Real Estate Market on Grand Lake in OklahomaFriday, August 10th, 2007
You can drown in sad stories of busted real estate markets in the national press. If you really examine the real estate market you will find the depressed areas had unrealistic markets that had double digit price increases for several years with some markets increasing as much as 30% or more in one year. We all know these markets cannot go up for ever. All markets be it oil, coal, wheat, or cattle can only go up at robust figures so long before a price correction. I feel this is what is happening on the national markets.
The market at Grand Lake/Grove, Oklahoma in the northeast corner of the state has had nice price growth the past five years but certainly not robust double digit increases per year. Our market this year is slightly ahead of last years pace in both price and number of sales. We have to work for a sale, but that is what we are paid to do.
One well estiblished agent in our market just put up under contract this week a home for $1,000,000 and another not listed but should show up in the $7-800,000 range. Not bad for one week. In the lessor priced market, an agent in our office listed a home for $121,000 that was top of the neighborhood it is in. The home sold in less than a week. Price right–not thousands too high is the key. Presentation of a clean, uncluttered home is also key to a quick sale. I know all homes will not sell in a week or maybe three months but the key to selling faster is the right price and presentation of the property.