Wednesday, December 2, 2009
Reporting from Washington - Home buyers will have to pay more cash upfront to get a mortgage backed by the Federal Housing Agency and will need to achieve higher minimum credit scores under changes announced today by Housing and Urban Development Secretary Shaun Donovan.
In testimony prepared for a House hearing on the agency's increasingly precarious finances, Donovan also said he was considering raising the premium the FHA charges for mortgage insurance and will ask Congress for the authority to do so if needed.
He wants to make those and other changes because a recent audit has shown that the FHA's reserves have fallen below mandated levels as the agency has become a larger part of the housing market. The percentage of mortgages insured by the FHA has soared from 6% in 2007 to almost 30% this year. The FHA insures mortgages made with as little as 3.5% for a down payment and has become vital in a housing market where credit remains tight and borrowers' bank accounts have been depleted by the financial crisis.
In Southern California, the number of FHA-backed loans has soared, becoming a crucial source of financing for first-time home buyers, particularly those snapping up foreclosed homes. FHA loans made up 38.3% of all Southland purchase loans in October, up from 32.5% a year earlier and just 2% two years prior, according to MDA DataQuick, a San Diego real estate research firm. Riverside County had the region's highest rate of FHA loans, at 49.2% of the market.
"The loans FHA insures must be safe and self-sustaining for the taxpayer over the long-term," Donovan said in his testimony. "With these reforms and others we will be considering, the Administration is committed to ensuring that they are today -- and into the future."
Donovan said the expanded role of the FHA, which he oversees, is only temporary until the mortgage financing market recovers.
Many lawmakers are concerned that the FHA, which is funded by mortgage insurance premiums paid by borrowers, will need an infusion of government money. The agency is supposed to hold a secondary reserve fund equal to 2% of all the mortgages on its books. An annual independent actuarial study released last month showed the reserve had fallen to .53%.
Aware in September that the reserve fund would fall below 2%, the FHA announced several policy changes to reduce its risk of future losses to limit the chances the fund will have to be tapped. Those changes included requiring lenders to have at least $1 million in cash and other assets, up from $250,000, to issue FHA-backed loans.
But with the actual shortfall of the reserve fund larger than expected, Donovan announced the additional changes today.
"We've learned from recent history that the market is fragile, and we have to plan for the unexpected," he said.
Many details still need to be worked out. For example, the agency wants to increase the upfront cash required from borrowers so they "have more 'skin in the game' and a stronger equity position in their loans."
But administration officials are analyzing several ways to do that. Likewise, HUD is analyzing what the minimum credit score should be for an FHA-backed loan. Any change there would be temporary, he said.
Donovan can make those changes without congressional approval, but would need a vote by lawmakers to increase its mortgage insurance premium because it is at the mandated limit.
Donovan did not propose increasing the minimum down payment from 3.5%, a change some lawmakers are advocating. Rep. Scott Garrett (R-N.J.) has introduced legislation raising the minimum down payment to 5%.
Courtesy of LA TIMES
Thursday, September 17, 2009
Two residential sales firms with broad operations in the Dallas-Fort Worth area ranked tops in a new comparison.
Keller Williams rated highest in homebuyer survey released Thursday by consumer research firm J.D. Power and Associates.
Coldwell Banker placed second in buyer satisfaction but was highest rated by home sellers quizzed for the annual report.
The study rates national brand residential sales firms based on overall satisfaction with the agent, the office and additional services.
Re/Max and Century 21 also performed above average, according to buyers.
J.D. Power said that both buyers and sellers indicated that while the performance of the agent is the most important factor in their overall satisfaction, the importance of additional marketing services has grown in the last year.
The study also found that the number of first-time buyers in the housing market grew this year to 56 percent from 44 percent in 2008.
“The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators," Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates, said in the report. "However, real estate companies and agents must carefully manage first-time buyer expectations.”
J.D. Power also found that agents are holding fewer open houses to sell properties, but the number of sellers using the Internet to market their properties is at a record 64 percent.
The Power survey did not rank local and regional residential sales firms, which dominate the business in some markets.
By STEVE BROWN / The Dallas Morning News
Wednesday, September 2, 2009
“We couldn’t be prouder. This is an achievement our associates have truly earned. It is the face-to-face interaction and the relationships they build daily that has impacted this study and elevated Keller Williams Realty to another level in customer service,” said Mark Willis, CEO of Keller Williams Realty. “Knowing that this study was conducted during the toughest times the market has seen shows that spirit and dedication can make an impact.”
The study was produced by J.D. Power and Associates to measure home buyers’ and sellers’ customer satisfaction. The results of the home-buying experience were determined by three factors including the agent, office and the package of additional services.
“I am absolutely beaming with pride that our agents have been honored in such a fantastic way,” said Mary Tennant, president and COO of Keller Williams Realty. “We are lucky to be in business with such incredible business people, who have shown incredible resolve over the past two years. If there was a time to build their business, it is now.”
About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and 73,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties. For more information, or to search for homes for sale visit Keller Williams Realty online at (www.kw.com).
Monday, August 31, 2009
Website coming soon:
Wednesday, August 12, 2009
2009 AllenStyle Home just completed in July 2009. This home was built by award winning AllenStyle Homes. All of the amenities of a luxury home on a smaller scale. This is a waterfront property located in Northampton III of Edmond. Some of the features include: granite in kitchen, all bathrooms and utility, stained driveway, gas range, kitchen island, breakfast bar, eating area, office/study with view of water, 20x20 tile floors, hand scraped wood floors, fireplace, pre-wired for HDMI, barrel ceiling in entry, double vanities, whirlpool tub, covered patio, extra garage storage, security system, custom vent hood, etc. This house is truly one of a kind. Please see professional Obeo photographs and virtual tours. THIS HOME CANNOT CLOSE UNTIL OCTOBER 15TH BECAUSE IT IS ON THE PARADE OF HOMES. AllenStyle Homes can custom build for you with a 3 month completion date. Call Wyatt Poindexter for details 405-417-5466.
2301 NW 159th Terrace
Northampton III Addition
(NW 159th and Penn)
Of the five big metro areas with the lowest unemployment rates — Salt Lake City, Oklahoma City, Washington, San Antonio and Austin — four are state or U.S. capitals and all have a large government workforce.
Oklahoma City's economy is not only diversified but, by coincidence, is strong in areas that are thriving — or at least not collapsing — in this recession:
•Government jobs: As a state capital, it has a jobs base that enjoys the stability of government — federal, state and local. Despite budget shortfalls across the USA, state and local government are among the few parts of the economy that have added jobs during the recession.
•Medical and education jobs: Oklahoma City has large medical facilities and universities, types of employers that have held up well in the recession.
•Energy jobs: Oklahoma City is home to the state's two largest oil and gas companies, Devon Energy and Chesapeake Energy.
The city also escaped the real estate bubble.
The area's median housing price is $129,900, up 4% from a year earlier, according to the National Association of Realtors. Nationally, housing prices were down 14% during that time.
"Our highs are not high, and our lows are not low," says Michael Bernard, president of the Mid-Continent Oil and Gas Association of Oklahoma.
Tuesday, May 19, 2009
newspaper media websites in the world by the International Digital
Arts and Sciences. The Washington Times, the New York Daily News,
USA Today and The Wall Street Journal were also nominated.
More than 667,000 visitors attended 50 events at the Ford Center
during the first quarter, according to SMG, which manages the
facility owned by Oklahoma City.
Bob Howard Toyota, 12929 N. Kelly Avenue, received Toyota Motor
Sales U.S.A. Inc.’s President’s Award for outstanding sales and
service. The dealership has received the award five times.
Four energy giants from Oklahoma earned spots on the annual Fortune
500 list of the country’s 500 largest publicly traded companies.
Oneok Inc. was 159th, Devon Energy Corporation placed 163rd, Williams
Company was 218th and Chesapeake Energy Corporation came in at 230th.
Baptist Medical Center and Oklahoma Heart Hospital were among the
top 125 hospitals in the nation on a list published by AARP The
Magazine. (The Journal Record, 04/01/2009)
Tulsa and Oklahoma City are among a select group of metro areas that
as of January hadn’t succumbed to the recession, according to
msnbc.com. (Tulsa World, 04/09/2009)
Oklahoma City is the winner of the “Mission:Orange” campaign by the
American Society for the Prevention to the Cruelty to Animals which
provides additional money and staff to shelters in the fight against
pet overpopulation. (The Oklahoman, 04/14/2009)
The number of visitors to the state’s tourism information centers is
up by 12% compared to last year, despite the economy. (Tulsa World,
Chesapeake Energy Corporation of Oklahoma City ranked 12th on Outside
magazine’s second annual “Best Places to Work” list. (The Journal
Monday, May 18, 2009
It's important to have your air conditioner in perfect working order before summer starts. Taking care of any issues after the summer heat hits can potentially result in an increase in price, as well as an increase in the time it takes for a technician to visit your home. You should also replace any filters now. Simply remove the old one and take it to your local home improvement center. Sales representatives should have no problem finding its replacement.
Clean out your garage
Organizing a garage can be an excruciating experience during the hot summer months, so if that's something you need to do, don't put it off any longer. Once you clean out your garage, either donate any unwanted items or sell them.
Late spring is the perfect time to paint the interior of your home since the weather best lends itself to keeping your windows open, allowing the fresh air in and the paint fumes out. If you decide to paint the inside of your home, think about lightening the existing color as opposed to darkening it. Lighter colors are not only inviting, they create the illusion of a bigger, more open space.
Installing ceiling fans and using portable fans are great methods for cutting the heat inside your home. They are also far less expensive to use than an air conditioner. Using fans of any kind also enables you to keep windows open at night, allowing fresh air to circulate throughout the house.
Install dimmer switches
Dimmer switches not only add ambience, they also cut down on energy and the unwanted heat given off by brighter bulbs. Another tip is to use low-wattage light bulbs whenever possible.
Good luck and happy "summerizing!"
Monday, May 4, 2009
The Edge has taken to the WWW to give his side of the story in the ongoing battle over his plans to build a series of homes high in the Malibu hills. The web site is called Leaves In The Wind, and you can check it out via the link below.
Wednesday, April 29, 2009
1816 Olde Towne Road
Edmond, Oklahoma 73034
4 Bed 2.5 Bath 2,721 SF
Cape Cod style home nestled among lush, mature trees in the highly sought after Olde Towne neighborhood. 4 Bedrooms 2.5 Bath 2 Living 2 Dining with 2,721 Square Feet. Beautiful walking paths, fabulous neighborhood park and fishing pond. This home consists of: custom draperies, french doors, new carpet, hardwood floors, gas fireplace, Jacuzzi tub, new stainless appliances, wood plantation shutters, mudroom, dual zone HVAC, sprinkler system, lush landscaping, Ralph Lauren wallpaper, etc. VISIT: www.1816OldeTowne.com for Obeo tours.
YouTube Obeo Tour
Keller Williams Realty
Tuesday, April 28, 2009
It was during the land run in 1889 that three brothers staked their claim in the area presently known as Nicoma Park, although at that time it was called Oak Hill.
The Founder’s Day Celebration will kick off in front of city hall on Nichols Drive at 9 a.m., and will continue to run through 11 p.m.
Oklahoma businessman Ed Evans bought Oak Tree last year and says the new name represents updates to the club that include a renovated course and a new teaching facility.
Evans says he expects the upgrades to help the members-only club become a nationally-renowned course.
He says details about the golf course's new design will be announced in July in conjunction with the grand opening of Oak Tree National.
Oak Tree was built in 1974 and hosted the 1984 U.S. Amateur, 1988 PGA Championship, 2000 PGA Club Pro Championship and the 2006 Senior PGA Championship.
The home was sold to oilman E.W. Marland, and then leased by corrupt Oklahoma governor John “Jack” Walton, who used it as the governor’s mansion at the time. His tenure lasted less than a year.
In 1959, the Veazy family purchased the home. Some of its interior features came from their popular drug stores. Currently the home is owned by John and Denise Bode.
Fifty-eight designers united this year to decorate the home for Symphony Show House and each space showcases their work. Show house hours are 10 a.m. - 4 p.m. Monday - Saturdays and noon - 5 p.m. Sundays April 26 - May 17. Admission is $15 at the door. Visit www.symphonyshowhouse.com for more information. Courtesy of Peter Gill - OKC Friday
3 Car Garage
Deer Creek Schools
This nice and updated Edmond home was built in 2003 and is located in Deer Creek School District. Very quiet and private street with wonderful views of open acreages. This home sits on more than 1.08 acres and features: wood floors, updated paint, updated fixtures, open floor plan, fireplace, tall ceilings, brand new 2009 roof, sprinkler system, covered patio, large 10x12 outbuilding w/ electricity, above ground swimming pool, etc. Call Wyatt Poindexter with Keller Williams Realty at 405-417-5466 or visit www.WyattPoindexter.com.
HOME OBEO VIRTUAL TOUR:
Monday, April 13, 2009
ranked the 47th top metro area “Best Places for Businesses and
Careers.” (Tulsa World, 03/31/2009)
• Tulsa’s hiring outlook is the 10th best in the country, based on a
survey by Manpower Inc. that released earlier this month. (Tulsa
• Three Oklahoma companies have been named to Fortune magazine’s list
of 363 “World’s Most Admired Companies.” Devon Energy Corp., ONEOK
Inc. and Williams Cos. Inc. all made the list. (The Oklahoman,
• The rate of Oklahoma foreclosures remained steady in February,
however significantly fewer people are losing their homes compared
to a year ago. Because of this, Oklahoma has dropped to having the
34th highest foreclosure rate in the nation. (The Oklahoman,
• Foreclosures in February:
o U.S. 290,631
1 foreclosure per 440 households
o Oklahoma 1,030
1 foreclosure per 1,576 households
• Oklahoma has the largest percentage of wireless-only households in
the nation, 26%, according to a recent study by the CDC in Atlanta.
(The Oklahoman, 03/12/2009)
• Oklahoma’s laws that protect teenagers from abusive relationships
are some of the best in the country, according to a report from a
national youth advocacy group. Only four other states were given an
‘A’ rating along side Oklahoma. (The Oklahoman, 03/24/2009)
• Oklahoma ranks sixth nationally in its licensing standards and
oversight for childcare centers, according to a report from the
National Association of Child Care Resource and Referral Agencies.
(The Oklahoman, 03/13/2009)
• Oklahoma’s per capita – or per person – personal income rose from
$34,997 in 2007 to $36,899 last year. The latter figure also placed
the state at No. 4 nationally in 2008 for percentage growth, up from
No. 6 the year before. (The Oklahoman, 03/25/2009)
3 Bed 1 Bath 1,517 Square Feet. Three blocks from Nichols Hills! Extra cute home in great neighborhood on corner lot. This home has beautiful wood floors, updated paint, fixtures, bathroom, etc. Master bedroom has cozy fireplace. Large open kitchen and dining room. New roof in 2007. ONE YEAR WARRANTY INCLUDED FOR NEW BUYER. Call/email Wyatt Poindexter with Keller Williams for additional information.
View OBEO VIRTUAL TOURS AT: http://www.Obeo.com/529993
OPEN HOUSE THIS SUNDAY APRIL 19, 2009 2:00-4:00 PM
Keller Williams Realty
Thursday, March 12, 2009
• The metro area’s average sales price for 2008 was $151,700, an
increase of 0.84% compared with 2007. Statewide, the average sales
price for the year was $149,482, an increase of 0.52% compared with
2007 (The Oklahoman, 02/21/2009)
• Oklahoma home builders are bracing for a rush of buyers now through
November 30 when the first time home buyer credit expires.
Oklahoma’s market, because it’s relatively strong, could respond to
the stimulus faster than areas where housing values have plummeted,
said Steven R. Plaisance, president of the Oklahoma Mortgage Bankers
Association and executive vice president of secondary marketing for
Arvest Mortgage Company in Tulsa. “Our affordable home prices and
the historically great mortgage rates make this a good deal for
Oklahomans,” he said. (www.NewsOK.com, 02/18/2009)
• Oklahoma State University’s School of Architecture has earned a
place among the top 20 in a nationwide survey of architectural
undergraduate programs. (The Oklahoman, 02/07/2009)
• Oklahoma’s two largest counties both had above-average employment
and wage growth in the second quarter of 2008. Among 334 large
counties in the U.S., Oklahoma County ranked ninth in rate wage
growth with an over-the-year increase of 6% to $777 a week. Wages in
Tulsa County rose 3.2% to $766, also above the 2.6% national
average. (www.NewsOK.com, 02/03/2009)
• Oklahoma City based Paycom, an online payroll processor, grew its
revenues 89% in 2008 despite a slumping economy. (The Oklahoman,
02/24/2009). Courtesy of Opubco.
Monday, March 2, 2009
The company has been gaining ground for the last three years, outpacing pervasive downward trends in the real estate industry. From 2006 to 2008, Keller Williams Realty increased its associate count by 52 percent, market share for its offices increased 83 percent and agent gross commission income went up 35 percent. Currently, the company has 679 offices operating in the United States. The company also shared more than $30 million in profits with its associates in 2008 through its company-wide profit sharing program.
“Through profit share, our phenomenal coaching and training and our technology offerings, we are offering agents their own ‘bailout plan’ for this market,” Willis added.
The company also announced that after years of searching for a partnership to provide its associates with affordable health insurance, they are moving forward with a solution.
The soon-to-be-launched Keller Williams Health Providers Program will include options for major medical, limited medical, catastrophic coverage and a separate cancer plan. The health insurance coverage is the first step toward a total wellness program for associates.
“We have always been very aware that as independent contractors, our agents face barriers to obtaining health coverage,” said Mary Tennant, president and COO of Keller Williams Realty. “We know that for many, this new option may alleviate some of the stress that they face in today’s economy. After all, our associates are not just our partners – they are our family.”
Last fall, the company also announced the launch of KW Commercial, a new division of the company dedicated to providing commercial real estate associates with specialized technology, marketing tools and resources. KW Commercial already has more than 220 active brokers across the U.S. and Canada.
“Our growth in the last year and now becoming the third-largest real estate company in the United States was a true team effort and a company-wide win. We are so grateful for all of the leadership and commitment our associates have shown to power through this shift,” added Willis.
About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with more than 690 offices and 74,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).
Wyatt Poindexter - www.WyattPoindexter.com
Thursday, February 26, 2009
Facebook has over 150 million members worldwide and is one of the top ten most visited websites on the Internet. Facebook allows people and businesses to connect and interact with each other in a common platform. We have created this page on Facebook to allow our clients, employees, photographers and fans of Obeo to interact more with each other and get the latest information about Obeo.
On the Obeo Facebook page, you will find:
- Brief information about Obeo.
- Recent Obeo News/Updates.
- Special promotions on a regular basis.
- Great photography examples from our Obeographer network.
- Comments and discussions about Obeo.
- A list of Facebook members who are fans of Obeo.
The Obeo fan page is located at:
Since its inception in 1999 and its evolution from 360 House to Obeo in 2004, the Salt Lake City, Utah-based company has become the largest preferred supplier of full-service residential real estate online marketing products in the United States and Canada. The Latin word for “to go to” or “to encompass,” Obeo provides REALTORS®, homebuilders, land developers and property managers with customized online marketing solutions and offline sales tools. To find out more, go to www.Obeo.com.
This free service takes the still photos and panoramas from your listings and turns them into an interactive video presentation. Any past and future Obeo Tour can now be exported to a high-quality video and can be viewed on sites like YouTube.
Keller Williams Realty
Monday, February 23, 2009
Overall, not much of a change from last week and rates just seem to be steady (or stagnant if you want to look at it that way).
With the passage of the new 1st Time Homebuyer Tax Credit of $8000, there has never been a better time for new time buyers. An $8000 Tax Credit, Low Interest Rates AND an Inventory to choose from.
Keller Williams Realty
Friday, February 20, 2009
Average price per square foot for Edmond OK was $99, an increase of 4.2% compared to the same period last year. The median sales price for homes in Edmond OK for Nov 08 to Jan 09 was $165,000 based on 220 home sales. Compared to the same period one year ago, the median home sales price increased 0%, or $0, and the number of home sales decreased 32.7%.
There are currently 1,478 resale and new homes in Edmond on Trulia, including 34 open houses, as well as 3 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Edmond OK was $335,643 for the week ending Feb 11, which represents a decrease of 1%, or $3,477, compared to the prior week.
Thursday, February 19, 2009
Nichols Hills housing prices continues to increase!
Average price per square foot for Nichols Hills OK was $185, an increase of 18.6% compared to the same period last year. The median sales price for homes in Nichols Hills OK for Nov 08 to Jan 09 was $360,000 based on 7 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $9,000, and the number of home sales decreased 12.5%.
There are currently 21 resale and new homes in Nichols Hills on Trulia. The average listing price for homes for sale in Nichols Hills OK was $509,349 for the week ending Feb 11, which represents a decrease of 6.9%, or $37,464, compared to the prior week.
This provision is a direct subsidy to home buyers. Just think what this means and the opportunities it opens to us.
How big is the first time home buyers' market: about 40% of the buyers nationally!!!! What a golden opportunity for us in Oklahoma with a median house price that is low. This credit is essentially a 10% price reduction on a $80,000 house and a 5% reduction on $160,000 house.
Combine that with the lowest mortgage rates in our lifetime and the opportunity is just mind boggling.
Medium Sales Price is $86,500.00
Average Price Per Square Foot is $67.00
Average price per square foot for Oklahoma City OK was $67, a decrease of 1.5% compared to the same period last year. The median sales price for homes in Oklahoma City OK for Nov 08 to Jan 09 was $86,500 based on 616 home sales. Compared to the same period one year ago, the median home sales price decreased 4.9%, or $4,500, and the number of home sales decreased 45.5%.
There are currently 2,286 resale and new homes in Oklahoma City on Trulia, including 12 open houses, as well as 58 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Oklahoma City OK was $183,395 for the week ending Feb 11, which represents an increase of 0.6%, or $1,136, compared to the prior week. Courtesy of Trulia.
Forbes cites three keys to Oklahoma City's strength:
1. strong housing market
2. falling unemployment
3. strong growth in agriculture, energy and manufacturing
Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly--or even contract--in the first half of the year.
But Oklahoma City is doing just fine. With falling unemployment, one of the country's strongest housing markets, and solid growth in agriculture, energy and manufacturing, it looks best positioned among the nation's largest metropolitan areas to ride out the current crisis.
Wednesday, February 18, 2009
This tax credit will apply to First Time Home Buyers and those who have not owned a home in the past 3 years. This tax credit, unlike the previous one, does not have to be repaid. The tax credit is equal to 10% of the homes purchase price up to a maximum of $8,000. It applies to First Time Home Buyers who purchase a home between Jan. 1, 2009 and December 31, 2009. For Single taxpayers with income up to $75,000 and Married taxpayers up to $150,000.
Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)
Combined with the low interest rates this may be a great time for you to buy!
Keller Williams Realty