Comparative Market Analysis in Holly Creek Broken Bow Oklahoma 
Area Today. I taught at Holly Creek School several years ago. I believe they have one of the best schools in our area. Holly Creek is a rural community west of Broken Bow. It's a good location for living in the country and yet being about equal distance to Broken Bow 74728 or Idabel, Oklahoma 74745.
Today, I'm visiting the Holly Creek area to look at a home. The owner's son called and asked me to do a CMA (Comparative Market Analysis) to see what we would list it for. After we visit the home, making notes, and taking a few photos to help me remember details, I'll compare the property to other recent sales in the area and properties currently on the market, so we can can come up with an a list price indicated by those recent sales comps and the competition properties.
I am finding that some of the market problems in our local area at this time tends to be tied up in lending. Our local banks are where many of my customers end up getting their loans. Their down payment requirements usually are higher than the larger national banks. Local banks will often need 20 to 25% down payment. They finance for a fewer number of years usually and often it's an adjustable mortgage.
Sometimes a local bank will amortize for 30 years, but actually only finance for 3 years, with the mortgage due at that time... This means that to stay with that bank, you will have to go back at the end of the 3 year period and sign documents again to refinance it for 3 more years and remember that the mortgage is actually due at that time... all of it. Their interest rate at this time is 2 points above prime.
One of the other options that we find locally is an adjustable rate mortgage, term is usually 10 or 15 years and the rate adjusts annually. Their interest rate has been running between 6 and 7 % for some time now.
Financing outside our local banks has brought it's own set of problems for many, with higher credit score requirements, more documentation requirements, etc. and often just a slow process to get to closing.
So today, I'm doing a Comparative Market Analysis in Holly Creek, and the lending issues along with the sales comps, location, condition, etc will have to be taken into consideration as we work to try to determine the highest price that the market will bring for the property.
Hope the sun is shining today!
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