November 4, 2022

Good Morning. We know there are potential severe storms today, Tom and Gisele's are heartbroken and a contentious election day awaits Tuesday, but we are trained to find the positive in any situation - so here goes! We could really use some rain as many local farmers and ranchers head into the winter with less hay than necessary due to the drought, there are plenty of fish in the see for Tom and Gisele, and, after Tuesday, we won't have to watch any more of these crazy campaign ads for a couple years! You're welcome for a little glimpse into the brighter side of life!

THIS WEEK IN THE MARKET

NEW

LISTINGS

532

-17.7%

HOMES

CLOSED

438

-32.7%

NEW PENDING

CONTRACTS

463

-15.1%

*All data is from MLSOK and covers Single-Family properties only. Percentages are based on year-over-year changes.

MARKET OUTLOOK: As we continue to look at drop offs in all three areas from the record-highs we saw in 2021, the outlook looks a lot more gloomy than it actually is in reality. All three of these stats are up from the last "normal" market that we saw in 2019. Homes are selling for less than they should based off of inventory data right now due to lack of knowledge on interest rate options, and fear by consumers in a slowing market. We can help you with both of those items in this week's market update below.

Weekly Market Update Blog

How To Buy A House Without Paying 7% Interest

• #1: TEMPORARY INTEREST BUYDOWN: For this buydown, the seller pays additional funds upfront to get a break on your mortgage through the first few years, then you refinance with hopefully a lower interest rate.

• #2:ADJUSTABLE RATE MORTGAGE: There are good and bad adjustable rate mortgages. We currently have a high mortgage rate compared to the last 50 years. Read this weeks blog.

WEEKEND OPEN HOUSE GUIDE

Check Out Which Houses Are Open In Each Area

If you are considering buying a new build in the OKC area, check out one of these builders to see what they have available!

LOCAL NEWS

Tour Of OKC Headlines

• HOME CONSTRUCTION IS PLUMMETING IN OKC: Increased mortgage rates and limited supplies is slowing residential development and is worrying contractors. Read more here.

• AMAZON'S CUTBACKS ARE TAKING A TOLL ON THE WAREHOUSE: Due to the online shopping cutback, post pandemic, warehouses all over are shutting down. The OKC last-mile delivery is at risk. Read more here.

LOCAL EVENTS AND HAPPENINGS

Explore OKC

• NOV 4:
  
  • Makers at the Market
• NOV 5:
  • OKC Train Show
  • Red Feather Gala

• NOV 6:
  
  • Blue Note Presents: Jazz Night

See More at Visitokc.com

FEATURED LISTING

2104 Norwood Drive Norman, OK 73026 

3 Beds | 2 Baths | 1,619 SF | $259,000 

Beautiful home in the Bellatona Addition conveniently located off of Highway 9. This one owner home is just like new and ready for it's new owners. Several features include an open floorplan, a study with a barn door off of the living room, and an in ground shelter in the garage. The kitchen includes stainless steel appliances with the refrigerator included, granite countertops, breakfast bar island, farm house sink, recessed lighting and a nice pantry. The living room is equipped with a cozy corner fireplace, crown molding and ten-foot ceilings. Some upgrades done during building include gutters, metal fence posts, and an upgraded carpet pad throughout. Master suite bathroom includes a garden bathtub, separate tiled shower rain shower head, his/her sinks & a large master closet. Washer and dryer included with a good offer. Call today to set up a tour. 

Thanksgiving Pies

Pies, Pies, Oh My!

New Pies To Try This Holiday Season!:

• • Cranberry Orange Custard Pie
  • Salted Carmel Pumpkin Pie
  • Bourbon Bacon Pecan Pie
  • No-Bake Peanut Butter Pie

• • Recipes here!