Good afternoon everyone. Is anyone panicking yet? If all I did was read the headlines and listen to the main-stream media, I'd be looking for a new job about now! Over the last month, the mortgage industry has undergone a major overhaul. The days of putting people into homes with no money in their bank account and 103% financing are over. Basically, we're only going to put people in homes that they can afford...what a crazy concept! This is going to limit what people in the sub-prime market can do. This is the segment of the buyer market that is effected most by the recent changes in lending practices. Why am I not panicking? These people who really probably shouldn't be buying a house at this point in their life only make up about 11% of the buyer's market. That's a lot of people, but it isn't the end of the world.
Every year when school starts, there is a slowdown in the market through the first few weeks of the school year, labor day, and the state fair...and then we get back on track for a few months until the Christmas break.
No matter how many national news stories the local wires pick up, I can't emphasize enough that we are not California, Florida, or any other place that experience hyper-inflation in the housing market sector over the past decade. We have made modest price increases since the bust of the early 80's and are now back on track.
You are thinking I'm biased...my income depends on you believing we are not on the verge of a housing bust in Edmond Oklahoma. I am biased, but I'm putting my money where my mouth is. I'm personally selling one house now, another in January and I am currently building a new home at $108/square foot. Look at all the economic indicators and tell me our economy is not good. Cut through the political propaganda, the scare tactics for ratings, and you'll see we have a very balanced housing market in this little piece of heaven called Edmond, OK!