Why Are Out of State Corporations Buying Up All the Houses in Oklahoma?
Over the past couple of months, we've been hearing about out-of-state corporations and other groups buying up houses across the Sooner State. Not just a few either, we're talking about a significant number of properties being purchased all over Oklahoma. It's like they're buying up everything they can, but why?
I've spoken to more than a few people lately whose homes were purchased by out-of-state investors as soon as they were listed, immediately. A lot of them were purchased above the asking price and for cash.
I know someone who was renting a property for years and was asked to leave or was evicted because the house was sold. They were given 2 weeks to vacate, the home was purchased by a California couple who were moving to the area. I've heard this same story several times recently it's like everyone from California is moving to Oklahoma and Texas. I guess I can't blame them, I'd want to get the hell outta there too.
What's weird about this is that it's widespread. The housing market in Oklahoma is in real danger due to these corporations and the mass migration of people leaving places like California in search of better and cheaper opportunities. The cost of living and housing is MUCH cheaper here than in a lot of other places.
Not only that the cost to start up and do business is a lot easier and less restrictive than in other states, especially California. There is a lot less government interference and red tape here so a lot of companies and people are moving to places like Oklahoma to get away from all the government overreach and restrictions.
While it's great that we're seeing more companies and businesses relocate to the Sooner State it can put a real strain on the housing market. Between the people moving here and the corporations that are buying up as many properties as they can, it can be very difficult for Oklahomans to purchase a home of their own.
People moving here and relocating is one thing, but why are these out-of-state corporations buying up houses and land in Oklahoma? The biggest reason is investments. They can buy a lot of property much cheaper here than somewhere else and either wait the market out to sell it for a profit or turn them into rental properties.
This means more and more Oklahomans are having to rent versus buying a home. Oklahoma is 3rd in the Nation for corporately-owned property according to the National Real Estate Association, making finding a home to buy as an individual much more difficult. When corporations are willing to spend more and with cash, they're edging out regular everyday hardworking Oklahomans who want to own their own homes.
I was just talking about this yesterday and saw an article from KTUL News Channel 8 out of Tulsa, OK. that went into detail about all this. You can click here to read the full article. This really confirmed for me that this is real and is happening. These aren't just isolated instances with a few people, it's all across the Sooner State. Hopefully, Oklahoma legislators will get involved and either completely stop or slow this down. Otherwise, pretty soon you won't be able to own the American dream, you'll only be able to rent it!