It is not secret that the Oklahoma City real estate market is in a correction phase. I have blogged about that here as well as on www.joepryor.com and www.virtualrealestateteam.com about it. Yes we avoided the bubble meltdown but too many sellers with too few buyers, builders foreclosed inventory, and an increasing number of foreclosures are puuting a downward pressure on values. In the last two years in has not been reflected in sold comparable listings because so many homes when expired and did not sell, and those on the way to foreclosure because of state laws are just now hitting the market a year or more later.

So think about what a 5% to 10% drop in prices is going to do to you. If you have a $150,000 mortgage and selling means breaking even, you now have a negative equite of up to $15,000. Can you bring that to the closing table with savings? If not and you have a hardship that is putting you permantantly behind then now is the time to act. Why? Because with an increase in inventory of of fotrclosed and preforeclosure homes in Oklahoma City it makes selling yours that much harder. Just like with too much invcentory in an area and price range drives down property values, so will the increased amount of Oklahoma City distressed housing inventory. 

This drop in values can be even bigger if enough foreclosed homes hits the market and affects regualr sales from happening and makes appraisers take into account foreclosed homes in their appraisals. If you are an Oklahoma City homeowner who needs help now is the time to contact us. We will go over your options, see if there is a way to keep you in the home, but also be realistic with you about your chances, especially on loan modifications whihc if you will excuse my bluntness has been a joke, and just dealys the inevitable. More on that in another post.   

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net