With average home prices in our area of the country being so affordable, it’s easy to lose sight of how good we really have it here in Edmond and Oklahoma City. Since we haven’t experienced the extreme appreciation some parts of the country have, we’ve also been sheltered from the dramatic downhill slides in pricing. However, in those down markets, like New York, California, and Florida the decreasing home values are spurring a flurry of activity from new groups of consumers who couldn’t afford to own their own place before. This flurry of buyer activity in those larger markets is good for all of us, as we hope to dig our way out of the national real estate turmoil.
Here in Oklahoma, we’re stilling chugging along pretty well. We’ve recently been noted as having 2 of the Top 25 Strongest Housing Markets, by Forbes.com, even though foreclosures in 2008 were up 50% over 2007. The outlook is still cautious optimism, as this softening of our real estate market – combined with historically low interest rates – has spurred a whirlwind of recent activity.
Keeping things in perspective, and recognizing the opportunities that are out there for home buyers is key to building real equity.
About Ryan Hukill
