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More on short sales in Oklahoma - 11/28/08 03:39 PM
The last post concentrated on the process of going through a short sale, and today we will explore more details about why a homeowner should want a short sale versus a foreclosure, and to also eliminate some misconceptions about what this means for a buyers credit standing.
How a short sale starts
In Oklahoma the use of sub-prime financing was little used. Certainly there was 100% financing, and less than prudent use of 2nd mortgage equity lines of credit. There will always be people who want everything now, and the ease of obtaining cars, furniture, and credit cards can add to … (0 comments)
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A Realtors Thanskgiving - 11/27/08 10:35 AM
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 … (0 comments)
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Real Estate Short Sales are Essential for our economic health - 11/26/08 09:12 PM
Yesterday, the TARP program finally did what it should have down 6 weeks ago, and that is to buy up or guarantee toxic assets so that credit is freer. Real estate may be at the base of the problem, but car loans, credit card debt, and student loans have also put the financial sector is a perilous position. The stock market reacted in a positive way, treasury bonds and bills had lots of buyers, so interest rates are going down. In fact I saw a mortgage company offering an FHA 30 year fixed loan at 5.25% with no points. The large inventory of homes … (0 comments)
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MD Anderson:Where everybody knows your name - 11/25/08 08:26 PM
After being diagnosed with cancer in August after a surgery in Oklahoma City, I just finished 30 radiation treatments after another surgery at MD Anderson In Houston. What I mean by the title of this blog is that this hospital is more than the best cancer doctors and equipment in the world. When I come to free valet parking every day for radiation, the valets call me by name. When I check into treatment or my radiation consult, the secretary calls me by name. This the way that this hospital makes you a person and not a number. I do have a number … (1 comments)
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In Real Estate, All Washington in Elitist - 11/24/08 07:54 PM
Even my choice for President Barrack Obama doesn't understand real estate like the common man. Washington has done so much to talk about derivatives and the liquidity of banks, and have geared its solutions to Wall Street, probably the Big 3 automakers, but main street has been ignored. I am not saying that we shouldn't bail out the financial system, although the purpose of the banks lending money has not happened, so not blank check should be given Detroit or anyone else in the future. But at the heart of the problem is toxic mortgages that have increasingly been foreclosed on and … (0 comments)
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Why I am Bullish on Oklahoma Real Estate - 11/20/08 07:43 PM
It sounds a little crazy to say you are bullish on real estate anywhere in the United States. The stock market is continuing to go down, the American auto industry is on the brink, and the foreclosure rate is still continuing to rise. America is in for a hard fight to get out of this recession, but improvements could be coming next year. Obama looks like he is bringing in the best and the brightest, Detroit will get their money but with reforming strings attached, and public works spending will help employment. Oklahoma is not following the downward trend of much … (0 comments)
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Home Buying Process in Oklahoma - 11/19/08 12:41 PM
Preparation
Whether you are in the city, state, or out of state, the buying process can start as early as six months ahead of contract. The first thing you can do is sign up for an auto-email notification of homes that fit your profile. That profile can be adjusted as you go along, but in that process you can get familiar with what our market gives you to buy. It also can give you questions to ask us. If you want to know about the schools that take care of an area, distance to work, or other amenities, it lets us give … (0 comments)
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Drops in Home Prices part of the Economic Meltdown - 11/18/08 10:31 AM
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 … (0 comments)
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Oklahoma City is doing well but is not immune - 11/17/08 07:22 PM
Looking at statistics for Oklahoma City home sales and the surrounding suburbs there is much to be happy about. Homes below $150,000 still show a strong buyers market. In Edmond, under that price range shows a 2.86 month absorption rate and up to $200,000 is still below the six months neutral absorption rate. Rents are up for my clients this year about 10%. With that rental price to home value you can make a case for a 15% increase without exceeding the national average rent to purchase price. There are certainly pockets of overbuilt new homes, especially if you have above 3000 square … (0 comments)
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The 25x25 Alternative Energy Plan - 11/16/08 09:25 PM
25x25
T. Boone Pickens is the only proposal for lessening our dependence on foreign oil with an alternative energy plan. 400 groups have endorsed the vision of 25x25. This is an non-fossil fuel renewable energy program that would supply 25% of our energy by 2925, hence the name. The Pickens Plan depends on a dramatic increase in wind power and a complete rebuilding on the energy grid, then the natural gas that fires electrical plants would be used for domestic vehicles which would also require an expensive retooling of gas stations where none exist for natural gas. It also has an advantage in … (0 comments)
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What's the Encore to the Oklahoma City Thunder? - 11/16/08 09:13 AM
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 … (1 comments)
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Devon Tower the symbol of the New Oklahoma City - 11/15/08 06:05 PM
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 … (1 comments)
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Is there a housing silver lining? - 11/15/08 11:19 AM
I remember the days of Ronald Reagan and trickle down economics. Oklahoma is doing great in housing if you compare it to the rest of the country, however that may be damning with faint praise. The economic meltdown affects everyone, some more and some less. Let's break down the good and bad news and make predictions in Oklahoma for 2009 real estate
Are there buyers out there?
A recent NAR survey reveals that 85% of those questioned believe that this is a good time to buy. The really bad areas like California and Florida are being fueled with up to 60% price drops. Can you … (0 comments)
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Blame Wall Street and not Main Street? - 11/15/08 11:16 AM
Recent testimony by former fed chief Alan Greenspan exhibited a tragic absence of understanding on human nature. He just could not imagine that the markets couldn't regulate themselves. Either he is as naive as a nine year old, or economist have tunnel vision. He seems to be saying that as long as the numbers work he didn't have to pay attention to human frailty. Even the framers of our Constitution new that the Articles of Confederation were not working. The reason? Greed is a part of human nature. Hopefully out next President understands behavior and understands that the central government was … (0 comments)
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How to lower energy cost in you home - 11/15/08 08:32 AM
Even though natural gas prices have come off their highs, prices are still up from last year. Probably the bills that bug me the most are the utility bills because this is one area I have control. If your mortgage is adjusting upward, wouldn't it be nice to reduce your utility bills $100 per month are more? This is important because the average yearly energy bill has gone up at least $250 per house this year. Here are a few suggestions:
1) Replace your old refrigerator with an Energy Star rated unit, and go with a front load washer and dryer. … (0 comments)
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Real Eststae Investment-Cash Flow or Flip? - 11/15/08 08:08 AM
I feel fortunate to live in Oklahoma at this perilous time. Oklahoma leads the nation in the rise of the average and median price of homes increasing. Oklahoma City home listings are only at 6% foreclosure or short sale where other areas of the country are over 50%. Unemployment has dropped to 3.5% which means it is at a level of full employment since 3.5% is the number of the hard core unemployed. The state has positive cash flow on virtually everything property you but at 20% down, so you can expect I am naturally biased toward positive cash flow versus flip. Let me … (0 comments)
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Why Oil needs to stay above $80 a barrel - 11/14/08 11:05 AM
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 … (0 comments)
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A historical preservation district can hurt neighborhoods - 11/14/08 09:28 AM
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 … (0 comments)
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Realtors Must Change - 11/13/08 12:24 PM
I am in my 20th year of real estate in Oklahoma. It is an industry that in the 21st century has grown beyond anyone's imagination. NAR, the National Association of Realtors grew from one million Realtors in 2000 to 1.4 million in 2007. Most prognosticators were predicting a shrinkage. Along with that the mortgage industry, inspectors, builders, and other related fields grew as well. Now the industry is retrenching to a smaller group. The old saying only the strong survive is absolutely true for 2009. For this reason I want to make a few recommendations for the industry. Hopefully Realtors will read … (0 comments)
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Should we rescue the Hummer? - 11/12/08 01:51 PM
Detroit's automobile industry looks like it is wants a handout from the Feds like everyone else these days. They have spent years producing the wrong vehicles which if you look at Asian and European sales in the U.S. makes that apparent. So while Ford celebrates it's latest gas guzzling F-150 pickup, or Hummer is now pushing its pickup, the rest of the world is producing 45 mpg vehicles, and in some cases taxing certain types of vehicles. Because of high gas taxes, Europeans are used to high gas prices and have demanded innovation from their car manufacturers. So the question is should we subsidize Detroit's … (0 comments)
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Should the feds save the Hummer - 11/11/08 10:14 AM
Detroit's automobile industry looks like it is wants a handout from the Feds like everyone else these days. They have spent years producing the wrong vehicles which if you look at Asian and European sales in the U.S. makes that apparent. So while Ford celebrates it's latest gas guzzling F-150 pickup, or Hummer is now pushing its pickup, the rest of the world is producing 45 mpg vehicles, and in some cases taxing certain types of vehicles. Because of high gas taxes, Europeans are used to high gas prices and have demanded innovation from their car manufacturers. So the question is should we subsidize Detroit's … (0 comments)
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We must rescue the Housing Industry - 11/10/08 06:56 PM
With the 700 Billion dollar rescue package, President Bush and allies in Congress on both sides of the aisle have rejected the housing industry's victims, and embraced the Presidents Pro-business ignore the public mentality. I do agree that we had to rescue banks and other financial institutions that could have caused a domino effect that could create the second great depression. Detroit is now asking for more money from that bailout bill to keep them afloat which Iwill adress this week in a new post. The two huge looming problems now seem to be the increasing unemployment and a record number of … (0 comments)
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Joe Pryor.com REALTOR® Oklahoma Investment Properties
Oklahoma City,
OK
More about me…
Redbud Realty
Address: 515 S Santa Fe Ste 101, Edmond, OK, 73003
Office Phone: (405) 216-0020
Cell Phone: (405) 590-2135
Email Me
We want to inform you of economic and demographic information in Oklahoma, as well as alert you to unique investment opportunities in both residential and commerical real estate. We also will step outside of our state to comment on important news and events as they shape our real estate world. This blog has opinions but is not dogmatic. We hope for open dialogues that make us all better Realtors that give exceptional service to our communities.
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