Monday, January 08, 2007

House Hunting in Oklahoma City

Today I went out looking for a new (for me) house. Most of the houses were overpriced given the market here. Almost all of the houses I looked at required pretty extensive work to make it ready to live in, but they were on the market for a price that was close to what they would be expected to sell for in move-in condition (around $70 square foot). Even the bank-owned property, which needed probably $15,000 worth of work to make it livable was on the market for $72,000. In top condition, the house would be worth around $79,000.

Mind you, I am looking for a house with about 1000 square feet. (For my European and Australian readers, this is about 100 square meters).

What I am finding out is that houses larger than 1000 sq. ft. are not selling for as much money per sq. ft. as the smaller houses.

Finally, I looked at a fixer-upper that is being offered for $49,000. That amounts to less than $50 per sq. ft. However, it will require probably about $10,000 in repairs. This doesn't seem like such a bad deal. On the other hand, I have not seen the results of any inspections, so there might be something wrong that could not be seen upon a visual inspection.

It certainly is not like the madness that is taking place on the coasts and many cities around the country.


Anonymous said...

Wow, these prices will seem unbelievable to a Californian. I would be surprised if some Goldern Staters aren't in OK right now, buying like crazy....


Teri said...

Californians will not be moving to Oklahoma. Guaranteed. And that would be the case if they were giving away houses. It's a snob thing. I had to try and explain to my aunt in Stillwater why I had to pay $104,000 for a small house built in 1941 on a third of an acre. That is the bottom of the market in SW Washington state. Boy, was I happy to unload it for $125,000 last year!