Oklahoma City, OK Real Estate News

By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
What is hard money exactly? Simply put, it is money that is loaned out that does not conform to Fannie Mae standards, and can be loaned to people with not so great credit. Most often it is used in Oklahoma City real estate to purchase "fix and flip" properties. On the surface it looks like a terrible deal with rates like 14% and upfront points of 5%, or a bit lower rate but with 8 points. The key is a fast turn, if you can rehab the property and turn it in 120 days or less, your rate of return can be exceptional. If it doesn't turn it is a drag, and my warning to people is make sure you have reserves, can deal with the unexpected, and realize that real estate flipping is not a perfect game like that TV pitchmen try to suck you in with about untold riches. However, hang on a  minute beca...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
 Please excuse the delay on getting the Oklahoma City real estate real estate market conditions to you. We just returned from 9 days in Costa Rica, a wonderful country. The conditions here keep going more and more in the sellers favor since activity here is much stronger than the supply can handle. Below $250,000 our days on market for good condition homes is 25 days compared to 47 days nationally. It does not mean that you can't find a good buy but the days of deep discounting are long gone. Oklahoma City is now the 7th fastest growing metro area over one million, it is also the lowest in unemployment at 3.8%, and 4th in income rise. I would add that Oklahoma City and the suburbs typically start the Fall school term in the middle of August so this also creates high demand. Please don't...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
 I have heard so many Oklahoma City REALTORS® complain that they received an offer from an investor on a listed home for sale and I just don't get it. Yes, an investor offer is typically a lower one on the asking price but is it really lower? Most Oklahoma City homes that an investor wants are typically one that an FHA owner occupant buyer also wants. That FHA buyer may offer the list price but they also want 6% of the sales price to be devoted to their closing cost because they have very little reserves. They also want more in repairs and even if the repairs come in higher they are going to demand more money for them. So now we have around an 8% reduction on net and typically these buyers don't offer the listed price so make it 11% to 15% less than listed price. An investor in Oklahoma...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Want to sell your home and get a good price? As a professional Oklahoma Realtor, I have seen many bad situations of the 'FOR SALE BY OWNER' placing their home on the real estate market for sale and then waste months paying unneeded extra mortgage payments they could have avoided with a quick sale. Perhaps the owner of that FSBO home for sale has an investment property and unfortunately dealt with many bad renters who ran down the property. They they want to sell the home and have to deal with renters not keeping the property suitable and ready for showing. If you have ever been in a situation like this, you know that the goal was to sell the home fast and fairly, not mess around with countless months placing yard signs on the property hoping to get some market exposure and a SOLD sign i...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
This is my 25th year of business and I have sold investors in every year. In fact, right now 90% of my business is investors and I wouldn't mind if it was 100%. Two caveats are, I live in a metro area of 1.3 million people so being a specialist is realistic. Some of my colleagues live in 60,000 population towns and this won't work there. This second issue is that markets can change so in 2009 I had to embrace short sales. We need expertise in general but I want to give the reasons I choose being an investment specialist in Oklahoma City. Objectivity: We have all dealt with listings where the owner feels like that a home is worth what they think it is not what the market shows it to be. We have also worked with buyers that say I would buy it if it was one foot wider in the master, or I d...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Whitehall Homes for Sale and Sold Report May 2014   Whitehall Oklahoma City, OK Homes for Sale have seen steady price improvement month to month as well as year to year as inventory levels remain at all-time lows. The Numbers Month to Month and Year to Year The median sales price for Whitehall Oklahoma City Homes for Sale was $252,000 in May 2014 compared to $212,000 one year ago. Compared to a year ago, the media sales price has increased 20.1% with a dollar price increase of about $42,250. The number of sale has increased 50%. The number of Whitehall Oklahoma City Homes for Sale that sold was 3 in May 2014 with an average price per square foot of $148. This is a price per square foot increase of 66.3%. A few highlights of the current Whitehall Oklahoma City Homes for Sale are shown b...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Quail Creek Homes for Sale and Sold Report May 2014   Quail Creek, OK Homes for Sale have seen steady price improvement month to month as well as year to year as inventory levels remain at all-time lows.   The Numbers Month to Month and Year to Year The median sales price for Quail Creek, OKHomes for Sale was $180,000 in May 2014 compared to $128,000 in Oklahoma Cityduring May 2014. Average Listing Price was $339,669 in May2013. The number of Quail CreekHomes for Sale that sold was 25 at an average price of $240,900in May 2014. There are 25 Quail Creek, OKHomes for Sale that are listed for for sale. A few highlights of the current Quail Creek, OKHomes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold. This Months Most Ex...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Oklahoma City Residential Sales and Real Estate Activity Here's the most recent Oklahoma City real estate and homes for sale market activity for the OKC real estate market. Average Listing Price +$405 +0.2% week over week Median Sales Price $2,500 -1.9% year over year Summary for Oklahoma City Real Estate Market Activity Average price per square foot for Oklahoma City OK was $82, an increase of 0% compared to the same period last year. The median sales price for homes in Oklahoma City OK for Feb 14 to May 14 was $127,500 based on 755 home sales. Compared to the same period one year ago, the median home sales price decreased 1.9%, or $2,500, and the number of home sales decreased 37.3%. There are now 1,984 resale and new homes in Oklahoma City on Trulia, including 22 open houses, as well...
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By Tom and Bev Herring, Tulsa Oklahoma Real Estate
(Coldwell Banker - Rader Group)
  Keystone Lake Community and Real Estate Information   Keystone Lake is located along the Arkansas River 15 miles west of downtown Tulsa, Oklahoma.  Keystone Lake is a beautiful 26,000 acre flood control lake that is truly an urban playground.  Keystone Lake real estate offers natural beauty and beautiful clear water along with the perfect setting of low rolling hills, grasslands, high bluffs, sandy beaches and wooded shoreline, making it a sight to see all year long.  The lake meanders into small valleys, creating many arms and land fingers with many points overlooking the lake.               History of Keystone Lake A small post office community gave Keystone Lake its name.  The name “Keystone” was derived from the city’s “key” location where the Arkansas and Cimarron Rivers merged....
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
http://virtualrealestateteam.com. The bulk of my sales come from creating wealth for investors buying Oklahoma City rental property, so why am I saying that renters should buy a home? As much as I love selling Oklahoma City investment homes, I believe that not only is home ownership still the American Dream, it is also represents 29% of wealth with the middle class. Renting is good when you move here for the first time and want to check things out or if you are repairing credit, but the conservative prediction for the next 5 years for Oklahoma City real estate appreciation is 15.4%. If you add that to a $150,000 purchase and also include the tax deductions from interest and property taxes you would be hard put to equal that in something like the stock market and you would be taking a mu...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Own a home in Oklahoma City, Edmond, Mustang or Yukon? Looking for Open Houses in OKC? Did you ever notice that when some home owners choose to sell their OKC area home, some get much more home buyer traffic than others? Have you ever wondered what are the key actions to take to make your home attractive to prospective home buyers? Do you know how to hold and conduct a successful Open House? Here are some good guidelines to follow if you are wanting to have a superior Open House in OKC. OPEN HOUSE SUCCESS TIPS FOR HOMES FOR SALE IN OKLAHOMA CITY Need to latest and most up to date list of Oklahoma City Metro Area Real Estate Home for Sale that are having Open Houses this coming weekend? Click on the link below to find out about the best Open Houses that are scheduled for this coming week...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Lofts Condos in Oklahoma City? Lofts and Condos in OKC?  Yes, we have an exciting urban living development scene in Oklahoma City. Condos, Lofts and Townhomes are becoming more popular as new residents moving into OKC want to live closer to their work or play in Downtown and Bricktown Oklahoma City. I'm Valerie McEvoy, Oklahoma City REALTOR and I love showing and selling urban living options in Oklahoma City. OKC has really taken a turn in the past 15 years as new entertainment, dining and energy company development has taken hold of OKC homes and real estate. Living in Downtown was once not really considered viable, but the whole Midtown, Downtown area in OKC is now full of opportunity to locate you primary residence Downtown in Oklahoma City.       Lofts and Condos in Oklahoma City? W...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
http://virtualrealestateteam.com. Buying a new Oklahoma City home is exciting, you get to pick out floor plans, choose colors, the exact location but that is the good news. The not so good news is that your existing Oklahoma City home has to be put up for sale and then what happens if an offer comes in and you have to move 45 days before you new home is completed? I have a solution for you and it is a variation on the old builders trade in policy. I do primarily investment real estate and I have a list of investors waiting for the right home to come up and here is what we can do for you: First, I match up and investor to your home, we establish a price to purchase and instead of waiting for the new home to be finished we close yours, and we let you rent back until the day you move in to...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Selling homes and real estate in Oklahoma City is so much more fun when I see that people are reading my OKC real estate blog posts. I like to share information about Oklahoma City homes and the real estate market, so I thought I would review the most read blog posts on my websites and blogs and make a list of them for anyone who would like to read them. I appreciate the great feedback I have gotten on my real estate blog posts about OKC real estate and the great things that happen in Oklahoma City. Enjoy my list of popular blog posts! http://www.buyselloklahomahomes.com/2014/04/20/five-largest-crown-heights-historic-okc-homes-for-sale/#/-208865004 http://www.buyselloklahomahomes.com/2014/03/25/gaillardia-homes-of-luxury-in-oklahoma-city/?repeat=w3tc http://www.buyselloklahomahomes.com/...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
http://virtualrealetstateteam.com. Oklahoma City investment homes have continued their yearly climb in rental appreciation. Too many REALTORS® only pay attention to potential appreciation and do not understand the laws of supply and demand. In a real estate market like Oklahoma City there is home appreciation which means your taxes and insurance will also go up. If I do not err on the side of keeping supply down in any given area, then rents will either stay the same or go down, while you yield goes down because of increased expenses. I have specialized in Oklahoma City investment property for 25 years, I know the market, and I know the rules I need to follow to protect you investment. If you are interested in Oklahoma City real estate for sale for investment, please contact me at joe@j...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Oklahoma City is known for the amount of clay in its soil which is great for brick manufacturing, but can be a problem for your Oklahoma City home. On television you see numerous ads for pier companies that will stabilize you home, but before spending thousands of dollars, check with a structural engineer. Many times they will delay pier work to measure over 6 months to a year to see how rapid the movement is. Almost all homes in Oklahoma City settle with our often drought conditions but play it safe and hire a professional. If you need recommendations please contact me at joe@joepryor.com
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
May 2014 Continues to be high sales and low inventory in the Oklahoma City market. However, sales in some areas are dropping from last years total because not enough homes are being listed for sale. A side effect to this is that Oklahoma City is experiencing higher than normal levels of appreciation. New home sales are not taking the pressure off because there is not enough land that can be developed for lots and that may be 2015 before we see a significant rise. I can't think of a better time to list a home for sale in Oklahoma City than right now with the inventory of homes for sale still shrinking. It you want toe explore what we can get for your home please contact me at joe@joepryor.com
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
As a professional REALTOR in Oklahoma City real estate, I get to deal not only with residential home buyers, but also real estate investors. Investing in real estate is very important to them. Investing in real estate and homes for sale in this Oklahoma City and Edmond real estate market makes good sense to them. I enjoy learning from my real estate investor clients as much as anyone.   Investing in Oklahoma City Real Estate Learn the Basics Before Your Buy   Investing in real estate is considered only one facet of your retirement or investment portfolio. If you are new at real estate investing, make sure to get educated. Read and study as much as you can, visit with real estate professionals who deal with investment property and join like-minded people who take part in real estate inv...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Lakefront and Pond Homes for Sale in Oklahoma Real EstateWaterfront property for sale in the OKC Homes for Sale Metro real estate area.Oklahoma City real estate is full of choices and opportunities. If you live in the Edmond, Oklahoma City or surrounding OKC Metro real estate areas and think that just because Oklahoma is landlocked, that you can't buy a home with a lake side view or waterfront lifestyle, then think again. Lake Front Homes and Luxury Homes with large pools and water features, are very popular and very available in Oklahoma City real estate! These beautiful OKC area lake front homes and waterfront homes are homes for sale in Oklahoma with large water features like ponds and small lakes. Some of these Oklahoma lake and pond homes are located close to everything happening i...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
All real estate is local and in Oklahoma City Real Estate and Edmond Homes for Sale, we have solid local real estate market trends. It also is wise to pay attention to national real estate market trends and information as we move into the Summer real estate season here in Oklahoma. Recent national news on the real estate market indicates that many areas of the national real estate market are doing better than others when it comes to improving home values and inventory. We truly are fortunate in Oklahoma City with our home values!   The U.S. housing market might not have returned to “normal” yet, as most experts would define the word. A significant part of homeowners are still underwater, among other issues. But few can deny that the current housing market is in much better shape than, ...
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