Unless you live under a rock, you are well aware that we are in an extremely unique market right now. In 2004 the sun had shone brightly upon our real estate investments. Interest rates were low and sellers were getting top dollar for their properties. Four a couple of years we were able to bask in the warm glow of a robust economy. If you could fog a mirror, you could qualify for a home loan! Then the butterflies of spring drifted away while the economy slowly crept into a chilling Fall of foreclosures and rising interest rates. The oppressive heavy cloud-cover mixed with the pressure on the economy of the of defunct sub-prime loans and government bailouts is beginning to create what I would call a PERFECT STORM! With PRIME being at an all-time low of 0%, home prices are low and interest rates are approaching a record low since the Great Depression! In other words…if you have good credit, NOW is the time to BUY!!

In Oklahoma we have been blessed with moderate home prices. Unlike the east and west coast, our home prices did not ride the big real estate bubble pricing. Hence, when the bubble burst, our local Oklahoma City area market was not affected like these east and west coast inflated market s. So home pricing has remained fairly stable, although it prices are down slightly. Make no mistake, even in Oklahoma it is a buyers market, but unlike the oil bust of the 1980's home prices are still holding stead.

What this means is that it is not only a good time to buy a home, but it is also a good time to sell a home. The low interest rates makes your home much more affordable for buyers, and when you get ready to find your next home you also get to take advantage of these low interest rates. And th pricing you receive for your home will be fair. You won't feel like you won the lottery, but the pricing in Oklahoma is stable and fair for both buyers and sellers.

According to Kenneth Wohl with Spirit Bank, the rates are fluctuating hourly, ranging right above and below 5%. "I’m now seeing rates hit multi-year lows not seen since 2003!" says Kenneth. "We a great inventory of builder spec. homes as well as existing homes and with the rates under 5% your monthly savings is tremendous. For instance, 6 months ago someone could have bought a 250K home at 6.5% interest. If you were to purchase that same house today at 4.75% you would save $275/mo or had the possibility of buying a $300,000 for the same monthly payment!"

So be READY to take part in this perfect storm and welcome the rain! It's a good time to sell your home AND a good time to BUY!

Loans may be more difficult to get right now but having the right connections sure can make a difference!  In my experience, I've found that what separates the great lenders from the good ones are those that answer my calls and my questions promptly and follow through for my clients.  I have three favorite lenders whom I trust and respect and if you ask, I'll name drop!  Most offer similar products with competitive interest rates.  A few offer exclusive programs.  My favorite lenders are sensitive to my clients' needs and offer solutions to fit them.  A client last week was offered a loan solution by one of my preferred lenders which added closing costs into his loan yet reduced his original monthly payment at the same time!!  That's what I'm talkin bout!

I replaced the toilet last week in our guest bathroom. It was fairly easy. Just pull the old one out, run down to Lowe's (the new one down the street), have Kay pick one out, go home and replace it. Except the hose that connects the toilet to the wall was too short. So back to Lowes, get a new one, back home - DANG. This one has the wrong end. It seems like all my home repair projects start with good intentions, but get sidetracked as things progress.

I think the US economy is in the same situation. The solution of the federal government seems to be just toss money at the problem. This is seldom a fix for anything. They first tell us they are going to buy bad morgtages. Next they tell us they are going to loan it to banks. Now they are talking about giving it to the car manufacturers. Just toss a few billion here, a few billion there, and that should fix things. Oops, hose to short? Here's another billion, that should fix it.

I can almost guarantee you that someone is making a killing with all this money flying around unaccounted for. There are lax controls, little congressional oversight, and little or no accountability. Mark my words, in a year or so we will be hearing stories about the millions being siphoned off by crooks, shysters and thieves in suites and ties. And we, the taxpayers, will be footing the bill.

Our economy is souring because we were too lax with homeowner loans, requiring little or no credit or verification. The greedy folks on Wall Street just kept throwing money at consumers, thinking it would never end. It always does.

The good news is our market in Oklahoma City has weathered the storm better than most. Our conservative values kept our bankers from going crazy with poor loans, and most of our homebuyers purchased houses they could afford. Only downside is as taxpayers we get to foot the bill for all the other folks that were not fiscally conservative!