My name is Steve Reeser; I’m a Realtor with Keller Williams in Edmond. Many people are curious and confused about the Real Estate Market in Oklahoma and Edmond in particular.
While the National media will talk about the Real Estate market in the US being off as much a 30% that information is FALSE. Saying the US Real Estate market is off by 30% is as correct as saying the average temperature in the US is 85 degrees; the math might be correct but the application will be wrong far more than right.
Real Estate is a LOCAL business! While the markets in places like California, Nevada, Arizona, Georgia, and Florida may be off as much as 60%; they also enjoyed year after year of double digit increases in the Real Estate boom period. It’s understandable that they would have the most severe correction in their values.
Oklahoma never had a surge in home value equal to the states mentioned above and therefore haven’t experience the same major price correction. OKC and Edmond have been blessed by large businesses committing major resources into our economy and enjoying one of the lowest unemployment rates in the country.The reason for this letter is to share with you the tremendous opportunity available right now for individuals wishing to Buy and Sell homes. The interest rate as of the writing of this letter is 3.375% for 30 year mortgage; if you were to compare the difference between the amount of home for the same monthly payment it would be the difference between $147k and $200k. Interest rates won't stay at the low current rates forever and housing costs are lower than normal due to the economy so NOW is the time to move on that next house for your family.
I'm interested in your thoughts.