If you are an Oklahoma City homeowner and you are putting your house on the market right now, I have to ask why? In a few days we are into the month of August, school is starting in three weeks, mortgages are hard to come by and when they do they take usually 60 days and that is too late for the start of school. Unemployment in Oklahoma City is not bad compared to many areas but it is rising. The first time home buyer tac credits from last year and this year took a lot of buyers out of their normal buying patterns, and that has reduced the number of available buyers especially under $200,000, but even higher price ranges are affected becasue if these owners cannot sell, then they do not become move up buyers for higher price ranges.
Simply put, we have too many houses coming on the market right now adding to an already excessive supply. So I go back to my original question, why? I am seeing the answers daily in the expired listings. Many people are not in good financial condition. The amount they owe on their Oklahoma City area home is too high, and in order to sell the property without bringing money to the closing table, the price of the home is out of the realm of buyer possibility. Buyers are not just hunting for a home right now, they are hunting for a deal, often looking at short sales and foreclosures.
If you are one of these distressed homeowner finanically, and a REALTOR® comes to call and says I will list your house based on what you owe, I believe you are in for trouble. 4 months later without a sale you are getting closer to foreclosure and you should have looked at a short sale based on a financial hardship. If you don’t need to sell but want to, don’t look at comparable sales 6 months old and think that you can get the same price. The market conditions of time of year and oversupply means that unless you are willing to part with a lower price you may be wasting your time and adding to negative market statistics which helps no one. Back to the expired listings, I see these kinds of homes listed for too long, with mortgage amounts too high, and that is the proof. A day doesn’t go by where I don’t see 3 to 10 homes that this describes. I look at the sheriff sale list and I see foreclosures that should never have happened if the owner had consdiered a short sale. We live in a time of economic uncertainty and if you can make your payments and you can live comfortably in the home you are in, then stay there for now. That makes the best economic sense, and when the market turns toward a sellers market you will get your price. It does not matter whether the home will appraise becasue the appraiser is not the one who buys your Oklahoma City home. For that you need a buyer.
If you are distressed Oklahoma City homeowner and need help deciding whether to short sale, do adeed in lieu, or see if you are eligible for a refinance or loan modification, please call us and we can help you with that decision. If you need some immediate answers you can go to our Oklahoma City short sale and foreclosure information site, www.avoidforeclosureoklahoma.com and you will find answers there.







