Homebuyers in Warner are keeping an eye on interest rates to determine their impact. They want to know whether dropping rates will attract buyers back into the market or make it harder for them to buy homes here. Real estate experts say the Federal Reserve’s rate cuts should eventually reduce mortgage rates; however, they haven’t noticed an immediate spike in buyer enthusiasm as a result.
Typically, when mortgage rates have declined, this has coincided with an uptick in new home construction and rising home prices. Unfortunately, at present there is limited supply of homes for sale as many people still want to buy or rent in this region – leading to bidding wars among buyers as well as significant seller demands.
Since January 1st of 2017, home prices in Warner have seen a 74.1% increase to an estimated median price of $235,000. Meanwhile, days on market has decreased 84.3% to reach a median number of 5 days for sale properties.
Ian Rogers and his family found their five-bedroom Warner home too large, so they modified it into two units to make it more manageable for everyone living there. Now there is an upstairs and downstairs apartment in it to make living easier for all members of his household. Rogers works in healthcare and chose Warner as the location because its schools were good. “It’s such an attractive area,” he stated.
While Warner is an increasingly competitive housing market, recent months have witnessed its slowing. This may be because less people are looking to buy or sell, or there’s simply not much inventory. To address some of the challenges in the area including zoning adjustments and revisions of an outmoded master plan. The town’s housing advisory committee is working on this front.
From November 24 to January 25, 24% of Warner homebuyers looked outside the town, while 76% intended to remain in its metro. Oklahoma City, Minneapolis and Dallas were popular choices among homebuyers looking for somewhere new to live. Warner boasts an average commute time of 73 minutes which is shorter than its national counterpart (78 minutes); however due to having more residents driving solo to work than expected (25%) this means longer and more stressful commutes for many residents of Warner.