Today’s Housing Market on Grand Lake and Nationally

Got this article by Christopher Maloney and provided to me by Gretchen Casto with Bank of Oklahoma Mortgage, one of our go to lenders for people seeking housing loans.   I thought it put todays’ housing market in good easy to understand terms that you might enjoy as I did in particular what will home values do next.
My job as a mortgage strategist requires me to worry about things and lucky for me it comes naturally. Inflation, Fed policy, mortgage bonds, aging, the heating oil bill, whether the Mets rotation will hold up this season — it all leaves me in bed staring at the ceiling as the clock hits two in the morning. Yet, one thing that has not troubled my mind is a collapse in home prices in America like we experienced back in the early part of this millennium, when the Great Financial Crisis arrived in 2007. Though every speculative frenzy has the same source, they all are unique in their particulars, and the housing frenzy we just went through is not the housing frenzy we saw in 2007.

A first major difference between now and that earlier housing boom is the crushing lack of inventory of existing homes available for sale. The lack of supply was a notable trait throughout this latest craze, with an average of just 1.22 million homes on the market at any time. Compare this to the go-go years just prior to the Great Financial Crisis: in 2006 and 2007, the average inventory of homes for sale was 3.62 million. In the latest release from the National Association of Realtors, the existing home sales inventory was just 970,000. A lack of supply will help keep a bid under home prices.

This has been a growing problem for over a decade now, ironically ever since the Federal Reserve instituted its zero interest rate policy in late 2008. So, beginning in 2020, when hordes of Americans fled from one part of the country to another to escape Covid or the lockdowns or their mother-in-law they found, like Jesus, that all the inns were already purchased and they were outbid by piles of gold, frankincense, and myrrh for the others still on the market. Behind this lack of inventory: American home builders, for whatever reason, have significantly reduced the pace of single-family home building.

While the Federal Reserve’s various monetary policies over the last decade-plus have sent lending rates to record lows and mortgage bond issuance to record highs, that time frame has been a disaster, plain and simple, for actual home building. During the decade from 2010 until 2019 single-family home building collapsed to an annual rate of just 682,000 new units, the lowest since at least the 1950s, and this on top of a U.S. population 60% larger than when Elvis was making the girls swoon. This has made housing more of a luxury item than ever before. It is estimated that we are three to four million single-family homes short of what we need. Whatever the number may be, it is irrefutable that there is a desperate shortage of homes in this country.

Last, if one looks at the underlying credit characteristics of those granted mortgages during the latest housing boom, the exemplary behavior of lenders stands out. While the housing frenzy in the early part of this millennium saw anyone who could fog a mirror granted a mortgage, this time around lenders kept their wits about them. If one looks at the debt-to-income ratio of new home owners wrapped within conventional 30-year mortgages since the end of 2018, it has averaged 36.5%. Last month it was 39%, well below the 43% level that is considered acceptable. FICO credit scores for the same population of borrowers averaged 753 over the same period; it was 752 last month. Much the same is seen on the Ginnie Mae side of the ledger. So a wave of forced selling by home owners who should not have been given a mortgage to begin with — as seen earlier this millennium — does not appear likely.

The above reasons argue against a collapse in home prices. While all real estate is local, as the saying goes, and there are certain areas which will likely see home prices fall more than others (Boise, Idaho, for instance) on a national level I expect home prices to end this year between 0% to 5% lower. I’ve enough to worry about in life, so no need to pile on where I don’t feel it necessary.

Christopher Maloney conducts daily data analysis, watches mortgage-related news, studies economics and speaks frequently with other market professionals to keep a close eye on the mortgage bond market. He provides written market commentary on a daily basis for clients, grants interviews and delivers speeches to express his views on mortgage bonds, the housing market and the economic situation in general. Maloney has an MBA from New York University’s Stern School of Business.

Gretchen Casto
Mortgage Banker
7060 South Yale, Suite 100
Tulsa, OK 74136
Office: (918) 488-7368
Cell: (918) 760-6086
NMLS: 492250

Provided by Joe Neill-Wright and Neill Grand Lake Team at Keller Williams Realty Grand Lake.  Grove, OK

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Grand Lake Monkey Island New Construction Home For Sale

We have listed on Grand Lake’s Monkey Island a new construction home with all the latest trends, colors, and floor plan.  This fine new home has great water views and is a short golf cart ride to the Shangri La Country Club and golf course.  In fact Monkey Island has several miles of a golf cart trail you can take for dining and other fun things on the island. This home has 5 bedrooms/3 baths and is listed for $849,900. Spring and summer fun on Monkey Island are almost here, the prime time spot of the year to enjoy.  However, many don’t realize that anytime on Grand Lake’s Monkey Island is a grand time to enjoy life. This home has the space for your retirement home on Grand Lake or your weekend vacation home on Grand Lake. The home is in a non HOA area and if you so choose it can be used when you aren’t as a Monkey Island VRBO. Let’s set a time to see it. You won’t find many new construction homes for sale on the Grand Lake MLS, don’t let this one get away.

Call/Text AmyWright at 918 791-1594 or Joe Neill 918 640-3300 or email grandlaketeam@kw.com to learn more or set your time to see this brand new construction home on Grand Lake’s Monkey Island. Affiliated with Keller Williams Realty Grand Lake.

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Why Grand Lake For Your Retirement Home or Weekend Vacation Home

Till you have visited Grand Lake you may not realize why many people choose Grand Lake for their retirement home or weekend vacation home. Let me share just some of the reasons why–

Beautiful Sunsets. Wonderful Water Sports Great Golf Great Home Values & Locations

ABOVE Monkey Island New Construction Home For Sale -Close to Shangri La Golf Course and Country Club/Marina

Excellent floor plan and built with all today’s touches buyers want.  Grand Lake MLS 23-214 $849,900

ABOVE Grove’s Patricia Island Estates Golf/Lake Subdivision.  Waterfront home in a great setting for sale close to club house, boat docks, and fine dining.    Grand Lake MLS 23-294 $695,000

 

ABOVE S Grand Lake Condo–Fully furnished updated doll house ready for you to enjoy for weekend or full time living. Steps to marina, fine dining, and golf course just down the road.  Grand Lake MLS 23-260 $290,000

ABOVE Monkey Island Cabin for your enjoyment full time, vacation time, or rent as VRBO comes with boat dock Grand Lake MLS 23-300 $395,000

Above just a few of the reasons to enjoy all that Grand Lake has to offer.  Other attractions-churchs/civic clubs anxious to welcome you to area and join them,  Har-Ber Village frontier museum, Lendenwood Gardens beautiful garden attraction, 5 golf courses from the finest to the low cost course,  S Grand jeep/4 wheeler rock climbing, Jay off road vehicle park attraction, some of best fishing in country, great place for family boating-tubing-wake boarding, walking trails, unique dining and shopping spots all in a moderate 4 season climate area. Come check out Grand Lake and all it has to offer.

For more information on Grand Lake and Real Estate on Grand Lake call Amy Wright 918 791-1594, Lisa Arizpe 918 801-5463, or Joe Neill at 918 640-3300 or email grandlaketeam@kw.com.   Your Grand Lake Pros when it comes to Grand Lake Waterfront Homes For Sale and all Grand Lake Real Estate. Affiliated with Keller Williams Realty Grand Lake

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Grand Lake Easy Living Condo For Sale on Duck Creek $290,000

We have just listed the ultimate weekend vacation home for sale on Grand Lake. This condo is located on the ever so popular Duck Creek arm of Grand Lake and is in the center of action for a fun time on Grand Lake.  This Grand Lake Condo For Sale at $290,000 offers luxury accommodations with a waterfront view from the covered lakeside deck. Low dues take care of the yard, structural insurance from studs out, water, trash, community pool all for only $631.31 per quarter.  Walk down to Harbors View Marina and lease a boat slip and you are set to enjoy Grand Lake at it’s best.  The condo comes fully furnished with very nice furnishings. In the last year it has had a new roof, new plantation shutters, new high end TV and is neat, clean, set up for you enjoyment day one.

Again this Grand Lake Waterfront Condo for sale is listed at the very reasonable price of $290,000, making it one of the best bargains to own a Grand Lake Waterfront Home fully furnished with quality furnishings ready to go.  Not often do we get the chance to offer this luxury in a waterfront home on Grand Lake for sale under $300,000. Harbor’s Condo is a well known and desired location on Grand Lake.  You can even walk across the road to enjoy excellent dining at the Drunkin Rooster Diner. Spring time boating season is just around the corner and an opportunity like this does not come around very ofter.  Call today to learn more about this Grand Lake Waterfront Condo For Sale.  Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email us at grandlaketeam@kw.com.  Associated with Keller Williams Realty Grand Lake.

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New Listing Monkey Island At Grand Lake Lakeview – Brand New Construction Home For Sale

Monkey Island on Grand Lake is a very popular place for second home buyers on Grand Lake as well as full time owners or retired folks buying on Grand Lake.  It is home of the famous Shangri La Country Club golf course and The Anchor sports activity center for tennis, pickleball, bowling, and big screen sports events.  Monkey Island enjoys the center of the lake with great places to dine and only about 15 miles back in to Grove, Ok for shopping and other city type activities.

We have listed a new construction lakeview home in a great location where you can ride your golf cart to the country club, to dine out, or go to the Anchor mentioned above. This home has terrific views.  You will love the latest styles and colors in this top notch all the way home again for sale.  The home has 5 bedrooms/3 bath in 2550 sq ft m/l or use the 5th bedroom as an in home office if you just have to work while at the lake. The home is in a non HOA area so no dues to pay and can do nightly rentals if you so desire.

This fine Monkey Island at Grand Lake new construction home can be yours for $849,900.  Grand Lake MLS 23-214 is the home to ask for.  Contact Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email grandlaketeam@kw.com.  We hope to hear from you soon. Associated with Keller Williams Realty Grand Lake Grove, OK.

 

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Grand Lake Waterfront Homes For Sale

January is a great time to explore Grand Lake Waterfront Homes For Sale on the Internet.  When the weather is bad outside why not think spring and lake fun by looking over the selection of homes for sale in the Grand Lake area including Grove, Monkey Island, and South Grand Lake areas. We still see good demand by those seeking a second home on Grand Lake or a retirement home on Grand Lake, or maybe a family home to raise your kids in a great rural lake setting in todays world where many folks work remotely.

Our number of homes for sale on Grand Lake remains low, but we hope to see more listings as we get closer to spring.  Interest rates while higher than a year ago have came down a tick recently and many folks are cashing in some gains of past years in other investments to buy a Grand Lake Waterfront Home. Prices are higher than a few years ago but inflation has brought all housing higher.  We do not now see the frenzy of bid wars with ending price thousands over list price.

Please use our up to date all day long Grand Lake MLS search in this website to enjoy Grand Lake Waterfront Homes For Sale and other Grand Lake Real Estate Investment Opportunities.

If you are thinking a Grand Lake Waterfront Home is in your future let our team help you find just the right place for your needs and desires.  We have the experience, the knowledge, and work ethic to make your buying experience pleasant, fun, and without and unwanted surprises.

We are affiliated with Keller Williams Realty Grand Lake in Grove, OK and serve the entire Grand Lake area for all your real estate needs. Contact Amy Wright at 918 791-1594 or Joe Neill 918 640-3300 or email grandlaketeam@kw.com. We hope to hear from you soon.

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January 23, 2023 Grand Lake Waterfront/Water Access Homes Under Contract Report in Last Week $400-600,000 Price Range

People still want to buy Grand Lake Waterfront Homes or Water Access Homes.  Today I am writing about homes under contract in the past 7 days in the price range of $400-600,000 waterfront or water access homes.  There has been 7 such homes in the past week going under contract with 3 of the homes brand new on the market and selling within 1-7 days.  Buyers don’t seem to be looking to buy fixer uppers but want quality homes in their price targets. The one thing holding back more sales is lack of good suitable Grand Lake Waterfront homes for sale.  Most buyers seem to be cash buyers but some are still conventional loan deals.

If you have been thinking about selling your Grand Lake Waterfront Home, now is the time to get it listed while inventory is low. January and February are prime internet shopping times while people sit in cold weather and dream of summer by looking at homes on Grand Lake for sale. Some will come now to buy and the ones truly ready to buy will get there as the 3 did this week almost as soon as the home they contracted for went on the market. Others may dream awhile longer while making their wish list of homes to see is still available.

If you are thinking of selling, we hope you will call our group to talk how to get top dollar for your Grand Lake Waterfront Home and how our experience will benefit your pocketbook. If you want to buy, we watch the listings all day and are ready to let you know the new listing just came on that fits your target home. We will help you make a fair purchase in short order.

Contact Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email us at grandlaketeam@kw.com. We offer years of experience in buying and selling help for buyers and sellers.  Associated with Keller Williams Realty Grand Lake

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Buffalo Shores South Waterfront Home For Sale-Priced Right-Great Location-Need to See

Today, I want to tell you about a listing another agent in our Keller Williams Realty Grand Lake office has in one of top 2 areas in the Grove, OK area of Grand Lake that buyers want, Buffalo Shores South.   Buffalo Shores South has a voluntary HOA with dues of only $50 per year and is in place to beautify the entrances to the addition and to keep addition covenants in place.  This is an area without too restrictive covenants but it does not allow permanent parking of boats, rv’s, or other items of such in the driveways.  Any outbuildings have to be build attached as part of home with stone, brick, siding as the home has.  This keeps the values of homes up and thus the reason so many want to own in this area with rolling terrian and many nice mature shade trees.

The one we are showcasing today is located at the end of a dead end side street for a very quiet and peaceful waterfront home setting. This home has a walk out basement and has a large living area on each level. You will enjoy 4 bedrooms/4 baths with a total square feet listed of 4545. The main level has the owner suite plus 2 bedrooms and an office.  Lower level has another bedroom currently used as a hobby room, large mechanical / storage room, and the huge 2nd living area to enjoy. You will be spending so much time on the main level deck that goes about the full length of home for room for family/guests to enjoy summer cookouts on. The backyard is spacious with tree shaded areas and you will love the gentle walk down to your own private boat dock ready to use.  An added bonus to this fine home is at the back of the garage is a large tucked in to itself that is perfect as used now as a wood working shop but easily would be a good home gym, your private music room, other hobby room, or you could remove the wall between garage and room to make additional garage space for jet ski’s in winter or storage of lake toys. Wonderful asset to the home no matter how you choose to use it.

This home offers so much with all the must haves that lake home buyers want. And to top it all off, the subdivision also has a voluntary club with dues of only $350 per year to enjoy the swimming pool, kiddie pool, kiddie playground equipment and the club house for member get togethers or reserve it for your own party.  All this in a quiet, beautiful area with the waterfront home located on the highly sought after Honeycreek arm of Grand Lake and again it is for sale. This area offers great boating and places to take the kids tubing.

If you are seeking a home with room for your family and friends to visit in such a beautiful quiet setting, this could be the one for you.  Price is $794.900.  To make the deal even better, owners will kick in a reduction of $10,000 to give you funds to truly make the home “yours” with whatever touch you desire.  Call, text, or email Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email grandlaketeam@kw.com to learn more or schedule your appointment to see this Grand Lake Waterfront Home For Sale. Brandon, the listing agent will appreciate you letting us show you this fine home in Grove, OK on the shores of Grand Lake.

 

 

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Ever thought of selling your Grand Lake Waterfront Home? We have buyers NOW

Everyone has a different season of life where we enjoy different things in life.  Waterfront homes are enjoyed by many for a lifetime, for others as we age we see need to move closer to family, maybe kids growing up in city have got too involved in their lives and don’t want to go to lake at this stage, or for some there comes a time to need more cash to retire on and lake homes offer great price appreciation and cash when needed.  Whatever you need in life, there is a solution. Some of you may have thought you missed the train when summer of 2022 prices went wild with many homes selling over listed price.  Today the market frenzy may be gone but we still have cash buyers wanting a Grand Lake Waterfront home most in the $600,000- 1 million price point range.

Grand Lake Waterfront Home Buyers like well kept homes in Grove area for many full time buyers or Monkey Island, South Grand Lake, and other areas of lake for weekenders or full time home buyers.  Homes will bring thousands more than they did back as soon as 2019.  We are very short on Grand Lake Waterfront Homes For Sale and now could be your opportunity to cash in if you think you will want to sell in the next few months to a 1-3 years down road time frame.

If you have a Grand Lake Waterfront home and would like to know more about it’s value or our thoughts in depth on the home market in the Grand Lake area of Oklahoma give us a call, text, or email.

Amy Wright 918 791-1594

Joe Neill 918 640-3300

Email grandlaketeam@kw.com

We are both full service real estate agents with decades of real estate experience to serve your needs selling or buying.  We are affiliated with  Keller Williams Realty Grand Lake in Grove, OK.   We hope to hear from you soon.

Above home just closed and we have another buyer wanting one close to same with cash money.  Home was listed at $929,000.  We have other buyers in the $700,000 price range. Many others in multiple price points. If thinking of selling call Amy or Joe to learn more

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Looking at Locations For Your Retirement Home on a Lake–Think Grand Lake in NE OK just listed as 4th best in nation

If you like many people are thinking about the perfect place to call home in retirement on a lake, take a look at Grand Lake in NE Oklahoma.  Just out is Lake Homes Realty based in Alabama new list of best hot spot lakes to buy a home on is Grand Lake listed at Number 4.  The top 3 are all located in SE US, a nice area but not for everyone.  Grand Lake offers so many plus features such as the 1300+ miles of shoreline with over 43,000 acres of lake located in the central US with a true 4 season moderate climate.  You will be only a little over an hour to 3 airports, Tulsa, OK, Joplin, MO, and NW AR. to take off on vacation travels or if you go by auto the interstate highway system is only about 15 miles away and will soon have you to your destination to visit family and friends in any direction.

Property values hold up well and you can buy a home at a much more affordable rate than many areas of the country. Cost of living is also much better than many areas of the country.  People on Grand welcome new comers from all across the country. You can get involved as you want in local churches and civic clubs or just enjoy yourself in peace and quiet.  Great fishing, boating, and hunting abound in the area. You will find a good selection of Grand Lake waterfront homes for sale, golf course homes for sale by lake, gated community homes for sale and homes in popular areas of Grand Lake, Grove-largest city on lake with great health care, Monkey Island-great golf and lake activities or South Grand Lake for unique homes.

We invite you to come check out Grand Lake.  Our team at Keller Williams Grand Lake knows the area and the properties and would welcome an opportunity to help you find the perfect place for your retirement home. Call or text Amy Wright at 918 791-1594 or Joe Neill at 918 640-3300 or email grandlaketeam@kw.com

Posted in Grand Lake Real Estate, Keller Williams Realty Grand Lake, Luxury Grand Lake Home, Monkey Island OK homes for sale, retirement home in Grove OK, retirement home on Grand Lake, waterfront homes on Grand Lake | Comments Off on Looking at Locations For Your Retirement Home on a Lake–Think Grand Lake in NE OK just listed as 4th best in nation