Modern Features: You can integrate modern features such as smart home technology, energy-efficient appliances, and advanced security systems into your new home design.

• Warranty: Most new homes come with warranties that cover defects in construction and materials, providing peace of mind to homeowners.
• Lower Maintenance: Since everything in a new home is brand new, maintenance and repair costs are typically lower in the initial years compared to an older home.
• No Renovation Required: You won’t need to renovate or update the home for quite some time, saving both time and money in the long run.

Cons:

• Cost: Building a new home can be more expensive than purchasing an existing one, especially if you opt for custom features or high-end finishes.
• Time: Construction of a new home can take several months to over a year, depending on various factors such as weather, permits, and contractor availability, which means you may have to wait longer to move in.
• Location Limitations: Finding suitable land for building a new home in a desirable location can be challenging, and it may require compromises on factors such as commute time, school districts, or neighborhood amenities.
• Resale Value: Initially, the resale value of a newly constructed home may not be as high as that of established homes in the same area, as it lacks the history and established neighborhood reputation.
• Unknown Neighborhood Dynamics: When building in a new development, you may not have a clear idea of the neighborhood dynamics, such as noise levels, community amenities, or future developments, which can impact your satisfaction with the location in the long term.

Pros & Cons Of Buying An Existing Home

Pros:

• Immediate Availability: Existing homes are typically ready for occupancy soon after the purchase process is complete, allowing you to move in quickly without waiting for construction.
• Established Neighborhood: Existing homes are often located in established neighborhoods with mature trees, amenities, and community dynamics already in place. This can provide a sense of stability and community.
• Known Features and Layout: With an existing home, you can see exactly what you’re getting before you buy. You can evaluate the layout, size, condition, and features of the house in person.

• Negotiation Flexibility: There may be room for negotiation on the price of an existing home, especially if it’s been on the market for a while or needs some updates or repairs.
• Less Decision-Making Stress: Unlike building a new home where you’re making countless decisions, buying an existing home involves fewer decisions since the house is already built.

Cons:

• Repairs and Maintenance: Older homes may require more frequent repairs and maintenance compared to new homes. You may encounter issues such as plumbing problems, electrical issues, or the need for a new roof or HVAC system.
• Limited Customization: While you can renovate an existing home, there are limitations to how much you can customize it compared to building a new home from scratch.
• Energy Inefficiency: Older homes may lack modern energy-efficient features and insulation, resulting in higher utility bills and a greater environmental footprint.
• Hidden Problems: Despite inspections, there may be hidden problems with an existing home that only become apparent after you’ve moved in, potentially leading to unexpected expenses.
• Outdated Features: Older homes may have outdated features, layouts, or design elements that don’t align with modern preferences or lifestyle needs, requiring renovation or adaptation.
• Less Warranty Coverage: Unlike new homes that often come with warranties, existing homes may have limited or no warranty coverage, leaving you responsible for any repairs or replacements.

Which Option Is Right For You?

Deciding whether to build a home or buy an existing one is a significant decision that requires careful consideration of various factors. Here’s a step-by-step guide to help you make an informed choice:

Evaluate Your Needs and Preferences: Consider your lifestyle, family size, future plans, and must-have features in a home. Determine if customization and specific design preferences are crucial to you or if you’re comfortable with the features of an existing home.

Assess Your Budget: Determine your budget for purchasing a home, including potential renovation or customization costs for an existing home. Obtain quotes from builders and compare them with the cost of existing homes in your desired location.

Research Locations: Explore different neighborhoods and consider factors such as commute times, school districts, amenities, and community atmosphere. Determine if suitable land is available for building in your preferred location, and assess zoning regulations and building codes.

Consider Time Frame: Evaluate your timeline for moving into a new home. Building a home typically takes longer than purchasing an existing one, so consider your patience and flexibility regarding the move-in date.

Consult with Professionals: Speak with real estate agents, architects, builders, and financial advisors to gather insights and advice tailored to your specific situation. Get estimates for construction costs, potential resale values, and market trends in your desired location.

Visit Model Homes and Open Houses: Tour model homes to get a sense of the design, features, and quality offered by builders in your area. Attend open houses for existing homes to see firsthand what’s available on the market and to compare with the prospect of building.

Consider Your Long-Term Goals: Think about your long-term plans for the home. Are you looking for a forever home, or do you anticipate moving again in a few years? Evaluate how building or buying an existing home aligns with your financial goals, lifestyle aspirations, and future plans.

Trust Your Instincts: Ultimately, trust your instincts and choose the option that feels right for you and your family. Consider factors such as emotional attachment to a custom-built home versus the convenience of buying an existing one.

Erica Garvin

The post Building A New Home Vs Buying An Existing One: What You Need To Know first appeared on Ivy Key Team .

Initial Expenses Involved in Buying a Home

When purchasing a home, there are a few upfront out-of-pocket expenses. This includes Earnest Money, Inspection Fee, and Appraisal Costs. The earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. It is a good faith deposit, typically 1% of the home’s purchase price, that the buyer provides to the seller when submitting an offer. The earnest money is held in an escrow account and is later applied toward the buyer’s down payment and closing costs. If there is no down payment or closing costs, then the buyer will receive money back at the closing table.

Having a home inspection is a crucial step in the home-buying process, ensuring that your prospective investment remains free of any unforeseen issues. A home inspection provides a thorough examination of the property’s structural and mechanical components, identifying potential problems that may not be evident during a standard walkthrough. By investing in a home inspection, you gain valuable insights into the condition of the home, allowing you to make informed decisions and negotiate repairs or adjustments with the seller before finalizing the purchase. The costs of a home inspection can range from $350-$900.

Your mortgage lender will require an appraisal to be done on the property to ensure that the amount of money being borrowed aligns with the actual value of the property. The appraiser evaluates various factors, including the property’s size, condition, location, comparable home sales in the area, and any unique features. The primary purpose of the appraisal is to provide an unbiased and objective valuation of the property. This is crucial for both the buyer and the lender, as it helps determine the fair market value of the home. The cost of the appraisal can range from $600-$800.

What Are Reserves?

Lender-required reserves refer to the amount of money that a mortgage lender may require a borrower to have in reserve, beyond the down payment and closing costs, as a financial safety net. These reserves act as a cushion to cover future mortgage payments and other housing-related expenses in case of unexpected financial challenges.

Money-saving accounts and 401(k)s may be eligible sources for lender-required reserves. Money-saving accounts, such as savings or checking accounts, are straightforward options. Lenders often prefer liquid assets that can be easily accessed if needed. These accounts demonstrate a borrower’s ability to cover mortgage payments and other expenses.

Budgeting & Saving Tips

1. Establish a Monthly Savings Goal: Based on the total savings target and the timeline for purchasing a home, help your clients set a monthly savings goal. Divide the total amount they need to save by the number of months before they plan to buy.
2. Create a Separate Savings Account: Encourage your clients to open a separate savings account dedicated to their homebuying fund. This helps them track their progress and prevents the funds from being easily spent on other expenses.
3. Cut Unnecessary Expenses: Identify areas where your clients can cut back on unnecessary expenses. This might include dining out less frequently, reducing entertainment expenses, or renegotiating subscription services. Redirect the saved funds to their homebuying savings.
4. Increase Income if Possible: Explore opportunities for your clients to increase their income, such as taking on a part-time job, freelancing, or exploring side hustles. Supplementing their income can accelerate the savings process.

5. Take Advantage of Windfalls: Advise your clients to allocate unexpected financial windfalls, such as tax refunds, work bonuses, or monetary gifts, toward their homebuying fund. This can significantly boost their savings.

6. Regularly Review and Adjust the Plan: Regularly review the savings plan with your clients to ensure they are on track. If there are changes in their financial situation or homebuying timeline, be ready to adjust the plan accordingly.

Home Ownership Is A Journey

Homeownership is a journey that deserves careful consideration and patience. Rushing into such a substantial financial commitment can lead to potential pitfalls and regrets. Taking the time to thoroughly research, plan, and assess one’s financial readiness ensures a more informed decision and a smoother journey. Patience allows prospective homeowners to explore various options, weigh the pros and cons, and make choices aligned with their long-term goals.

Oklahoma Realtor

Erica Garvin

The post Mastering Your Money: Insider Tips for Future Homeownership Success first appeared on Ivy Key Team .

Reasons To Consider Buying A Home:

One key benefit is the opportunity to build equity over time as you pay down your mortgage. This equity can be a valuable asset and can be accessed through home equity loans or lines of credit. Owning a home provides stability and a sense of security. You have control over your living space and don’t have to worry about landlords changing rental terms, offering a more stable and secure living arrangement. Owning a home can also be a part of a long-term financial plan. As you pay off your mortgage, your housing costs decrease, offering financial security, especially in retirement.

Homeownership also allows you to personalize your space according to your preferences. You have the freedom to make home improvements and renovations, creating a living environment that suits your lifestyle. With a fixed-rate mortgage, your monthly payments remain stable over the life of the loan. This predictability can make budgeting and financial planning easier, providing peace of mind. Homeownership often fosters a sense of community. You become part of a neighborhood, and the connections formed with neighbors can contribute to a strong sense of belonging.

Your Home Buying Journey

• Interview and enlist the help of a licensed realtor. Your realtor will have direct access to mortgage lenders and other vendors needed to make your home-buying journey seamless.

Contact A Realtor

• Apply for your home loan with a mortgage lender. This pivotal step opens the door to insightful conversations about options, monthly payments, considerations for the down payment, and understanding the necessary closing cost requirements. A tailored game plan will be made to strategically navigate your home-buying journey.

• Find your perfect home with the help of your savvy real estate agent. She/he will help you navigate inspections, surveys, and/or appraisals. They will also assist in coordinating things between the title company, lender, and the listing parties.

• Prior to closing on your home, your realtor will help coordinate utilities and other pre-closing needs. Once you close you will be handed the keys to your brand new home!

2024 Housing Market Predictions

If you are considering purchasing a home in 2024, be sure to analyze your financial situation to ensure that the pros outweigh the cons. The housing market outlook was once bleak, but better days are on the horizon.

Erica Garvin

The post 2024, The Year of New Homeowners first appeared on Ivy Key Team .

Months Supply of Inventory (MSI) Increases

The total housing inventory at the end of November 2023 rose 9.29% to 2,706 existing homes available for sale. Over the last 12 months, this area has had an average of 1,036 closed sales per month. This represents an unsold inventory index of 2.61 MSI for this period.

Average Days on Market Lengthens

The average number of 32.19 days that homes spent on the market before selling increased by 7.37 days or 29.68% in November 2023 compared to last year’s same month at 24.82 DOM.

Average Sale Price Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.77% in November 2023 to $291,805 versus the previous year at $283,931.

Sales Success for November 2023 is Positive

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 1,217 New Listings in November 2023, up 7.51% from last year at 1,132. Furthermore, there were 896 Closed Listings this month versus last year at 935, a -4.17% decrease.
Closed versus Listed trends yielded a 73.6% ratio, down from previous year’s, November 2022, at 82.6% , a 10.86% downswing. This will certainly create pressure on an increasing Months Supply of Inventory (MSI) in the months to come.

Erica Garvin

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post December 2023- Oklahoma Market Update first appeared on Ivy Key Team .

Seller Financing

If you are unable to secure a loan through a bank you may want to consider seller financing. Seller financing is when the owner of a property finances the home instead of the bank. The first step in achieving this is to identify the property you are wanting to buy. A qualified real estate agent may also have a list of properties in your area that sellers are essentially willing to be the bank.

Once you identify the property you are interested in, if the seller has not initially offered seller financing then a conversation will be had on agreeable terms that both buyer and seller are satisfied with. Keep in mind that often interest rates or down payments may be steeper than if you were to go through a mortgage bank as there are some risks involved with the seller financing the property. Once terms are established and written into an agreement, then closing would take place normally. Be sure to connect with a qualified realtor to review the terms

Rent To Own

Rent to own is a great opportunity to purchase your dream home sooner rather than later. Rent to Own is when a buyer agrees to rent a home from the owner for a certain time period and becomes a tenant. Once the time period has expired the tenant than becomes the buyer and has the option to purchase. Depending on the terms a predetermined amount of the monthly rent may be applied towards the tenant purchasing the home. When the time comes, The buyer can choose to purchase by applying for a mortgage loan assuming that he/she has been working on becoming eligible for financing. The owner may also be willing to be the “bank” and allow the buyer to finance directly through them.

Real Estate IS Flexible

Many buyers have this idea that real estate is rigid and that there is only one way to become a homeowner. This is an absolute myth! When it comes to real estate we can be creative in helping a buyer find the perfect home for them. It starts with understanding your goals. Once we understand, we can then provide options on what best helps you to achieve those goals. With options, there is power in choice. Real estate is not a one-size-fits-all! Many future homebuyers just need a plan to help guide them to the next step in their homebuying journey.

Erica Garvin

The post How To Buy A Home Without Going Through A Bank first appeared on Ivy Key Team .

One Spouse Wants To Keep The Home

When people think of divorce most of the time selling the family home comes to mind, but there are two ways to keep your home that spouses commonly find themselves in. A spouse may want to give up the family home with no interest in the equity that the home has acquired. If you find yourself in this situation your attorneys may include the details of this in the divorce decree and ensure that before the divorce is finalized the deed is transferred into one spouse’s name. There are times when one spouse wants to keep the family home and the other spouse wants to be compensated. In times like this, an appraisal will be ordered to determine the home value. Once known, the home must be refinanced into the spouse’s name that wants to keep the home, and half of the equity must be paid to the other spouse. Only one spouse’s name will remain on any loan documents and deed. In a scenario like this, it is key to speak with a qualified mortgage loan professional to discuss refinancing fees, monthly payments, and to ensure you qualify for a home loan on your own.

Selling Your Home

If neither party wants to keep the family home, if one spouse is unable to refinance, or if neither party can reach an agreement on what happens to the family home you have the option of selling. Selling your home allows you to be in control and have a voice in what happens to the family home.

I had a couple that was legally married, but seperated and no longer living together. The husband stayed in the home, but refused to make the mortgage payments. After 2 years the wife started receving foreclosure notices in the mail. The wife called me and we worked out a plan to sell her home before the foreclosure took place. This would have ruined both the husband and wife’s credit and would have made it impossible for them to recieve a loan in the near future. Divorce can be messy, but it is so worth it to have peace of mind.

Erica Garvin, Oklahoma Realtor

Connecting with a real estate agent who is savvy enough to handle the complications that can sometimes happen when couples are in the process of divorcing is so important. One spouse may not be on the best of terms with the other spouse, so a real estate agent who can provide proper guidance, level-headedness, and be a true professional who’s knowledgeable is needed. Once the family home sells the proceeds will either be split in half with each party receiving equal amounts, or held in escrow until both spouse’s attorneys decide what happens to the proceeds. There are cases where the profits are not split equally or may be applied to marital debt. Consult with a legal professional to determine how the profits can be split.

Deferred Sale

A deferred sale can happen if both spouses can agree. This process allows for the home to sell after an “event” has happened. The most common example we see is when children are involved. Spouses may agree to sell the family home once they leave for college. Deferred sales allow you to be creative in determining when would be the best time in your life to sell the family home and reduce the stress that may accompany the process. Keep in mind that the divorce decree may be more specific about who pays the monthly mortgage and what happens if payments are missed. Consult with an attorney to see if a deferred sale is right for you.

Court Ordered Decision

If a significant amount of time has passed and no party can agree about what happens to the family home a judge will listen to both parties and make a court-ordered determination. This decision will be handed down and also written into the divorce decree so that both parties must oblige.

How Does A Realtor Become Involved?

A real estate agent should be your first or second stop if you own any type of real estate. If you do not already have an attorney a well-connected realtor can refer you to a lawyer. If you end up selling your home they can help facilitate the sale by pricing your home, guiding both spouses through the delicate home selling process, and also coordinating things between everyone including the buyers, attorneys, and title companies. If you choose to refinance they can also refer you to a mortgage lender to make things seamless. Realtors are essential if you and your spouse are considering a divorce.

Oklahoma Realtor

Erica Garvin

The post Divorcing This Year? Here Is What Happens To Your Home. first appeared on Ivy Key Team .

A rise in interest rates and a ton of information on the internet have led many future homebuyers misinformed

” I cannot tell you how many potential homebuyers I sit down with in a homebuying consultation that are scared to home shop right now. When I finally get to the root cause of why they are scared, I realize it is because they have been misinformed. – Erica Garvin

Erica Garvin, the owner of the Ivy Key Team, says that misinformation is one of the biggest hurdles that she must overcome to alleviate her prospective clients’ fears about starting the home-buying process. There are so many moving parts that play a role in why a future homebuyer chooses to buy other than interest rates, but even if that is your biggest concern there are solutions to decrease the interest rate even in this housing climate.

Less Competition

Real estate is cyclic and changes with the seasons. During the fall and winter months, the most fast-paced housing market may slow. Most potential home buyers will want to buy in the summer and spring months to avoid moving so close to the holidays and refrain from having their kids move into a new school district in the middle of a school year. If you are thinking of purchasing a home now, consider starting your home search during the cooler months as there is less competition with other buyers and a greater chance for your offer on your dream home to be accepted.

Motivated Sellers

As we mention less competition between buyers we must also mention how in the cooler months the market shifts from a seller’s market to a buyer’s market. A seller is more motivated and serious about selling their home and usually have listed their homes due to unforeseen circumstances. A seller may be selling their home because they are relocating due to a change in employment or a divorce. These circumstances are a huge win for potential home buyers as the seller may be willing to decrease the listing price or offer other incentives to attract a buyer to their property. In the cooler months, buyers will have an increase in negotiation power that can be used to buy down the interest rate or apply towards reducing their closing costs.

Clearer Picture of The Property

A huge advantage that home buyers often forget is the ability to see how their dream home holds up during the snowy and rainy seasons. In the summer when the weather is picture perfect, it may be hard to tell if your future home is well insulated or if the backyard’s grading allows for water to run off properly. It is also the perfect time to see how the roof and guttering hold up and a great time to thoroughly check the HVAC. During the more temperamental weather season, it is easier to see deficiencies in the home and have the seller repair them.

Focused Decision Making

The benefit of purchasing a home during a slower real estate market is that it gives you a longer amount of time to make a decision without the pressure of needing to put an offer in right away for fear of losing that home to another buyer. It allows you to check numbers with the lender to make sure that the home is within your budget. It gives you enough time to think it over and envision yourself in the home for years to come.

Seasonal Discounts With Vendors

Once you do find the perfect home and are ready to start the moving process, you can enjoy seasonal discounts with vendors that usually occur in the cooler months. Especially when shopping for appliances you can take advantage of VEterns Day, Black Friday, Christmas, & New Year’s sales. This not only applies to merchandise but also to vendors who may have slower months during this season and offer sales. This is handy for moving services, winterizing your home, and even lawn services. The list is endless.

If you are thinking about putting off owning your own own home due to interest rates I strongly encourage you to speak with one of our real estate professionals. They can also connect you with a qualified real estate professional in your state if you are not locally located in Oklahoma. Interest rates are still on the rise and there is no guarantee that it will be coming down anytime soon. The equity that you will gain while owning your home only increases and can be one of the best ways to build wealth within your family.

Erica Garvin

The post Why Now, Is The Perfect Time To Buy A Home first appeared on Ivy Key Team .

Winterizing your home has so many benefits beyond the financial impact. As it gets colder outside dirt, snow, and ice can build up over time which can lead to costly repairs. Winterizing your home not only reduces the chances of maintenance issues but also preserves the integrity of your home. It also helps with the longevity of your home appliances, reduces the chance of unwanted pests, reduces damage, and increases the energy efficiency of your home.

Winterizing Your Interior

1. Seal Drafts:
   • Check for drafts around windows and doors. Seal gaps with weatherstripping, caulking, or draft stoppers.
   • Install storm windows or apply plastic film insulation to windows to reduce heat loss.
2. Insulate Attic and Walls:
   • Make sure your attic and walls are properly insulated to prevent heat loss. Add more insulation if needed.
3. Service Heating System:
   • Schedule a professional inspection and maintenance for your heating system to ensure it’s working efficiently. Replace the air filter if needed.
4. Check Fireplaces and Chimneys:
   • Inspect your fireplace and chimney for any blockages or damage. Clean the chimney if you use it for wood-burning or gas fireplaces.
5. Reverse Ceiling Fans:
   • Set your ceiling fans to rotate in a clockwise direction to circulate warm air down.
6. Wrap Water Pipes:
   • Insulate exposed water pipes with pipe insulation to prevent freezing. This is crucial to avoid burst pipes.
7. Check Smoke and Carbon Monoxide Detectors:
   • Replace the batteries in your smoke and carbon monoxide detectors and test them to ensure they’re working properly.

Winterizing Your Exterior

1. Seal Foundation and Crawl Spaces:
   • Check for cracks or openings in your foundation and crawl spaces. Seal them with caulk or foam insulation to keep out cold air and pests.
2. Gutters and Downspouts:
   • Clean your gutters and downspouts to prevent ice dams and water damage. Make sure water can flow freely.
3. Check Your Thermostat:
   • Consider installing a programmable thermostat to lower the temperature when you’re away from home or at night.
4. Seal Ducts:
   • Inspect your ductwork for leaks and seal them with duct tape or mastic. This helps to distribute warm air efficiently.
5. Winterize Outdoor Equipment:
   • Store or cover outdoor furniture, grills, and garden hoses to protect them from the winter elements.
6. Clean and Insulate Air Conditioning Units:
   • If you have central air conditioning, clean and cover the outdoor unit to protect it from snow and ice.
7. Furnace Filter Replacement:
   • Regularly change or clean your furnace filter throughout the winter to keep your heating system running efficiently.

Planning For An Emergency

Storms are unpredictable and having an emergency plan in place is important. Keeping your family safe this winter can be easy if you plan in advance. Placing a few emergency items in a ready-to-go bag that you can easily place in a hall closet, garage, or attic space is perfect to grab if you find yourself without power or gas this winter.

1. Prepare for Power Outages:
   • Have a backup power source, such as a generator or a supply of emergency candles and flashlights.
2. Stock Up on Winter Supplies:
   • Ensure you have enough winter supplies, such as rock salt or ice melt for de-icing walkways, and a shovel for snow removal
3. Prepare an Emergency Kit:
   • Assemble an emergency kit with essential supplies like non-perishable food, bottled water, blankets, and a first-aid kit.
4. Plan for Snow Removal:
   • Ensure you have a plan for snow removal, whether it’s shoveling yourself or hiring a snow removal service.

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post Winterize Your Home Now For Winter 2023 first appeared on Ivy Key Team .

5. Broken Arrow

Broken Arrow is a thriving city with a community feel. On average, the city has seen a 2% population growth year after year and has gained over 30,000 residents since 2010. That number is steadily rising (census.gov). This growth coupled with low-cost housing compared to other major cities has created a strong economic outlook for investors wanting to create a rental portfolio here. The best news is that those that take up residence here tend to stay here long-term due to a supportive community. Here are a few other factors to consider which make Broken Arrow a strong contender for those looking to invest:

1. Quality of Life: The city has a reputation for offering a high quality of life. It has good schools, parks, recreational opportunities, and a sense of community. A strong quality of life can contribute to the attractiveness of the area for both residents and businesses.
2. Proximity to Tulsa: Broken Arrow is located just outside of Tulsa, Oklahoma’s second-largest city. This proximity provides residents with access to the amenities and opportunities of a larger urban area while still enjoying the benefits of a smaller community.
3. Job Opportunities: The presence of diverse industries can provide job opportunities for both skilled professionals and entry-level workers, which in turn can contribute to the demand for housing and overall economic health.

4. Edmond

Edmond is home to some of the top schools in the city, parks, and houses a diverse economy. It is Ideal for families and investors seeking urban amenities with a peaceful vibe. There is much history and charm just like its neighbor, Oklahoma City. The city itself is a hub for diverse businesses ranging from healthcare to tech and houses many universities such as https://www.uco.edu/ which creates a strong attraction for future educators and a skilled workforce. Here are a few other factors that make Edmond a great place to invest:

1. Proximity to Oklahoma City: Edmond is located just north of Oklahoma City, the state’s capital and largest city. This proximity provides residents with access to the amenities, job opportunities, and cultural experiences of a major urban center while still enjoying the benefits of a smaller, more suburban environment.
2. Infrastructure and Development: Edmond’s well-maintained infrastructure, including transportation networks and public services, can contribute to a conducive environment for businesses and residents. The city’s ongoing development projects and investments in infrastructure can also create opportunities for investors.
3. Low Crime Rates: Edmond has historically maintained relatively low crime rates compared to some other areas, which can enhance its appeal to families and businesses looking for a safe community.

3. Norman

Home to the University of Oklahoma, it blends the vibrant energy of a college town with the comforts of a suburban community. Known for its educational and cultural offerings, Norman offers a range of academic programs, research opportunities, and events. Here are a few other factors that should have you flocking to Norman to invest:

1. University Influence: Norman is home to the University of Oklahoma, which brings a vibrant academic and cultural atmosphere. This can attract a diverse population of students, faculty, and researchers, creating potential opportunities in areas like rental properties.
2. Quality of Life: Norman offers a high quality of life with a mix of cultural events, recreational opportunities, and community engagement. A desirable living environment can attract residents and businesses alike.
3. Proximity to Oklahoma City: Being close to Oklahoma City provides access to a wide range of amenities and job opportunities while allowing residents to live in a smaller, more suburban setting.

2. Tulsa

Tulsa is known for its diverse economy spanning energy, healthcare, technology, and more. With a rich history as an energy hub, the city offers opportunities in various sectors. A flourishing arts scene, educational institutions, and revitalization projects contribute to its vibrancy. Tulsa’s mix of urban amenities, affordability, and supportive business environment make it an attractive destination for residents and investors alike. Tulsa also has:

1. Affordable Real Estate: Compared to larger urban areas, real estate prices in Tulsa have historically been relatively affordable, potentially offering investment opportunities in both residential and commercial properties.
2. Diverse Economy: Tulsa’s economy encompasses multiple sectors, including energy, healthcare, technology, aerospace, and finance. This diversity can help create a resilient economic environment and provide various investment opportunities.

1. Oklahoma City

Oklahoma City is known for its diverse economy spanning industries like energy, aerospace, and healthcare, the city offers affordable real estate opportunities. With a growing population and a mix of cultural attractions, educational institutions, and job prospects, Oklahoma City is a vibrant destination that blends urban amenities with a cost-effective lifestyle.

1. Affordability: Oklahoma City’s real estate market has been relatively affordable compared to many other major U.S. cities. This affordability can attract buyers and investors looking for cost-effective opportunities.
2. Economic Diversity: The city’s economy is diverse, with sectors including energy, aerospace, healthcare, and technology. A stable and diverse economy can contribute to consistent demand for housing and commercial properties.
3. Population Growth: Oklahoma City has seen steady population growth over the years, driven by factors such as job opportunities and quality of life. Population growth can lead to increased demand for housing.
4. Job Opportunities: The city’s various industries provide job opportunities, which can drive demand for housing, particularly rental properties, and influence the real estate market positively.
5. Pro-Business Environment: Oklahoma City is known for its business-friendly policies and incentives, which can attract companies and entrepreneurs, potentially leading to increased demand for commercial real estate.
6. Infrastructure Development: Ongoing investments in infrastructure, transportation, and urban development projects can enhance the overall appeal of the city and its neighborhoods, potentially increasing property values.
7. Cultural and Entertainment Offerings: The city’s cultural amenities, entertainment venues, and recreational options can enhance its overall attractiveness to residents and potentially lead to increased demand for housing.
8. Educational Institutions: The presence of universities and colleges can attract students and faculty, creating demand for rental properties in the vicinity.
9. Quality of Life: Oklahoma City offers a mix of urban amenities and a lower cost of living compared to larger metropolitan areas. This combination can be appealing to both residents and investors.

Notable Mentions: Vinita & Glenpool

We can not write this list and not include a few other notable mentions.

1. Vinita– On July 2023 news was released that a 2 billion dollar project for an American Heartland theme park is set to be built in 2026. If it comes to fruition this not only would bring nearly 40,000 jobs but also investments that could make Vinita a cash cow.
2. Glenpool– Long-term rentals thrive in this city and are often overlooked by investors. is its small-town atmosphere with a strategic location near larger urban areas. This allows residents to enjoy a close-knit community while having access to the amenities and opportunities of nearby cities like Tulsa.

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