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Jay Kinder's Total Market Overview - Lawton, Ok



The article in the link below was in last weeks Sunday Oklahoman and sent to me by one of our Market Report readers. I truly appreciate our reader sending us this, thank you. This should help stop some of the "bad press" the home building market is now getting. Click on the link for the story: http://newsok.com/article/3178679


On the National front, President Bush along with Mortgage industry leaders have announced a plan that will freeze interest rates on certain owner-occupied adjustable rate mortgages. To qualify, mortgages must have been originated between Jan 1 2005 and July 31 2007 with an initial interest rate reset between Jan 1 2008 and July 31 2010.

An estimated 1.8 million loans are scheduled to adjust in 2008 and 2009. Although as many as 1.2 million might qualify for the interest rate freeze/loan modification, industry insiders believe that as few as 145,000 homeowners might actually receive any benefits.

Ultimately, this newest attempt will not solve the Nations economic or housing crises. It might help soften the blow, but ultimately you should expect to see substantially higher numbers of short sales and foreclosures in 2008 then ever before in US history. If you or someone you know has any questions on short sales or mortgage rate questions please give us a call at 580.248.2600.

Here is this weeks update of Real Estate in the Lawton Area: (the definition of each category is explained below)



If you or someone you know is interested in becoming Real Estate Professional, check out www.SuccessWithJayKinder.com and join us for our FREE Live events. Find out how to Jump Start Your Real Estate Career for FREE! If you are a Licensed Producing Realtor check out how you could receive up to $10,000 in Cash Rewards!

If you know of anyone that would benefit from this report please let me know and I will add them to the report mailing list. Also attached is the Total Market Overview Report Definitions.

This information is obtained from Paragon MLS and deemed reliable but not guaranteed. If you wish to no longer receive this update then please reply.

Thanks,

Jay Kinder




This information is obtained from Paragon MLS and deemed reliable but not guaranteed. We publish the Lawton Total Market Overview weekly to provide detailed insight into the inner workings and trends for the real estate marketplace in the Lawton area. If you have any questions or comments, please send us an email.

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The Kinder Team Report – Lawton Total Market Overview Report Definitions

Active Listings: Active listings in Paragon (MLS).

Pendings: Listings which have received an acceptable offer from a buyer and are on the way to closing.

Pending Ratio: Pendings / Active Listings (by price range)

Expired Listings: Listings which have been ‘rejected by the market’ in the past six months. This is a rolling six-month (we calculate by going back 180 days from the date of the report) set of listings which were listed for sale and ‘rejected’ by the market and the sellers decided to pull or withdraw them and take them off the market.

Closings: These are homes which were listed for sale, received an offer and closed with a new buyer. This is a six-month rolling total (180 days back) of all homes sold.

Sold/Mo: Number of houses sold over a six months (180 day period) / 6

Months Inventory: Active Listings divided by Sold/Month. Note: Although many months of listings show for any price range, the average days on the market is normally significantly lower. This is due to the fact that there are normally a substantial amount of homes that are mis-priced or grossly overpriced. Days on Market is driven by the homes that actually sell vs. Months of Inventory.

Average List / Sold Price: These are the averages for all homes that have sold in the past 180 days. MLS Data calculated for the average list and sales price for every home sold in the respective price range.

List to Sales Ratio: Average List Price / Average Sales Price

Days on Mkt.: Average days the homes in the price range that sold over the 180 day period.

Posted Tuesday Dec 18