Everybody and their dog from TV and Radio is going to be advising you to go out and buy a house.  If you are smart and in the know you will hear it first here at the Oklahoma City Real Estate Blog. 

The Fed said Wednesday that it would put over a Trillion Dollars into the economy.

$300 Billion Dollars of Long Term Treasuries.

Another $750 Billion Dollars of Mortgage Backed Securities.

Purchase of Freddie and Fannie debt of up to $200 Billion Dollars.

Keep the Fed Fund Rates between 0 and .25 for a long time.

What does this all mean?  It means interest rates are going down and the Fed has got your back.

How do you take advantage of this.  Buy a house and find it quick.  The ridiculously low interest rates along with the First Time Home Buyer’s Tax Credit is going to heat up the market.  The builders have quit building.  There is over three years of pent up demand for housing and when they come flooding back in the supply will not be there.  I know there is a lot of supply but when you subtract all the busted up foreclosure that most do not want or can’t get financing for you have very few houses.  I will say it again there are very few good houses on the market for serious buyers and as the army of sideline buyers enter the game, prices on good homes are going to go up.  So in short, if you do not move quickly you will pay more for your house and you will be talking about the chance that you missed.  If you wait for the statistics to show this or you are waiting for all the reporters to tell you now is the time to buy a house you are going to miss the boat.  If you want to hear someone call a bottom to the housing market.  Here it goes. 

 This is the bottom of the housing market. 

If you buy a house now you will be rewarded.  There you  have it.

Total closed in February 2009 was 997 down ↓21.1% from the 1264 closed in February 2008.

The average price was $139,632 down ↓6.4 % from the February 2008 price of $149,107.

The median price was $123,500 down ↓1.2% from the February 2008 price of $125,000.

The average Days On Market for February 2008 was 94 down from 95 in 2008.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2008 through 2009MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

The number closed is sharply down indicating a slowing real estate market in Oklahoma City.  Often a sharp drop in the numbers sold will precede a corresponding sharp drop in prices.  Let’s hope this phenomena does not prove to be true in this case.

Total closed in January 2009 was 741 down ↓36.7 % from the 1170 closed in January 2008.

The average price was $146,837 down ↓5.9 % from the January 2008 price of $156,089.

The median price was $125,000 down ↓6.7% from the January 2008 price of $134,000.

The average Days On Market for November 2008 was 95 up from 92 in 2008.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2008 through 2009MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

Total closed in December 2008 was 971 down ↓17.0 % from the 1170 closed in December 2007.

The average price was $147,730 down ↓5.4 % from the December 2007 price of $156,089.

The median price was $127,000 down ↓5.2% from the December 2007 price of $134,000.

The average Days On Market for December 2008 was 86 down from 92 in 2007.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2007 through 2008MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

The new stimulus bill has been signed and in it was included the latest incarnation of The First Time Home Buyer Tax Credit.  So here is what you need to know.

First Time Home Buyers

First time home buyers are eligible for the tax credit.  People who have not owned a home in the last three years are considered First Time Home Buyers and are eligible for the First Time Home Buyer Tax Credit.

Income Limits

For the full credit you must make less than 75k if you are single and 150k if you are married.

2009

The Tax Credit is for First Time Home Buyers who purchase a home as a primary residence in 2009.

$8,000.00

The tax credit is 10% of the home purchase or $8,000.00 whichever is less.

No Payback

The old $7500.00 tax credit had to be paid back over 15 years.  The new tax credit is a freebie.  No payback as long as you live in the home for 3 years. 

Refundable

This means you get a check.   Unlike a deduction which just reduces your tax liability, the new first time home buyer tax credit drops straight to the bottom line.  Figure out what your taxes are without the credit then move the number $8,000.00 in your favor.  Example: without tax credit you owe $3,000.00.  With Tax Credit you get a sweet check for $5,000.00.

I usually like to end with a call to action like now is a great time to buy a house, but if you can’t do the math on this one then maybe you shouldn’t buy a house.  If you have any questions about the details email me.  If you are ready to get started looking for a new home email me.  Carpe Diem.

The November numbers have just been released and they show decreasing Home Values as compared to the same time last year.  The number closed is also sharply down indicating a slowing real estate market in Oklahoma City.

Total closed in November 2008 was 948 down ↓29.6 % from the 1347 closed in November 2007.

The average price was $136,198 down ↓6.9 % from the November 2007 price of $146,329.

The median price was $116,000 down ↓5.7% from the November 2007 price of $123,000.

The average Days On Market for November 2008 was 88 up from 77 in 2007.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2007 through 2008MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

 Here are the September statistics for the Oklahoma City Metropolitan Association of Realtors. Read the rest of this entry »