Home values in Enid are up despite poor economy

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January 10, 2009

By Kasey Fowler, Staff Writer The Enid News and Eagle Sat Jan 10, 2009, 09:59 PM CST

The Enid real estate agents say now is the time to buy a house in Enid.

Interest rates are down, homes aren’t devaluing, and the Enid economy still is in good shape.

Phil Edwards, president and owner of Coldwell Banker Realty III, said 2009 looks good for the housing market.

“I think things are looking pretty good,” he said. “We foresee a good year.”

Interest rates are one of the reasons the housing market is looking good this year.

“We have the lowest interest rates ...,” Edwards said. “Interest rates are 5 percent or less with some companies.”

Kathy Fowler, broker associate at Home Seller Real Estate and 2009 president of Enid Metro Association of Realtors, said interest rates are the biggest help to the good housing market.

“What has helped more than anything is the interest rates have dropped really low,” she said. “Lots of people are refinancing in the upper 4 percent and other rates are at 5 percent.”

Besides the interest rates being at an almost all-time lows, prices of homes are not devaluing in Enid.

“Our prices aren’t devaluing. Last year, home values were up 3 to 6 percent depending on the area,” Edwards said. “We felt real good about that.”

Fowler has seen the same thing with property values.

“Our sales volume fell some in 2008, especially in the last quarter, but property values increased 9 percent,” she said. “Property values have risen for the past seven years at a slow and steady pace.”

According to information in the Enid Metro Association of Realtors database, in 2008 the average number of sales per month was about 81. The average number of days a home was on the market was about 97 days, and the average sale price was about $113,822.

In 2007, the average number of sales per month was about 85, the average number of days on the market was 96 days and the average price was about $104,143.

Trends in real estate depend on where in the country you are, Fowler said, and Oklahoma has been doing well.

“The prices have stayed really, really good here. Overall, Oklahoma property has maintained its value. East and West coasts have devalued drastically in the last few years. Enid has been marching to our own drum,” Fowler said. “Real estate is like the weather — it is very local. Rain in Florida doesn’t affect us in Oklahoma, and housing values dropping in Florida have very little effect on Oklahoma’s housing values.”

Edwards also attributes the good outlook to the economy of Enid.

“The economy of Enid is doing pretty good,” Edwards said. “Most of the companies in Enid are in good shape. Vance Air Force Base is still strong and stable.”

Fowler said employers still are hiring and the workers still are coming into Enid.

“All the big employers are doing well, and they are still hiring. We are still seeing people coming in and out,” Fowler said. “We need people to come through as well as move up.”

Edwards said if people are looking for a home they should buy soon.

“Interest rates are probably going to go up in the near future, so now is a good time to buy,” Edwards said. “Homes in Enid aren’t going to be any more affordable right now. Your payments will be a lot lower or you can buy more house for your money.”

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