The more I read the more I think the real estate market is getting uglier. Some optimist are saying that the worst is over. However, some kinds of risky loans won't hit their explosion point until 2009 through 2011. These are the Option Arms that offer negative amortization payments. It is not looking like Washington politicians want to save you, unless you are a big Wall Street firm or bank. I have..(read more)
I have a short sale specialist on my team. I know the basics of short sales, and in my 19 years of real estate I have done a few, although they were in kinder, gentler mortgage times. Today I wouldn't do one. The game has changed and the stakes are higher. I am going on a listing appointment with the specialist which is probably an exercise in futility. A Realtor had the property listed for too long..(read more)
Years ago I remember the bumper stickers warning that if you bought a foreign car you would put an American worker out of a job. It didn't help to tell those folks that if they looked under the hood they would find many foreign parts that help make the car affordable. I wonder if those same folks want to pay more at Walmart for U.S. only goods. Now we have a world wide energy, credit, and food crisis..(read more)
All over the United States the nature of the real estate market is changing. Some areas which where overheated have a long road to recovery. Places like Oklahoma City which Forbes called the most recession proof city has its own housing problems too. Although the economy is excellent, the job market strong, and the price of housing affordable, 2008 has seen a drop in volume through the first four..(read more)
This is my 19th year of real estate in Oklahoma City. Before that I had home electronic stores for 16 years. Back then I loved working with someone buying their first great audio system. For them even mundane music sounded like a celestial choir. They were not jaded and it was like they were hearing the music for the first time. Same goes for first time home buyers. I normally don't get to do..(read more)
Forbes on April 29th posted an article about which 10 cities in the United States should weather the storm best. Oklahoma City is No 1 on their list. The article is posted on this link, http://www.forbes.com/realestate/2008/04/29/cities-recession-places-forbeslife-cx_jz_0429realestate.html. The article featured out low unemployment, out robust housing, even our manufacturing jobs are increasing. I..(read more)
The www.virtualrealestateteam.com , of which this blog is a part of, has been in existence since 2004. We are about to do a major upgrade to the site to enhance your ability to find properties, get auto-email notice of new listings, ask for a free market analysis, and get local points of reference about Oklahoma. One of the most important features is the auto-email notice for new properties,..(read more)
The housing industry has changed dramatically in 2007 and 2008. The economy of the United states has changed the same way. Oil is predicted to go to $180 per barrel, and natural gas is estimated to double. Interest rates will rise so that combining these elements homes will cost more and they will be more expensive to heat and cool. I have a lovely 2100 SF home built in 2005. It has an over-sized..(read more)
Dies anyone remember the movie "My dinner with Andre"? It was a dinner conversation that lasted the whole movie. Check it out, it was intelligent discourse. It came to mind when a person called Debbie called me at the office. She was from out of state and had duplexes she owned in OKC. She was interviewing agents about possibly listing her properties in about a month. We ended up having..(read more)
I was in Palm Beach Florida last week. On Worth Avenue, a street filled with name brand luxuries and cars over $100,000 driving by, I pondered about what made me the happiest. Would it be a Rolls, designer jewelry, a $10,000 suit. No folks, your humble narrator had thoughts of a $1.00 McDonald's dip cone. When you are blue and need a boost, I recommend that you don't go blow your credit line..(read more)
