TAG's Thoughts on OKC & More...

(see comments from different TAG members below; please feel free to email us at
 theallengroup@sellingoklahoma.com for specific topics you'd like us to cover!)

Up-to-Date on Oklahoma City's
Metro Real Estate Market with
The Allen Group

I'm a NW OKC girl. I've lived there most of my life.  I tend to think where I live is better than everywhere else. However, my boyfriend lives in Mustang. Mustang!? I tease him about it, but I'm running out of good reasons.  Canadian County is the fasted growing county in the state of Oklahoma.  I have more and more clients opting for suburban life with a little commute, than living in th heart of the city.  Much of Mustang, Piedmont, and Yukon are zoned for farming; but a good 25% is zoned for commercial properties and residential neighborhoods.  Roofs are popping up all over! If you want a home with some land, but don't plan on buying cows or chickens to go with it, Canadian county might be the place for you.  Mustang and Yukon are 15 miles SW of downtown OKC.  Commuters drive 1-40 or the Kilpatrick Turnpike to get to the city.  More and more shops and restaurants are opening on major streets and  I-40.  Okay, so it's growing.  That's nice, but what about the schools?  Yukon, Mustang, and Piedmont schools all score about average on GreatSchools.net.  My boyfriend is a product of Mustang schools, and he seems alright! :)  Real estate prices are good.  If Edmond and Deer Creek cost more than you want to spend, look west to Canadian County.  Give me a call, and I'll send you properties in these towns that just might be what you've been looking for all along!

Talk to you Soon,

Natalie


March 26, 2008

First quarter numbers are in!  The Allen Group at RE/MAX First is Ranked #1 in sales volume for RE/MAX year-to-date in Oklahoma City and #2 in the entire state...Great Job Team!!  Our Team also just completed a study on the Harvard Negotiation Project and how these tactics can be applied when negotiating real estate contracts with shining results!  And we just completed our Home Staging Specialist Certification!   We are ready to help you get your home in the best possible showing condition so it will sell more quickly and for the most the market will bring!  If you've had your home on the market with another realtor for six months or even a year, call us...we'd like to get your home sold!  We'll go through every detail of your home and tell you what we can do together to make it more marketable so it will sell even when your neighbor's isn't.  We do it all the time!

Way to go everyone!!!

Chris

March 12, 2008

Simplified Home Buying

Purchasing a home is always a very emotional process.  Whether it's the way you have been brought up by your parents, the traditions that you have at home, or the dreams that inspire you, buying a home can effect you emotionally.  It's not a bad thing to be emotional about the idea of buying a home, but if you are so tied up because of your emotions that you miss something that is necessary for the functionality of you and your family...that can be a problem.  So here are some things that you can do to help you prepare and simplify the home buying process:

1.)  Make a list:  Include everything that you need in a home.  This is where you can overprepare...get everyone involved.  If you have kids, ask them what is important to them.  Do you have family pets that have certain needs?  Do you need large closets, or a pantry?  (These are things you could overlook when looking at a home).  Write down everything from "Gotta Have" to "Wouldn't it be nice?".
2.)  Prioritize:  Organize your list by what is most important and necessary for you down to what you could live without.  This will help later down the line when you have to narrow down your home selections to your favorites.
3.)  Checklist:  Create a checklist from your list of needs and wants.  Make copies so that when you are walking through each home you can quickly check off the things that meet your specifications.  Later, you can look at your lists to help you match the homes that felt right emotionally...and homes that actually met all of your needs.

These three things will help you be more efficient and prepared when you start looking for a home.  Of course, once you know a home has met your primary guidelines, let your emotions run freely because you wouldn't want to live in a home that doesn't make you excited!

Happy March,
Heather


February 29, 2008

Happy Birthday Natalie!!

Natalie turns 8 years old today!! :)-

THE NUMBERS ARE OUT!  According to the Oklahoma MLS numbers, the "median property values rose for 2007 by 4.9% which is great news!!! It is taking a bit longer to sell homes, thought with an average of 82 days on the market until a home goes under contract.  We've expereinced the busiest year-to-date so far in the last five years and aniticipate a great 2008 real estate market for Oklahoma.

More and more we are going to the internet to look for properties.  There are lots of great resources available.  We encourage you to do as much research as you can to educate yourself on the home buying or selling process.  One warning though-be a little cautious of home valuation websites that you see on-line.  All to often, those home valuation websites are inaccurate.  They pull information for that home or neighborhood...and square footages can be grossly off.  So be sure to consult a professional Realtor when considering a purchase...even if you are thinking about buying a "for sale by owner" you can have a Realtor represent you in the purchase.  You want a Realtor that will go above and beyond to represent you in the purchase.  You want a comparative market analysis for your home, negotiate your contract, set up inspections, coordinate title work, resolve disputes, have resources to fix repairs and save you lots of headaches along the way.  Whether it is a Buyer's Specialist on out team or another professional Realtor in the industry, its a smart move that will save you time and money!

Cheers,

Chris



January 15, 2008
The Comp Over Wood Problem

A number of Oklahoma home owners in the past chose to defer the expense of replacing a roof by intsalling composition roof over an existing wood roof (or existing composition roof). While this used to be acceptable with insurance companies, their policies have changed and its no longer an acceptable practice.  The problem comes from increased damage exposure from wind and hail and increase replacement expenses.

Old, deteriorated roofs do not usually hold the nails of the new roof very well.  Wind causes the nails to loosen and back out resulting in shingles blowing off.  The roof underneat is also an uneven surface allowing hail to hit hollow pockets creating areas that are easily damaged by moderate hail.

To solve this problem, you'll want to deal with it right up front in negotiations as a home buyer.  If listing a property, you might go ahead and get estimates for a new roof and price the property accordingly or with a "roof allowance".  Most insurance companies will work with a buyer who commits to replacing a roof immediately after closing.  Occasionally, an insurance company will require the roof to be replaced prior to closing.

Roof issues are a big deal in Oklahoma and cause quite a few transactions to fall apart.  If you can spend a little more time and effort up front in negotiations or pre-listing investigations you can save yourself a lot of headache and hassle later on during home inspections.

All for now...Cheers!

Chris



December 28, 2008

As predicted, our real estate market continues to improve.  As a matter of fact we've actually seen home prices increase over home home prices this same time last year in the Oklahoma City Metro.  And the interest rates dropped again today to 5.75% for a 30 year fixed rate mortgage!  Edmond's market is finally coming back into balance as we continue to see new construction homes being absorbed by the market.  Predictions are for a great next year in Oklahoma City, Moore, Edmond, and Deer Creek.  Our season normally kicks off around March, but the current activity in the markte lends toward an earlier start this year as buyer confidence returns.

Hope everyone has a Merry Christmas and Happy New Year!

God Bless,

Chris



December 17, 2007

Girl Power!!

I read an interesting article today about Women in Real Estate.  It said that women control 91% of all home buying and remodeling decisions.  Single women are the 2nd largest and fastest growing demographic of home buyers.  It makes sense to me.  If you are a woman thinking about buying a house on your own in OKC, Edmond, Deer Creek, Norman, etc..., don't be scared! All you need is a team of people on your side.  A good buyer specialist, like myself, and an experienced lender can make your home buying transaction smooth and successful. 
In 2002 I bought my home.  I was not a Realtor at the time.  My Realtor and Lender helped me being a young school teacher invest in a great home in The Village.  I love my house, and am so glad I bought it!!

Novemer 28, 2007

Building a Home:  Something to Think About
      Are you thinkg about moving, or buying a home?  Well, another great option is to build a brand new home.  If you think you might move in 6 months or so, but you are not quite ready right now, this would be a perfect opportunity to connect with a builder and custom build your own home!  Sounds expensive, doesn't it? Not necessarily! More and more builders are allowing home buyers to customize their homes with flexible floor plans, more standard options and lots more.  Right now is the perfect time to start building your home because many builders are running promotions and discounts such as paying for closing costs, throwing in a new fence, or even including blinds throughtout the home.  I have seen homes that can be customized starting around $110,000, very affordable!  Make sure that you find a local Realtor to work with so they can help you negotiate the most home for your money, and so that all of your transactions go smoothly.

November 16, 2007

Oklahoma City Real Estate is doing great! Statistics just came in today that we are in the top six states for reduction in foreclosures.  We are also showing an increase in property values year-to-date from last year.  Our team personally has seen the best fall market in the last five years.  50% of our listings are currently under contract.  The key difference is pricing the property competitively and most importantly "Staging" your home.  From the entry to the back, you need to take on the "minimalist" mindset and work to free up space so buyers can visualize living in your home.  Updating counters, paint, light fixtures, carpet may be a necessity and are considering on a case-by-case situation.  Our absorption rate (how long ti will take for the current inventory of houses to be purchased based on transaction rates over the last year) has increased from 2.5 months to 4 months. So it is taking just a bit longer for homes to turnover but a 4 month absorption is still indicative of a very healthy real estate market.  New construction in Norman, Moore, Mustang, Yukon, Peidmont, Edmond, and Deer Creek is starting to balance a little more.  All the rain that we saw earlier in the year delayed quite a few home starts.  As a result, our new hom inventory is starting to come down a little more and by spring we should be at normal levels if our market continues to improve as it is.  Interest rates remain very favorable around 6-6.25% which has spurred activity in our market.  Historic neighborhoods remain very strong, especially Crown heights, Edgemere Park, Mesta Park, and Heritage Hills which are closer to the growth and activity near downtown, midtown, and Bricktown.  "Contemporary" seems to be the new word on the street.  If you have a contemporary home, take advantage of advertising this design and style!

All for now.....Cheers!

Chris



October 31, 2007

Ready to Hibernate for the Winter

I've owned my own home for over 5 years, and every fall I make big plans to get my house ready for winter.  So far I've been all talk and no action.  Now I have big plans to use these last few weekends of nice fall weather to accomplish some of my goals. I know using some of these tips not only protects my house, but saves my money in utitlies.  Don't forget Global Warming.  Al Gore says this also saves the planet.  Here is a list of some of the things I know to do to make a house "winter ready".  Let's face it; not all of these tasks will be accomplished.  I will be making a personal improvement if I do about 5 of these things.  I hope they will inspire you to do the same!

1.  Throw some new insulation in your attic.  If your house is old like mine, it probably needs it.
2.   Clean out gutters.  Anyone have a ladder I can borrow?
3.   Trim any trees aaway from your roof.  this goes year round.  High winds plus tree branches equals damaged shingles.
4.   Storm windows instead of screens.
5.   Cut back shrubs on the south side of the house.  Apparently this helps warm your house.
6.   Look for any leaks and repair.
7.   Unclog roof vents.
8.   Grade dirt away from the house to make sure water can't sit against the foundation.
9.   A little weatherstripping around doors and windows never hurts.
10.  Replace batteries in smoke detectors and carbon monoxide detectors.
11.  Replace filters.
12.  Cut back brush around the house and clean the garage.  Only Cinderella welcomes the company of rodents and insects!
13.  Store outdoor furniture.
14.  Store water hoses.
15.  Insulate the hot water heater.

Wow, I've got my work cut out for me....anyone free this weekend?

Natalie



October 6, 2007

For those relocating to Oklahoma City, Edmond, Moore, Norman, and the Greater OKC Metro, I'll like to say that our market has been and remains very strong overall; however, there are some deals to be found in a new construction and suburban areas.  Since 2006, our new construction starts have decresaed slightly due to lower sales and has shifted from a seller market to more of a buyer's market.  It's important to work with a Realtor who knows new construction since right now you can negotiate more concessions and structure a better contract for youself.  IE...you'll get a better buy by having a Realtor who knows the new constructions neighborhoods and market activity negoitate a contract for you than going directly to a builder.

Downtown, Mid-town and Bricktown, Historic Neighborhoods such as Heritage Hills, Harndale, Mesta Park, Winans, Crown Heights, and Edgemere Park along with more established neighborhoods such as Nichols Hills remain in very strong demand.  We are seeing homes sell within a few days of coming on the market and in some cases, are seeing multiple bids and selling homes above asking price.  Land vlaues are on the rise South of the Oklahoma State Capitol near OU Medical Center, the Oklahoma Bombing Memorial, St. Anthony's and Bricktown due to extensive new construction of high-end contemporary urban homes.  There has been some concern of these areas being overbuild.  I'll dispel this and let you know that demand has been strong with very high numbers of these properties already sold.  You'll soon see more restaurants, shops and a nice grocery store in the downtwon and mid-town areas. 

All for now....Cheers!

Chris



October 4, 2007

Why a Condo?

There are several great perks in choosing a condominium over a single family dwelling.  Most condo owners enjoy the benefits of rental life in a space they actually own.  For example, most complexes have security, lawn maintenance, and a pool.  Every condo owner I've ever known can tell me the names of their neighbors and how long they've lived there.  In other words, there is a greater sense of community when you live close together.  Condos are also great for people who leave for long periods of time.  The condo owner can "lock and leave" withouth worrying about security or mowing the lawn! Owning a condo brings the buyer the same benefits of owning a single family home: pride of ownership, tax deductions, and resale profit potential.  In most cases, condos are less expensive than single family homes.  Living in a condo can provide you years of saving money, while not draining your funds into a landlord's pocket.

My only warning when preparing to buy a condo is to make sure you have all the information on the Homeowner's Association.  Most associations cover all exterior maintenance, but some also cover some of the utilities.  When determing what your future house payment will be, be sure add the HOA dues!

In Oklahoma the majority of condos are in NW OKC and Norman.  With the development of downtown OKC and Brictown, many new condominium complexes are being built.  They are expensive, but really cool! Imagine walking (instead of paying for gas) to work, and then Saturday night walking to your favoite restaurant.  Now realize you are living in OKC! If you want to know more about the new developments, please give me a call.  Ask for The Condo Queen.  I'd be happy to talk to you about them.

Natalie



September 28, 2007

Real Estate Storm 2007

The way the media has been taling about the real estate market, I feel they should give their stories some sort of major title like they do here in Oklahoma when we have a storm...Market Scare 2007....something with bold print and 2007 after it.
Well for anyone in Oklahoma who is even considering the possibility of buying a home this year, please allow me you (your Accredited Buyer's Representative) to clear up any confusion. 
One positive is it is definitely a buyer's market.  Home sells are dripping; therefore, so are prices.  Inventory is high. Buyer's have the opportunity to bargain with the sellers more than in previous years.  If you plan to move into a rental, I would do it soon.  I hear rent prices willb e going up this year.  Since many people will not be able to qualify for loans, they will be renting from happy investors.  If you are consiering buying rental property, this is good news for you!
However, the days of getting in a house without paying a dime are dwindling quickly.  Lenders aren't handing out money to any old Joe anymore.  Make sure you boost up your credit score by cancelling unused credit cards, and paying off any late bills.  Instead of buything that new "it", save your money for a downpayment and closing costs.  Don't get me wrong, 100% financing is still available; it's just more difficult to qualify.  The fancy 80/20 loans where you don't have mortgage insurance are gone as well.  A good lender will show you other good options to keep your mortgage insurance down.  So Oklahomans, don't be scared! Just be educated and seek help from professionals.

Natalie