Thursday, August 30, 2007

The two most important factors when selling your home

Sales price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your Realtor to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer. In a down market, you may have to consider lowering your sales price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through the internet, advertising, good signage and a listing on the local multiple listing service or online listings provider. If this isn't happening, take it up with your Realtor. If you are still not satisfied you are getting the service you need, you may have to switch Realtor.

Wednesday, August 29, 2007

Our Company...Keller Williams Realty

Founded in 1983, Keller Williams Realty Inc. is an international real estate company with more than 600 offices located across the United States and Canada. The company began franchising in 1991, and following years of phenomenal growth and success, became the fourth-largest U.S. residential real estate firm in North America in 2006. The company has succeeded by treating its associates as partners and shares its knowledge, policy control and company profits on a system-wide basis.
Structured for Success
The interdependent business model of Keller Williams Realty supports agents and brokers working as a team to maximize personal productivity and company profits.
Most real estate companies operate on a dependent model where the broker provides leads to salespeople and then offers them a commission, or they operate on an independent model where agents receive minimal support from the broker but keep more of the commission. In contrast to these traditional models, the Keller Williams model fosters a synergistic environment where both parties succeed through teamwork, by encouraging agents and brokers to share their best practices with each other and reward associates who help the company to grow. It is these industry-changing philosophies that have fueled the recent growth of Keller Williams Realty past older, more established companies to claim a top-four spot in the real estate industry.

Courtesy of: and

The Keller Williams Difference

At Keller Williams Realty, we like to think we stand out from other real estate firms in many ways, but these areas in particular define Keller Williams Realty as an industry innovator and leader: Culture, Education, Profit Share, and Technology.

We are a company built and shaped by talented, driven real estate professionals who know the value of having a great career, accomplished colleagues, work-life balance, and a reputation for being the best in the business.

We focus on helping associates realize their fullest potential. You will find opportunities for growth, support for achieving your objectives and a true sense of family and belonging.

Your success is our goal.... Make today the day you begin the next fulfilling chapter in your life and career.

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Tuesday, August 28, 2007

The Keller Williams Philosophy

Our Mission:
To build careers worth having, businesses worth owning and lives worth living.

Our Vision:
To be the real estate company of choice for a new generation of sales associates and real estate owners.

Our Values:
God, Family, then Business

Monday, August 20, 2007

Cost of Doing Business in Oklahoma

Oklahoma's cost of doing business is among the lowest in the nation, as reported in the annual Milken Institute Cost of Doing Business Index, released this week. Oklahoma was ranked No. 40, with a cost of doing business 85.4 percent of the national average.
Hawaii holds the distinction of having the highest cost of doing business at 51.5 percent above the U.S. average. New York and Alaska also were ranked high.
The ranking is example of Oklahoma's competitive advantage in attracting businesses to the state. Oklahoma is 8 percent below Colorado, 9 percent below Louisiana, and 12 percent below New Mexico.
Oklahoma performed best in industrial rental rates at 68.9 percent of the national average. Other factors below the U.S. norm were wage costs, 80.7 percent; office rental prices, 81.6 percent; and electricity costs, 89.2 percent.
Source: Oklahoma Department of Commerce

Wednesday, August 15, 2007

Dropping Your Sales Price

If you start out selling your home with a high sales price, then drop it later -- your house is "old news." You will notbe able to recapture that exciting activity you would have had with a realistic price. Your house could take longer to sell.
Even if you do successfully sell at an above market price to an uninformed buyer, your buyer will need a mortgage loan. The mortgage lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the house won’t appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen.
Your house could go "back on the market."
Once your home has fallen out of escrow or sits on the market awhile, it is harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers. By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.

Tuesday, August 14, 2007

Quarterly Industry Update

Mortgage Fraud Bill Advances - A bill defining residential mortgage fraud passed in the North Carolina Senate in June 2007. Experts say it is likely that prospective home buyers with weak or no credit history will find it
more difficult to secure mortgages if the bill becomes law. Prosecutors
could charge mortgage sellers who lie or intentionally leave out information even if the buyers don't lose money. The bill moves to the House of Representatives for a final vote.
Subprime Issues Impact Market Psychology - Problems in the US housing market are mostly contained within the subprime mortgage sector, according to mortgage financer Freddie Mac. Rising default rates in the subprime sector are confined to a few geographic regions, a company vice president says. The biggest threat, according to Freddie Mac, is the fear that problems will spread to the larger real estate and other financial markets.
New Home Sales Continue Falling - New US home sales fell 21.1 percent in
the first five months of 2007 compared to the same period in 2006.
Residential real estate brokers are negatively impacted by declining home sales. Sales declined 30.9 percent in the West, 21.4 percent in the Midwest, 21.1 percent in the Northeast, and 20.6 percent in the South.

First Research, Inc.
866-788-9389 voice

Monday, August 13, 2007

Curb Appeal

Realtors like to say that the three things that determine the value of a house are location, location and location. But they also talk about "curb appeal". This is the impression a house gives when you first approach it. It also determines the value and makes a house feel like home. Curb appeal gets the buyers excited about their expectations of the interior of the home.

Saturday, August 11, 2007

Restoration of Lake Overholser Bridge on Route 66

The Lake Overholser Route 66 bridge, just outside Bethany city limits, is to be restored by Oklahoma City. The restored bridge will lead to a new project Hoskison envisioned: a statue of Will Rogers in a small park at the intersection of State Highway 66 and North Overholser Drive.

Oklahoma City’s plan is to restore the bridge in 2008 and reopen it to pedestrian traffic only, said Dennis Clowers, Oklahoma City’s public works director. The bridge has more significance ahead, he said, because it is only about 100 yards from a planned retail district in Bethany — to be called Bridge Pointe — with shops and restaurants similar to Moore’s Riverwalk district. Construction on the project is expected to begin soon in an undeveloped area southeast of 8500 N. Overholser Drive and 4000 E. Overholser Drive, Hoskison said.

Riverlake Estates on Lake Overholser

Oklahoma City's hidden secret on Lake Overholser. I have had the opportunity to help buyers and sellers in this great gated community. There has been a great amount of activity of buyers searching for their dream home on Lake Overholser. The new walking/cycling trail on Lake Overholser has now been connected to Lake Hefner and has increased the sales activity drastically. Look for increasing home prices in the next few years close to Lake Overholser. For more information on Riverlake Estates please visit: or

Wyatt Poindexter
Keller Williams Realty

Why Use a Realtor?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.
But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:
1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.
2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.
7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

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Friday, August 10, 2007

Pre-approval Letters

Buyers should always apply for and get pre-approval for a mortgage before making an offer. This is so important in today's market. Even though you may have been watching home prices drop in the last few months, the price of money has not. It's been getting more expensive. Thus, if you apply for your mortgage before you've even gotten into the contract-writing process, then you'll already know your buying power, the lender will have already looked at the blemishes on your credit and verified your income and assets.

Thursday, August 9, 2007

Oklahoma City Housing Expectations

Rises in mortgage and interest rates in the past couple of years have caused the recent slow down in the housing market. Nevertheless, the Oklahoma City area is outperforming many largers cities where homes are losing value, and the Metros's market is at the very least consistent in its affordability compared to other markets. Most experts contend that the home builders are not getting ahead of the somewhat reduced demand, a situation that would cause excess inventory.The fact that Oklahoma City is expanding due to the growth in downtown and the gains in various business sectors figures to help the market, and rates are still at relative lows, despite their recent increases.That leads many economic experts to believe that Oklahoma City's housing market is fairly healthy.

Wednesday, August 8, 2007

Obeo Virtual Tours

Obeo, a provider of full-service residential real estate online marketing products in North America, recently announced its ability to be linked to Trulia and Google Base, two of the largest map-oriented real estate search engines on the Web.

Trulia and Google Base have established innovative methods to search online for real estate. According to Obeo, with its incredibly intuitive mapping software, buyers everywhere have the ability to search geographically for real estate listings by simply typing information such as a price range and a zip code, and then clicking on small icons that represent homes of interest. While stagnant photos of listings may dominate similar sites, Obeo is bringing rich content like large format interactive panoramas and floor plans on which users can click and drag furniture into place.

View for more information

Oklahoma City Market Trends

Here are some good Oklahoma City Housing/Real Estate Market Trends

Wyatt Poindexter
Keller Williams Realty

June 2007 Results:

The following are comparisons between June 2006 and June 2007.
Closed units: 2031 in 2007. 2031 in 2006.

Total $ Volume: $315,551,833 in 07. $310,036,903 in 06.

Average Price: $155,367 in 07. $152,652 in 06

List to sales price ratio: 97% in 07. 99% in 06

Avg. days on the market: 74 days in 07. 66 days in 06.

Number of listings: 8955 in 07. 8419 in 06.

In summary, closed units are exactly the same as one year ago, total volume is up 2%, Average sales prices are up 2% from a year ago. Listings available are up 6% from May 2006. There is a current absorption rate of 4.41 months which is still considered a relatively balanced supply and demand ratio.2006 year end summary:In summary, average prices in 2006 were up 6% compared to 2005. Selling time averaged around 72 days. Interest rates were an average of 6.28% compared to 5.64% in 2005 and the number of listings processed on to the market were 21,346 units compared to 21,221 units in 2005. The number of properties on the market at year end was up 19% with 8263 units compared to 6922 at the end of 2005.

JULY 2007 Oklahoma City Market Conditions

Here are a few Oklahoma Market Conditions.

Wyatt Poindexter
Keller Williams Realty

There were 2,031 residential sales closed in June 2007, unchanged from June 2006.

In the metro, the average interest rate at residential closing was down 3.3%, from 6.4% in
June 2006 to 6.19% in June 2007.

The average residential sale price for a home purchased in June 2007 was $155,367, up
1.8% from the June 2006 average of $152,652.

The average number of days on the market for a home was up 12.1%, from 66 days in
June 2006 to 74 days in June 2007. (Source: OKC Metropolitan Association of Realtors)

Oklahoma City ranked 13th in population growth between July 2005 and July 2006
among all U.S. cities with more than 500,000 people. Most U.S. cities grew by less than
one percent, while Oklahoma City grew by 1.26 percent.

Oklahoma Gas & Electric has received the highest overall ranking in customer
satisfaction among utilities in the southern United States, according to J.D. Power &

A new shopping center has been proposed for Yukon. Yukon Village Shopping Center is
set to open in October 2008 and will be along I-40 and across the street from West End
Pointe Lifestyle Center, currently in its last stages of development.