Oklahoma City, OK Real Estate News

By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
The case has been made for why we bail out Detroit on a national scale. The amount of job loss would be terribly disruptive especially in these economic conditions, and much more money has been given to Wall Street without conditions, that to ignore Detroit and let them fail would be to deny the working class it's due in reshaping the economy. I do think that it was political grandstanding for the CEO's to be lambasted for flying in on corporate jets. Nothing was mentioned when the Wall Street CEO's flew in, and nothing was made as a requirement to forgo the huge bonuses and lavish trips that happened afterwards, and we did nothing to make the banks lend with the TARP funds that used it instead to buy smaller banks. Putting my political disgust aside, I hope the Congress shapes a bailou...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
No state is immune to the current economic crisis especially in housing. It is just a question of degree which is affected by job loss, and the percentage of foreclosures. Job loss means more foreclosures, and more foreclosures put a downward drag on home values which has a snowball effect on putting more homeowners in a negative equity position, then more foreclosures. it is a vicious cycle. No one is sure as to what the government will do. The current administration has not used the TARP funds to buy toxic mortgage packages, and the the new administration can do nothing until next year. In the meantime, the housing industry gets worse. So the question is, will Oklahoma melt down like Florida and Arizona, or will it just correct itself to a flat but holding value housing market? Where ...
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By Joel Garcia, Realtor - Your Oklahoma City Real Estate Expert
(Paula and Company Realtors)
Maybe. There is no doubt that if the government plan leaked Wednesday night becomes reality it would spur some home buying and reduce some of the inventory that is hanging out there. However, the question is, would it also cause some unintentional consequences in the long term or the short term for that matter. I always get a little nervous when the government tries to save us. I often compare government intervention to those wonder drugs that they advertise on TV. They have super happy people doing happy things under a great tag line while they monotonously insignificantly read off the side effects that are often more harmful then the original problem. I understand that we are now in un-chartered territory and the consequences for doing nothing could be egregious as evidenced in the sl...
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By Gordon Wynn
(Keller Williams)
As many homeowners already know, owning a home can be a never ending job.  As a homeowner myself, it seems like I finish one repair job just in time to start another.  But over the years, I have also found that regular home maintenance goes a long way in repair prevention.  Following a regular maintenance schedule will only take a short time and can be spread out over the fall months.  And it will save you time and money in the end. Here are some tips I find helpful: ·         Change your furnace filter.  If you have forced-air heat, it is simple and inexpensive to change this filter.  If not changed on a regular basis, the furnace can't push warm or cool air into your homes rooms.  Having a clean filter will also cut down on your energy bills.  Some filters can be reused once washed, b...
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By Joel Garcia, Realtor - Your Oklahoma City Real Estate Expert
(Paula and Company Realtors)
Only you can truly answer that question.  As you look at the prospect of a home payment it may seem quite daunting but here are a few things to consider. Home prices historically have risen about 6% a year.  Meaning the home you are purchasing may be one of the best investments you make and as your investment grows you are able to enjoy the comforts of your home as well.  The primary vehicle to retirement security for many has been their home.  The US savings rate has steadily declined from almost 10% in the 1960s to zero in this decade.  The counter force to this for many has been the appreciation of their home.  Home equity has been the saving grace for many a retiree. One of the final things to consider is this.  Your house payment will be fixed.  Your rent is not.  Each year your pa...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Ben Bernanke the Fed chief spoke today in Austin and announced that the Federal Reserve would target long term rates. This with the announcement that the recession started a year ago, and consumers didn't buy enough this weekend, caused the stock market to sell off and long term bonds to go to incredibly low yields. This normally would jump start the housing industry, but as we all know, these are not normal times. Today conventional rates for a 30 year fixed rate mortgage were at 5.5% conventional, and 5.375% FHA, with all signs pointing to even lower rates possibly below 5%. Let's break this down for the Oklahoma market, and analyze what may happen as we go into 2009. First Time Buyers The average age of a home buyer is around 28, or as we like to call them Gen Y. These are the easies...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Bounty of Blessings This Thanksgiving I have lots to be grateful about, but I thought I would hit the highlights. Hopefully this will get you in the mood to create your own list. There is plenty we can be negative about, not just in these perilous times, but always. I don't highlight family and friends becasue we should be gratful every day for that blessing. Today to use the Monty Python song, "Always look on the bright side of life"! The Election As a 60 year old man I would have never thought that this country would elect a black man as President. First, it shows you that for all our problems, there is a deep goodness and an openness to change in Americans. It can also show grace as exhibited by John McCain's concession speech that was deeply moving and his best speech of the electio...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I listened to a statement by John McCain that Fannie Mae and Freddie Mac were the beginning of the end for our current economic malaise. Certainly the housing crisis is the first of the many economic problems that has surfaced, but more is on the way. The current margin calls on Wall Street has taken down important CEO's as they had to sell stock, and it was recently announced that 10% of all credit card balances will not be collected. Obviously we have tremendous problems worldwide, and more has to be done beyond 700 billion to bring confidence to the banks and financial firms. Since the housing problem is from and center, and since I don't pretend to be a famous economist, so let me stay with my area of expertise, real estate. The states where most of the overheated real estate prices...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
A new era begins Wednesday in Oklahoma. Our new NBA team starts playing in the Ford Center. I have linked an excellent article about how this happened from The New York Times. It points out that The Thunder will not make a huge financial impact on Oklahoma City especially in light of the 20 Billion that Devon and Chesapeake Energy Companies bring to the state. It does point out that Oklahoma City is the new role model for the NBA. As someone who grew up in Oklahoma City I completely understand David Stern's reasoning. Oklahoma City in the 1950's and beyond has been a cultural and intellectual wasteland. One of it's chief industries was telemarketing. Why? The high divorce rate caused a fertile recruiting ground for low paid single mothers who could work on a flex time schedule. As the a...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
In 2012 Devon Energy will light up the Oklahoma City skyline with a 54 story Tower. The appraised value of the building is 750 million dollars. Back in the 1990's when we did the initial MAPS(Metropolitan Area Projects) that infused the first 350 million dollars for downtown renewal with a one cent voluntary sales tax could we have expected another 2.5 billion invested in downtown, then this. "it's a big deal" was the understatement by Brett Hamm, the President of Downtown Oklahoma City Inc. 7.5 million dollars in extra annual tax revenues will flow into our coffers just from this building. It will be the tallest building in Oklahoma. Larry Nichols, the visionary head of Devon Energy will also put money into the creation of a new downtown park, and other funds will be used for overhauli...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I know that you are going to say, I am a Realtor in Oklahoma, so I must be biased, and it would be hard to argue with you. But I am also a proponent of going green, conserving energy, and developing alternative fuels for the future. We can drill, drill, drill, but we cannot avoid the fact that oil production cannot continue at a pace to satisfy our over the top energy use. It seems that unless we experience the pain of high gas prices we go back to our old ways of waste. Yes it does help the Oklahoma economy, but the country needs the prices to be high enough to support research with subsidies for fuel cells, natural gas, and electric alternatives. I have talked to citizens of Qatar and Dubai who have family members here at MDAnderson for radiation, and they speak proudly about the rese...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
For 12 years I lived in Crown Heights in Oklahoma City, a neighborhood designated as a Historical Preservation District close to downtown, and on the whole very upscale. I find it humorous that my house was HPD, built in the ancient days of 1940, a bit later than New York, Charleston, and New Orleans. Some of the rules, if people obey them, are good including not parking in the streets at night, trash set out at given times, and not being able to paint your brick on a whim. Other rules are ridiculous like you cannot use vinyl windows since they didn't exist in 1940, although they will let you put storm windows on which also didn't exist in 1940. Also I watched houses where they were allowed to enclose breezeways, build on to the extent that the whole backyard disappeared, and add extra ...
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In a recent citizen satisfactory survey, 85% of Oklahoma City residents agree the city is moving in the right direction and is a great place to work, live and raise a family.  Residents agree the city is above national standards when it comes to city services.  So, of course, I have to pass this along to let everyone know there is another good reason to buy a home in Oklahoma City.   The quality of the city's customer service was ranked 24% above the national average.   City services were ranked 18% above national average and almost all Oklahoma City residents are satisfied with the quality of utilities, fire, police, ambulance, parks and recreation programs and facilities.    The city's streets were ranked the highest priority for three years in a row.  Public transit was ranked the hi...
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By Ruth Ann Mertens-Oklahoma City Real Estate
(Paradigm AdvantEdge Realty)
Last night we attended our first Thunder game at the Ford Center.  After a nice Mexican meal at La Luna, we joined over 18,000 other OKC fans on a beautiful, crisp fall evening at the newly refurbished Ford Center to watch the OKC Thunder take on the Orlando Magic.  We had attended a number of Hornets games when the team called OKC home, and always loved the excitement, even when the Hornets were having less than a winning season.  Once again, we found it exciting to be part of the crowd.  But, you know it's a bad night for the home team when the crowd gets excited that the team is only down by sixteen, rather than the 32-point deficit held by the Thunder at one point in the game.  When you dig a hole that deep, it's almost impossible to climb out of it.  Give it to the OKC fans, they ...
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By House Selling Tips
(DIR-USA.com)
Oklahoma City, Oklahoma! We Buy Houses in 1 Week! We Buy Houses Fast in Any Area, Condition or Price Range and Want to Buy Your House! We are aggressively looking for houses to buy in Oklahoma! "How To Sell My House Fast!" "Sell My Oklahoma City, Oklahoma House Fast" is something that our company hears allot from people in Oklahoma City, Oklahoma, but what is amazing is so few people are aware that this is easier than they thought. Yes, even in today's market it is possible to sell your home fast, though it may not be through a Realtor®. There are alternatives than many folks are just are not aware of. If you have a house in Oklahoma City, Oklahoma that is not selling, it most likely is costing you thousands upon thousands of dollars that we just don't consider. For example, if you hav...
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By John Sopher
(SOSI Inc. DBA Southside Homes, DBA HLC Home Inspections)
I am starting this blog to talk about my Navy career and all the fun and not so fun times..I joined the Navy in 1993 at the end of the Gulf War as a means to go to college.  While looking at jobs in the Navy, 'Sonar Technician' came up as my first match.  I was hooked,  I wanted it!  There was one catch, it was a submarine position.  What could be more interesting than submarines?I entered boot camp at Great Lakes, Illinois in October, just before it got VERY COLD.  After 8 weeks of "fun" times, I graduated and headed to Naval Submarine Base New London in Groton, Connecticut for submarine school, fire fighting school, sonar school and acoustic analysis school.After graduating from the various schools, I had a choice of where I was to be stationed.  What could be better than Hawaii?  Lit...
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By House Selling Tips
(DIR-USA.com)
Would You Like to Sell Your House In the Next 7 Days or Less in Oklahoma County, Oklahoma!? If You Have an Unwanted House You Need to Sell in Oklahoma County, Oklahoma Fast, You've come to the Right Place! You may be asking, "How can I sell my house in 7 days?" You can sell your house fast in Oklahoma County, Oklahoma by selling your house to us! You see, we're not Realtors® who simply want to list your house for a commission and hope it sells one day. Instead, we're a nationwide group of Professional Homebuyers who buy and sell houses in any condition or price range all over the United States. If you'd like to sell us your house faster than you ever thought possible, please take a moment to complete our Seller Questionnaire "What kind of houses do you buy?" We buy houses every day fro...
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By Gordon Wynn
(Keller Williams)
In my opinion, the first and best reason to visit Oklahoma City is that it's the most immaculate city with over a half-million people in the nation. Residents here offer top of the line hospitality and graciousness. Everywhere you look, you will see cars stopping for pedestrians, giving them the right of way. You will also find yourself being greeted by locals no matter where you are. While visiting Oklahoma City, you will find kindness and compassion. Visiting the Oklahoma City National Memorial & Museum, as heart-wrenching as it is, will let you view a tribute to the 168 people, 19 of which were children, who died in 1995 in the bombing of the Alfred P. Murrah Federal Building. News clips and testimonials truly emphasize the caring and giving that each resident possesses. Oklahoma Cit...
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By Steve Mangus
(not active)
When you are out of town, how many times have you stopped in a real estate office to introduce yourself? I have to say more often than not I get busy and it doesn't get done but just think of the possibilities! There is a chance to make a face-to-face contact with someone and get a idea of what they're like--a lot more than is possible from a phone call or email. I make at least 3 trips a year to the Phoenix area. What a great way to cultivate some relationships. There are probably more opportunities for me to refer someone to Phoenix but who knows when they may have someone moving to the Oklahoma City area. And there are potential tax implications too. By making an office visit, wouldn't that make the trip tax deductible? I think so, but some of you accountants out there, what about it...
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By Abby Mathew, Oklahoma City ABBY
(Keller Williams Realty Elite)
I think because of federal reserves and treasure department take over of Fannie Mae and Freddie Mac can cause and increase in consumer confidence. In turn the interest rates will drop. We are already seeing a drop in rates last week. Lower rates will increase home sales. There has been an increase in incoming calls and showings. First time buyers that have been waiting for a long time will purchase a home. If you are interested in working with first time buyers this is the time to get a lot of listings in that market.
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