A Positive Outlook on Real Estate

There is one word to describe the current housing market: optimistic. Despite months of hearing about a housing bubble and rising mortgage rates, the outlook for real estate is good. The worries of a bursting real estate bubble actually seem to be low among homeowners. In a national survey conducted by ING Direct, most individuals experienced some growth in their home value in the past 12 months. The average increase was approximately 6%, with owners in New England and Pacific states having the largest growth. The values of homes in south central states remained about the same. Most homeowners do not seem concerned about a downturn in the real estate housing market. Almost 74% of the individuals surveyed, who have owned their homes for more than three years, remained optimistic about the value of their home. The 30-year fixed rate mortgage is at its highest point in four years. However, as it hovers at 6 percent, it is still a relatively low rate compared to the exceedingly high rates of the late 1980s when mortgage rates increased to over 10%. According to Freddie Mac, there are indications of a strong economy, which is why mortgage rates have increased lately. Consumer confidence is on the rise and existing home sales is also on the upswing. This can be attributed to a positive labor market. As most people know, healthy employment leads to greater consumer spending. Consumer perception is everything. With the continued view that real estate is a good investment, people will continue to buy and sell houses. This will bode well for home buyers, home sellers, real estate salespeople, mortgage lenders and just about anyone related to the real estate industry.

November Listing of the Month - Edmond

This astonishing Jack Arnold Old World design home is situated on more than 2 acres in the exclusive gated community of Eagle's Cove. Spanning more than 4400 square feet, this masterpiece has been crafted with the utmost attention to detail--no expense has been spared. Highlights of this home include extensive built-ins, beautiful wood floors, gourmet kitchen, granite counters, stainless appliances and professional landscaping. Enjoy an exquisite presentation of incomparable design with breathtaking views and functional gathering places that embrace the social and private aspects of everyday life. Experience the essence of the Eagle's Cove lifestyle as the natural elements and a luxurious estate blend into a home that will stir your soul. Priced $80,000 below appraisal. PRICED AT $799,900.00

View this Edmond Virtual Tour at www.3500BrookValley.com

Call or email Wyatt to nominate your home as the "Listing of the Month"

wyatt@wyattpoindexter.com or 405-417-5466

Real Estate in Oklahoma

In North Oklahoma City, the houses are in lots and buyers can definitely get more for their money. There is a high prevalence of older houses available here. It looks that this area is more neutral for the buyers as well as for sellers. Overall, the market has been absolutely well.

The Oklahoma City Metro area is surrounded by many small suburbs like Yukon, Mustang, Edmond, Bethany, Deer Creek, Tuttle and Moore, are vigorously growing area with a strong heartbeat and active lifestyles. The Oklahoma City Metro is becoming increasingly familiar. Don't miss your chance to live in this great metropolitan area. All these areas are easily commute with the Oklahoma city. This area posses many sleepy little towns which imparts the small hometown feeling. Oklahoma city is the great place to live, work, shop and enjoy.

Oklahoma City Information

Oklahoma is a state of the south-central United States. Oklahoma was incorporated as the 46th state in 1907. First discovered by the Spanish, it was opened to settlement in 1889. The western part was formed in 1890 as the Oklahoma Territory, which was merged with the adjoining Indian Territory to form the present state boundaries. The Dust Bowl of the 1930s forced many farmers to move west as migrant laborers. Oklahoma City is the capital and the largest city. Population estimated as: 3,540,000.

How should you price your home?

As a homeowner, you can play an important part in the timely sale of your property. When you take the following steps, you'll sell your home faster, at the best possible price.

In setting the list price for your home, you should be aware of a buyer’s frame of mind. Based on a list of houses for sale in your neighborhood , buyers will determine which houses they want to view. Consider the following:

If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than others in the area. You may have told your REALTOR® to "Bring me any offer." But in that list of houses, yours simply looks too expensive to be considered.
If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but before it has time to find the buyer who would have paid more.

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market. Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood like yours.

Wyatt can furnish data on sale figures for those "comps", and analyze them for a suggested listing price. The decision about how much to ask, though, is always yours. The list of comparable sales we bring to you, along with data about other houses in your neighborhood presently on the market, is used for a "Comparative Market Analysis (CMA)." To help in estimating a possible sale price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices. This CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee while the CMA is provided by us and may include properties currently listed for sale and those currently pending sale.
In the normal home sale, a CMA is probably enough to let you set a proper price. A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price, and any other circumstance that makes it difficult to put a value on your home.
To find out what your Oklahoma home is worth in today's market go to: http://www.wyattpoindexter.com/ and fill out the seller information.

http://www.wyattpoindexter.com/

Are you thinking about selling your home?

Do not do anything expensive, such as remodeling. If possible, use savings to pay for any repairs and improvements – do not go charging up credit cards or obtaining new loans. Remember that part of selling a house is also preparing to buy your next home. You do not want to do anything that will affect your credit scores or hurt your ability to qualify for your next mortgage.

When looking at a house, prospective home buyers often do not really know what to do. So they play with things. They flick light switches. They open everything with a handle. They turn on all the faucets and flush all the toilets. Having nice shiny fixtures makes an impression.
All your sink fixtures should look shiny and new. If this cannot be accomplished by cleaning, buy new ones. If you don’t buy something fancy, this can be accomplished inexpensively. Make sure all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers.

It sounds like hard work, but it's pretty easy -- even for the inexperienced.

Check to make sure you have good water pressure and that there are no stains on any of the porcelain. If you have a difficult stain to remove, one trick is to hire a cleaning crew to go through and clean your home on a one-time basis. They seem to be wonderful at making stains go away.

Oklahoma Real Estate Marked by Lower Home Prices

The Real Estate market in Oklahoma City hasn't witnessed the scary price appreciation that has swept coastal areas of the country in recent years, even as soaring energy prices have helped boost job levels in the region. The energy market plays a role in job creation in the area because Oklahoma is one of the largest natural gas-producing states in the country. Median home prices in the metropolitan area, which gained world-wide attention when the Alfred P. Murrah Federal Building was bombed in 1995, rose 14% between 2002 and 2005, compared with a 22% gain nationally. Fourth-quarter median home prices in Oklahoma City reached $121,700, well below the $213,000 national level. Some economists say markets that offer relatively low-priced housing with economies tied to the energy sector, like Oklahoma City, which is home to such Fortune 500 companies as Devon Energy Corp. and Kerr-McGee Corp., could still get a kick if fuel prices remain high.

For more Real Estate resources: www.WyattPoindexter.com