Could My Grove-Grand Lake, OK Home Value Still Be Underwater in 2017?Wednesday, March 8th, 2017
Kiplinger Magazine had an article on the nation’s home values March, 2017 issue with a table showing home value median price, 1 year change in value, change in value average since housing peak, and percent homes underwater as to value of home vs mortgage on it. It was very eye opening to say the least. As a Realtor we know local Grove OK home values and know that if you bought a non waterfront neighborhood home 2004-2007 your value is still less today in our market than when you bought it. Sad but true fact. Grand Lake Waterfront homes on the other hand have held basically steady in price on the average for several years and thus more insulated from underwater values. The purpose of sharing this information is not to depress or scare you but to educate you why some homes cannot sell at 2004-2007 prices and they for sure will not sell at those prices plus selling charges to sell. When I looked at cities across the nation many have had a good up run in prices but many of these areas in spite of price upturn are still below the peak years. Tulsa, OK, the closest city in article to us shows a 3.1% last year gain in price. 4.5% gain since peak pricing which is good but it also shows 20% of homes are still underwater in value compared to what is owed on them. Oklahoma prices did not fall as far as Nevada, Florida and other hard hit areas, but they also have not rebounded as much. This leads me to believe that now could be an excellent time to buy a home before home prices rise and interest rates go up-both expected to happen. If you have a home to sell and bought at the peak, we feel your pain. Hopefully when you buy a replacement home you will recoup your loss on the home sold in the same market conditions. Whatever happens, I learned a long time ago, it is better to face our challenges with knowledge rather than stick our head in the sand and pay no attention to home markets.
I am here to help the clients I work with figure out the true market price if you want to sell your home or buy a home. We will work with you to get the best path to sell/or buy for your situation. I won’t sugar coat the facts but will give you honest fact based straightforward advice. If I can help you buy or sell a home please call and visit. It cost nothing to talk homes and that is what I love to do. I can be reached at 918 640-3300 direct cell or email email@example.com. Joe Neill broker associate with Keller Williams Realty Grand Lake, I hope to hear from you soon.
Click on link below to see table of large city home values from Kiplinger