S2 Ep17 - Judy Bruley with KW Elite of OKC - a podcast by Brian Cook And Kindra Cox

 On Season 2, Episode 17 of The Brian and Kindra Show, they met with team lead Judy Nelson-Bruley of Keller Williams Realty Elite Oklahoma City. She came to share some insight on how the OKC market is currently operating and to share some insight in a highly competitive sellers market.  

The OKC market is operating at unprecedented levels. With any home of any price point, most (if not all) have multiple offers. Buyers are having to be creative with their bids to get a home. Judy mentions that it’s not always about money, it’s really about what the seller needs. A seller may need a very quick or a very long contract and closing date.  Maybe a seller is more inclined to accept a lower priced cash offer than a higher priced offer that must go through the lending process.   Oftentimes in aggressive markets as seen in OKC, buyers are paying the seller’s closing costs and their own broker fee to have a standing chance of buying the home. That’s almost unheard of in our area!

The process when Brian takes a listing, is to share the listing with the Multiple Listing Service (MLS) within 24 hours making it available to all the realtors in that MLS to show and sell. However, larger markets like OKC are using a different process and for the first 7 days can only be shown and seen by agents in that listing office. Then, if that house is still available after 7 days it goes to the MLS. 

In these more aggressive sellers markets, agents are seeing 5-15 offers in 24 hours. The minimum offer one might see is the asking price, but it really depends on the resources of the buyer. Appraisers are doing their best to be fair, but some buyers are actually paying over the appraised value and bringing additional funds over their financed amount in order to purchase the home they desire. 

One of the most humbling realities of the sellers market, is that buyers who need assistance in their closing costs are often unable to win in a multiple offer situation.  These buyers would unlikely be able to offer over the asking price, would unlikely be able to pay any extra AND their offer asking for closing costs is likely to be a more challenging loan type and lesser net to the seller than other buyers.  Judy says that although this is a sad situation, these buyers can take the opportunity to save for their future purchase and potentially end up with a better ‘bargain’ when they are ready to purchase.  

As Realtors, Brian and Kindra questioned how one prepares sellers for 5-15 offers? This many offers can be very confusing and difficult to process, even for seasoned agents!  Judy says, in part, this is why the agents are listing for the 7 days with an in office agreement, so that the sellers know they are working with professionals trusted by their Realtor. It is important for sellers to ask questions based on what their needs are for the offer they want to agree to. Some agents are reducing these multiple offers to a spreadsheet that is easier for the seller to read and understand. 

Brian and Kindra hope this information has been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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