Market & Interest Rates Updates

Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.

Mortgage rates rose slightly last week:

30-year fixed-rate mortgages increased to 4.5 percent (from 4.43 percent).
15-year fixed-rate mortgages increased to 4 percent (from 3.88 percent).
1-year ARMs increased to 7 percent (from 6.95 percent).

What will the economy and the real estate market be like a month from now?

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com

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.

The scoop on Short Sales

Sometimes a homeowner may need to sell their home because they are relocating, their financial status has changed and they can no longer afford their home, or for other various reasons. Short sales can be an alternative to foreclosure. In the case of a short sale, the seller is allowed to sell the home for less than they owe on it because the bank has agreed to take a certain loss on their loan. The stipulation; however, is that the bank has final say on the terms of the sale. So, when a buyer makes an offer to purchase, not only will the seller have to accept the offer but the bank will as well. In these economic times, many banks are not prepared to handle them. Sure short sales have been around for a long time, but these days there are unprecidented amounts of owners seeking this remedy. The average time it can take just to get a bank to accept an offer for purchase ranges from 3 to 6 months, and sometimes even longer. Then, of course, a buyer will still need to go through the process of inspections, any repair requests, etc. Any changes to the contract that affect the bottom line will then also need to be approved by the bank. It can be a very long and difficult process. For those who are willing to wait it out, most times it can result in a staisfying investment. Whether buying or selling, navigating through a successful short sale is no easy task. This is definately a scenario in which you need an experienced Realtor capable of handling all of the paperwork and communication to get the job done. If you are considering a short sale, send us an email or give us a call. We'll be happy to walk you through the process and answer any questions you may have.

The VIP Team
Natalie Flaming
Realtor - Broker Associate
Metro First Realty
405.412.5452
www.TheVIPofOKC.com