Housing Market and Loan Rates in OklahomaWednesday, October 22nd, 2008
Tuesday October 21, 2008 Barbara Barnes of the local Wells Fargo mortgage office brought her area supervisor to our RE/MAX Grand Lake staff meeting. We, like you, have heard so many horror stories of the stock market, bad loan, falling house prices in California and Florida, and hard to get credit if you did want to buy a home. Well, I am here to tell you, the Wells Fargo man inspired us all. I told him he should be on CNBC and give out some good news.
What was his good news? He told of mortgage rates going to 6.5% last week and credit was tight but now this week rates were back to 5.9% and money was available to loan for housing. Yes, he will require some down payment, employment verification, and a W2 of your last year’s earnings and home will have to appraise—all things that should have been required the last four years. He also said he thought Oklahoma housing was in great shape and prices would hold steady and that loans could go for 5.25-5.5% soon.
Oklahoma has a good economy, good home availability, now good mortgage rates, and now is a great time to buy. If you want to live or retire at Grand Lake or buy that second home on the lake fall is always sale time. Those of us who live at the lake know that all four seasons are great lake living, each in it’s own way. However, buyer demand usually slows every fall as many people new to the lake think of lake homes only in spring and summer. Thus the "white sale" time is now–fall.
There will never be a better time to buy that waterfront home, golf course home, or lakeview home. We offer homes around the entire lake. Some of the better lake communties are Patricia Island Estates, The Preserve, The Chateaus, Brighton Bay, St. Andrews, St. James, Newport Village, The Coves, The Points, Villas Del Lago, Eagles Roost, and I could go on and on. So, whether you want a lake home on South Grand Lake, Monkey Island, or Grove, Oklahoma we can help you find just the right place for your needs and desires.
Follow the buttons at the top of this page to MLS search or our Featured Homes button and check out some of the properties offered. Call Aaron Hughes at 918 801-5645 or Joe Neill at 918 640-3300 for more information. We are the Grand Lake Team at RE/MAX Grand Lake in Grove, OK. We hope to hear from you soon. You too can enjoy the good life at Grand Lake.