Oklahoma City, OK Real Estate News

By Brandon Hart
(Hart Home Selling Team-Keller Williams)
Your Vote Counts! Pick Your Top '30 Under 30' FinalistBrowse the 50 finalists for this year's '30 Under 30' feature at REALTOR® magazine, then vote for your top pick. April 2009 This year we have an outstanding bunch of young, successful real estate practitioners who are vying for a spot in REALTOR® magazine's annual "30 Under 30" feature. The cover feature, which runs in June, highlights up-and-coming real estate professionals who are already making their mark with smart business practices, community leadership, and industry innovation.   BRANDON AND LINDSEY HART HAVE BEEN SELECTED FOR THE TOP 30 UNDER 30.  PLEASE HELP US TO MAKE THE COVER BY GOING TO THE WEBSITE...http://www.realtor.org/RMOsales_and_marketing/Articles/2009/30Under30_Vote....AND VOTING FOR THEM!!!!!!
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I know I live in Oklahoma, a land without oceans, a land without mountains, a land without......Depreciation! I knew I could find a reason to be here. Actually I am a native of Oklahoma and I love the place. I live in Forbes most affordable major city, and when I travel I don't have to go cheap. But back to the point of this blog, appreciation. The Federal Housing Finance Agency's web site just released national housing trend statistics, and it isn't pretty. Nationally the housing prices are down 3.4% since the third quarter of 2008, the biggest overall decline in 18 years. Oklahoma on the overhand has gone up 1.2%. I know that is not a boom indicator, but wouldn't you be happy with that. Nationally, 1 in every 400 households are in foreclosure according to Realty Trac. Oklahoma is 1 in...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I just sold my personal house for a profit. We can still do that in Oklahoma and I was sitting on plenty of equity. Now I want to put that money to work. For a moment let me pretend that the equity is yours and I am the Realtor you trust to invest it. My first question to you is, what is your tolerance for risk? Any time you put money into an investment there is risk. If someone tells you that an investment is a "no brainer", reinterpret that phase to really mean you lost your brain, and judgement. Those investments don't exist. If I told you that I could get you $3 million in homes for $300,000 are you intrigued with 10 cents on the dollar? Then I tell you that the homes are in Detroit where unemployment is above 20%, and it looks like GM and Chrysler are failing. Changes things, doesn...
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By Larry & Peggy Pitts
(Exit Bob Linn Real Estate)
Open houses have had a marked increase in activity the past three weeks.  We have seen many buyers out looking talking about the $8000 tax credit.  No one knows how to get this money or if it can be used for down payment or closing cost but it has got them looking.  That is the first step.  Maybe this can be a help in getting some people off the fence.  If you know how to get the tax credit to help pay cost, let me know.
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Yesterday I was Skype videoed into an investor conference in San Francisco. I was presenting Oklahoma opportunities in residential real estate, but I prefaced my presentation with the 4 factors that anyone including owner-occpants have to evaluate to establish possible present and future value. This is not an exact science but these questions have to be answered. The Job Market If you don't have jobs you don't have good renters, nor do you have people buying homes for themselves. California has a 10% unemployment rate that may go higher. Oklahoma City is 4.6%, the lowest in the nation for metro areas over 1 million. Losing jobs means people can't make their payments and that feeds into factor 3, foreclosure. Inventory Levels Absorbtion rate is found by dividing the number of sold proper...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Since I got back from Houston I have been working with my investment assistant, Orjana Beck, on putting together the right type of investments for the weekend conference being held in San Francisco. Orjana has already left for San Francisco and I am staying behind. I am trying to take a gradual approach to getting back my strength after my successful battle with cancer, but that kind of situation often leads to good solutions. I will appear befor 200 people tomorrow on Skype Video. It will be just like Oprah. By June I will be ready to go to San Francisco and walk those impossible slopping streets. On to the opportunities. Oklahoma City has the big 4 parameters of buying real estate with positive stats. Those 4 are jobs, inventory of homes level, foreclosure rate, and affordability. We ...
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By Jennifer Arsenault, Online or in person, Jen cliques with you
(Keller Williams Realty)
Not only is it Friday the 13th…I love Friday the 13th!  (My husband kissed me for the first time on a Friday the 13th many moons ago…) It’s also Valentine’s Weekend!  For some people this is just another day, for others it’s “The Dreaded Day” but for many it’s another day to do something sweet with your sweetie or loved ones.  So, here are a few sweet ideas to get your weekend going….    The Oklahoma City Ballet will be performing "Paris Rouge" along with the classic white ballet "Les Sylphides".  "Paris Rouge" is a visually stunning, colorful production recreating the famed Paris hot spot and capturing the exuberance of the saucy world of the can-can. Performances will be on February 13th and 14th at the Civic Center.   Get Tickets Contact:  Cathy @ 405-843-9898 or Email:  balleto@sbcg...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
The U.S. Bureau of labor statistics are very kind to Oklahoma. Both of our major metropolitan markets, Oklahoma City and Tulsa, show a rise in jobs for 2009 to be .2%. I know that sounds like damning with faint praise, but look at the layoffs just last week. The Bureau is also estimating a total U.S. job loss for 2009 at 2 million. So for Oklahoma to show even a blip of an increase is good news. The housing market here is still stable. Even with a reduction in volume in 2008, we held on to a slight gain in housing values in most categories, and a slight loss in some of the high end housing areas which was expected. After all, even though we have people who can afford a $1 million home,  our market still remembers the regional severe recession that started in 1982 due to a precipitous fa...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
CRS, Certified Residential Specialist, is the top designation in residential real estate. It's members represent the top 4% of Realtors in the United States. Every year they have a convention called "Sellabration", and this year it is in San Francisco. I am privileged to have been asked to be on a panel with one of my favorite people in real estate, Pat Zaby, on low and no cost marketing for Realtors. It is not just that everyone is tightening their belts and reducing cost, it is also that the Internet has given us many free sites that can spread the word about our services or your home if it is listed. Right now I upload to a webflyer that goes to over a hundred sites. I also do videos that go to 10 sites so far like www.youtube.com, and is adding more monthly. When I started my battle...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
My last two post were about how good news about the Oklahoma economy is filtering in through the gloom of the national presses focus on what is falling apart. Today more job significant job losses were reported by Catepillar, Sprint, Home Depot and others. Catepillar alone reported 20,000 lay offs. Some estimates of job loss in 2009 run to another 2 million to match the 2 million from last year. Is Oklahoma City really an oasis in an economic desert? The answer is no. We have worked hard since the 1980's to diversify our economy to match job numbers in the basic categories. We have done this in medical, government, military, technology, manufacturing, accounting, and other areas. Energy and agriculture which have in the past been the key to our financial success or failure don't control...
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By Kathleen Fenton
(Bad Credit Medic)
Oklahoma, We Can Repair Your Credit! If you are wondering, "how do I repair my credit?" Well, you are in luck! If you are in Oklahoma, and any of these surounding areas: Arcadia, Bethany, Del City, Edmond, Harrah, Jones, Lake Aluma, Luther, Midwest City, Nichols Hills, Nicoma Park, Oklahoma City, Smith Village, Spencer, The Village, Valley Brook, Warr EXPERIENCE National Credit Associates, Inc. is a consumer advocacy firm, not an online credit repair shop. Helping consumers take action on their credit. We are one of the only 100% legal credit restoration firms in North America. Our founder has over 20 years experience and our organization has had zero complaints. We can Permanently fix your credit guaranteed! What could be better than knowing that once we remove the negative items from ...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Forbes.com in conjunction with Moody's Rating Service has evaluated the Top25 and Worst 25 housing markets in the U.S. There ratings considered the job market, inventory levels of homes, foreclosures, and previous history of inflated run ups in prices. Most of the Top 25 did not participate in the shark feeding frenzy that saw sky high prices, and ridiculous sub-prime financing to back it up. Both of Oklahoma's major metropolitan markets were in the Top 25. Both Oklahoma City and Tulsa are expected to have a very small sell off in 2009. I don't think anyone is looking for markets to appreciate overall, although a case could be made for pockets of the cities having a slight upward trend. In the case of Oklahoma, Forbes predicted 2010 to trend upward. Oklahoma did not participate in the b...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
It is a good time to be in Oklahoma and not places like California. All the states recently published their projected shortfalls for 2009. Many states like California are projecting huge deficits even into the billions. California recently suspended tax refunds and welfare checks. On the other hand Oklahoma increased its budget for 2009, and projected no mid-year shortfall and a deficit of only 1.7%, or less than the budget increase. This is with drops in revenues coming for the oil and gas industry. The shortfall is projected at the end of the year to be only $110 million which is a pittance compared to most states. Only 5 states have no shortfalls. This is extremely important especially when you go beyond providing the basic services of government, and consider the job market. Not hav...
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By Larry & Peggy Pitts
(Exit Bob Linn Real Estate)
How many times have you made "New Year's Resolutions" knowing full well you don't intend to keep them.  You want to, but you also know that if you really wanted to acheive these things you would have already done so.  What makes Jan 1st such an important date that you will change your life this year.  It is the same thing in real estate.  What in the world makes you think you will "make more money", "get more listings", or even "get orginazed" just because this is a new year.  What we should be saying is "What happened last year that you didn't like".  If you do the samething this year you will get the same result.  If it was so bad last year then maybe you will make the necessary change to insure it won't happen again this year.  I have alway found that if something is so bad it is eas...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I knew that 2008 was going tobe a different year but in January I didn't realize just how much change was coming. I started out an Inman News Real Estate Connect in New York in January representing the MLS Board of Oklahoma City. The day I spent in the blogosphere showed me what Web 2.0 was all about with gaining my voice back as a Realtor with my blog, and joining groups on the social network sites. In February and April I traveled to Florida to finishmy last two courses for my CCIM Commercial Real Estate designation to move my investment real estate business into commercial to broaden our Oklahoma opportunities. In June we started to offer Tulsa properties to investors so 2008 was looking like the sun was breaking through the dark economic clouds. Then August changed everything. A str...
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By Larry & Peggy Pitts
(Exit Bob Linn Real Estate)
It is the week of Christmas and all thru the Real Estate office not a Realtor was stiring not even the broker.  You would think they have made all the money they need or they think that Santa will deliver all those contract to those in need.  It is amazing to me how we believe that no one will buy during the holidays.  That is fine with me.  Having one of the best month this year and I am certain it is because I'm here and no one else is.  People moving in from Chgo.  They need to buy before they go back home to pack.  One couple has heard of the tax refund money they can get if they close before end of the year.  Another has saved and saved and now they think this maybe the best time in years to buy.  It is all ok with me because it is like opening presents on Christmas morning.  A new...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
A few days ago I mentioned that a 10% cap rate is possible on Oklahoma homes. If you go into lower price rangesthe rent compresses, and the pool of renters is very large. We currently have over 30 properties that would meet this criteria. I am going yo feature three properties to illustrate the value to investors. I should mention that these properties are managed by a couple that go personally to each property to pick up the rent checks, and there fee is 10% of the monthly rent but with a cap of $50. So if the price goes over $50,000 there is no more charge. Pretty nifty! Check out these 3 homes listed below.       809 Meadowgreen Dr Midwest City, OK 809 Meadowgreen Dr. Midwest City, OK This brick home is listed at $57,900, is 1045SF (mol) has 3 bedrooms, 2 baths, and a 2 car garage. T...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I just posted a blog article at www.joepryor.com. As a specialist in real estate investments I wanted to make predictions about what we need to look for next year in a changing market. Check the article for information about where to buy, what financing is going to look like in 2009, which is the best stategy, buy or hold, and the type of properties to look for. In the coming days I will be blogging about examples of below $100K properties that can be bought under value in Oklahoma City, and if you hold them have a 10% capitalization rate. You can also go directly to the blog at www.joepryor.com/blog.
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Sometimes I have people who ask me what is the cap rate of a residential rental property. Normally that is  the wrong question. A capitalization rate is a way of finding value based on the net operating income. That is income before interest and taxes. It is most often used in commercial real estate where value is more driven by rental rates than appreciation which is where residential real estate gets its rate of return on a long term hold. Simply put, if after expenses you have a 10,000 net operating income and you figure it on a ten cap then the property is worth $100,000. When buying a new property to rent your first year cap rate will not be as high as your five year when figuring value, if the market is appreciating. We are starting to here more questions like this in residential ...
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By Carmie Holloway
(RE/MAX First)
Have your Credit pre-approved Getting a credit pre-approval means you receive a loan commitment from your mortgage company before you have found a home.  This is based on a review of your credit and finances.  A pre-approval letter shows sellers that you are a qualified buyer and helps you establish a clear price range.  The credit pre-approval process The process of applying for a credit pre-approval is the same as a typical mortgage application, except that it excludes information on the property you will purchase.  Your mortgage lender collects information on your credit, income, assets, and debts, and sends this information through an underwriting system.  If the underwriting process determines that you qualify for a loan, you receive a loan commitment for up to a certain amount, wh...
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