Houses for lease in Moore OK

Buy or build?  That is the question...

Driving around Moore, Oklahoma, you can't help but notice that there are new subdivisions with new homes springing up even with all of the negative news about real estate and the economy.  LOCATION X 3 !!!  Its no secret that Moore has experienced record economic growth, both commercial and residential for close to twenty years now.  Its the model for up and coming suburban communities everywhere and there are no signs of it slowing down.

Touring the new housing developments one can see the difference between a community thoughtfully and artistically planned, and one that shows how many houses can fit on the head of a pin.

While the quality of materials used in new homes versus the homes of yesterday is debatable,  the thought of high ceilings, high-efficiency systems, and the latest in design and style can overcome a little angst over chip-board roof decking and finger-joint trim.  And with record low interest rates and plenty of locations to choose from in Moore, it would seem to be the ideal time to plan and build your dream home!

While Moore, Oklahoma has faired as well as anyone in the national economic recession, real estate values of existing homes have been pretty flat for the past few years due to the number of 'short sales' and foreclosed home sales that the existing-homes market is forced to compete with. 

Every one in awhile you can find a builder desperate to unload a new home but the experienced (see 'better') builders pace themselves and tend to stick with popular floorplans and amenities that reduce the risk of long term marketing.

In other words, it still costs the same to build a home.  And new homes in this area aren't competing as much for market share as existing homes. 

But like that new car, once you make it yours, its not new anymore.

Fine if you plan to live there for the next ten years.  But if you find yourself in a situation where you have to sell in 2, 3, or even 5 years, there's a good chance that you, or you and your lender are taking a loss.  Because you're going to have to compete with the homes that corporations want to unload, and even though its your home and its special, buyers look at price.

Now eventually the market will turn around and everyone who was able to wait will benefit by having positive equity to use toward their next purchase.

Historically real estate values have out-paced inflation IN THE LONG RUN.

And lets face it, you probably won't miss the construction noise of your neighbors' homes being built, the occasional nail in the tire, or waiting 20 years for trees to grow... maybe an existing home isn't all bad.. 

If you want to move UP now, and have equity in your home; you'll do better moving UP to an existing home in this market than in a seller's market.

Why?  Let me give you an example.  In a housing market where values have decreased by 10%:

The home you want to buy for $200,000 can be bought for $180,000.

The home you have to sell has been reduced from $100,000 to $90,000

You just saved $10,000.

And the New Home?  The builder will pay your closing costs up to around $4,000, and maybe put in an automatic garage door opener or some blinds.

Now on the other hand, if you're moving DOWN.... stay put if you can until the pendulum swings back to your favor.

There's no hurry.  And I'll still be here when you're ready. 

We've all heard the real estate mantra, LOCATION, LOCATION, LOCATION!

A family from Florida decided to do some local investing here in OKC.

They acquired four parcels of land by outbidding all of the other participants at an Oklahoma County real estate auction.  These are properties whose owners have defaulted on paying their ad valorem (property) taxes, so the county sells them to the highest bidders in an attempt to recover these taxes.

My office was contacted about marketing these "diamonds in the rough" for much more than these parcels were worth, as much as twenty times more.  These investors were so impressed by the low purchase prices, $1500-$3500, that they were convinced they couldn't go wrong! 

They knew that two of the parcels were within a mile of the hospitals off of Lincoln Blvd, and that another one was near Edmond, a thriving suburb.

To their credit, they did profit well from the sale of one of these properties.

The others however nearly negated their profits with maintenance costs and taxes.

Of the remaining three, one sold for $1900, they kept one in a rural district (no mowing required), and gave the last one away.

My point is this; don't assume that because its cheap that its a good deal.

Get a consciencious, knowledgeable professional to help guide you through the process, and the cost?.... shouldn't be anything if he gets paid by the seller's listing broker at closing.

How is that possible?  Because your REALTOR can represent your interests as a Single Party Broker for the Buyer and his fiduciary responsibility is to YOU. 

Happy hunting!  

Buying Season is upon us!

The recent Fall cool down following the Summer blast furnace has seen more people getting out and looking at homes.

Take advantage of this while prices are stable and interest rates for home loans are hovering around 4%! 

Lending has tightened but a borrower with good credit can still get to closing using FHA financing for less than 5% of the purchase price, and VA backed loans are still available with no down payment.

While its easy to find homes for sale online, most would agree that accurate and up-to-date information is even more important.  Local REALTOR associations maintain an online presence and will have the most current information about available homes.  You can access the local MLS by visiting www.GoMoore.com and you'll have the most current list of available homes for sale in the OKC metro!

REALTORS vary as much in honesty, integrity and competance as in any other profession so ask around, check references, and lock onto a good agent that will be as loyal to you as you are to them. 

Your home is one of the largest and important purchases you'll ever make so make it count!

Marc Cassens, Broker Associate

CB Carousel Realty

405-204-6060 Direct

Be a sport and 'like' GoMoore.com on Facebook.

As a REALTOR®, I believe that real estate is the best vehicle for long term investing.  There is a limited amount in existance, the demand will always be there, and it can be passed down through generations.

Historically, even with it's peaks and valleys, real estate has outperformed the stock market, precious metals and stones, government bonds, AND unlike these other investments, you can usually buy real estate with 20-30% down.  Owner-occupants can buy with 3.5% down and even ZERO down for qualifying U.S. military veterans!

Try offering your stock broker 20% of a stock's value to purchase shares of anything.  Won't happen.

Locally we've seen real estate values double, triple, and more in the past 10-20 years.  Even now during a national recession, values in central Oklahoma are staying level. 

So why the negative title?

Positive results in real estate are not automatic.  They're not guaranteed.  Real estate can leave a buyer trapped in their investment.

Example:  A buyer saw an ad in the Daily Ok, 2.8 acres of raw land for $2,850 in OKC.  Thinking he couldn't go wrong, he snapped it up and held the property for ten years.  The market during this time had gone from depressed to vibrant.  So, when he moved away, he decided to cash in.

Problem for him was that the location that his investment was in had not improved, or appreciated.. at all.  To make matters worse, it was discovered that about one-quarter of the property was actually part of a fenced-in, dilapidated cemetary. To make matters worse, bodies were randomly buried in the woods on his land OUTSIDE of the cemetary. 

So this would be the part where I say "if he'd had a REALTOR®, this could have been avoided..."  but it was too late.  After a year on the market, I was able to find a buyer for $1,950 and though its been years since, this still remains my lowest priced sale to date.

Next Blog; Florida family grabs up auctioned OKC 'diamonds-in-the-rough'...

There seems to be more houses for lease in Moore OK than there were 4 or 5 years ago when the residential real estate sales market was stronger here. 

That is, before we refinanced our homes to include vacations, expensive toys, and non-equity-building home improvements like vinyl siding and swimming pools at lower interest rates using inflated appraisals based on other recently inflated appraisals.

Now folks with negative equity are realizing that they can't afford to sell their homes without hurting their credit (see 'short sale') and are forced to consider leasing out their most valuable asset (most valuable once the market rebounds).

As a result, there are more homes to lease, and more tenants new to the rental market to lease them.

But renting out their prized possession isn't something that homeowners are eager to do.  Horror stories abound of nightmare tenants not paying their rent, destroying houses, and using the courts for protection.  A tenant that successfully evades eviction can cost a homeowner a year or more of lost income from deadbeat tenants, court costs, and expensive repairs.

There are ways of reducing your risk as property management isn't for everyone.  The first rule is to verify references and income but then what? Being able to remind tenants that the rent is still due after hearing their heartwrenching stories isn't always as easy as it looks. 

And how can you kick someone out on the street that reminds you of your own children or grandchildren?  After all, they've hit a bump in the road and just need a month or two to get caught back up... Maybe there's a website out there called laterentexcuses.com or something like that because a lot of these hard luck stories appear at the same time from different tenants!

Now obviously there is a balance between being cruel and being walked on.  A consciencious and attentive manager considers experience and tenant behavior when dealing with these situations. 

Marc Cassens  "Get Moore with Marc."

Real Estate Broker Associate

Coldwell Banker Carousel Realty

www.renthouseok.com