Oklahoma City Real Estate News

September 1st, 2011 3:06 PM
Even with interest rates at historic lows, there are several factors that determine what your rate will be and there are some things you, the buyer, can do to lower your rate. The most obvious factor is your credit score. Generally speaking (you may find exceptions) most lenders want a credit score of at least 620. The lenders look at all 3 credit scores and the middle score must be at least 620. If you fall a little bit short, there is a credit simulator they can use to show you how you can possibly raise your score quickly---maybe by paying down a credit card that has a $1000 balance down to $200. Another factor is the length of the mortgage. A 15 year loan is going to have a lower interest rate than a 30 year loan.

You can also get a lower interest rate by paying points, or "buying down" the loan. What is a point? A point is 1% of the loan. If your loan is $150,000 a point is $1500. On a 4.5% loan, if you pay 3/4 of a point, your rate may drop to 4.25%. If you pay 2 points, or in this case $3,000, your rate may drop to 3.75%. (By the way, these examples are illustrations only, rates may vary). Is it worh it? Normally, the breakeven point if you buy down the loan is 4 to 5 years, so if plan to stay in the house for a long time, it could be a good idea but if you think you may be transferred somewhere else in a couple of years then you probably would not want to pay the points, and of course, not everyone can afford to pay points.

Here's something you definitely do not want to do......while you are waiting on your loan to close do not go buy furniture or anything else on credit. Do not change jobs. Just don't make any changes until you have closed the loan because the lender will run another credit check just before closing.

So the next time you hear that ABC Bank's interest rate is a certain percent, just realize that is a starting point and it can go up or down depending on several factors, and whatever you do, don't buy that new bedroom suite!
Posted by Steve Mangus on September 1st, 2011 3:06 PM

August 28th, 2011 11:37 AM

Oklahoma City is very blessed!

Edmond, Norman boost Oklahoma City-area homebuilding

If the two suburbs had issued the same number of building permits through July as during the same period last year, the metro area as a whole would have seen a decline of 5.4 percent, according to The Oklahoman's calculations using figures from the Central Oklahoma Home Builders Association.

BY RICHARD MIZE richardmize@opubco.com Comment on this article1
Published: August 27, 2011

Norman and Edmond are propping up Oklahoma City-area homebuilding statistics.

photo - Homebuilder Curtis McCarty of C.A. McCarty Construction shows special nails and and high-wind brackets he is using in a house he is building at 4748 Ridgeline in Norman. <strong>STEVE SISNEY - THE OKLAHOMAN</strong>
Homebuilder Curtis McCarty of C.A. McCarty Construction shows special nails and and high-wind brackets he is using in a house he is building at 4748 Ridgeline in Norman. STEVE SISNEY - THE OKLAHOMAN

Multimedia

Edmond, Norman boost Oklahoma City-area homebuilding

Through July, the number of building permits issued was down slightly — 1.7 percent — in Oklahoma City, Edmond, Midwest City, Moore and Norman collectively, according to the Central Oklahoma Home Builders Association.

Meanwhile, home sales this summer have been as blistering as the blazing sun. Realtors handled the sale of 1,533 houses in July, a steep increase of 34.7 percent compared with July 2010.

Homebuilders in Edmond and Norman were humming compared with the first seven months of 2010.

Norman city officials issued 228 permits during the period, an increase of 20.6 percent.

Edmond issued 224 permits, an increase of 23.8 percent.

Permits were down 1.8 percent in Oklahoma City, 42.7 percent in Midwest City and 25.8 percent in Moore.

If Norman and Edmond had issued the same number of permits as during the same period last year, the metro area as a whole would have seen a decline of 5.4 percent, according to The Oklahoman's calculations using figures from the builders association.

Lots acquired

Some of the increased building in Norman and Edmond could be because buildable lots caught up in receivership for months have been acquired by builders who are working them back into the market, said Curtis McCarty, owner of C.A. McCarty Construction, based in Norman.

Plus, McCarty said, “Foreclosures are down and the houses are sold and off the market and sold and builders are building again.”

The 1,830 homes sold in Edmond through July amounted to seven more than during the same period in 2010, said Brian Preston, an agent with RE/MAX Associates who tracks Edmond home sales.

“If this trend keeps up we will do better than last year for the first time in four years. And the average price increased again this month,” Preston said in an email. “The silver lining has widened a bit again on our dark cloud.”

The jump up in home sales comes down to jobs and consumer confidence, said Steve Mann, an auctioneer and agent with Paradigm AdvantEdge Real Estate and president of the Oklahoma City Metro Association of Realtors.

Oklahoma City's jobless rate of 5.7 percent in June, the most recent numbers available, jumped up from 4.9 percent the month before — but the city still had the lowest unemployment rate among the nation's biggest cities, according to the federal Bureau of Labor Statistics.

State unemployment was almost flat in July, ticking up to 5.5 percent from 5.4 percent in June, according to the Oklahoma Employment Security Commission.

The average price of the homes sold in July by Realtors, which does not include those sold directly by builders or other owners, was $166,824 — up 1.9 percent compared with June and up 1.3 percent compared with July 2010 — the Realtors reported.

The median price, considered the best gauge of the market because one-half of houses sold fetched more and one-half fetched less, was $139,900 — 1.4 percent higher than in June and 3.6 percent higher than in July 2010.

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Related Topics:Business, Economic Indicators, Real Estate, Real Estate Sales, Labor Market, Unemployment Rate, Economies, Lagging Economic Indicators




Read more: http://newsok.com/edmond-norman-boost-oklahoma-city-area-homebuilding/article/3598671#ixzz1WLGIakSQ

Posted by Steve Mangus on August 28th, 2011 11:37 AM

August 24th, 2011 2:24 PM

OK, I used Red Laser to try to create a QR code and it's super easy--even for me! Here's how to do it. From the screen where it says to tap the lightning bolt icon to get started, tap the arrow in the lower left hand corner of the screen, then tap create or share QR code. The next screen asks if you want to share a URL, your info, a contact(s), or text. So if you tap "URL" just type it in and hit "generate code" and it's done! Now that you see how easy it is, try it and let me know your ideas as to how you think you can use QR codes in your business.

Oh, there is one advantage to using the kaywa.com site I mentioned in the previous post. As far as I know, you can't control the size of the code with Red Laser--kaywa gives you a choice of sizes. Hope you have a great day and go sell something!

Posted by Steve Mangus on August 24th, 2011 2:24 PM

August 23rd, 2011 10:27 PM

In my last blog I mentioned Red Laser and QR codes and how they can work in real estate. In case you don't know what a QR code is, in plain English terms it's a barcode that's square shaped, usually small but can be very big. If someone has a smartphone they can use one of the many scanner apps like Red Laser. The QR code can instantly direct you to a website, virtual tour, youtube--are you getting some ideas yet?

It's super easy to create a QR code. You can go to http://qrcode.kaywa.com/ and create one in about a minute. Dick Betts told us about realtors creating these codes, laminating them, and attaching them to their sign. Just think--your prospective client can be standing in front of your sign, scan a code and immediately go to your website, virtual tour or anywhere else you want.

Red Laser is the app that scans these codes (it's free). It not only scans these codes, but you can scan any barcode at any store to compare prices--what a great way to save money! I haven't tried it yet, but the app says it can also create QR codes. As you can tell, I am certainly not an expert on these things but I can certainly see the potential for the real estate business. If you have any experiences with QR codes or Red Laser, please share and let's learn together.

Posted by Steve Mangus on August 23rd, 2011 10:27 PM

August 19th, 2011 4:15 PM

Last week I got my new IPhone and I've been amazed at all the new features and how much faster this new phone is than my old IPhone. So with that in mind, yesterday was a great day to attend a seminar by Dick Betts regarding smartphones, tablets (would you believe Apple sells 28 IPads per SECOND?) and new technology trends in real estate. 7 hours later my head was swimming with QR codes, Vlingo, Red Laser, cloud technology, Dropbox, and many other apps and sites that were totally new to me.

In today's world by the time you contact me, you will have already been searching the internet for homes and neighborhoods. Technology is great--it saves us time and money but the personal element is still a crucial part of the home buying and selling experience. I'm doing my best to incorporate technology in my business to give you a great experience with the best possible results and the least amount of hassle. In the near future I'll share some of the most exciting things I learned and how it will make the business of real estate better for all of us, so be sure to check back next week to learn about how Red Laser works in real estate.

Posted by Steve Mangus on August 19th, 2011 4:15 PM

July 20th, 2011 10:09 PM

In my last post we talked about real estate being local. Here’s another part of real estate that needs to be local and that’s your financing. As realtors, we work
with lenders and get to know them and they get to know us. When there’s a
hiccup, it’s a lot easier dealing with someone you know and trust. Your local
lender is also aware of special financing programs that an out of state lender
may not be familiar with, such as what areas qualify for rural development
loans.

As for getting pre-approved, it is the one a thing buyers absolutely must do once they decide to buy and, here again, visiting in person with a local lender—establishing that relationship is very important. Here’s why pre-approval is a must.

  1. There is no need to waste your time, or the seller’s time if you can’t get financing and most realtors ask that a pre-approval letter be submitted with the offer. The reason for that is because once the seller accepts the offer, the house is off the market.
  2. Getting pre-approved lets you know how much house you can afford. Buyers often overestimate or underestimate how much they can afford, and once you get pre-approved, you know what your limits are. Who knows, you may be able to afford more than you thought!
  3. Your lender will let you know how much money you’re going to need for down payment and closing costs.
  4. Based upon your credit, job history and other factors, you will know what interest rate you will pay and how that will affect your monthly payment.

A lot of these things we as realtors can tell you, but we can’t lock in an interest rate, check your credit or make a loan commitment. I hope this makes things a little clearer as to why the first thing you, as a buyer really needs to do is get pre-approved and why you should use a LOCAL lender.



 

Posted by Steve Mangus on July 20th, 2011 10:09 PM

July 18th, 2011 10:44 PM

Hello! Welcome to my website and blog. Everyone has heard that real estate is local, but just what does that mean? Local can refer to a county, city, zipcode, neighborhood--even the street on which you live.

Today, I'm going to give you the stats for my local zip code. In my zip (73162) there are currently 229 active listings with an average price of $244,991. The average listing is a 3/2/2 home with 2407 sq ft and has been on the market for 99 days.

Are you curious about your neighborhood's real estate activity. Just contact me be email at slmangus@cox.net, on Facebook, or call me at 405-550-6004. Again, thanks for visiting and please come back often. 

Posted by Steve Mangus on July 18th, 2011 10:44 PM
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