Oklahoma City Home Sales Didn't Stop With the Tax Credit

Oklahoma City home sales have not stopped by the end of the federal tax credit.

When the home buyer tax credit incentive ended on April 30th, for most parts of the country, that meant home sales ended with it, but not in OKLAHOMA! Although real estate sales slowed some, Realtors and Builders are both reporting that the buyer enthusiasm that was sparked is still lingering through the summer. And the numbers show they're right.

In this second quarter of the year, homes have been spending approximately 2 weeks less time on the market. The average days on market in June was 75 days, compared to 86 days in June 2009.

Another sign of strength is the average sales price. The average sales price this second quarter hovered around $138,000. In June of 2009 it was $135,000. This is about a 2.2% increase.

In construction of new homes, OKLAHOMA has been steadily rebounding from 2009 levels all year. So far, we are at a 25.3% increase for building as compared to 2009.

Now, we are seeing an influx in home sales in the higher brackets, between $200,000 - $300,000. This may be due in part to the Sellers that sold to their homes to first time homebuyers making a move up and buying in those ranges.

Aren't you glad you're in Oklahoma!

(Contributing sources from NEWSOK.com)

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Visit The VIP Team website for everything Real Estate.

RECORD LOW interest rates

Record Lows for Mortgage Interest Rates
Have we reached the bottom?

The reason why Donald Trump is so successful and has made millions in real estate is because he has followed one simple mantra throughout his life, "Buy LOW. Sell HIGH." As for Buyer purchasing power, this IS the bottom of the Real Estate market. And, yes, I'm aware that you may have heard this before, but please read on...

The 30-year fixed mortgage rate fell to a new low of 4.54% this week. Last week at this time it was at 4.56%. On average over the last year, it has been hovering around 5.25%.

The 15-year fixed loan rate also hit a record low to 4%. A week ago at this time it was 4.03%, compared to this time last year, which was 4.69%.

The five-year adjustable-rate mortgage is averaging 3.76%. It was at 3.79% last week and 4.75% a year ago. One-year ARMs averaged around 3.64%, which was down from 3.7% last week and was 4.80% a year ago.

Everyone who is studying the economy is saying the same thing, "Interest rates are getting ready to climb." I realize the public has been desensitized by the media's constant declaration that "With interest rates at historic lows, NOW is the best time to buy!". However; I will tell you that in my expert opinion, I also believe that interest rates will soon be on the rise (within the next 3 months or so - just enough time to find your perfect home & lock in your interest rate) and will rise quickly. I also believe they will not come back down for quite some time.

So, these are the facts Mr. & Mrs. potential Buyer's:

1. Lending regulations are getting tighter, requiring more and more of your money up front and out of pocket as the days go by. The ability to even qualify is getting tougher as well.
2. With foreclosures, short sales, and REO's at an all time high, properties are selling cheaper than ever before. You can buy an amazing house for less than you've been able to in years.
3. Interest rates ARE at their lowest TODAY and will soon be upward bound.

You may not have the first-time buyer incentives anymore, but with the reasons I've stated above, you don't need them. (Besides of which, I offer a guarantee to my Buyers anyway: "I'll save you AT LEAST $8,000 or I'll GIVE you my commission!")

I would strongly urge you, if you have been considering a home purchase, for your sake, get off the fence my friend. If you don't, you may still have some advantages to your home purchase later but NOTHING LIKE YOU COULD TODAY. We all want our money to go as far as it possibly can. Now is the time to invest in your economic future - for yourself and/or your family. If you don't purchase a home within the next couple of months, you will be kicking yourself that you missed "The Bottom" for Buyers and now you can't afford the car you wanted too or the size of house you really needed.

If you have questions about this or any other Real Estate matter, feel free to contact me. You can also find great resources, tools and information on our website.

Natalie Flaming
Realtor - Broker Associate
Email: Natalie@TheVIPofOKC.com
http://www.TheVIPofOKC.com

Recovery In Process, But Challenges Remain

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According to David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and FHA commissioner, we can credit increased home buyer demand, brought about by the home buyer tax credits, and the federal government’s purchase of mortgage-backed securities for helping to restore consumer confidence and get the economy moving.

“Home prices and sales are beginning to recover, inventories are down, private capital is beginning to re-emerge, investor confidence is coming back, and the job market is showing signs of improvement. These all show renewed confidence in the housing market. We need to finish the job now and make the housing recovery sustainable and keep the economy on the right track,” Stevens said.

Despite the signs of improving stability, Stevens said that the housing market continues to face challenges, mainly from unemployment and home owners with negative equity. “These issues need to be dealt with responsibly, we need solutions to help the most severely distressed home owners—those most in need and at risk—and when we can’t help them we need to make the transition as smooth as possible.”

For more expert Real Estate advice, resources, and tools, visit our no-hassle website at: www.TheVIPofOKC.com

Tax Credits Have Been Expensive and Effective

As the home buyer tax credits near their end on April 30th, National analysts are surmising that the incentive program was both expensive and successful.

The Treasury Department estimates that the tax credits helped 1.8 million people buy homes, however critics point out that two-thirds of the $12.6 billion in credits through the end of February went to people who would have purchased a home anyway.

Sen. Johnny Isakson, a Republican from Georgia, who worked as a real estate practitioner for 30 years and pushed through the 2010 extension and expansion of the program, says: “It’s true that a lot of people who got the credit might have bought without it, but they might have bought in 2012 or 2013. This got them to buy in 2009 and 2010, when we needed to shore things up.” So, where does that leave us for the 2011, 2012 & 2013 markets? Hopefully, with the improvement in the overall economy and unemployment on the decline there will be a whole new set of buyers in the marketplace.

Economist Mark Zandi agrees. “The tax credit helped to stanch the price declines, which had substantial benefit for the entire economy," he says. "The home is still the largest asset on most people’s balance sheet, so when prices are falling, nothing works for most families.”

Contributing Sources: The New York Times, David Kocieniewski (04/26/2010)

For more information on previous entries for "Today's Market", please visit The VIP Blog on the official site: http://www.TheVIPofOKC.com/myblog.