The article in this link was published in our local paper today, The Norman Transcript 4/18/2011
In contradiction to this article, I've looked at numbers for this year and we are seeing the usual seasonal improvement. January's housing absorption rate (indicator number for realtors that tells how many weeks the current inventory of homes on the market is expected to sell) was 12.4, Feb 11.1 and March 8.1. These numbers indicate we are still in a buyer's market, but when they reach 7 it is considered a neutral market. (Source: Norman Board of Realtors Sales and Inventory History report)
While attending the National Association of Realtors Annual conference, the predictions for Oklahoma were that the housing prices will continue to roller coaster for another 4 years until we reach our highs of 2007 and 2008. I am already seeing these results, but some price ranges and areas still seem to be struggling. This is good news when comparing the 10 years expected for California, Nevada and a few other states to reach their highs again.
Loan rates remain low, but credit and down payment requirements remain stringent. I don't see this changing soon (or ever again). But there are programs to help buyers, like the Norman and Cleveland County's down payment assistance programs and the State of Oklahoma has a similar program. Knowledge can change your home ownership status to new home owner, moving up, or even investor. Give me a call/text at 405-203-9265 or call your bank/lender and start asking questions.
REALTOR®, Broker Associate, GRI
Metro Brokers of Oklahoma Central