Forbes cites three keys to Oklahoma City's strength:
1. strong housing market
2. falling unemployment
3. strong growth in agriculture, energy and manufacturing
Thursday, February 19, 2009
Oklahoma City the most recession proof city in the US
Forbes magazine recently highlighted America's most recession proof cities and listed OKLAHOMA CITY as the most recession proof city in the U.S.
Oklahoma City is a great place to live!
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
First Time Home Buyer Tax Credit
President Obama just signed the stimulus package. We thought you may want to know how it could benefit you.
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!
Wyatt Poindexter
Keller Williams Realty
405-417-5466
www.WyattPoindexter.com
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!
Wyatt Poindexter
Keller Williams Realty
405-417-5466
www.WyattPoindexter.com
Tuesday, December 23, 2008
6 Important Things T0 Know When Refinancing
Looking to Refinance? 6 Important Things To Know:
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
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
Great News for Oklahoma City Jobs
Jobless rate falls for most of state
BY DEBBIE BLOSSOM Business Writer dblossom@opubco.com
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.
BY DEBBIE BLOSSOM Business Writer dblossom@opubco.com
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.
New Listing in Braden Park - NW Oklahoma City
7417 NW 132 St.
Oklahoma City, OK
$229,900
4 Bed
3 Bath
2,509 SF
Oklahoma City, OK
$229,900
4 Bed
3 Bath
2,509 SF
This home is located in gated Braden Park in NW Oklahoma City. This property is on one of the largest cul-de-sac lots and backs up to community pool, tennis courts and playground. This home features: gated community, brand new carpet & paint, professional landscaping, open floor plan, high ceilings, walk in closets, pass through garage, etc. Braden Park is a prime location close to Edmond, turnpike, hospitals, malls, food, etc. Call Wyatt at 405-417-5466 for more info or your own private tour.
VISIT: www.Braden-Park.com for Obeo Virtual Tours
Wyatt Poindexter
Keller Williams Realty
www.WyattPoindexter.com
VISIT: www.Braden-Park.com for Obeo Virtual Tours
Wyatt Poindexter
Keller Williams Realty
www.WyattPoindexter.com
Thursday, September 11, 2008
You can find great local Oklahoma City, Oklahoma real estate information on Localism.com Wyatt Poindexter is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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