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Warmer weather and clear skies are starting to impact the local housing market. Housing, one of the hardest hit markets during the great recession, is now seeing signs of life in the Central Oklahoma.
“When the bad weather starts to go away, people tend to get out more to look at houses,” Carolyn Harris, of Prudential Carolyn Harris Reality, said. “We tend to get more action in the spring when the weather clears up.”
Local realtors are seeing improvements in what some are calling a buyers market.
“I think it’s a much better atmosphere than in 2010,” Margaret Davis, Century 21 Golden Key Reality, said. “We seem to have more people buying. Our phones are ringing more than last year. We haven’t quite turned the corner, but things have improved, and that’s the perception I’ve seen on the street.”
Davis said there were 775 listings in the five-county area surrounding Shawnee. Those listings include residential, commercial, ranches and undeveloped land. Davis said 190 properties have been closed, or sold since January.
“The climate feels better,” Davis said. “Lending is still an issue, but I do think it has gotten a little better.”
Davis said lending could still be problematic for some buyers, but that people with high credit scores should expect less hassle in procuring a loan.
“I think that there is no better time then now to get involved,” Davis said. “We have a great buyers market, now is a great time for people to be buying.”
Davis said she expected the market to continue to improve.
“During the summer, when kids are out of school, is when a lot of people make plans to move,” Charlotte Kelly, of Century 21 Bob Crothers, said. “Spring is the time when people are trying to get prospects.”
Kelley said the number of foreclosures in Shawnee was still abnormally high for the area.
“We have seen more repossessed homes then we ever have in Shawnee,” Kelly said. “You can see seven to eight repossessed homes on the market at anytime. You would never see that many homes up before. Most of these houses belonged to people that either couldn’t afford the mortgage or the value of the house wasn’t worth what it was financed for and they just walked away from it.”
Kelly said changes to lending practices could impact the availability of loans.
“Lenders are getting more strict and appraisers are becoming more thorough,” Kelly said. “Naturally that will make it harder for some people to get financing.”
Kelly said low interest rates could help spur a recovery in the housing market.
“It’s a difficult market,” Kelly said. “I think it will recover. We have had ups and downs in the market before, I remember when interest rates were over 17 percent.”
The interest rate on a 30 year fixed mortgage may vary from four percent to over five percent depending on the institution and the applicant’s credit score.
“Now is a good time to buy,” Nancy Jackson, of Remax of Shawnee, said. “There are a lot of listings on the market. Competition is good, and interest rates are down. Five percent is a wonderful interest rate.”
Jackson said the level of competition in the market meant that buyers would have more leverage due to the number of options available.
“It’s still a buyers market,” Jackson said. “Prices haven’t really gone down in Shawnee. Some areas have had a decline, but in Shawnee, prices have remained pretty solid.”
Jackson said Shawnee has not had the massive losses in home value that other parts of the country have seen.
“Buying a house can be the single largest investment a person can make,” Jackson said. “When the market comes around and the economy rebounds, house prices will start to go back up.”
Oklahoma is considered by some to be recession proof, and currently has the sixth lowest unemployment rate in the nation.
“Lending has been tough,” Terry O’Rorke, of ERA Branson McKiddy Reality, said. “Lenders have cracked down, which is something they should have done four years ago.”
In 2006 is when many economists believe the housing bubble peaked, the collapse that followed has been credited as one of the key causes of the global recession that followed.
“The stock market can be scary, and C.D.s don’t pay very much,” O’Rorke said. “We have a lot of people investing in land, because they know they won’t lose a penny with land.”
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Robby Short may be contacted by calling 214-3934
Warmer weather and clear skies are starting to impact the local housing market. Housing, one of the hardest hit markets during the great recession, is now seeing signs of life in the Central Oklahoma.
“When the bad weather starts to go away, people tend to get out more to look at houses,” Carolyn Harris, of Prudential Carolyn Harris Reality, said. “We tend to get more action in the spring when the weather clears up.”
Local realtors are seeing improvements in what some are calling a buyers market.
“I think it’s a much better atmosphere than in 2010,” Margaret Davis, Century 21 Golden Key Reality, said. “We seem to have more people buying. Our phones are ringing more than last year. We haven’t quite turned the corner, but things have improved, and that’s the perception I’ve seen on the street.”
Davis said there were 775 listings in the five-county area surrounding Shawnee. Those listings include residential, commercial, ranches and undeveloped land. Davis said 190 properties have been closed, or sold since January.
“The climate feels better,” Davis said. “Lending is still an issue, but I do think it has gotten a little better.”
Davis said lending could still be problematic for some buyers, but that people with high credit scores should expect less hassle in procuring a loan.
“I think that there is no better time then now to get involved,” Davis said. “We have a great buyers market, now is a great time for people to be buying.”
Davis said she expected the market to continue to improve.
“During the summer, when kids are out of school, is when a lot of people make plans to move,” Charlotte Kelly, of Century 21 Bob Crothers, said. “Spring is the time when people are trying to get prospects.”
Kelley said the number of foreclosures in Shawnee was still abnormally high for the area.
“We have seen more repossessed homes then we ever have in Shawnee,” Kelly said. “You can see seven to eight repossessed homes on the market at anytime. You would never see that many homes up before. Most of these houses belonged to people that either couldn’t afford the mortgage or the value of the house wasn’t worth what it was financed for and they just walked away from it.”
Kelly said changes to lending practices could impact the availability of loans.
“Lenders are getting more strict and appraisers are becoming more thorough,” Kelly said. “Naturally that will make it harder for some people to get financing.”
Kelly said low interest rates could help spur a recovery in the housing market.
“It’s a difficult market,” Kelly said. “I think it will recover. We have had ups and downs in the market before, I remember when interest rates were over 17 percent.”
The interest rate on a 30 year fixed mortgage may vary from four percent to over five percent depending on the institution and the applicant’s credit score.
“Now is a good time to buy,” Nancy Jackson, of Remax of Shawnee, said. “There are a lot of listings on the market. Competition is good, and interest rates are down. Five percent is a wonderful interest rate.”
Jackson said the level of competition in the market meant that buyers would have more leverage due to the number of options available.
“It’s still a buyers market,” Jackson said. “Prices haven’t really gone down in Shawnee. Some areas have had a decline, but in Shawnee, prices have remained pretty solid.”
Jackson said Shawnee has not had the massive losses in home value that other parts of the country have seen.
“Buying a house can be the single largest investment a person can make,” Jackson said. “When the market comes around and the economy rebounds, house prices will start to go back up.”
Oklahoma is considered by some to be recession proof, and currently has the sixth lowest unemployment rate in the nation.
“Lending has been tough,” Terry O’Rorke, of ERA Branson McKiddy Reality, said. “Lenders have cracked down, which is something they should have done four years ago.”
In 2006 is when many economists believe the housing bubble peaked, the collapse that followed has been credited as one of the key causes of the global recession that followed.
“The stock market can be scary, and C.D.s don’t pay very much,” O’Rorke said. “We have a lot of people investing in land, because they know they won’t lose a penny with land.”
———
Robby Short may be contacted by calling 214-3934
