My New Blog

In the past years there has been talk of gloom and doom in the economy saying the housing market is weak and sluggish. I remember a time when we would put a house on the market and within two weeks I would have multiple offers on the table. That is far and few between now unfortunatley.

There are many reasons for the lack of buyers in the marketplace today.

1. The interest rates have stayed low for too long! yes I like when interest rates are low but buyers have become too comfortable with these low rates and have no real motivation to get pre qulaified.

2. Credit scores and critera have become harder to reach. I Remeber when credit scores were 580 and lower to qualify for a loan. Now its 620 soon to be 640. I have 7 potential buyers right now that just dont qualify to buy a house right now. They have good steady jobs, make plenty of money but because of a few late fees, or past creditors who have not reconciled their books these buyers are in a state of limbo. It takes a good 6 months or longer to really bring your score back up to par. By that time either the house they wanted is gone or they have lost interest in buying or have more important things going on than buying a house?

3. Too much inventory! Have you ever gone to a restaurant and looked at the menu only to see that there are just way to many selections to choose from? You feel overwhelmed and difficult to narrow your selection down to just that right dish that will fill you up. Then when you order and you look across the table you start thinking you should have ordered what they are having leaving you with buyers remorse! This is the same with the housing market, too many houses to choose from no real motivation to pull the trigger and make an offer, and then if you make an offer you are left feeling that maybe you should keep looking, and the right house will appear. By this time your Realtor has probably shown you over 50 homes and is starting to cut into any profit that might have been made from your sale.

What we need is the media to start praising the housing market, we need the feds to loosen up the belt on criteria, but not the amount of money it will loan. We need more buyer incentives that change from time to time offering buyers security and peace of mind. We need buyers! The good thing is change is on its way! With the MAPS project we are attracting bigger business, we are attracting people from california, and even New York to look at us as a great destination for investing and living. This old state is getting an overhaul and I am excited to be back here. In the right place at the right time.

So if your a buyer looking to buy get out, Talk to a Realtor or me 405-209-9612, get pre qualified, find a house and start spending your money wisley. If your a seller, lower the price on your house, offer more incentives or concessions. Fix it up, dress it up and help your Realtor sell it, were Sales and negotiations not magicians.