Welcome to today’s Real Estate news roundup! In Oklahoma, the housing market is experiencing a boom as more people opt to build new houses. With existing homes selling rapidly, buyers are exploring alternative options to secure their dream homes. Building a home is becoming an attractive choice, offering flexibility and customization. Meanwhile, in Oklahoma City, authorities are investigating a series of three murders at a housing complex, raising concerns about safety and security. On a positive note, Oklahoma City officials are making strides in combating chronic homelessness through the Encampment Rehousing Initiative, which has already helped numerous individuals transition from encampments to permanent housing. Stay informed on these and other real estate stories shaping Oklahoma’s housing landscape.
Oklahoma Housing Market Booming As More People Choose To Build New Houses
The housing market in Oklahoma is so hot right now, existing homes are selling faster than realtors can list them. That has some buyers looking for another option. The owner of Birch Co. said since it’s a seller’s market, he’s seeing more buyers compromise on the location, quality, and cost of existing homes. “We’re just having to work harder, and you know, stay up a little later and get up a little earlier,” Brett Davis said. Davis said building a home may be a better option. Making Oklahoma home was an easy decision for Beau Davis who grew up here. “With another baby on the way, I decided I was really wise to build a home, move my wife across the country while she’s like 30 weeks pregnant,” said Beau Davis. Earlier this year the Davises relocated from California to Bixby, but the family was just one motivating factor. “Economically it makes more sense. I think you get more bang for your buck here. And we want to raise our family in maybe some of these smaller, cultural towns of Oklahoma,” said Beau Davis. Beau considered buying versus building. “When evaluating your time and the renovation costs of buying an existing home, it made sense for us to buy one we could build exactly how we wanted,” Beau said. The demand for existing homes isn’t slowing down so sellers often get multiple offers that are above the asking price. Beau’s brother Brett Davis owns Tulsa’s Birch Co. and said he has several other clients from out of state. Brett said the new construction market has grown significantly with record-low inventory but said they have plenty of lots to build on. “Every day’s different in the building world right now,” Brett said. Brett said lumber prices dropped in September by about 30 percent, but a new supply shortage strikes every week. “It’s just gonna be a matter of which item is it going to be today,” Brett said. Brett said the key is in the planning. His company is now ordering appliances and materials well in advance to combat inflation and shipping delays. “Telling somebody that they have to pick and get that figured out right now is not our favorite conversation to have, but if we want to still hit their closing date then that’s really important,” said Brett. Brett said the labor shortage can also influence their timeline and impact a client’s move-in date. However, he said they have a lot of loyal workers. His brother Beau will be moving in on time and home for the holidays.
Three murders in five days at Oklahoma City housing complex
Oklahoma City police have been investigating a series of three murders that occurred within a span of five days at the same apartment complex in southwest Oklahoma City. The latest incident took place on Sunday night, where gunshots were heard and a man was found dead on the porch of an apartment. A similar scenario unfolded five days earlier when another man was shot to death on the same porch. Additionally, a woman was discovered shot to death inside her apartment on Sunday afternoon. Detectives are working to determine if there is any connection between these three murders. The complex has also been previously associated with a drive-by shooting in April. Stay updated on this ongoing investigation.
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Oklahoma City releases 2024 Point in Time Count | KGOU
Oklahoma City has released the annual 2024 Point In Time Count, a survey that documents the number of people experiencing homelessness on a specific night in January. The count revealed that 1,838 individuals were experiencing homelessness in the city, marking an increase of 402 from the previous year. The report highlighted a 17% rise in chronic homelessness, attributing it to factors such as a shortage of affordable housing, the end of pandemic benefits, and inflation. Despite this increase, the proportion of chronically homeless individuals who were unsheltered decreased from 60% to 44%, thanks to the availability of more shelter beds and efforts in permanent housing initiatives. Explore the full 2024 Point In Time Count for more details.
Oklahoma City’s Encampment Rehousing Initiative makes strides in combating homelessness
Oklahoma City officials are making progress in their efforts to combat chronic homelessness through the Key to Home Partnership program. Homeless strategy implementation manager Jamie Caves explains that since last year, they have been helping individuals find homes, aiming to house 500 people by the end of 2025. The program, known as the Encampment Rehousing Initiative, has already assisted 153 people in transitioning from encampments to housing within four to six weeks. As a result, the percentage of Oklahoma City’s unsheltered population experiencing chronic homelessness decreased by 14% in 2024. Caves also highlights the importance of diversion programs to prevent individuals from entering the homeless response system. Learn more about the positive impact of the Encampment Rehousing Initiative and the ongoing efforts to combat homelessness.