Part 2 of 4
You probably will agree with me that the last few weeks were a little hectic for all of us. But it is time to catch up and get up to speed.
What is happening in real estate nationally is affecting all of us. Markets and economy are in such turmoil. There is a lot of uncertainty and questions about the present and what the future will bring. So far we haven't heard any clear and straight answers. There is lots of brainstorming, debating and finger pointing.
But there is a little of positive news about the housing market in general and not only in Oklahoma. Statistics point us to a conclusion that the housing market has stabilized already. Read my previous (partI) article: Timing and chasing the market - a smart move or is it? This is a piece of news everyone will be glad to hear. Positive and encouraging. Ok, I can hear you say - but all of the headlines, all of the news...Well, guys, negative sensationalism always sells. We are no strangers to it. There is no denying about some builders and markets being in trouble but most the time the reason for this is because of bad business practices and wrong decisions.
The graph below speaks for itself. Markets have already corrected themselves.
Source: Keller Williams Realty
The long-term affordability trend of 4 percent appreciation has been recovered after a five-year period of unsustainable growth (2001 to 2005) followed by a three-year market correction (2006 to 2008).
Last quarter house sales in Yukon and Mustang areas:
|
TOWN |
YUKON |
MUSTANG |
|
Report Period |
07-01-2008 to 09-30-2008 |
07-01-2008 to 09-30-2008 |
|
Units Sold |
165 |
247 |
|
Average List Price |
$151,678 |
$155,568 |
|
Average Sale Price |
$149,047 |
$153,080 |
Locally, in Yukon and Mustang area the number of houses sold is UP. And they sold for more money that in the previous quarter. Read my article: Yukon and Mustang, OK Housing Market Report for II quarter of 2008 and compare.
So let's stay positive and start investing in real estate. This is THE RIGHT TIME!
Please send your questions or comments to: Bo@Okla-OK.com
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Bo in Yukon
Experience isn't expensive, it's PRICELESS!
No comments? Your kidding me. This is great information. In my market the market has shifted and, quite frankly, knowing how much the market is shifting is critical. I'm telling me clients to only look at comparables two months back because nothing else compares.
Hi Tracy...thanks for remarks...For the last few days I was fighting my "new baby" (computer) and tried to bring it to life and when I did the cable went out, not because of my doing lol...now I think I am back to the land of living...need to catch up...hugs your way Bo