Friday, August 31, 2007

Farm and Ranch Locator Service

Partners,

I am offering a new service. It is the Farm and Ranch Locator Service. If you are looking for a cattle ranch, horse ranch or recreational/hunting property in Oklahoma, I can help you. I have a partnership with a ranch real estate broker in every county in Oklahoma. If it is for sale, I can show it to you, in Oklahoma. Call me or e-mail me and tell me what you are looking for. Fees vary depending on the services you require. We have 4x4 vehicles, and airplanes to help with the showings. Let me know what you need.

Saturday, August 25, 2007

Housing market slowdown not severe here.

Housing slowdown apparent locally, but nothing severe By ROBERT EVATT World Staff Writer 8/26/2007
Tulsa's housing market has been largely insulated from the effects of the national crash -- sales and construction haven't dropped the way they have across the country. But will the national problems eventually drag down Tulsa? Bernard Markstein, senior economist and director of forecasting at the National Association of Home Builders, said Tulsa may have already been affected. "You've seen some slowdown because interest rates are a little higher and credit is a little tighter," he said. Sales in the area -- 6,649 homes through June -- are nearly 200 fewer than during the first half of last year, and construction through June stands at 2,266 housing starts, well below the 2,598 for the same time in 2006. Ron Sumner, president of the Greater Tulsa Association of Realtors, said the drop isn't necessarily a sign of a weakening market since the number of homes being offered for sale has dropped as well. "Our slight decrease in demand has been offset by a decrease in supply," he said. The mass collapse of subprime mortgages, which has lead to bankruptcy for some national lenders and the weakening of financial
markets, hasn't yet had much of an effect on Tulsa home-buying, said Glenn Shaw, president of the Home Builders Association of Greater Tulsa. "Oklahoma is so conservative, we never got into the fringe mortgage programs," he said. That's not to say it's had no effect. Vinson Reed, general manager of McGraw Davisson Stewart, said tightening mortgage standards have prevented a small number of potential buyers from getting loans. "We've lost some deals because of the subprime situation, but not too many," he said. Carter Maxey of Jane Maxey GMAC Real Estate said the lowest-price homes in Tulsa will likely feel the biggest impact, because mortgage companies have stopped issuing subprime mortgages almost entirely. "Jumbo" loans over $400,000 are also getting more restrictive. But he said the mortgage companies he works with haven't given any indications that loans between the two extremes will dry up. "The healthy center hasn't been affected," he said. Robert Cooke, marketing representative for R. Cooke Homes, said his company hasn't directly encountered any buyers having trouble finding loans, though he has heard from other builders who worry that may happen more often. In fact, fear itself might be the biggest drag on Tulsa home-buying. "Maybe the slowdown is just the perception people get from the media that the national market is slowing down, and then people decide it's not a good time" to buy, Cooke said. Shaw said he believes buyer fear is the biggest problem facing Tulsa. "We're hearing these bad stories, but the worst thing we're battling is the national press," he said. Sumner said Tulsa's economic environment remains favorable to home-buying, with affordable prices, low interest rates and low unemployment. Still, he's predicting Tulsa won't break any records this year. "Our market will probably slow down a little, but based on what we've got going on it probably won't be by a lot."
By ROBERT EVATT World Staff Writer

Friday, August 24, 2007

Mayberry Farms Lots Discounted



The Mayberry Farms Subdivisions is discounting the price of the lots for the months of August and September in the amount of $5,000 off of each lot. Prices will go up again in October. Now is the time to buy and get your new home built before Christmas. All builders are welcome.

Thursday, August 23, 2007

STILL A STRONG DEMAND FOR HOMES

Regardless of what you may have heard about the national economy recently, we in the Tulsa Metro Area are presently experiencing a good "Sellers Market" for local real estate. We are currently working with several qualified buyers in different price ranges in need of homes. If you have a desire to sell your property, would you please give us a call

Sincerely
Sam Rader
President/CEO
Coldwell Banker Radergroup, Realtors
Tulsa, Oklahoma

Wednesday, August 22, 2007

Home prices up; Sales down

Home prices up; sales down By ROBERT EVATT World Staff Writer 8/8/2007

Home sales dropped slightly in June, but that didn't stop prices from making a hefty jump in metropolitan Tulsa. About 1,334 homes changed hands, compared with 1,359 in May and 1,456 in June 2006, the Greater Tulsa Association of Realtors reported Tuesday. The midyear total is 6,649 home sales, nearly 200 fewer than the number sold in the first half of 2006. Ron Sumner, president of GTAR, said the drop may stem from jitters over the national real estate market. Once-hot areas of the country such as California and Florida are experiencing plummeting sales and stagnant prices. "There's so much negative publicity on a national level as to how bad the real estate market is that it's affecting us, even though our market isn't bad," he said. Sumner said Tulsa never experienced a housing bubble, and the area's continued job growth and strengthening economy would normally keep sales high. The subprime lending sector, which is battered by record loan defaults and lender bankruptcies, may also be contributing to the lower sales as local and national lenders tighten their standards, Sumner said. "Some of the adjustable-rate mortgages just aren't available anymore," he said. Despite the lower sales in June, the average price for a home in the Tulsa area increased 8.9 percent to $163,521. Also, the median figure rose 5.7 percent. Sumner said the price increase was caused by market demand. Though sales dropped, so did the inventory of available homes. He also noted that prices increases are occurring in all price ranges. "The median measures the sales price for the home in the exact middle of the list, rather than the average," he said. "When the median goes up, it appears there's a general price increase."

Sunday, August 12, 2007

More on the Tulsa area market.

Home prices up; sales down By ROBERT EVATT World Staff Writer 8/8/2007
Home sales dropped slightly in June, but that didn't stop prices from making a hefty jump in metropolitan Tulsa. About 1,334 homes changed hands, compared with 1,359 in May and 1,456 in June 2006, the Greater Tulsa Association of Realtors reported Tuesday. The midyear total is 6,649 home sales, nearly 200 fewer than the number sold in the first half of 2006. Ron Sumner, president of GTAR, said the drop may stem from jitters over the national real estate market. Once-hot areas of the country such as California and Florida are experiencing plummeting sales and stagnant prices. "There's so much negative publicity on a national level as to how bad the real estate market is that it's affecting us, even though our market isn't bad," he said. Sumner said Tulsa never experienced a housing bubble, and the area's continued job growth and strengthening economy would normally keep sales high. The subprime lending sector, which is battered by record loan defaults and lender bankruptcies, may also be contributing to the lower sales as local and national lenders tighten their standards, Sumner said. "Some of the adjustable-rate mortgages
just aren't available anymore," he said. Despite the lower sales in June, the average price for a home in the Tulsa area increased 8.9 percent to $163,521. Also, the median figure rose 5.7 percent. Sumner said the price increase was caused by market demand. Though sales dropped, so did the inventory of available homes. He also noted that prices increases are occurring in all price ranges. "The median measures the sales price for the home in the exact middle of the list, rather than the average," he said. "When the median goes up, it appears there's a general price increase." This according to the Tulsa World newspaper.

Saturday, August 11, 2007

My kind of investment


What is a home buyers representative?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Researchby the National Association of Realtors has shown that when a buyer's representative is used, the prospective buyer found a home faster and examined three more properties than consumers who did not use a buyer's representative.

The buyer's representative works for, and owes fiduciary responsibility to the real estate buyer and has the buyer's best interest in mind throughout the entire process.

A buyer's representative will:

  • Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
  • Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
  • Assist in viewing properties-accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specification are met.
  • Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
  • Advise the buyer on structuring an appropriate offer to purchase the selected property.
  • Present the offer to the seller's agent and the seller on the buyer's behalf.
  • Negotiate on behalf of the buyer to help obtain the identified property-keeping the buyer's best interest in mind.
  • Assist in securing appropriate financing for the selected property.
  • Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, inspectors, etc.) if these services are needed.
  • Most importantly, full represent the buyer throughout the real estate transaction.
  • Mike Washburn is The Land Man 1-918-948-3425

How is the Tulsa market?

Mortgage industry problems across the nation begin to affect housing in the Tulsa area.Mortgage lenders and brokers across much of the nation have gone into panic mode as they try to assess the damage from the subprime collapse, with many of them focused simply on survival. The effects are more muted in Tulsa, though officials of local mortgage companies disagree on the number of prospective homebuyers who may become shut out of the market. Jeff Allen, owner of Associated Mortgage Corp. of Tulsa, said Friday that the national market's problems may compound and eventually hamper increasing numbers of loan applicants. "At this point it's not affecting us, but it will ultimately slow down the market," he said. The crunch was seeded several years ago at the start of the housing boom, when more and more people with poor credit obtained attractive but risky loans -- the so-called subprime market. The loans often included triggers that dramatically increased monthly payment to levels that borrowers could not afford after a few years, said Ron Sumner, president of the Greater Tulsa Association
of Realtors. As increasing numbers of loans hit those triggers, so did the number of defaults. As a result, financial troubles have hit many large mortgage lenders and brokers that specialized in customers with poor credit, and the resulting crunch has shaken international finances. Sumner said Oklahoma was shielded from most of the fallout due to the state's low property values. "(Subprime) loans were made here, but they were made more frequently in markets where housing prices were rising much more quickly since the homes were more expensive," he said. Steve Admire of Advantage One Mortgage in Tulsa said Friday that local buyers with low credit scores are out of luck. "The availability of credit to less-than-perfect credit lines has evaporated in the last couple weeks," he said. Allen, whose company has provided loans for such people, said he's no longer able to lend to that demographic. "Loans we were able to make two days ago we aren't able to make today," he said. But it's not out of fear of defaults, he said. Instead, the investors who provide money for his loans have lost their appetite for subprime mortgages and are tightening their standards. "If you don't have investors buying them (mortgages), it takes them away," he said. And they're being taken away quickly. Allen said investors often pull out overnight, with no advance warning. If a local home buyer is in the process of getting such a loan approved, he'll suddenly find the application rejected. But Allen said the change was necessary, since many of the loans were given to people borrowing well beyond their means. Buyers who haven't been deemed credit risks aren't as affected, Admire said. Many of the adjustments are being made in the subprime market and in "jumbo" mortgages, which are loans over $417,000. "We haven't seen the lenders clamping down on all grades of credit yet," he said. Admire said his business only offers conventional mortgages, so it has not been affected by problems in the subprime market. David Laughlin, president of BOk Mortgage, said his company has also avoided problems, since BOk's portfolio includes relatively few borrowers with low credit ratings. "BOk has a conservative lending approach," he said. "We don't try to put a square peg in a round hole when it comes to getting a borrower into a loan." Laughlin said BOk's loan requirements, offered chiefly through Freddie Mac and Jennie Mae, have become somewhat stricter, though it's been manageable so far. "The agency guidelines have been tightened, and they've changed their pricing on some products they deem more risky," he said. "But our application and funding volume has stayed steady." Admire said his company's conventional mortgages, offered through Fannie Mae and Freddie Mac, haven't been affected. Most lenders say they don't believe credit will dry up significantly in Oklahoma. Laughlin said standards will continue to tighten, and a few borrowers with average credit may have trouble finding mortgages. "They'll be somewhat restrictive, but truly qualified borrowers can still get loans," he said. Actually, the subprime crunch may become an advantage for Oklahoma, since the area is much less affected than other states, Laughlin said. "Hopefully, Oklahoma will benefit from this," he said. "People may find the affordability and availability of credit here to be an oasis."

According to the Tulsa World Newspaper

Friday, August 10, 2007

Would you like to recieve my monthly news letter.

I send out a monthly newsletter each month. Would you like to be on my e-mail list to receive it from me? If you would, drop me an e-mail at mwashburn@cbtulsa.com .

The Land Man Team-Showing houses every day all day

Hello partners,

Did you know that my home buyers assistants can show houses to you from 9 am to 9 pm, 7 days a week. Call my number 1-918-948-3425 to see which assistant is working at a given time, and make an appointment. All of my assistants are Coldwell Banker Radergroup trained and experienced sales associates. This will allow you to have the benefits of working with me, even when I am on other appointments or out of town. Of course, I will be working with you thru contract, inspections and to closing of your new home.

Thursday, August 9, 2007

I have out of state buyers moving to Oklahoma

I have buyers coming from out of state to purchase Oklahoma property. In the month of July I closed with buyers from Wyoming, Utah and Nevada. I have others that are looking for houses. If you know of anyone who is thinking of selling, now is the time to get their houses on the market. Have them call me at 1-918-948-3425 or visit my website http://www.mikethelandman.com/

Do not be concerned about financing your new home.

Yes things are crazy with home financing right now. If you are a seller, be concerned about who your buyer is financing thru. Pre-qualification letters and pre-approval letters do not mean squat if they are not back by a solid, honest financial institute. Take it upon yourself to call the lender and ask for a guarantee from them that if everything else works on the sale, that there will be funds to close. If you need professional advice on mortgages, call Kym Knight with First United Bank Mortgage 918-951-1376. Fear Not.

Tuesday, August 7, 2007

What is up with home mortgage lenders?

Failing Lenders & How It Affects You, the Investor

Written by Dealmaker (Matt)
Tuesday, 07 August 2007
As lenders are cutting off borrowers, Wall Street is cutting off lenders from the capital they need to continue making loans.On Monday, American Home Mortgage Investment filed for bankruptcy protection. AHMI was not a sub-prime lender so the announcement on Monday surprised a lot of brokers. As more lenders are shutting down and the remaining lenders are tightening their underwriting standards.

Sunday, August 5, 2007

Look for country home articles


This blog is a new tool for me. I will be adding articles from time to time.

Saturday, August 4, 2007