Good news travels fast and bad news gets a lot of press. With the national media continually reporting housing crisis downfall, the Oklahoma City metro residential real estate market area is withstanding the turbulence. A national financial magazine has taken note!
A Forbes May 08 article by Joshua Zumbrun noted the statistics that have garnered our community as a great place to live -- not just for lifestyle but for financial stability too.
The article begins with the recap of how nationally home prices are falling, unemployment is on the rise and the economy is expected to grow slowly. Zumbrun sees a glimmer of hope and announces, “Some cities are doing just fine.”
Based on factors like median home price which improved 8.2%, unemployment at 3.5%, key growth indicators in leisure/hospitality industry up 6% and construction improving 11.5% from 2007, the author recognizes our market as one of the strongest housing markets in the country because of what he cites as our strong “agriculture, energy and manufacturing” base.
Here’s the quote we want to celebrate:
“(Oklahoma City) best positioned of the nation’s metropolitan areas to ride out the current crisis.”
Companies like Devon Energy and Chesapeake Energy have given Oklahoma economy a healthy boost and suggest the energy sector is the right place to be.
And more good news for our region, the author also named San Antonio and Austin in second and third place with Houston at seventh and Dallas/Fort Worth area coming in at tenth.
Gary Atchley says the rankings demonstrate how our economy is a reflection of “our own story . . . not as much about the national stage.”
Real estate primarily is based on local market conditions. When the huge appreciations where seen in other cities especially on the coasts, Oklahoma just kept “chugging” along with modest growth. When things began to change and the shift occurred, our market was poised to retain a healthier financial characteristic because our appreciation was more realistic and reflective of local economic indicators.
“We don’t deny that if you have a house to sell in our market area and it is staged marginally, priced too high comparing to the competition – you’ll be challenged to get a quick sale. The buyer today has more choices to pick from and can be more selective than probably a year ago. Staging, pricing and negotiating repairs are critical components of getting a home sold and closed.”
Gary Atchley, as quoted in the Daily Oklahoma March 2008, admits “We are so blessed to live in Oklahoma where we continue to see growth in the real estate market. When we talk to Realtors in other markets, we see the affects of modest appreciation which has rewarded us (Oklahomans) with a stable real estate market.”
To learn more about how your home is “measuring-up” to what is occurring in the local real estate market or if you are moving to another home soon or even another state, call The Gary Atchley Group and learn more about how our unique 37-point marketing plan will help you reach your goals. Also, if you would like to receive our FREE 127-Tips to Help Your Home Sell Faster Checklist, please call us at 330-2626.
