Thursday, November 27, 2008
Tuesday, November 25, 2008
Monday, November 24, 2008
For the past two years Thanksgiving has been the only time that my real estate business has slowed down. Sunday was quiet with no visitors. I did a lot of paperwork. I expect it will be slow this week. I am working with 3 new clients who are looking at property with me. I do not mind the slow down for a little rest.
Saturday, November 22, 2008
Friday, November 21, 2008
Thursday, November 20, 2008
Wednesday, November 19, 2008
TULSA WORLD FILE
By ROBERT EVATT World Staff Writer
11/19/2008 12:02 PM
Last Modified: 11/19/2008 1:48 PM
Real estate Web research site Zillow has reported that values for all homes in the Tulsa area — including those that haven't been sold — stayed steady from the third quarter of 2007 to the third quarter of this year.
Though flat, Tulsa's results are vastly better than the 9.7 percent nationwide drop the company reported for the same period.
Over the last 10 years, Zillow estimates Tulsa homes have gained 4.6 percent in value each year.
Apparently a number of citizens have decided to move money from stocks, bonds and other paper investments and put their money into real estate. I am getting calls every day from men and women who are looking for the great deals in Oklahoma real estate. These calls are coming from all over the nation. I am going to be busy all thru the holidays.
Tuesday, November 18, 2008
I have recieved calls from several home buyers that are moving to Tulsa. All of them have new jobs in Tulsa. One is from Chicago, IL. One is from Texas and another one is from Indiana. All are looking to buy a home. Many of these folks already have financing in place.
Monday, November 17, 2008
Winter is almost here and I am looking for a convertible. If you know of anyone that has a Chevrolet Camaro Convertible from 1993 to 1998 model in any condition, I would be interested in talking to them. Will make a nice winter project and great driver for next spring.
I just got home from the Claremore City Council meeting where I and 19 other citizens graduated from the very first Citizens Government Academy and recieved our diplomas from the Mayor and then ate dinner with the city counsel members. Quite a nite. Very interesting class.
Sunday, November 16, 2008
Did you know that a new law has been passed in Chouteau Oklahoma that allows licensed drivers over the age of 16 to drive ATV OR GOLF CARTS in the city of Chouteau. The driver can be ticketed for breaking any trafic law. The driver can cross highway 69 but can not drive on the highway. Interesting huh? Only in Oklahoma.
Foreclosure rate dives in state
By ROBERT EVATT World Staff Writer
Last Modified: 11/13/2008 4:27 AM
A new report indicates that home foreclosures in Oklahoma plunged 36 percent from September to October.
The report by real estate data service RealtyTrac estimated that 817 foreclosures were filed for the month, or one for every 1,967 households in the state.
Nationally, foreclosures rose 5.11 percent for the month and 24.55 percent for the year, with a rate now at one foreclosure for every 452 households.
James Saccacio, CEO of RealtyTrac, said in a news release that legislation filed by several states mandating delays in the foreclosure process did not have a significant effect on home loan defaults.
"While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures," he said.
The national rate was above the previous year for the 34th month in a row.
Nevada had the highest state default rate for the 22nd straight month, with one of every 74 homes filing foreclosure during October
Saturday, November 15, 2008
Home Values Have Held Up
TULSA, OK (September 23, 2008) – The Tulsa housing market has calmed down a little and is pretty much back to normal. Listing inventory processed for the month of July 2008 decreased from a year ago 7%, and is down year-to-date -.9%. The number of homes for sale on the last day of the month increased 6.4% from the same time last year. We are seeing now exactly what we expected and predicted stated Doug Horton, President of the Northeast Oklahoma Real Estate Services. Residential closings for the month continued to trail 2007 by only -4.5%.
Its very important for Oklahomans to understand that our home values have held up, and even increased, over the past year. We are now one of the best real estate markets in the country, and are consistently in the top 10 in home value appreciation. Horton predicts that our worst time is over.
The average sales price increased from a year ago 3.6% and 2.8% year-to-date from this time last year. About this same time last year we began to hear the horror stories of the real estate market across the county; this put a lot of fear into potential buyers. The sub-prime markets dried up, practically overnight, in August of 2007. Then, the Alternate-A (stated income loans) followed suit in September, basically just disappearing. By October, we had no 100% loans of any kind available (except for VA). So, many people who could have bought homes before these financing options disappeared can no longer qualify for a home mortgage. Fortunately for home buyers, the Government has greatly enhanced the Government Insured FHA loans during 2008. FHA loans are gathering steam, and are available to many of the buyers who were shut out by the elimination of the Alternate-A conventional loans and the 100% conventional loans.
A recent report from Global Insight and National City Corp shows the historical values of the City of Tulsa since 1985 (see attachment). The Q1 of 1985 the median price of a home was $59,300.00 and the market was considered to be overvalued by 50.4% at that time. In 2008 Q1, the median home price was $102,900, undervalued by 23.2%. The report shows the Tulsa market has been undervalued since Q1 1992, and has gradually increased in undervalue to its current peak today. (The valuations are based on the median values for single-family dwelling units and are based on the 2000 Census of Housing. That point-in time Census estimate is then extrapolated, based on price indices published by the Office of Federal Housing Enterprise Oversight (OFHEO). Because OFHEO has acknowledged that these price indices overstate increases when refinance activity is strong, the valuations are further adjusted to correct for this influence.)
Are you aware that there is still 100% financing available for home purcases in Northeast Oklahoma? The USDA Rural Developement loan is 100 percent plus you can borrow closing costs. Veterans can still get VA mortgages at 100 percent. One bank in Tulsa is offering 103 percent to also cover closing cost. Interest rates are hovering around 6%. If you are a Native America, you can get a grant from the Cherokee Nation for $15,000 to pay for your down payment and closing costs. For more information go to my website www.mikethelandman.com and click on the get pre-qualified button.
I have spent this year working. The Landman team is on track to sell $10 million dollars worth of residential and land real estate in Northeast Oklahoma in 2008. No gloom and doom for us. We have sold homes in town and in the Country in Adair, Pryor, Locust Grove, Inola, Claremore, Foyil, Chelsea, Oologah, Owasso, Tulsa, Broken Arrow, Coweta and Catoosa. If your property did not sell, I believe that marketing is probably the reason. I have a special marketing plan that I customize for each property that I list. Our buyers have had no problem obtaining financing because my prefered lenders do not offer "stupid loans" If you think differently please let me know. Drop me an e-mail at email@example.com.