Ginger Thomas

I am still intrigued at our market and the figures below come as no surprise. As a REALTOR^®, I look at how many homes there are on the market as competition for the homes I am about to list for sale (or as possible homes for my buyers). This currently overwhelming inventory of homes for sale, paints the picture we've been seeing for the last few months - a buyers' market. Here is an update on the absorption rate for the last few months.

In December, some sellers took their homes off the market, market had more closings (close to September level) and some buyers needed to close before the end of the year (for tax reasons I assume), so the absorption rate has come down. This explains the 7.7 absorption rate for December.

January 2011 has the typical seasonal slow down too, but wow! look at where we are with the absorption rate. It will take 13 weeks to sell the residential inventory. Days on market (DOM) has even crept up to 112. That 112 days would be for the price ranges that are moving/selling, which is around $120,000 to about $160,000. Days on Market will typically increase as price increases too.

In short, sellers prices need to be compelling to get the buyers through the front door. Buyers, get your ducks in a row with credit score and lending, it's a great market but sellers need confidence the deal will go through to the closing table.

Please read on to see more history and explanation of our market.

Where have the buyers gone?

This was the topic at a recent meeting which prompted me to look at some numbers.

*absorption rate is the number of weeks it takes to sell the current inventory at the present rate of sales. Figures from the Norman Board of Realtors Sales and Inventory History report-Aug ‘10

I've been a REALTOR for 7 years now and the market has always leaned in favor of the sellers, till now. The best sellers' market I've seen is in July '07 with 563 homes on the market and an absorption rate of 2.0. The past two years tell a different story with almost double the number of homes on the market, but there were enough buyers to keep the market close to neutral. The number of buyers diminished after the tax credit closing deadline on June 30^th this year. July was the first reporting of numbers that reflect the absence of the tax credit, Norman's real estate market shifted, and the absorption rate indicates a buyers' market now. That trend holds for August too. Buyers are being choosy and sales prices aren't showing appreciation to the degree of previous years.

If you plan to sell your home, now more than ever, it is important to enlist some professional help and listen to your REALTOR^®'s advice to make your home the one that stands out and gets sold. Yes, that means painting, do repairs and maybe some updating, making things sparkle and pricing your home right, right from the beginning.

If you are a buyer, rates are great and there are many wonderful homes to choose from, but qualifying for a loan is becoming increasingly difficult. Your REALTOR^® can help you through this process and has knowledge of other programs you may be able to take advantage of... like multiple down payment assistance programs, so you may not need as much savings as you think to become a new homeowner.

Call, text or email me if you have any questions about this information or are interested in selling or buying.

Ginger Thomas, REALTOR^®
Broker Associate, GRI
Metro Brokers of Oklahoma Central
cell/text: 405-203-9265
ginger-thomas@hotmail.com

Relocating to Norman

If you are relocating to the greater Oklahoma City metro area from outside of Oklahoma, you'll probably be surprised at the homes and amenities that you will be offered in this market. Whether you're moving as a part of the recent Boeing Corporation relocation or as a part of another corporate move to Oklahoma, you will find a number of attractive places to make your home.

While there are lots of neighborhoods to review and consider for your relocation, many of the executive homes and upscale properties you'll find are located in Norman, Edmond, Moore and a few select parts of Oklahoma City.

This beautiful executive home is a great example of recently built homes in Norman. MLS # 243802.

Virtual tour of home pictured to the left.

My family and I choose to live in Norman because it's a fantastic place to live. A college town with an upscale feel, Norman is a 15 minute drive south of Oklahoma City. From the friendly atmosphere of the people, to the convenience of shopping and lack of traffic jams, you'll find a haven of luxury here. And, if you're coming from markets in California, Nevada or Florida, you'll find the home values that will knock your socks off. Try this cost of living index to help you gather some information.

What's living here like?

Traffic/Driving - For those of you are coming from cities like Los Angeles, you'll love it. You have rush "hours" and we have a rush "half-hour." So, don't let a 15 or 20-mile drive scare you. It really does only take 20-25 minutes to get to work.

Schools - Norman is home to fantastic public schools as well as the University of Oklahoma. But, don't take my word for it, check out www.greatschools.org or www.schoolreportcard.org. They'll tell the story. For families with pre-schoolers, Norman offers some of the finest pre-school operations in the state, too.

Weather - Ok, I'll admit that Oklahoma weather is a bit tricky at times. But, don't let the prospect of tornadoes scare you. The likelihood of your home being damaged in a tornado is exceptionally small (less than a chance of getting in a car accident) and, unlike earthquakes or hurricanes, you can hop in your storm shelter and be protected. Many homes have storm shelters available and locations are registered with the city.

Travel - Oklahoma City boasts one of the most smoothly run airports in the country, Will Rogers Airport. Terminals are compact and the lines through security are much shorter than in other metropolitan areas. And, it's only 20 minutes from Norman to the airport.

Night life - Norman boasts a healthy night life, from the OU's Campus Corner, to historic Main Street. If you're up for something different, Oklahoma City's Bricktown district is a 15-minute drive north and has tons of restaurants, entertainment venues and other hot spots.

To sum it up, there are lots of places to live in the greater Oklahoma City area, but Norman's one place that you can definitely "be at home."

For more information, or to schedule a tour of Norman, send me an email or call me at (405) 203-9265.

Thank you for virtual visiting! -Ginger

www.gingerthomas.com ginger-thomas@hotmail.com

Active Broker Assoctiate License, Metro Brokers of Oklahoma Central

2129 Oak Dr., Moore, OK 73170

Relocating to Norman

If you are relocating to the greater Oklahoma City metro area from outside of Oklahoma, you'll probably be surprised at the homes and amenities that you will be offered in this market. Whether you're moving as a part of the recent Boeing Corporation relocation or as a part of another corporate move to Oklahoma, you will find a number of attractive places to make your home.

While there are lots of neighborhoods to review and consider for your relocation, many of the executive homes and upscale properties you'll find are located in Norman, Edmond, Moore and a few select parts of Oklahoma City.

This beautiful executive home is a great example of recently built homes in Norman. MLS # 243802.

Virtual tour of home pictured to the left.

My family and I choose to live in Norman because it's a fantastic place to live. A college town with an upscale feel, Norman is a 15 minute drive south of Oklahoma City. From the friendly atmosphere of the people, to the convenience of shopping and lack of traffic jams, you'll find a haven of luxury here. And, if you're coming from markets in California, Nevada or Florida, you'll find the home values that will knock your socks off. Try this cost of living index to help you gather some information.

What's living here like?

Traffic/Driving - For those of you are coming from cities like Los Angeles, you'll love it. You have rush "hours" and we have a rush "half-hour." So, don't let a 15 or 20-mile drive scare you. It really does only take 20-25 minutes to get to work.

Schools - Norman is home to fantastic public schools as well as the University of Oklahoma. But, don't take my word for it, check out www.greatschools.org or www.schoolreportcard.org. They'll tell the story. For families with pre-schoolers, Norman offers some of the finest pre-school operations in the state, too.

Weather - Ok, I'll admit that Oklahoma weather is a bit tricky at times. But, don't let the prospect of tornadoes scare you. The likelihood of your home being damaged in a tornado is exceptionally small (less than a chance of getting in a car accident) and, unlike earthquakes or hurricanes, you can hop in your storm shelter and be protected. Many homes have storm shelters available and locations are registered with the city.

Travel - Oklahoma City boasts one of the most smoothly run airports in the country, Will Rogers Airport. Terminals are compact and the lines through security are much shorter than in other metropolitan areas. And, it's only 20 minutes from Norman to the airport.

Night life - Norman boasts a healthy night life, from the OU's Campus Corner, to historic Main Street. If you're up for something different, Oklahoma City's Bricktown district is a 15-minute drive north and has tons of restaurants, entertainment venues and other hot spots.

To sum it up, there are lots of places to live in the greater Oklahoma City area, but Norman's one place that you can definitely "be at home."

For more information, or to schedule a tour of Norman, send me an email or call me at (405) 203-9265.

Thank you for virtual visiting! -Ginger

www.GingerThomas.com ginger-thomas@hotmail.com

Active Broker Associates License, Metro Brokers of Oklahoma Central

2129 Oak Dr., Moore, OK 73170