Oklahoma City, OK Real Estate News

By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
 One of the best times to contract for a new construction Oklahoma City home for investment is November and December. First of all, builders are less busy in the 4th quarter and are more willing to make a deal for you. Secondly, the finish time will typically be March or April which is the beginning of a strong part of the rental season in Oklahoma City. With one builder we can offer special incentives, we have a new home that we build at $130,000 that is 1406SF. It comes with granite counters in the kitchen and baths, stainless steel appliances, cast iron tubs with tile surrounds, and is rent ready with blinds, garage door opener, and 6 foot wood privacy fence. These homes typically rent for $1195 and possibly as high as $1250 a month and our special program is that we get a renter for...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
 It has been my pleasure to serve the public in Oklahoma in real estate for the last 26 years. This was my second career after owning home electronic stores for 16 years so service is what I know and what I love best. If all REALTORS® do is help people do the right thing in buying and selling real estate then they have served honorably. I feel that for me it is not enough and so I wanted to do more for the public and for my industry and this is why I have accepted leadership and teaching positions in Oklahoma and nationally. I have served as my local board President and also as a State association President. I served multiple terms on the MLS board, have chaired NAR committees, served on the NAR Commitment to Excellence Presidential Advisory Board, and next year as an NAR regional VP.I ...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
2015 has been a great year for people doing a 1031 tax deferred exchange and buying Oklahoma City area real estate homes for investment. What this allows you to do is sell your property that you have used for investment and buy anywhere in the US like kind properties and pay no taxes on the profit. Normally you would pay back a percentage of your depreciation and then capital gains which could be tens of thousands of dollars or with one we recently contracted for hundreds of thousands. As long as you invest all the proceeds which are held by a third party accommodator, and at least the the gross figure of sale you can buy anywhere from one home all the way to whatever you need to meet requirements. In the recent large example, seven. This is like getting a tax free and interest free loa...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
November 2015 continues a trend in Oklahoma City real estate. Despite an increase of 6% in September and October in homes listed for sale over last year, sales increased 12% again driving down the homes available. What this shows is despite one sector of our economy slowing down, energy, the rest of our Oklahoma City economic indicators remain strong and growing. We are getting ready for the 1321 private contractors coming for the KC-46 Air Force tanker to Tinker AFB that just passed the flight test as well as construction, trucking, tourism, and medical research showing increases. A key factor as we end 2015 will be will interest rates increase in December or is the Fed doing an other feint to move the market? If rates increase then adjustments will have to be made in pricing and we ma...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
It has been an event filled 4 days for me so far at NAR. I go to both D.C. and the annual convention every year either as an local or state officer or some NAR duties. This year I was honored to be sworn in as a Regional VP for my four state region, and finished up a Chairmanship of the State Leadership Ideas Exchange Council. I am a great believer of contributing to NAR leadership and ideas, and I prefer to work on the inside for change instead of whining on the outside and doing nothing. FYI, I used to be one of those whiners many years ago and I finally said to myself no organization will every be perfect nor should it conform to what I think it ought to be, rather what we think it ought to be. If you don't believe that democracy exist within NAR then show up for a Board of Directors...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Quail Creek Homes for Sale and Sold Report September 2015   Quail Creek OKC 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 OKCHomes for Sale was $314,900 in September 2015 compared to $290,000 during January 2015. The number of Quail Creek OKCHomes for Sale that sold was 15 in September 2015 vs. 12 in January 2015. There are 11 Quail Creek OKC Homes for Sale that are in contract which represents 18% of the overall available inventory of 61 homes. A few highlights of the current Quail Creek OKCHomes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold. This ...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
Prologue: Normally I don't enter AR contest but this one is an important one because the future of our industry depends on it, and mentoring is something that is in short supply. My passion has been education and that is why I teach it in Oklahoma to REALTORS® new and old. I had also put together an education task force in Oklahoma with the state association and commission to change educational guidelines. Even with that, real estate education while good about knowing rules about state law for contracts, fair housing, and the Code of Ethics is not enough for success. This is why I also accepted appointment to the NAR Presidential Advisory Group to flesh out the new Commitment to Excellence that will be taught along side the Code of Ethics every two years. Knowing that NAR has a very lim...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
What's Happening in OKC - Mid Month October 2015 Oklahoma City has so many fun activities in the Fall. With the development of our River District, the Myriad Gardens and Downtown here in OKC, you will find much to do with your friends and family here in our lovely city.   As you can tell, I am quite partial to the Downtown, Midtown and River District here in Oklahoma City. As a Realtor® who shows and sells in the Urban Living areas of our OKC real estate market, it makes sense to keep my friends and clients up to date on what is happening in our OKC area. Life is really so much fun in Oklahoma!       Here's a few of my top picks for mid month October 2015 here in Oklahoma City! Myriad Gardens: Bringing Books to Life - Bringing Books to Life. This is a great event. I'm a member of the My...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Oklahoma Real Estate Update Valerie McEvoy RE/MAX Preferred PropertiesThe Greens OKC Homes for Sale Homes for sale in The Greens are in high demand here in the Oklahoma City real estate market. The NW OKC location of The Greens and the amenities of living in The Greens make it a top choice for NW Oklahoma City home buyers. The Greens has a wonderful Country Club and Golf Course. The access to Lake Hefner and the surrounding areas of interest in NW OKC do make The Greens a great place to buy a home and make your home in NW OKC. Here are some surrounding areas of interest that you might want to view if you choose to live in The Greens: Lake Hefner Memorial Road Entertainment and Shopping Corridor The Greens Country Club Quail Creek Golf and Country Club Latest List of Homes for Sale in Th...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
It is always my desire to make the return on investment when you buy Oklahoma City real estate for rental even better. This means I am constantly negotiating on your behalf for lower prices on homes new and existing, better rates on insurance but with great coverage and insurance, better mortgage rates, and of course property management rates. I am proud to tell you that a major firm I have worked with over the course of eleven years selling Oklahoma City rental homes has agreed to a reduced rate for my clients. The rate going forward on residential real estate is 50% of the first months rent for new tenants, no charge for those that renew, and a 7% mostly management fee going forward on one year or more rental agreements. The going rate for the better firms has been 80% of the first mo...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
If you are a seasoned investor you know that Fannie limits the number of mortgages you can have and get their loans. If you have a primary home and second home mortgage those count, so that leaves you with eight more, and after  4 the down payment goes to 25% minimum. What my investors are doing to max that out in Oklahoma City is to buy duplexes, triplexes, and quad units. Why? It is because they are considered one mortgage. So lets say you have four more loans to go, so four duplexes would give you eight rental units, and a trip or a quad even more. Normally I recommend duplexes but we are doing town homes in 4 units right now. It really helps to get the low interest rates and also have more cash flow so I believe this is highly recommended. In November we are building the first of ne...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
One of the best ways to increase your Oklahoma City real estate return on investment is with a 1031 tax deferred exchange. Originally called a Starker Exchange after the person who challenged the IRS and won in court, this now allows you to sell an investment property for a like kind exchange and not pay recapture tax on deprecation or an capital gains, as long as you invest all your profit and buy at least the sales price of your existing investment. In fact, you can buy as many as three properties off one sale if you have enough equity. For the last eleven years we have seen investors take their profit out of Phoenix, Las vegas, and other areas where the values have risen but the rental yield has reduced do to over saturation of the rental market. Oklahoma City offers great cash flow ...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
 In a few days it will be October and the perfect time to buy new Oklahoma City homes for rental property. There are two ways to think about buying. First, in the fourth quarter, builders are more willing to make deals to hit their numbers and reduce end of year inventory. I have properties from multiple builders starting in the $140,000s that are discounted for you and rent ready. The second idea is to buy for them Spring. If you are not worried about interest rates, and I am not greatly concerned myself, this is a great time to buy to hit March on for the prime rental season for new homes in Oklahoma City. Also remember that one of the big advantages of buying a new Oklahoma City home is warranties, and everything is new so no money out for refurbishment. With long term warranties the...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Oklahoma City Life and Events and Fun September 2015Here are some of my favorite events coming up in Oklahoma City this month. As a REALTOR® in OKC, I support our local real estate market. I am very active in making sure that my clients get the word about fun in OKC. I want to  get out the news about the great local events in Edmond and Oklahoma City life. I want to make sure it will find its way into the lives of my home buyer and home seller clients. If you are looking for some excellent fun times in OKC, then please review my short list of upcoming events in Oklahoma City. Faberge: Jeweler to the Tsars - This is an amazing exhibition at our local Oklahoma City Museum of Art in Downtown OKC. You'll see Faberge Eggs and the history of the man and the company that brought them into our ...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
The Fed did not move on interest rates so it is steady as she goes for at least the end of the year. Despite Janet Yellen saying that a rate hike is eminent, we have heard this before and each time they back down. For Oklahoma City homeowners and potential buyers this is good news. It insures that the strong sales we have experienced for the last 9 months will continue with homes being affordable despite the rise of home prices. Remember that Oklahoma City did not get caught in the meltdown so are great affordability and lack of foreclosures meant stability and homes that you could afford to buy. Of course there are always losers in this scenario, people on fixed incomes and those hoping for a cost of living increase on Social Security. Make no mistake, rates will go up, just like a mar...
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By Joe Pryor, REALTOR® - Oklahoma Investment Properties
(The Virtual Real Estate Team)
I have been away from Oklahoma City on an extended vacation so this Oklahoma City real estate market condition report comes later than normal. What we have seen is a continuation of reduced inventory, higher sales and higher median price, and homes selling in a shorter time. Investment property is still selling and still renting due to the strong population and income growth due to our diversified economy. Even with energy prices down, we are getting relocation of energy executives and companies to Oklahoma City because of our low drilling cost and plentiful oil and natural gas.With no rise in interest rates by the Fed, we should have a strong fourth quarter, but we can only hope that more Oklahoma City homes for sale become available. For more information on n Oklahoma City personal ho...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Interested in buying a home or selling your property in OKC? Buyer Direct Line: 405-414-5022 Seller Direct Line: 405-751-4848Search for Homes for Sale in Quail Creek, Oklahoma CityOne of my favorite communities to show and sell homes in NW OKC is Quail Creek. It's a neighborhood that is one of the most heavily trafficked pages on my website. Prospective home buyers in the Oklahoma City real estate market who search for homes in Quail Creek find these homes unique, delightfully designed and located in one of NW OKC's most popular areas. This lovely neighborhood is located close to Lake Hefner with easy access to all of Oklahoma City from the Lake Hefner Parkway in NW OKC. It's a perennial favorite for OKC homebuyers!Valerie McEvoy | Quail Creek RE/MAX REALTOR® in OKCInterested in learnin...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Oklahoma Homes for SaleValerie McEvoy Sells Oklahoma Homes for Sale | RE/MAX Preferred PropertiesIf you are looking for the best deal in Oklahoma homes for sale then you will want to conduct some serious online research. It's always a great idea to start looking online for a house for sale. You will find that you have the freedom to view a huge amount of selections of homes for sale in Oklahoma.You will have a lot of demographic and home price trends at your beck and call when you use a good site for viewing the selection of available property for sale in your desired neighborhood of choice.Of course, as a REALTOR® in the Oklahoma real estate market, I would highly advise you to not use error prone sites like Zillow and Truila (both owned by Zillow) since they rarely update their active...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Popular Downtown Oklahoma Urban Living OptionsEver think you would like to live in Downtown Oklahoma City? Did you know that there is more than work and traffic in Downtown OKC? Here's a nice selection of urban living homes, condos, townhomes and lofts in our developing Oklahoma City urban living scene.Did you know about OKC Urban Living? Bricktown Oklahoma City Urban Living!Such a popular area for making your home in our OKC urban lifestyle area! If you enjoy the dining, entertainment and walk about fun of Bricktown, then think how cool it would be to live there. Bricktown is hugely popular now that additional urban living options are coming on the market. If you need a good list of Bricktown urban living selections, then click here and view them. As a Bricktown urban specialist, my ma...
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By Valerie McEvoy, Oklahoma Real Estate and Homes
(Preferred Referrals LLC)
Whitehall Homes for Sale and Sold Report July 2015July 2015 real estate report I did for this wonderful NW OKC neighborhood, Whitehall. Average Days on Market - 17 Selling Price vs. Asking Price - -3% Median Sold Price - $231,500Here's the latest breakdown of real estate activity, sales and price trends in Whitehall Homes for Sale: There are no Single-family homes in this area currently on the market. This makes it difficult to estimate how long it would take to sell or buy a home and the actual time to sell becomes the only indication. Homes that sold in the last 3 months have taken up to 35 days while the average time is 17 days. The minimum is 0 days. Of the 5 2+ bedroom, 0+ bath, Single-family homes in this area that sold in the last 3 months, 0 got over their listing price, 5 got l...
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