I wrote back in March about a proposed increase of our property taxes in Edmond and wanted to share with everyone here that there will be a public forum on this topic tonight.  Please read the following:

For Immediate Release

Chitwood Neighborhood Alliance Offers Public Information Forum

Edmond, OK – A public forum on the proposed location for the new Edmond Safety Center and jail will be held on Tuesday evening, September 30, at 7:00 p.m., at 119 South Walnut (at the intersection of Second and Walnut, just west of Fretz). Mr. Barry Rice, a voice of opposition regarding the location of this edifice, will be the featured speaker.

A swelling rumble of opposition is beginning to be heard regarding the placement of this municipal complex. Come and hear what you may not know regarding the upcoming vote known as Proposition 1.

A good friend, and ally in the business, Trey Bowden, recently posted about a topic that is near and dear to my heart.  I thought I’d share it here with you, whoever may be reading, whether you’re a homeowner, or a homeowner-to-be, this is invaluable information.

You see, I’ve lost count of the number of times I’ve witnessed the exact situation Trey has described.  A home buyer begins his/her search with a level head, and a good solid budget in mind.  He/she has a desired monthly mortgage payment in mind when we begin searching, then after a week or two of looking around, and being discouraged by what that amount will actually afford them, they go back to talk to their lender with a question in mind; “How much more would it cost me to increase my price range?” or “How much more could you qualify me for?”

Let me assure you, those are two very dangerous questions!  It’s natural for any of us to want more and to desire more comfortable, impressive surroundings, so the temptation when your lender tells you that it won’t be any trouble to qualify for more than you set out to spend, is a VERY slippery slope.  JUST BECAUSE YOU QUALIFY FOR IT, DOES NOT MEAN YOU CAN AFFORD IT!  Next thing you know, we’re out looking for a home that’s 50% more than what you originally set out to spend (against any advice I give of course).

As difficult as the latest changes in the mortgage industry are to stomach, they needed to occur.  That’s right, even though it goes against my own pocketbook, I believe that what this country needs is a gut check; a slap of reality upside the head of ignorance, and it looks like we’re about to get it in grand fashion.

I can’t remember an issue in recent times that I’ve been more torn over.  I’m all for smaller government and the free market economy, so how could I support a government bailout of the failing financial market?  At the same time, my own business hinges on the success of our financial market.

To say the least, the failure of the proposed government bailout today is a bittersweet thing for me.  It will most definitely be interesting to see where the stock market closes today, and what kind of drama we’ll be beaten in the head with all night tonight on the national and local newsfront.

Quote of the day goes to the MSN Money Staff, in a recent breakdown of the top real estate markets across the country:

The states with the greatest year-over-year appreciation were Oklahoma (4.9%), Wyoming (4.4%), South Dakota (3.8%), North Carolina (3.6%) and North Dakota (3.6%).

It may not be a clever line worth engraving on your headstone, but if you’re in the market to buy a home in Oklahoma, you’ll likely remember it for a while.

I think we’re all having a little trouble pinpointing the one thing that is sustaining our real estate market most, whether it be our oil-based industry or our modest home prices, or our overall low cost of living. Whatever the case, the reality is that we’re all benefiting from it. Take a look at the home sales statistics from the OKC metro area for the month of August:

As you can see, all indicators are still good, with both average and median prices increasing, and inventory levels continuing to drop. Looks like Central Oklahoma’s still doubling down on appreciation!

**Based on information provided to and compiled by MLSGateway.com, Inc. covering a period (8/1/07) through (8/31/08). MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Pebble Creek Home Listing Expires

Originally uploaded by rhukill

Don’t get all excited just yet… The purpose of this post is simply to show a certain homeowner what internet exposure really is. When it comes to selling Edmond real estate, tech marketing is a must and, quite frankly, very few Realtors ‘get it.’

This post will give immediate exposure to the Pebble Creek addition of Edmond, where I recently sold a home (1720 Rasheed) in just 1 day! Don’t you want to know how my listings are selling in an average of 46 days on the market?

Sent on the fly from my mobile phone

Ryan Hukill
Hukill Group – Paradigm Realty
405.802.4663

www.ImagineLivingHere.com

The Central Oklahoma real estate market is getting a lot of attention these days from all over the country, and it’s getting fun to watch.  Rather than just showing you one list today, I’m bringing you the one-two punch.

The Housing Predictor, a website of independent real estate market forecasts, published a list today which places both Oklahoma City and Edmond in the Top 25 Appreciating US Markets.  Add to that, being listed as one of the Most Affordable Real Estate Markets in the US, and what do you have?… One sexy combo of low-cost investment and top-level appreciation.

No big surprise to those of us who live it every day, but Forbes.com just released their Top 10 list of markets most likely to see a rise in home values. Maybe we made the list due to the fact that our market has stayed strong, and we’ve not seen average or median values decrease?

It’s easier to climb up when you don’t have to crawl out of the basement.

Avian Woods – Another Great Home Just Listed Today!

Originally uploaded by rhukill

This beauty is only two years old, on over 1/2 acre, and has a 30×30 insulated shop with concrete floor & drive! Check the website below for more info & pictures in a couple of days.

Sent on the fly from my mobile phone

Ryan Hukill
Hukill Group – Paradigm Realty
405.802.4663

www.ImagineLivingHere.com

Sounds scary doesn’t it?  For me, the words ‘Government Takeover’ quickly conjur up images of dictators and loss of liberties.  Let’s shed some light on this topic.

The mortgage business is a rapidly-changing landscape these days.  A couple of years ago, I stayed pretty tuned in to what lender programs were out there, and what the requirements were for those programs.

Well, let me tell you, those days are gone.  In today’s climate, I couldn’t possibly keep up with it all myself, and if I did, I wouldn’t have any time left to market your home.  I really enjoy what I do, and don’t want to be on the mortgage side of things, so I rely even more heavily on my trusted advisers today than I used to.

On that note, Kenneth Wohl of SpiritBank Mortgage sent me some information yesterday to pass along to you, our local clients, in regard to the US Government’s overtaking of Fannie & Freddie, and what he sees as the benefits and the risks of this move:

Good morning.

Today history is being made.  Unless you live in a cave or under a rock, you will have by now heard that over the weekend Fannie and Freddie were taken over by the Federal Government.  This historic undertaking is not without it’s benefits and/or risks.

Benefits:
 
1.  The immediate benefit is rate/price related in that the 30 Year Fannie 6.0% Bond is up a full 1 Point in Price– that’s 32/32 in other words.  That price increase and rate decrease has been reflected in this mornings rate sheets with conventional mortgages around 6.00%!
 
2.  The money keeps flowing– by doing this the Fed. Gov’t prevented a “locking up” of the housing finance system– or at least for roughly 50% of the capacity as the GSE’s fund roughly half of all mortgages made in the US.
 
Risks:
 
1.  Long term rates go up?  What??? Didn’t I just say they’d go down?  Yes, but, remember, the US Taxpayer has just had $5 TRILLION in Debt/Obligations shifted onto it’s balance sheet– that in essence dilutes and devalues the price of a US Treasury Security– a T-Bill, T-Note and/or T-Bond are the primary debt instruments issued by the US Govt.  Now, that the US Govt has essentially stepped in and guaranteed the GSE’s we’ll have to deal with the potential that US Treasury yields will increase because the Taxpayer is now “more leveraged” than he/she was on Friday thus the Gov’t will have to pay a higher rate to attract buyers of its debt.  This could push long term mortgage rates up.
 
2.  The GSE’s continue to see their portfolio’s deteriorate–  according to one market source of mine there is roughly $1.2 Trillion of ALT-A and Subprime out of the $5 Trillion outstanding.  That’s over 20% of their outstanding portfolio.  Can the US Gov’t step in make whole those investors who’ve purchased the GSE MBS on those loans?

Summary:
 
I expect to see the short term rally in the Fannie/Freddie Bond last only through mid Wed at best– eventually profit takers will come in and trade off the news and rates will stabilize.
 
In the long term, time will tell– however I think the potential for Treasuries to be hammered is very, very real and that could lead to higher rates 6 mos to a year from now.