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August Real Estate Statistics

Month’s Supply of Inventory (MSI) Decreases

The total housing inventory at the end of August 2011 decreased 10.8% to 7,661 existing homes available for sale. Over the last 12 months this area has had an average of 761 closed sales per month. This represents an unsold inventory index of 10.07 MSI for this period.

Average Sale Prices Going Up

According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.22% in August 2011 to $156,523 versus the previous year at $153,124.

Average Days on Market Lengthens – The average number of 62.31 days that homes spent on the market before selling increased by 6.02 days or 10.70% in August 2011 compared to last year’s same month at 56.28 DOM.

Sales Success for August 2011 is Positive

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished strong this month.

There were 1,793 New Listings in August 2011, down 6.42% from last year at 1,916. Furthermore, there were 948 Closed Listings this month versus last year at 744, a 27.42% increase.

Closed versus Listed trends yielded a 52.9% ratio, up from last year’s August 2011 at 38.8% a 36.16% upswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the following months to come.

*Statistics provided by the Greater Tulsa Association of Realtors

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Increasing Your Credit Score Saves You Money

These quick tips will help increase your overall credit score.

First, never cancel a credit card that is more than two years old. Having a “seasoned” account – one that is more than two years old is a big plus for you. Next, consider increasing your maximum allowable credit limit. In other words, if you have a credit card that is close to its maximum balance, call the credit card company and ask them to increase the credit limit. The credit bureaus don’t like to see maxed out credit. Tell them you would like them to do this without pulling your credit. You should also spread out your balances among your cards. trying to keep the ratio between card balances and credit limit to 30% or less.

If you are considering buying a new home or refinancing, see if you need to do some work to get your credit score up to highest possible points. Since lower scores mean higher interest rates, even a few lost points on your credit score could cost you tens of thousands of dollars in additional interest payments.

One of our preferred reputable lenders can help you review your current credit situation.  Don’t hesitate, improve the your credit score and to save hard earned money.

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Special Fannie Mae HomePath Buyer INcentive Offer

There’s great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.

To be eligible for this incentive, the following qualifications must be met:

  1. Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
  2. The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
  3. The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
  4. Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
  5. Buyers must sign an Owner Occupant Certification Rider to the real estate purchase addendum.
  6. If the buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Dont hesitate – offers submitted after September 15, 2011 may be difficult to close by the October 31, 2011 deadline. 


Contact us for specific details on this incentive offer and for all of your Fannie Mae HomePath financing questions.

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Market Update

I want to take a moment to share with you my perception of the current real estate market.  I have been in the real estate business for almost two decades now and have never seen a market quite like this.  The Tulsa area has seen a five year decline in sales.  We are still selling a lot of homes, but we are seeing a decline in value of those homes by anywhere from10 to 30%.  This decline in value is attributable to the increase in foreclosures and distressed sellers – many who have sold homes through the short sale process.  With all of that said it is truly a great time to buy.  The interest rates remain low and inventory high.  There are always swings in the real estate market, so I expect values to go back up, but don’t expect it to happen quickly.  So in this market a home is like a fine wine or a good stock – classified as a BUY and HOLD. 

If you have to sell or really want to take advantage of the buyer’s market by selling your current home, it is more important than ever to hire an experienced and productive realtor.

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Accent’s Guaranteed Sale Program

Everyday we get questions about our Guaranteed Sale Program.
Is it for real? How does it work? Is it too good to be true?

 

Is it for real?  Yes, it is definitely for real and is one of the best tools in the real estate business for eliminating the fear of owning two homes at the same time.  Everything is agreed upon upfront so the seller has a timeline he can use to plan by.  There is comfort in knowing that his home WILL be sold.  How does it work?  In a nutshell, Accent and the Seller agree upon a current market value for the home being sold.  The home is then placed on the market for 90 days.  This gives Accent a chance to aggressively market the home.  If the home is not sold by the end of the 90 days, Accent will buy the home for up to 95% of the agreed upon market value. Is it too good to be true?  Well it is not for everyone.  There are certain situations where it simply will not work.  For example, if someone owes more for a home than it is currently worth, it is just not financially feasible.  Also, if the home is very unique, the programis not meant to get a whit elephant of someones back.  If you would like more information on this unique and successful program give us a call 918-665-8559.

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The Real IQ By Jim Stoval

My university degree is in psychology/sociology.  While making my way through my academic career, I remember studying an inordinate amount about the I.Q. (Intelligence Quotient).  While a measurement of intelligence may have some validity in psychological or sociological circles, I can think of few things less meaningful in the real world.

We all know people with great technical or academic intelligence who can barely survive, much less thrive, in the world in which we live.  Any successful leader or CEO will tell you that they strive to surround themselves with people who are more intelligent than they are.  Whatever value intelligence may have, it is a readily-available commodity in the marketplace that is not highly rewarded or compensated.  There is a much more valuable but far less known I.Q. known as Implementation Quotient.

 

Every month or two for the last several years, I have had a working lunch with my friend Paul Wheeler.  If you ask Paul, he would probably tell you that I mentor him, but in reality, I receive far more from our regular exchanges in personal and professional terms than Paul does.  Paul Wheeler is one of those rare individuals that I like to spend time with as often as possible because Paul is simply the best at what he does.

 

Whether it’s Steve Forbes, B.B. King, Albert Pujols, Brian Dennehy, or Louis Gossett Jr., I love observing, studying, and interacting with people who pursue their passion at the highest possible level.  Paul Wheeler is a realtor.  Paul and his company Accent Realtors are consistently among the very top performers in our city, region, and state.  Paul Wheeler sells more houses in a few days than the average realtor sells in a year.

 

I’ve had the privilege of observing Paul over a long period of time, and even though he’s my friend, I would have to state for the record that Paul is not smarter, better trained, or more talented than the hundreds of people whose performance he eclipses.

 

If you met Paul, you would find him to be very pleasant and unassuming.  But the thing most people overlook about Paul Wheeler is the fact that he has an extremely high I.Q. (Implementation Quotient).  At every one of our luncheon meetings over several years, Paul arrives with a notebook that describes the action items we discussed in our last meeting and how he has implemented them.  Then during the course of our lunch meeting as we discuss various ideas, Paul writes down the thoughts that he believes to have merit.

 

Everyone has great ideas of their own or great ideas that are presented to them.  What makes Paul Wheeler a superstar among a field of mediocre performers is simply the fact that Paul implements.

 

When it’s all said and done in our world today, there’s a lot said and very little done.  We don’t receive rewards for what we think, know, believe, or study.  We are rewarded for what we do.

 

As you go through your day today, think great thoughts, focus on new ideas, but be sure to implement them all.

 

Today’s the day!

 

Jim Stovall is the president of Narrative Television Network, as well as a published author of many books including The Ultimate Gift.  He is also a columnist and motivational speaker.  He may be reached at 5840 South Memorial Drive, Suite 312, Tulsa, OK  74145-9082; by e-mail at Jim@JimStovall.com; or on Facebook atwww.facebook.com/jimstovallauthor.