Tuesday, December 23, 2008
1. Refinancing an FHA Loan – Most people do not know that if you currently have an FHA loan, you will be charged interest through the end of the month no matter what day of the month you pay it off. This is crucial – if you are currently in an FHA loan, and your lender schedules the closing date in the beginning of the month, or even in the middle, you are going to pay interest on your new loan from closing until the 30th/31st, but you will ALSO pay interest on your old loan through the end of the month. Per day Interest can run anywhere between $20-$100 per day (depending on loan size), so if you close too early you could literally waste one to two thousand dollars in interest that is not necessary.
2. Refinancing an FHA Loan, pt 2 – When you purchased or refinanced into an FHA loan previously, you paid an ‘Up Front Mortgage Insurance Premium’ – otherwise called an FHA Funding Fee. If you are refinancing into a new FHA loan, you are entitled to a partial refund of your previous FHA Funding Fee. This could be anywhere between $500-$3,000, and it is important that your lender takes this into account.
3. Streamline Refinancing – If you are currently in an FHA or VA loan, you will not have to requalify for a new one. By virtue of the fact you were qualified before, you automatically qualify for a new FHA or VA loan as long as you are only lowering your interest rate (not getting cash back). So, just because your job or income situation has changed, don’t count yourself out. The only thing that would really be a problem is if you haven’t made your mortgage payments. But a Streamline Refinance is essentially a “everyone qualifies’ refinance, and no employment, income, or assets are even listed on the loan application.
4. True Payback? – Many people look at interest rates as a “shiny red car”, and unfortunately are all too willing to take a refinance option simply because there is a low rate along with it. This may sound cliché, but there are many other factors that need to be considered for you to decide whether you should refinance or not. A $200 per month savings is great – but what if it adds 3 years onto your mortgage, and raises your balance by $5,000? It might still be worth it, but it might now. A lot of it depends on your future plans, and how long you will stay in your house. Make sure that your lender calculates how long it takes for you to recoup the costs of refinancing, to see if it makes sense in light of your future plans.
5. Appraised Values – Although we are seeing values hold steady for the most part in Oklahoma, that isn’t always the case in every neighborhood. Before you spend $300-$400 on an appraisal, your lender should do you the courtesy of checking with an appraiser to make sure your house will still appraise high enough to refinance. 8 times out of 10, you’ll have nothing to worry about, but the other 2 times it would be really bad to spend that much money on an appraisal only to hear that the house won’t appraise, and the refinance will not work. Of course, an appraiser can’t be held to giving a “comp check”, but it at least gives everyone a good idea of whether it makes sense to order a full appraisal, to get the true appraised value at this time. Additionally, I would recommend working with a lender who has a say in who the appraiser is, as opposed to one who has their appraisal orders assigned out in a round-robin fashion.
6. Market Volatility – Neither the government, nor the Fed, sets mortgage rates…they are determined every day by what yields investors in the bond market are willing to receive to invest their dollars into mortgage pools. This can change a LOT from day to day. We have seen rates at 5.5% (or lower) only 3 times this year. Once in January/February, once in June/July, and right now. Both of the other two times, the low rates lasted about 2 weeks. Even with a slight increase in rates on Monday December 22nd, interest rates are still at all time lows. If you can take advantage of this, I would recommend it. Although there is a possibility for rates to go lower, but they can’t possibly go too much lower than the levels they are at now. But also, there is also a possibility that rates go higher, and there is much room for them to increase.
Courtesy of Brian & Heather Bomar of www.TheBomarTeam.com
Friday, October 31, 2008
BY DEBBIE BLOSSOM Business Writer firstname.lastname@example.org
The jobless rate in all but three Oklahoma countries dropped in September, the Oklahoma Employment Security Commission reported Tuesday.
The county rates followed a statewide 0.3 percent drop in unemployment last month, which put Oklahoma’s nonseasonally adjusted unemployment rate at 3.5 percent for September. A year ago, the state’s jobless rate was 4.1 percent.
Unemployment rates increased in LeFlore, Okmulgee and Sequoyah counties, the OESC said.
McCurtain County posted the highest jobless rate, 6.7 percent; Beaver County had the lowest rate at 1.7 percent. Sequoyah County posted the biggest percent gain in unemployment of 0.3 percent; Adair County saw a 0.8 percent dip and Alfalfa County saw a 0.9 percent drop.
In Oklahoma County, the rate dropped to 3.7 percent from 4.0 percent in August. Tulsa County’s rate decreased to 3.4 percent from August’s 3.6 percent.
Labor force expands
Statewide, Oklahoma’s nonseasonally adjusted labor force and employment both expanded in September, while nonseasonlly adjusted unemployment shed more than 4,700 jobs. Unemployment decreased by more than 8,500, and both the labor force and employment increased from the same period a year ago.
National unemployment was at 6.0 percent in September, with more than 154 million people unemployed, the OESC said. In Oklahoma, close to 62,000 people were without jobs last month.
In a seven-state area, Oklahoma’s jobless rate was the lowest, followed by a 3.8 percent rate in New Mexico. The highest rate was at 6.2 percent in Missouri.
Oklahoma City, OK
VISIT: www.Braden-Park.com for Obeo Virtual Tours
Keller Williams Realty
Tuesday, August 5, 2008
“Our goal is to expand our platform and make Keller Williams Realty the real estate company of choice in both the residential and commercial worlds by providing our associates the technology, marketing tools, and resources to succeed in the commercial business,” said Mark Willis, CEO of Keller Williams Realty. “We want to create synergy and referrals between the residential and commercial sides of our Keller Williams offices, increasing the income and production potential of all our agents.”
Buddy Norman, a veteran of commercial real estate has joined Keller Williams as president of the new division. Norman has more than 18 years of experience in the commercial real estate industry, including leadership within international firms, such as The Staubach Company and Burnham Real Estate, which was acquired by Cushman & Wakefield. He has led the development of new business divisions and trained commercial agents all over the U.S. including Dallas, Atlanta, Washington D.C. and San Diego. A consistent top producer, Norman has averaged approximately 400,000 square feet per year of commercial leasing and sales transactions over the last 10 years.
“There’s such a wide spectrum of commercial real estate experience within Keller Williams Realty,” said Norman. “We intend to build a strong commercial division paralleling the success and growth of the Keller Williams residential division.”
Norman will work with a newly created Commercial Leadership Council (CLC) – a group of 25 top Keller Williams commercial brokers from across North America to guide the launch and implementation of the new division.
Monday, August 4, 2008
Let's first look at some possible seller strategies for pricing a property so we understand how pricing can be dependent upon so many issues.
The seller could have an idea in his or her head as to what the property is worth, and, without any consultation, pick a price out of thin air. Or they could look at comparable sales (comps) of properties that have sold near the property to determine a fair market value. They can then price the property higher or lower, depending on how motivated the seller really is.
If there are no comps to compare properties, the seller may have to judge a property's worth based on a different type of property, property that sold a long time ago, and adjust for appreciation, or even look at neighboring, comparable cities that could indicate what the property is actually worth.
A truly fair seller could get appraisals done by a few different people, and take the average of the values.
Keep in mind, however, appraisals can be very expensive and are at best a guesstimate as to what a property is worth.
The best way to evaluate a seller's asking price is to blatantly ask the Realtor or seller, how the price was determined, and to give supporting evidence.
You may find yourself in a situation where the broker has a pile of comps, perhaps an appraisal, and supporting documentation as to why the property is priced at what it is. If you find yourself in this situation, beyond validating and verifying the supporting documents, you will very easily be able to evaluate if the asking price is above, at, or below market value. This is the easiest situation in which to find yourself.
Unfortunately, although this previous example is how every property should be presented to a buyer, it is not always realistic. You may have to ask the broker for comps and do the research yourself in order to evaluate the seller's asking price.
If the property is in your own community, then, as a real estate insider, you should know your real estate market inside and out. However, if you are searching in an unfamiliar area, you will need to request the services of other commercial real estate players.
If you do decide that the seller's asking price is in alignment with your investment strategy and goals, and you put the property under contract, the next step would be to get an appraisal done by an independent party that has no interest in the subject property whatsoever, in order to validate your assumptions.
This appraisal, after all, will be similar to a bank's appraisal and help to determine how much money can be loaned on the project. The closer you are to the bank's appraisal, the better shape you will be in to meet project costs, debt service and make your desired profit.
Knowing what a property is really worth and evaluating the seller's asking price are two major ways that you can approach making a sound and final decision regarding an investment. Always have supporting and verified documentation for the subject property so you know exactly what you are getting and for what price.
Sunday, August 3, 2008
Other low-pressure situations are occurring in isolated areas, including the far western portion of the Oklahoma City service area. Those who live there and all other Oklahoma City citizens are asked to begin best-watering practices, reducing the amount of water used on their yards.
The following “best-watering” steps minimize water waste and will help ease the low water-pressure problems:
- Water the lawn only when it needs it and in the early morning or late afternoon. Watering in the middle of the day allows most of the water to evaporate.
- Make sure the sprinkler is aimed at the lawn not the street or sidewalk. If you water when it’s windy, water will go everywhere but on the grass.
- Use a broom instead of your hose to clean the driveway or sidewalk.
These steps will further our water conservation efforts:
- Run the dishwasher or washing machine only for full loads.
- Keep a bottle of drinking water in the refrigerator. Running the tap to cool water is wasteful.
- Reduce the use of the garbage disposal. It requires a great deal of water for operation. Dispose of food scraps and peelings in the trash or compost bin.
- Fix leaky faucets. Drops of two tablespoons a minute can waste 15 gallons of water a day, 105 gallons a week and 5,460 gallons a year.
- Install flow restrictors or washer-less faucets.
- Don’t use the toilet as a wastebasket. A toilet uses five to seven gallons of water per flush. Low-flow toilets use only about 1.5 gallons per flush.
- Turn off the water while brushing your teeth or shaving and save about two gallons of water.
- Also, when cleaning a fish tank, water houseplants with the dirty water. It’s rich in nitrogen and phosphorous.
- Decline the complimentary water in restaurants. Every water glass used requires two glasses of water to wash and rinse it.
Saturday, August 2, 2008
Despite consistently increasing home values -- from a statewide average sales price of $116,298 in 2002 to $149,758 in 2007 -- about half of Oklahomans surveyed said they thought the state's housing market was in fair or poor shape.Oklahoma City is still known for its "healthy gains" in home prices in a monthly sales report from the National Association of Realtors. The steady stream of negative news from national news sources is drowning out the good news. Oklahoma is still going strong even though the days on the market are a little longer than last year. Not to worry, Oklahoma is still a great place to live!
Keller Williams Realty
Friday, August 1, 2008
Enter this 2007 remodeled home and experience a new standard of luxury living. This Gil Wright home has every amenity imaginable for the home owner who wants the very best. Precisely an entertainer’s dream, this home is set to please the largest of parties. The use of stone and brick combine to create a home of unparalleled beauty. Situated on approximately 1.5 acres of prime real estate, the new owner will find 5 bedrooms, 4.5 Baths, 5 living areas, a gourmet kitchen, 4 fireplaces, custom pool, flagstone patio/deck and spa with fountain, a grand foyer, holiday closet, photography room, and a oversized three car garage that is sure to please all in a home that has approximately 5,300 square feet. Whether your looking for a grand home to entertain or the ease of comfortable and quiet family living this home truly offers it all. CALL WYATT POINDEXTER w/ KELLER WILLIAMS REALTY for more information at 405-417-5466
Thursday, July 31, 2008
"We are thrilled that Citadel and its strong sports stations will be the radio home of the NBA in Oklahoma City. The Sports Animal is recognized as the leader in Oklahoma sports radio and Larry and his staff offered enthusiastic support and creative ideas. We feel it's a perfect fit and a tremendous partnership," Bennett said.
WWLS-AM and WWLS-FM will be the flagship stations of a statewide network the team will form over the course of the next few months, leading up to the start of the season. The Sports Animal will broadcast all pre-season and regular season games beginning in October, plus all team post-season contests. The NBA preseason and regular season schedules are slated for release in early August. Team game announcers and studio hosts will be announced in the coming weeks.
Besides game broadcasts, the multi-year agreement with Citadel includes exclusive pre and post-game coverage at least 90 minutes before and after the game hosted by team announcers and Sports Animal staff. Citadel has also agreed to air a year-round weekly program focused on team news, a series of team-related segments throughout the day, and use its entire family of Oklahoma City radio stations to promote the team and broadcasts. Those include its other sports station, The New JOX 930 (WKY-AM) along with Rock 100.5 FM The KATT, 98.9 KISS FM (KYIS-FM) and 96.9 BOB FM (KQOB-FM). Citadel also offers unique team promotional opportunities via new media and its station websites. The two parties will soon announce additional programming initiatives and advertising opportunities.
"We plotted an aggressive course in our pursuit to be a team partner," Bastida said. "We feel it's a unique and exciting opportunity for our listeners, our advertisers and our employees to partner with this franchise and the NBA. "We're pumped!"
Bastida added watching the evolution of Oklahoma City over the past 15 years, from passing MAPS to, now, getting our own NBA Team, has been a thrill to be a part of. "So much credit goes to business and civic leaders, like the NBA-OKC ownership group, who continue to invest in the future of Oklahoma City."
WWLS-FM recently upgraded its signal by increasing its tower height by 1,300 feet and its wattage by 516%, offering a strong signal reaching well beyond the immediate Oklahoma City area. In 2007 WWLS was one of the five radio stations nominated for the National Association of Broadcasters Marconi Award, the industry's highest honor.
Citadel Broadcasting Corporation is the third largest radio group in the United States, with a national footprint reaching more than 50 markets. Citadel is comprised of 165 FM and 58 AM stations in the nationÕs leading markets, in addition to the ABC Radio Network business, which is one of the three largest radio networks in the United States.
Courtesy of WWLS www.thesportsanimal.com
Exquisite attention to detail defines this stunning Allenton Fine Homes custom-designed home in gated Canyon Lakes. Nestled on a quiet wooded lot, this home features a main-level master suite with patio access, 2 secondary bedrooms, 2.5 baths, a gourmet island kitchen, butlers pantry, formal dining room, living room with vaulted ceilings and fireplace, study/office with built in bookcases, full room audio controls, huge master closet, etc. Canyon Lakes is a private gated community located between Northwest Oklahoma City and Edmond. It features private ponds, walking trails, campsites, community pool and clubhouse. This property is within minutes from local shopping mall, food, Mercy Hospital, golf, turnpike, etc. The property evokes joy through its serious beauty and proportions, its whimsical elements, its spectacular landscape and setting. An uncontrived flow to the property makes it both exceptionally livable and suitable for year-round entertaining at any level. Truly, this is a house to see today and come home to tomorrow. Please contact Wyatt Poindexter w/ Keller Williams Realty for detailed list of amenities or for your own private showing. Please see Obeo Virtual Tours and professional photographs.
VIEW OBEO VIRTUAL TOURS AT:
Monday, June 30, 2008
Overall, Oklahoma City ranked No. 13 and Tulsa was listed at No. 43 in the magazine feature.
Both cities performed particularly well in the income growth and cost of doing business categories.
Oklahoma City ranked No. 1 in income growth and Tulsa was right behind at No. 2.
Oklahoma City was No. 4 and Tulsa No. 5 in the cost of doing business category, which is an index based on the costs of labor, energy, taxes and office space.
Monday, April 21, 2008
Owners voted 28-2 in favor of the move, with Dallas and Portland voting against. Mavericks owner Mark Cuban has previously expressed concerns about the market size, and commissioner David Stern said the Trail Blazers, owned by Seattle software billionaire Paul Allen, didn't say why they voted the way they did.
"The vote further confirms that Oklahoma is in the big leagues and can compete with anyone," Oklahoma Gov. Brad Henry said in a statement.
Monday, March 24, 2008
8101 Bridgeport Lane
OPEN HOUSE March 30, 2008 2:00-4:00
Large family home in Brownsville of Bethany, Oklahoma. This home features a large living room with vaulted ceiling and beautiful wood flooring. The formal dining room has built in display case for China or other collectibles. Remodeled open kitchen with island, breakfast bar and fireplace. Second living has fireplace, flat panel television and French doors. Master bedroom is downstairs and there is a full master suite upstairs that has kitchen area, walk in closets and full bath. See photos or call Wyatt for your own private showing.
VIEW OBEO VIRTUAL TOUR AT: www.Obeo.com/451817
Keller Williams Realty
Thursday, March 6, 2008
We expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.
Friday, February 29, 2008
Wednesday, February 27, 2008
Despite the drama in those places, though, prices in most of the rest of the country held up relatively well, losing less than 2% or even, in a few places, growing. The stability is found in the middle of the country, which never saw the stunning boom-year price increases that now are unraveling in former boom markets like Florida, California, Arizona and Nevada.
In eight states, house prices rose year over year: Utah, 9.3%; Wyoming, 8.3%; North Dakota, 7.8%; Montana, 6.9%; Texas, 6.2%; New Mexico, 5.4%; Washington, 5.4%; and Oklahoma, 5.1%.
Courtesy of: MSN.com and www.WyattPoindexter.com
Keller Williams Realty
Wednesday, February 20, 2008
Through Listings Feed, Zillow will also offer a virtual Sold Sign program in the coming months. Virtual Sign Sold allows a broker's branding and contact information to become permanently embedded in a sold home's Zillow page.
"An enhanced Obeo listing that offers a high-quality virtual tour and interactive tools such as SpaceDesigner, a drag-and-drop furniture layout planner; and StyleDesigner, a virtual home-remodeling tool, help our customers better market properties," said Glade Jones, Obeo's president and CEO. "Combine those features with the expanded reach Zillow's Listings Feed program provides and you've got an Obeo customer positioned to greatly improve their numbers - in any market."
Having that dynamic visual content and interactive research tools is critically important but only one component, according to Brent Gray, Obeo's chief operating officer. "An agent has to have the means to deliver that content to buyers," he said. "Establishing a relationship with a forward-looking industry giant like Zillow will help us give our customers the competitive edge they seek."
"At Obeo, our mission has always been to bring the best online marketing solutions to real estate professionals across North America, and to align ourselves with others doing the same thing," Jones said. "We are elated Zillow.com has joined our elite group of marketing partners that includes Google Base, Trulia, Realtor.com, Yahoo! Real Estate and Homes.com."
Tuesday, February 19, 2008
And now, the rest of the story...Interest rates were beating feet higher last week before the 3 day holiday and have not eased as of this morning. The Stock Market is attempting to break resistance this week to go higher and bonds are sliding-yields up. The Ten Year Note Yield was up 12 basis points last week (0.12 percentage point) and up almost 9 this morning. Oil prices are again up ~$3 to near $99 a barrel.
As always, enjoy the day and the warm weather, a joy-killing swine Canadian air mass comes tomorrow night.
Globe Capital Home Loans
Monday, February 18, 2008
"We're not going to play along with the nation,” said Keith Geary, president of Capital West Securities in Oklahoma City. "For us here everything is going really well.”
Two sectors that are slowing the national economy — housing and energy — are positives for the local economy.
The average sales price of an existing home in Oklahoma rose last year by 4.24 percent while the number of foreclosures filed in the state declined nearly 13 percent. Meanwhile, about 39 percent of homes bought nationally last year are worth less than what the homeowners still owe, according to zillow.com.
While local consumers are no happier with near-record gasoline prices than those who live elsewhere, Oklahomans pay among the lowest prices for fuel. And those high prices have fueled expansion in Oklahoma's robust energy sector, which produces jobs, higher wages and taxes for the state.
Courtesy of: www.newsok.com
"We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation's families and economy," said NAR President Richard Gaylord. "We are pleased that the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home."
Mortgage Bankers Association Chairman Kieran P. Quinn also hailed last week's passage in the House and Senate of an economic stimulus package, saying: "This is an important step toward helping the U.S. economy. The housing components of the stimulus package should provide much needed liquidity for the mortgage markets, especially in areas with high housing costs. The temporary increase in the loan limits for FHA, Fannie Mae, and Freddie Mac will help consumers by providing important financing options, and will help restart the securitization market for higher value loans."
Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market. "While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation's economy and making the dream of homeownership more attainable for thousands," said Gaylord.
An economic impact study conducted by NAR earlier this month estimated that increasing the conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. "These are real results and will have an immediate and sustainable impact for families across our country," said Gaylord.
Saturday, February 16, 2008
"Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices," said NAR Chief Economist Lawrence Yun. "If higher limits are enacted very quickly, we'll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity."
"Areas with a high prevalence of subprime lending will continue to feel downward price pressure. Where builders have cut construction sharply, and in most areas with improving affordability conditions, we'll generally see moderately higher home prices," Yun said.
New-home sales are likely to decline 17.7% to 637,000 in 2008 before rising 7.6% to 685,000 in 2009. "Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control," Yun said. Housing starts, including multifamily units, are estimated to fall 20.1% to 1.08 million this year, and decline another 1.3% to 1.07 million in 2009. The median new-home price is expected to fall 4.3% 2008, and then increase 5.0% in 2009.
The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9% range in the fourth quarter, and then average 6.3% in 2009. "Affordability conditions are anticipated to rise 14.2% this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market," Yun said. NAR's housing affordability index is expected to rise from 113 in 2007 to 129 in 2008.
Thursday, February 14, 2008
Home prices fell in a record number 77 U.S. metro areas in the fourth quarter according to the NAR. On a better note, President Bush signed the stimulus package which will send checks to American consumers starting in May...your check may vary in size. One thing that will interest your Jumbo Loan customers, currently at a $417,000 limit loan size, is a provision that will raise the Jumbo Loan limit to $729,750. I am waiting on more information on this and will pass it on to you. This is great news for larger home buyers as the Jumbo Rates have been really high for months now.
Although the Fed cut short term interest rates 1.25% in the last few weeks, the lending institutions are still tightening the lending practices. Many programs available 6-9 months ago no longer exist and having a Lending Partner able to help you help your buyers and sellers is becoming more and more important. Call me and let's talk about how I can help you be more successful.
Thanks and enjoy the warmth...a winter storm cometh...(and it is bringing some wet stuff for the weekend!)
Enjoy the day!
Globe Capital Home Loans
Wednesday, February 13, 2008
Monday, January 28, 2008
According to the National Association of Realtors, home prices are higher in 93 out of 150 metro areas.
Which markets are sizzling? Charlotte, North Carolina, San Francisco; Albuquerque; and Green Bay, Wis., among others.
But don't take NAR's word for it.
Forbes Magazine has noticed the red glow from those cities and others. The magazine just named 10 cities where home prices are going through the roof, including
Forbes: 2007 Best U.S. Housing Markets:
Salt Lake City, 246,700, up 14.1%
Charlotte, S.C., $220,000, up 11%
San Jose, Ca., $852,500, up 9.4%
San Francisco, Ca., $825,400, up 8.6%
Raleigh, N.C., $229,500, up 7.5%
Austin, Tx $188,200, up 7.2%
Pittsburgh, Pa., $127,700, up 6.1%
Seattle, Wa., $394,700, up 6%
San Antonio, Tx, $154,700, up 5.7%
Portland, Or., $299,700, up 5.2%
Tuesday, January 22, 2008
Find an agent who specializes locally and who will keep you well informed on local market conditions. Ask your agent to sign you up for a listing alert program that will send you information directly from the multiple listing service when new listings come on the market or when the status of a listing changes.
Of particular interest are listings that are back on the market, and ones that have had a price reduction. If a house that's back on the market is one you were interested in, find out why the deal fell apart. In the past, it was commonly assumed that if a transaction failed it was due to inspection-related issues, not financing. Today, we're seeing more transactions fall apart because the buyers were unable to secure financing. A seller who just lost a deal because the buyer couldn't perform could be receptive to a reasonable offer from a better-qualified buyer.
Don't assume there's something wrong with the house if it's back on the market, or if it has been unsold and on the market for a long time. In a changing market, it's often difficult to select a list price that will bring about a speedy sale. Keep an open mind about listings that have had price reductions. These could have been mispriced to begin with. If the sellers are motivated, they will reduce the price until it is in line with the market.
Some unsold listings haven't moved because they need too much work. In today's market, the most salable listings are those that are in move-in condition. Properties that need work should be priced to account for the work that will need to be done.
"The latest home sales data came with a few light notes," said Freddie Mac Chief Economist John Nothaft. "While new home sales fell in November to the slowest pace since April 1995, existing home sales rose," Nothaft said. Rising existing home sales may be a sign that the market is stabilizing, according to National Association of Realtor's Chief Economist Lawrence Yun. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market," Yun said. In other words, 2008 is starting with good opportunities for buyers to get into homes.
Keller Williams Realty
Keller Williams Realty
5629 N. Classen Drive
Oklahoma City, OK 7311
Keller Williams Realty Oklahoma