Southern Oklahoma Housing Market Experiencing Boom

 
Laci Jo Littleton-Gomez, a realtor with I Sell Houses, describing the situation said even with a limited number of properties on the market, and a larger number of people interested in buying the real estate market in Southern Oklahoma has been booming.
she says there are a lot of shoppers but not many buyers, so it’s definitely a wonderful time to sell, if you have a property to list, you can make lots of money.
And if you need to sell your home to purchase another home to move into, she says one needs to plan well and strategize.
Tyler Mikrot, a realtor with I Sell Houses, noticed that the market for land is more competitive than the market for housing.
Mikrot said that the major reason for the land prices going up is because of the cannabis farms coming in.
Many people loaded with cash from out of state come in to grow cannabis. these people are able to pay the above list price.
So localities who are looking to buy land but do not have that kind of finance, get pushed out of the market.
If someone is looking to buy a home Mikrot advises them to get in touch with a local agent, who knows the market, what is going to get listed soon, and also knows what’s currently under contract.
Just like the buyers market the rental market is too is busy said Littleton-Gomez who has a property management company with over 90 properties, and most of the time there are zero vacancies, and the market is so tight that as soon as one gets vacant it gets rented immediately.
Reference Source: Ardmoreite
https://www.compareclosing.com/mortgagenews/southern-oklahoma-housing-market-experiencing-boom/

Comments

What is an Appraisal Contingency? — Best Guide for Homebuyers

About Appraisal Contingency If a home is appraised for less than the purchase price included in the contract then there is a provision that is included in the purchase contract allowing homebuyers to back out of their contract this is termed as an appraisal contingency clause. Buyers who use financing to buy a house or are buying homes in areas where prices are volatile commonly use Appraisal contingencies. How do Appraisal Contingencies work? Purchase offers have appraisal contingencies inserted into them to notify the seller that the buyer intends to have the property appraised as part of their purchase for the financing process. If th e property doesn’t appraise for the amount the buyer offered to pay then this contingency allows them the option of backing out of the contract without losing their earnest money deposit or facing other penalties. During an appraisal, a licensed professional is hired by the homebuyer to examine the property and evalu...

Public Feedback Requested By CFPB

The Home Mortgage Disclosure Act underwent certain changes and to evaluate whether it is meeting the stated goals of detecting discrimination in mortgage lending the Consumer Financial Protection Bureau is seeking comments. The CFPB requests for assessment of the mortgage disclosure law and checks if it meets the objectives of the Dodd-Frank Act . To abolish discrimination in mortgage lending in 1975 the Congress enacted . The bureau said the request comes after an August report found that mortgage lenders as compared to white applicants were charging higher interest rates and denying credit to Black and Hispanic applicants. The bureau said that with this evaluation the CFPB will be able to maintain a fair, competitive, and non-discriminatory mortgage market. They added that the assessment is an opportunity for the Bureau to get an idea if the earlier HMDA rulemakings have improved upon the data collected, thereby reducing loans on financial institutions,...

What is Fannie Mae and Freddie Mac?

Understanding Fannie Mae And Freddie Mac What is Fannie Mae and Freddie Mac? Fannie Mae or FNMA is a nickname for Federal National Mortgage Association. It was established in 1938. It is a Government-sponsored Enterprise (GSE). In 1968, Fannie Mae ceased to exist as a government entity and became quasi-governmental, federally charted corporation to buy mortgages other than those insured by the Federal Housing Administration, otherwise known as FHA. Freddie Mac or FHLMC is a nickname for Federal Home Loan Mortgage Corporation. Freddie Mac is also a government-sponsored enterprise (GSE) which was brought into existence in the year 1970 by the Congress. It provides competition to Fannie Mae and provides funds availability in the secondary mortgage market. What is Fannie Mae's and Freddie Mac's Role? Fannie Mae’s purpose is to create a secondary market for the purchase and sale of mortgages. The secondary mortgage market ...

Ultimate Guide About Lease Option With Its Pros And Cons

About Lease Options When you are looking to buy a home there are a lot of things that a buyer needs to be prepared with like a good credit score, down payment, and commitment to ownership. However, what if you don’t have a credit score that could qualify you for a mortgage? Or what if you don’t have enough money for the down payment to purchase the property ? There is a way you can prepare to buy that home through the lease option. In this post, we will understand what is a lease option and how it works. What Is A Lease Option in Real Estate? A lease option is an agreement or a contract through which a tenant can purchase a property in the future based on today’s market price once the lease ends. A lease with the option to buy also gives the tenant / potential buyer time to build credit and save money for the down payment to buy the property. Once you enter into a lease option, it prevents the seller to accept any future orders from other buyers. A lease option ...

COMPARE CLOSING LLC

Search This Blog