Lone Oak (Edmond OK) October 2010 Real Estate Market Update

 

Lone Oak October 2010 Real Estate Market Update

The Lone Oak areas included in this report include: Lone Oak Cove, Lone Oak Creek, Lone Oak Lakes, Lone Oak Park, Lone Oak Ridge, Lone Oak Run and Lone Oak Village.

	Current	Monthly Change
Active Listings	34	0
Under Contract	1	-2
Sold (Sept)	2	-5

 

• High list price: $349,000
• Low list price: $165,000
• Average list price: $226,101
• Median list price: $216,750

Unfortunately, for home sellers in Lone Oak, right now it looks like it could take a year to a year and a half to sell your home based on the current months-inventory. Home buyers, this is an opportunity to make a deal! Lone Oak is a great neighborhood with great homes and the pressure on sellers  at this inventory level are great.

Lone Oak Homes For Sale

Recent Price Reductions in Lone Oak

New Listings In Lone Oak

Showing properties 1 - 5 of 9. See more New Listings - Lone Oak.
(all data current as of 11/3/2010)

1. $184,900 : 15949 Sky Run Drive, Edmond
   
   3 beds, 2 full baths

   Size: 1,685 sq ft

   Lot size: n/a
2. $169,900 : 4916 NW 164th Ter, Edmond
   
   3 beds, 2 full baths

   Size: 1,607 sq ft

   Lot size: 7,125 sq ft
3. $217,500 : 4804 NW 159th Street, Edmond
   
   4 beds, 2 full baths

   Size: 2,213 sq ft

   Lot size: 9,000 sq ft
4. $209,000 : 16012 Rim Road, Edmond
   
   3 beds, 2 full baths

   Size: 2,004 sq ft

   Lot size: n/a
5. $170,000 : 5105 NW 164 Terrace, Edmond
   
   3 beds, 2 full baths

   Size: 1,647 sq ft

   Lot size: n/a

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Originally posted on okchomesellers.com

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/lone-oak-edmond-ok-october-2010-real-estate-m

Lone Oak Homes For Sale - Recent Price Reductions

[idx-listings linkid="107557"]

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Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/lone-oak-homes-for-sale-recent-price-reductio

A Simple Explanation Of The Federal Reserve Statement (November 3, 2010 Edition)

Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that, since September's meeting, the pace of economic and job growth "continues to be slow". Housing starts are "depressed", income growth is "modest" and commercial real estate investment is "weak".

With respect to its prior economic stimuli, the Fed deemed the recovery "disappointingly slow", while, at the same time, noting that growth will come.

The Fed also noted that inflation is running lower that what's optimal, hinting at the potential for deflation.

Lastly, the Fed re-acknowledged its plan to hold the Fed Funds Rate near zero percent "for an extended period", and also announced a new, $600 billion support package for the bond market. In most instances, a move like this would drive mortgage rates lower, but the Fed's stimulus had been widely telegraphed, and $600 billion isn't too far from the initial package estimates.

Mortgage market reaction has been muted thus far. Mortgage rates in Oklahoma City are unchanged post-FOMC, but looked poised to worsen.

The FOMC's next scheduled meeting is December 14, 2010. It's the last scheduled meeting of the year.

via Posterize

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/a-simple-explanation-of-the-federal-reserve-s-0

Mortgage Rate Lock Alert : Expect Rate Changes Wednesday Afternoon

The Federal Reserve ends a scheduled, 2-day meeting today. It's the seventh of 8 scheduled Fed meetings in 2010, and the eighth overall this year.

The Fed held an unscheduled meeting May 9, 2010.

When today's meeting adjourns, Fed Chairman Ben Bernanke & Co. will publish a formal statement within which the Fed is expected to announce "no change" to the Fed Funds Rate. But that doesn't mean that mortgage rates won't change.

To the contrary, expect mortgage rates to move by a lot this afternoon. Here's why.

The Fed's mission is to preserve stability within banking and the economy and, to achieve that goal, the Fed was bequeathed a number of powers by the U.S. government.

The most well-known of those powers is to right to set the Fed Funds Rate, the rate at which banks lend money to each other overnight.

Since December 2008, the benchmark Fed Funds Rate has been held in a range of 0.000-0.250 percent, the lowest possible range without going negative.

Now, when the Fed Funds Rate is low, it's meant to loosen credit; to push the economy forward. And, by all accounts, the near-zero Fed Funds Rate is working. The recession ended and the economy is recovering.

However, the Fed has other stimulus-providing tools at its disposal and Wall Street expects the group to use them.  This is where mortgage rates come into play.

Investors think the Fed will announce a new stimulus in its press release this afternoon and, dependent on the size of package, mortgage rates in Oklahoma will either rise, or fall.

• If the package is worth more than $500 billion, rates are expected to fall


• If the package is worth less than $250 billion, rates are expected to rise

If the stimulus is somewhere in between, rates should idle.

Predicting mortgage rates is an inexact science, and guessing the Fed even moreso. Therefore, if you're shopping for a mortgage rate right now, the prudent move is to lock it up prior to today's 2:15 PM ET adjournment because, after to 2:15 PM ET, we can count on the Fed Funds Rate staying flat, but the same can't be said for mortgage rates.

Call your loan officer this morning.

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Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/mortgage-rate-lock-alert-expect-rate-changes

Oklahoma City Tops List of Most Affordable

Forbes has just released its’ list of the most affordable cities in the US and Oklahoma City tops it!

Forbes searched for cities with a balance of cheap living and economic prosperity.Thanks to good jobs and low cost of living, the Oklahoma City metro area ranks as America’s most affordable.

Forbes looked at cities with populations over 100,000. They ranked costs based on goods and services including groceries, transportation and health care. They also included cost of housing as a percentage of household income. In order to exclude cities that were affordable only because of a depressed economy they also looked at unemployment rate. Oklahoma City’s current unemployment rate is 6.3% while the national average is 9.5%.

The Top 10

1. Oklahoma City OK


2. Pittsburgh PA


3. Buffalo NY


4. Rochester NY


5. Nashville TN


6. San Antonio TX


7. Houston TX


8. Louisville KY


9. Birmingham AL


10. Austin TX

Oklahoma City – Run The Numbers

Photo Credit: flickr/Paul L McCord Jr

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Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/oklahoma-city-tops-list-of-most-affordable

Better Credit Scores Get Better Mortgage Rates

This week marks the start of the Refi Boom's 7th month across Oklahoma ; rates have been falling since early-April 2010. Whether you're looking to refinance or buy a home, however, know that not everyone will qualify for today's low rates.

Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Now, you can't always ask for a raise and equity is a function of the housing market, but you can do something about your credit score.

In this 4-minute segment from NBC's The Today Show, you learn some credit basics to help propel your score higher:

• There's no "quick fix" for credit. Time + Good Credit Behavior = Better FICOs.


• Pay every bill when it comes due. Even one late payment can damage your score.


• Don't close old credit cards

Also among the segment's advice is to stop worrying about whether rates have bottomed. Refinance today if it makes financial sense. Then, if, by chance, rates fall in the future, just refinance again.  Don't be greedy, we're told.

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Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/better-credit-scores-get-better-mortgage-rate

Caulking Made Simple With "Caulk Singles"

The amount of air that leaks from the seams of a typical home is the same amount of air that would escape through an open window. It's why home care experts recommend a routine caulking of a home's windows and doors -- at least once per year.

Solid, all-around caulk jobs can reduce a home's energy bill by as much as 20 percent.

A Edmond homeowner's basic toolkit should include the familiar caulking gun and tube for larger jobs, but for spot treatment, Caulk Singles can be a good alternative.  A product of GE, Caulk Singles are single-use caulking "packages", squeezable like a toothpaste tube.

The singles are easier-to-control than a traditional caulking tube, and require no instruction or experience.

Caulk Singles are made in 3 varieties :

• Waterproof Silicone (White), for white finishes


• Waterproof Silicone (Clear), for colored finishes


• Paintable Acrylic, for paintable seals

Caulk Singles cost roughly $2.50 per package on Amazon, but may be cheaper at a local hardware store.

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Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/caulking-made-simple-with-caulk-singles