Carrington Place is a great newer neighborhood in Northwestern Norman just off of 36th and Franklin Road. Carrington Place has great neighborhood amenities including a pool, clubhouse, playgrounds, walking paths, and neighborhood lakes, and is conveniently located close to I-35 and shopping.
You can see all of the homes listed for sale in Carrington Place in Norman as well as neighborhood and school information on my Norman Real Estate website.
Interested in purchasing a home in Carrington Place in Norman? You can click on the link above to see information about the neighborhood, a list of homes that are currently for sale, and to schedule an appointment to see the homes in Carrington Place.
Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com
"It's not about houses -- It's about homes."
I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas. I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS. I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area. I would love to be your Real Estate Agent -- let me know how I can help you with your next move in Norman OK, Noble OK, Moore OK or Oklahoma city OK!
3406 Derek Lane in Tecumseh Meadows in Norman Oklahoma is about 3-5 minutes away from I-35, 5 minutes away from Norman Regional, and 5-10 minutes away from the university. Built in 2001, it has 3 bedrooms + a study, a huge kitchen with a pantry, and it is only $76 per square foot - $179,000! Other properties in the neighborhood are selling in the mid to high $90 per square foot!
It is tenant occupied until September which would make it a perfect property for someone looking for investment property in Norman OK, longer escrow period, or just a good deal!
3406 Derek Ln, Norman, OK."It's not about houses -- it's about homes." | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
Your Norman Ok Realtor and source for everything real estate in the Oklahoma City Metro Area.
You can now see all of the homes listed in Brookhaven, Norman, OK and neighborhood information on my Real Estate website.
I would love to be your Norman real estate agent, so please let me know if you have any questions about Brookhaven in Norman OK, would like to take a look at some of the homes for sale in Brookhaven, or if you would like for me to feature your home for sale in brookahven on my brookhaven webpage.
| | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas. I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS. I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area. I would love to be your Real Estate Agent -- let me know how I can help you with your next move in Norman OK, Noble OK, Moore OK or Oklahoma city OK!
You can now see all of the homes listed in the Vineyard in Norman OK and neighborhood information on my Real Estate website.
Please let me know if you have any questions about the Vineyard in Norman or would like to take a look at some of the homes for sale in the Vineyard!
| | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas. I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS. I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area. I would love to be your Real Estate Agent -- let me know how I can help you with your next move in Norman OK, Noble OK, Moore OK or Oklahoma city OK!
The short answer is: Yes. There are, however, important details.
On May 29th, 2009, FHA (Federal Housing Administration) released a buletin in which they gave their blessing to lenders, non-profit organizations, and state agencies to "purchase" the right to receive the $8000 tax credit from an eligable home buyer, so the funds could be used towards closing costs, additional down payment, or other closing fees. Currently, as of the writing of this post on June 9th, there are few that have programs to help first time home buyers use the $8000 tax credit towards their down payment and closing costs in the Norman OK, Moore OK, Oklahoma City OK, or Oklahoma City Metro area. I will update this post when I hear of lenders with such a program in the Metro Area.
It might take some time for local lenders and agencies to instate programs for this loan, particularly because there is no national standard -- FHA is requiring each agency or lender to come up with their own program that meets their guidelines, which could take some time. While on the surface it sounds like a stellar idea to use the credit towards a down payment, there are some important Details:
This means that if you were planning on using some of the money towards closing costs, additional down payment, and expecting to have some money left over -- that will not be possible.
A buyer will still have to come up with the 3.5% minimum required down payment through other sources: non-profit organization, a family member, or an employer. The credit can be used to pay for a down payment in addition to the 3.5%, and can go towards any closing costs, pre-paid items, interest rate buy-downs, or other closing related expenses.
While it doesn't amount to much, it is important to know that whoever does buy your tax credit from you can charge a fee of up to 2.5% of the tax credit amount (2.5% of $8000 tax credit is $200).
They can buy the right to receive the tax credit from you, but that still means that money has left their hands and they can charge interest on it. Essentially, the tax credit will be a second loan against your home until you pay the person that bought it from you. The service provider that buys it from you may require you to make additional monthly principal and interest payments on the loan amount, and they will be included into your qualifying ratios used to calculate your ability to purchase a home (when they calculate your ability to pay, if the service provider requires you to make $200 per month payments on the loan until it is paid and your lender said that you couldn't buy a home that would have your monthly payments exceed $1000, you would have to find a home that would keep your payments below $800 to be able to use the credit in this way: $200 + $800 = $1000).
To read the official publication from FHA, click here.
Please feel free to give me a call if you have any questions regarding the $8000 tax credit, using it as a down payment, or if you have any questions about purchasing your first home in the Norman OK, Moore OK, Noble OK, or Oklahoma City OK area. You can always search for homes for sale in Norman OK, Moore OK, Oklahoma City OK on my website, http://www.OklaHomeSeller.com, or by going directly to my home search page.
| | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
Would you like an idea about what your home might be worth? I have added a new home valuation tool that will help you! The home valuation tool is tied into the tax records and will pull information about recent sales in your area -- all you need to do is type in your address! There is no registration required!
Remember though, that this tool only goes by the general information and doesn't take into account for variances between subdivisions that might be situated close to one another, specific amenities in the house, condition of the house, and layout of the house. If you would like to have a more in-depth, free, market analysis done on your home, you can always contact me or fill out the detailed home value request form below the home valuation tool.
Want to search for homes for sale in Norman, Moore, Oklahoma City, or Edmond? Use my home search, which will let you search for homes listed on the MLS
| | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
In the past, the Cleveland County Sheriff's Department had all of the sheriff sale properties conveniently listed on their website, however, due to prolonged website maintenance, they have been unavailable for some months. I have created a new portal for information about the homes that are going up for sheriff's auction in Cleveland County on my website. You can view the properties that have been slated for sheriff's auction for the upcoming weeks by clicking here
I will update this page every Tuesday morning when the new property lists come out, so keep checking back!
Remember, you can always search for homes for sale in Norman, Moore, or Oklahoma City by using my home search tool which will pull listings directly from the Multilist.
"With me it's not about houses -- it's about homes" | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
Interest rates are at all time lows, and this is sparking many people to refinance their mortgages. The general rule of thumb is that if you can reduce your APR by 1%, then it would benefit you to refinance. The reason for this is the high cost of refinancing. Why is it so expensive? Because you will need to pay lenders fees, points (usually required for a refinance), abstracting costs, title insurance, new appraisal fees, closing fees, and possibly even a new termite inspection. For those of you without a calculator, for a $100,000 house, a refinance could cost in upwards of $3,200.
Now, on to the fun part: saving a few bucks!
1. About a third of the expense in refinancing in Oklahoma is abstracting costs -- if you use the same abstract/title company that you used when you purchased your home, often times they can give you up to a 20% break on title expenses (in the above example, that could be about $300.
2. Speaking with different lenders or going back to the lender that you originally obtained your loan through is another way of reducing some of your expenses. Many lenders aren't reducing their fees because of the sheer volume of refinances coming in, but hey, it never hurts to ask.
4.75% interest rates will not stay around for very long, so if you are thinking about buying or selling a home in Norman Oklahoma, Moore Oklahoma, or Oklahoma City Oklahoma, I would love the opportunity to show you how I can help you with your next move. In the mean time, you can always search for homes for sale in Norman, Moore, or Oklahoma City by using my home search tool which will pull listings directly from the Multilist.
"With me it's not about houses -- it's about homes" | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
For those of us that already live here, we know! Recently there was an article posted by RelocateAmerica.com which ranked the Oklahoma City metro area as the #10 best place to live through the recession. This is piggybacked by Forbes article late last year which pegged Oklahoma City as THE most recession proof city in the nation -- a title that we are thankfully wearing well.
Beyond weathering the recession in terms of housing prices, unemployment has stayed the course too! A recent Bloomberg report put the unemployment rate in Oklahoma City at 5.6%, which puts Oklahoma City at the #2 spot in the nation in terms of job opportunities (yes, folks, that is #2 in the nation).
The reason for the success of the Oklahoma City Metro area (which includes, Norman and Moore), was primarily due to the slow-and-steady growth rate. Housing prices have increased year-over-year for the last 20 years between 3-4%, which is far unlike the incredible increases (and subsequent falls) in home values in other areas. Beyond the steady growth, home values are relatively low compared to some areas of the country, and provide for a significantly lower cost of living, which helps our local businesses and economy.
Right now is a great time to buy a home in Norman Oklahoma, Moore Oklahoma, or Oklahoma City Oklahoma! Home values have been stable, and interest rates are at historical lows. You can search for homes for sale in Norman, Moore, or Oklahoma city, by going to my home search website which will pull pictures and information directly from the Multilist (MLS). Please let me know how I can help you with your next move!
"With me it's not about houses -- it's about homes" | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
The Oklahoma Housing Finance Agency (OHFA), has just released the details of it's new bond program which will start April 28th, 2009! This could give you 3.5% towrds your down payment!
Who is eligable?: If you are a first time home buyer, and your household income is under $55,300 for 1-2 person household, or $63,595 for a 3+ person household, then you may qualify (there are certain targeted areas where income limits are higher). Also, anyone that has not owned a home for the last 3 years may be eligable as well.
What homes can I purchase using this credit? You can purchase any single family home, condominium, patio home, or manufactured home, provided the price of the home you will be purchasing is below $189,682
Can I use any lender? There are certain lenders that are approved to use this program. Click on the Contact Rob Schaerer button at the bottom of this page to open up a contact window to request a list of approved lenders for your county.
Are there any other Important Details? You do not have to pay this credit back provided you live in your home for more than 5 years. Otherwise, you will have to pay back a prorated amount to OHFA when you sell your home. Also, to receive the funds, your loan would be a fixed APR of 5.83%. This makes it a great deal for those people that need the funds, however, current interest rates being lower, if you have sufficient funds to close without the credit, it might be worth while to consider either donig that, or getting funds from other sources (with FHA loans, you can be gifted up to 6% of the purchase price of the home from a family member).
Other Questions? Feel free to contact me for any additional questions that you might have. I will put your question and answer in this blog.
Search for homes: The next step is to see what might be available. You can use my Home Search to search for homes anywhere in the Oklahoma City Metro area, including Norman, Moore, Oklahoma City, Edmond, and Noble.
"With me it's not about houses -- it's about homes" | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
Great for entertaining
• 3,149 sq. ft., 3 bath, 4 bdrm 2 story - 
MLS® $299,900
Savannah Hills, Noble - New neighborhood in the heart of Noble. Luxury home built to higher commercial standards: this home shines above the rest. Stone exterior with a 2-story entrance. Great for entertaining with all of the bedrooms upstairs and expansive open entertaining areas and study downstairs. Granite counters with solid oak wood cabinets and oak floors. Come quick to customize your fixtures.
South on Main in Noble, past Maguire to Savannah Hills entrance. West to second street, then South to home.
Property information
For those people that have been considering purchasing their first home in the Norman, Moore, or Oklahoma City area, doing so before December 1st, 2009, could present you with a fairly significant benefit -- about $8,000! Assuming that the average first time purchase is between $100,000 and $150,000, that is between 8% - 5.5% of the purchase price that the government will give you, and now YOU DON'T HAVE TO PAY IT BACK.
1) Who Can Qualify: If you haven't owned a home within the last 3 years, you close on a home purchase between January 1st, 2009 and December 1st, 2009, and you make less than $75,000 (or $150,000 if you are married), then you can claim the credit.
2) Other Benefits: For starters, you don't have to pay this tax credit back if you live in the home as your primary residence for at least 3 years, but it gets better than that. If you have to sell prior to the 3 years, you will only have to pay back the tax credit in the amount of profit that you made on your home sale (including the amount of the tax credit)! This means that if you ever have to sell your home quickly for a loss before the first 3 years are up, you don't have to repay the credit.
3) Exceptions: If you purchase your home from someone that is related to you, you cannot claim the credit. Also, the tax credit is based on 10% of the purchase price, with a maximum of $8,000, so if you buy a home for less than $80,000, the amount of your credit will be less than $8,000.
4) Why this is an AMAZING deal: Nationally, housing prices have decreased by 20% or more, however, locally, in the Oklahoma City metro area, housing prices have actually increased in many areas during that same time (I recently had a client that purchased a home in September 2007 for $119,000, and sold his home in January 2009 for $126,000 -- a gain of $7,000 or nearly 6% in only a year and 4 months). Additionally, with mortgage rates at their all-time lows of nearly 4.75%, your payments are going to be reduced significantly, and you will be paying more towards principle!
Consider this scenario: You purchase a home now for $100,000, get a mortgage at 5.00% with a 3.5% down payment (monthly payment of about $720 including principle, interest, taxes and insurance), and claim the tax credit and put all of the tax credit towards the principle of the loan. Because of your monthly principle payments towards the mortgage, your ending balance at 3-years would be about $80,500.00, making your potential profit after 3 years nearly $16,000.00!
5) Common misconception: You cannot use this tax credit towards any down-payment or closing costs. Since this is a tax credit, you can only receive this money after filing your taxes, and you can only claim the credit after you have already purchased your home.
I love working with first time home purchasers, and for those that don't know, I can assist you with any home that is listed with any agent in the MLS, without any cost to you. You can search for homes for sale in Norman, Moore, or Oklahoma City, pulled directly from the MLS from my search page, http://search.oklahomeseller.com, or you can always give me a call at (405) 694-8537, and let me know how I can help you.
For more information about the tax credit, you can always call me at (405) 694-8537, or download IRS form 5405 to read more about the tax credit. Before claiming this tax credit, I would recommend speaking to a tax professional.
Because of the credit crisis, there have been many changes in the mortgage market of late. People that were qualified previously are being denied loans, and many that are still qualified are finding that they are having to pay more for the same loan that they would have gotten for less earlier. Beyond the changes that the individual lenders are instating, below are some general guidelines that all of them are having to go by:
FHA (Effective October 1st, 2008)
1) Up front mortgage insurance premium is being increased from 1.5% to 1.75% (can be financed into the priciple of the loan)
2) Monthly mortgage insurance for a 30 year loan will be .55% for a loan-to-value greater than 95% and .50% on a loan-to-value less than 95%. For a 15 year loan the monthly mortgage insurance will be .25% for a loan-to-value of 95% or higher and there will be NO MONTHLY MORTGAGE INSURANCE PREMIUM on a 15 year loan with a loan-to-value of less than 95%
FHA (Effective January 1st, 2008)
1) Down Payment requirement will be increased from 3% to 3.5%, and closing costs may not be used to come up with any of the 3.5% requirement. Currently you can have 2.25% come from down payment and .75% come from closing costs. This doesn't mean that it will be costing you more to purchase a home, it just means that you will need to put more money towards the equity of the home in order to purchase it.
2) If you are thinking about purchasing a home using an FHA loan and you are converting your current home to a 2nd home or rental, your income must be able to cover both houses. If you have at least 25% equity in the home that you are going to be converting, you can use up to 75% of the income from the rental to offset that mortgage payment. Your closing costs on your new home will also be elevated because an appraisal of your current home will be manditory.
Fannie Mae Guidelines (conventional loans)
The following are ineligable for mortgage insurance:
1) If you are an investor, you can only have up to 4 properties financed at one time (this is down from 10 previously). This rule does not apply to people that are purchasing or refinancing a principle residence.
2) Minimum credit score of 620 for single family homes, and 680 for two-unit properties. 3+ unit properties are ineligable for mortgage insurance.
3) If you are purchasing a second home or converting an existing home to a rental, you must have established reserves of 6 months payments (Principle, Interest, Taxes, and Insurance), and you must have at least 30% equity in your current home. You may qualify using up to 75% of the rental income from your home that you are converting. Your closing costs will be elevated because an appraisal of both the home you are purchasing and your current home is a requirement.
These guideline changes are courtesy of Irene Fitzgerald of First Mortgage: (405) 310-5334
Please feel free to give me a call if you are interested in purchasing a home in the Norman or Oklahoma City area. You can also search for-sale homes directly from my website at http://search.oklahomeseller.com, or give me a call and I can set up a personalized listing website for you that will automatically update as new listings are added that match your search.
Rob Schaerer
Dillard Group Real Estate
(405) 694-8537
(405) 366-7707
www.oklahomeseller.com
(Click here to see my recent post regarding the government's $8,000 first time home purchaser tax credit)
You want to purchase a home in the Norman, Moore or Oklahoma City metro area, but don't have enough for a down payment? The government wants to help.
If you are planning on purchasing a house as your primary residence, there are programs through which you can get FREE MONEY -- and that is no joke.
1) NCRC (Norman Community Reinvestment Council Program)
Through the NCRC Grant program, you could receive up to $5,000 per household to help offset the cost of purchasing a home. To qualify, your income must be under the limits below:
| Number of Family Members | Income Limit |
| 1 | $30,150 |
| 2 | $34,500 |
| 3 | $38,800 |
| 4 | $43,100 |
| 5 | $46,550 |
| 6 | $50,000 |
You must also:
Be able to provide up to 1% of the purchase price of the house. For example, if you were to purchase a $100,000 house, estimated closing costs on an FHA loan would be approximately $6,500. All you would be required to bring to the table would be $1,000, the Grant would provide $5,000, and you could ask the seller to pay the rest!
Must be able to qualify for a mortgage through a NCRC member bank
Cannot presently own property or have owned property in the last 3 years
Must occupy the home as principle residence for five years
Must attend a homebuyer orientation class prior to closing. These classes are held once every other Saturday.
Must be purchasing a home within the Norman city limits.
Example 1: Joe wants to purchase a $100,000 home and his income is below $30,150. He doesn't have enough to pay for all of the closing costs, so when he makes an offer on a house he asks the seller to pay $2,000 towards his closing costs, and applies for the NCRC grant. His closing costs will be approximately $6,500, of which he will have to pay $1,000, and the seller will pay $2,000. The grant will pay for the remaining $3,500 with the other $1,500 going directly to the principle of the loan!
Example 2: Joe and Janet have a daughter and want to purchase a $100,000 home, and both of their incomes total less than $38,800. They have saved up enough for all of the closing costs, but would like the money to help reduce their monthly payment, so the $5,000 goes directly towards the principle of their loan. At 6%, this saves them $300 / year!
Interested in this program? Just contact me at (405) 290-1345, or call Lisa Krieg with the City of Norman at (405) 366-5464
2) OHFA (Oklahoma Housing Finance Agency) Updated April 18th, 2009
Similar to the NCRC grant above, but with two distinct differences: they, not the bank set your mortgage rate, and through this program you have an option to either get a lower rate (Market best program), OR up to 3.5% to help with closing costs (1st gold program). The income limit for 1-2 person household is a little higher at $55,300, and for a 3 or more person household, $63,595. The APR that you will receive on loans through this program is set, so regardless of which bank you go through, your loan APR will be the same. To receive the 3.5% assistance money through this program, often times you will have a higher APR than if you were to get normal financing. Consult your mortgage lender to see what the best option is for your circumstance.
The new Bond Program starting April 28th, 2009 will offer 3.5% assistance at 5.83% APR for your loan. This tax credit it eligable to be used along with the $8,000 tax credit! Click the button at the bottom of this page to contact me for more information about this program, to get a list of eligable lenders for this program,
For more information on the Market Best Program, click here
For more information on the 1st Gold Program, click here
For current interest rates for both programs, click here
3) MCC (Mortgage Credit Certificate)
This is probably one of the more confusing of the assistance programs, and unlike the other assistance programs, which primarily focus on the initial cost of purchasing, this helps with the on-going expense. To enroll in this program, there is a significant application fee, but it nearly pays for itself in the first year, and continues to pay year-after-year. The federal government will actually give you a TAX CREDIT up to $2000 per year. A tax credit is different from a tax deduction, in that it allows you to subtract the full amount from what you owe to the IRS every year, whereas a tax deduction will only reduce your taxable income, and is based on the tax bracket you are in.
This tax credit is based on HALF of the interest that you pay on the first $40,000 of your mortgage. Multiply the first $40,000 of your mortgage by the interest rate that you have qualified for through your lending institution, and divide by 2, and there you have it -- the amount of the tax credit that you can receive per year. For example, if you have a $100,000 mortgage, your tax credit would be based off of the initial $40,000, and at an interest rate of 6.00%, that would give you a tax credit of $1,200 per year (40,000 x .06 = 2400, 2400 / 2 = 1200). This is $100 per payment! On a 30 year mortgage, you will not reduce the principle amount of your loan to less than $40,000 until year 23, so through this example, you would qualify for the full $1200 per year for 23 years (23 x $1,200 = $27,600).
To qualify for this program, your income must be within the following:
| Targeted Area | Non-Targeted Area |
| Family of 2 or less | $66,360 | $55,300 |
| Family of 3 or more | $77,420 | $63,595 |
Additionally,
The house purchase price must be under $189,607
You must live in the home as your primary residence
Must not have owned a home for the past 3 years
As you can see, if you plan on living in the house for longer than 6 years and have enough to cover the closing costs and down payment required to make the initial purchase of a home, this may be a great option for you!
Caveat: If you sell the home within NINE years and make a profit and also have a substantial salary increase in the year you sell the home, you may have to repay some of the tax credit.
For more information about the Mortgage Credit Certificate, feel free to contact me, Rob@dillardgroup.com, or call the MCC Administration Corporation directly at (405) 364-6565.
If you are interested in purchasing a home, feel free to utilize my many resources that I have available on my web site, http://www.OklaHomeSeller.com, including the home search tool which will pull for-sale and sold home information directly from the Norman multi list, home purchasing walk-through to familiarize yourself with the home purchasing process, and much more!
"With me it's not about houses -- it's about homes" | | Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com |
Go back to my home page |
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OKLAHOMA CITY, Oklahoma, February 13, 2008 - Home values in Oklahoma increased in 2007 for the seventh consecutive year, according to a report released today by the Oklahoma Association of REALTORS®.
The average sale price for an existing home in Oklahoma rose by 4.24 percent last year, from $143,669 in 2006 to $149,758 in 2007. In 2007, there were 52,170 sales of existing homes in Oklahoma. While that figure represents a decrease of 3.16 percent from the state's record home sales figure in 2006, the 2007 sales number reflects the third highest year on record for home sales in Oklahoma.
"While the housing industry in some parts of the country is facing some serious challenges, today's report underscores the fact that home ownership in Oklahoma continues to be an affordable, stable and secure investment," said Tammy McCullar, OAR president. "Homeowners across the state should be confident about the value of their homes, given that 2007 marked the seventh year in a row in which home values in Oklahoma appreciated."
Since 2000, the average sale price of an existing home in Oklahoma has risen by an average of 4.88 percent per year. The median price for an existing home in Oklahoma in 2007 reflects almost a 40 percent increase from the 2000 median price for an existing home of $107,303. The increase in Oklahoma home values in 2007 is in sharp contrast to the national home real estate picture. The National Association of REALTORS® recently reported that the national median existing home price for all housing types decreased by 1.4 percent in 2007, from $221,900 in 2006 to $218,900 last year.
"Comparing our statewide report to the national picture is a great reminder that real estate is local," said McCullar. "It's also a reinforcement of the Association's belief that Oklahoma is one of the most affordable states to live and work in and that our outlook for the coming year should be as positive as ever." The 2007 Oklahoma statewide annual sales total of 52,170 homes is the state's third highest sales total, ranking behind annual sales in 2006 (53,873) and 2005 (52,216). The average annual sales total of existing homes in Oklahoma over the three year period of 2005 through 2007 is 21.61 percent higher than the average sales total in the three previous years of 2002 through 2004 (52,753 homes sold per year from 2005 - 2007 compared to 43,378 homes sold per year between 2002 and 2004). "Although 2007 may not have been a record year in terms of the number of homes sold, there was still a high level of vibrancy and activity in our state's housing market," said Lisa Yates, OAR chief executive officer. "We expect that level of activity to continue throughout the coming year in what we believe to be a balanced market in which buyers and sellers each have great reasons to be confident about buying or selling a home."
OAR released its annual sales and home values report during its Membership Conference in Oklahoma City. The Association will be releasing sales and home value data for each of the 21 MLS (multiple listing service) markets in Oklahoma next week. The Oklahoma Association of REALTORS® is a professional trade association that represents nearly 11,000 of Oklahoma's real estate professionals involved in all aspects of the real estate industry. The term REALTORS® is a registered trademark, which identifies real estate professionals who subscribe and adhere to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of OAR as well as their local board or association of REALTORS®.
Provided by the Oklahoma Association of Realtors
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