In today’s world, most of us tend to look at our homes as our main investment, or the source of our retirement income, which is a far cry from how people viewed home-ownership just a few short decades ago.

In fact, I’ve heard estimates that 70% of Americans’ net worth is derived from their homes’ equity, but is that really the only reason to own a home?

I recently read a very interesting article in the Wall Street Journal, which outlined one homeowner’s recount of his homes and it struck a chord with me.  By his account, he derived far more than simple equity from owning his own home, and he hit on some points that I think many of us overlook in our quest for ‘wealth.

While the increased activity we’ve seen in the Edmond real estate market is exciting, there are more indications that this upturn may reach beyond our local, and even regional, economies.

According to MSN, “New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.”

The real upside to this news is that it specifically speaks to the recently-lagging new construction side of residential real estate which, of course, creates many jobs.  If new home sales strengthen, that will likely equate to an even stronger appreciation in existing homes.

Let’s have a little fun today!

I post a lot of pointers here for home sellers and spend even more time advising my selling clients of what they MUST do to overcome the competition and get their home sold.  I even work hard to get feedback from potential buyers who tour my listings, so my clients can see first-hand what those folks think of their home, hopefully giving us some direction if there are obstacles we need to overcome.

Those feedback surveys are like gold to us, but they’re rarely brutally honest.  Want to see brutally honest?  Can you handle the truth?  Take a look at one potential buyer’s recount of the homes he toured before he finally settled on one that didn’t scare him off.

Forbes magazine recently released their list of ‘Where to Live Cheaply‘ and of course the Oklahoma City metro was ranked toward the top.

Living in a place where your money goes further isn’t such a bad thing, huh?

These days we do a lot of talking about the Federal Home Buyer’s Tax Credit, mostly because the clock is ticking and, believe me, this is NOT a time to procrastinate!

One of the questions I’ve heard a lot lately is ‘How do I get the tax credit?’ While the answer is really pretty simple, this page hits on a couple of points that you may not have considered yet, so it’s worth a quick read, to help you decide how you want to apply your tax credit.

Over the weekend, one of my favorite clients emailed me a list of homes that Zillow had listed as recent sales in their neighborhood, so I researched each property individually via Oklahoma County records.

See the email in full below, and you’ll see my replies to each section in Red:

On Mon, Jul 20, 2009 at 11:25 PM, xxxxxxxxxxxxxxxxxxxx wrote:

I found these recent sales in our area on zillow.com.  I think a couple of them (2nd & 3rd?) may not have been on the comps you pulled.  Here’s the link if you want it:  http://www.zillow.com/homes/comps/21940318_zpid/

6625 NW 115th St

$244,000

05/29/2009

4

3.0

2,708

–

–

$90

0.04

This one sold 5/29/09 for $244K, but courthouse has it at 2,661 square feet, which would put the price per square foot at $91.69

6509 NW 111th St	$243,000	05/28/2009	4	3.0	2,800	–	1992	$88	0.27

This one sold 5/22/09 for $243K and courthouse shows 2,794 square feet, which equates to $86.97/sf

6509 NW 114th St	$215,000	05/28/2009	4	3.0	2,529	–	1991	$88	0.17

This one sold 5/27/09 and the pricing/size shown here is correct, however the correct math would put this one at $85.01/sf.

6601 NW 113th St	$242,500	03/16/2009	4	2.25	2,803	11,000	1991	$86	0.15

This home has not sold since 2006.

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Although the OKC & Edmond real estate market stands out as one of the best-performing in the country, we’re not alone in what appears to be a gradual recovery of the real estate industry.

We didn’t experience the bubble burst that many larger markets did and now there are signs that those larger markets may be headed back up, as evidenced by this recent write-up.  Inventory levels are dropping dramatically both locally and nationally, but I found this little nugget even more exciting:

Additionally, ZipRealty tracked an increase in the median list price in the 28 markets to $270,440 in June from $270,027 in May. Despite the sequential increase the median list price still decreased 2.72 percent when compared to June 2008.

Yes, we’re experiencing smaller inventories both locally and nationally, but the above quote shows that supply and demand is still alive and well.  As inventories are dropping, and even list prices are still dropping, the median sales price is still gaining, which tells us that home-sellers are holding out for more money, creating a smaller gap between list price and sales price.

Ask ‘Edmondites’ why they love their home town so much and you’ll get all sorts of explanations; Great schools, small-town feel, friendly people, forward-thinking government, an active arts community, the list goes on and on, but did you know that Edmond is known as one of the Top 25 Most Uniquely American Cities & Towns?

…LITERALLY

Late last night I was out running around the metro sticking signs in front of my current listings, but these aren’t your typical real estate signs.  These signs are a bit more interactive.

In my never-ending quest to use the latest and greatest technologies to increase marketing exposure for my clients, I’ve employed what you might call a virtual flyer. Rather than having a box full of paper attached to my signs, why not use something a little more ‘green’ and a lot more tech-friendly?

Marketing your home with the latest methods will help you stand out from the rest, and may just give you that little edge that gets it SOLD!

Supposedly, text messaging is now out-pacing actual airtime usage, so doesn’t it make sense that you should be able to use text messaging to get information about the house that caught your eye? That’s where the little read house-shaped sign comes in.  Go ahead.. give it a try! Just follow the instructions you see on the sign.

I’ve been saying it for a while, and the proof’s in the pudding… June was a HUGE month in Oklahoma City metro real estate.  Believe it or not, we closed more homes June of 2009 than we did in June of 2008, and the median home price is even with last year, in a time when the majority of metro areas nationwide are experiencing falling values and plummeting sales.

Also notable, our absorption rate (inventory level by months) is way down over last month and last June.  What does that mean?  This ‘buyer’s market’ could quickly shift back to the advantage of the sellers, so don’t wait around for things to get better if you’re looking to buy.

Another thing for the home buyers to pay attention to is that interest rate statistic.  While rates are still down 0.16% over this time last year, they’re up 0.20% just from last month.