ResalesOklahoma City Real Estate Sales Are OK
Continuing low interest rates have lifted February home sales from the letdown in January, say Oklahoma City, Oklahoma Realtors, who now expect a better spring season.
"Homes sales in northwest Oklahoma City have begun to show signs of life," observes Realtor Joe Pryor. "After the initial letdown of January sales figures, February has proven to be a better month. Although 2004 numbers are still below the previous year"s sales, the low interest rates, 5.5 percent on 30-year fixed mortgages, should help restore equilibrium to the market.
"One area that has stayed consistent is the sale of rental investment property from single-family homes to apartments," says Pryor. "Also, the far northwest area, especially Piedmont Schools have shown surprising strength in new home sales, outpacing other new homes in adjacent school districts. In existing homes, the bias is still towards the buyer, so pricing is still crucial."
South Oklahoma City and Moore, Oklahoma are strong rental property areas, says Pryor. "Focus on investment property that yields positive cash flow, but still has reasonable appreciation. Two and three bedroom homes can still be purchased for under $50,000, and the rents are ranging from $550 to $775 per month. It is not unusual to have 25 percent annual after tax profits, and extremely local vacancy rates. Section 8 housing has qualified renters that exceed the available supply of single-family homes. Futures reports will include statistics on number of homes available, updates on the repo market, and existing sales. You will also be informed on other areas that would be of interest to investors, and interest rates on investor loans. Currently, investors can obtain 10 percent down, 6.75 percent 30-year loans in Oklahoma City."
Say Realtors with The Nevius Team, "The Oklahoma City metro area is surrounded by many small suburban communities such as Edmond, Deer Creek, Piedmont, Yukon, Mustang, Moore, Norman, Midwest City, Del City, Arcadia, Guthrie and many more. All of these areas are an easy commute to Oklahoma City. This area has many sleepy little towns that give you that small hometown feeling. Oklahoma City are is a great place to live, work, shop and send your children to school. We have the best of all worlds and this is simply a great place to live!"
They advise, "The interest rates are still great with "A" credit for 15 to 30-year loans and are expected to continue through the end of the year. Right now truly is a wonderful time to consider moving up to a larger home if you have a growing family, and it is also a great time to consider a home that has less maintenance if you are a recent empty nester. The market continues to stay strong in the Oklahoma City metro area in most all price ranges and we are not seeing any trend that would change that very soon."
"Home sales remain strong," say Realtors Bill Wilson and Heather Wall. "They have been boosted by an overall good Oklahoma economy and historically low interest rates. The average home price has risen 12.0 percent, from $108,179 to $121,145 over the same period last year (January 2003). The list price to sales price ratio has remained about the same going from 97.9 percent to 97.7 percent. Average days on market have decreased from 80 to 76 days."
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