The Enid News and Eagle, Enid, OK

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Discussion

June 28, 2008

Enid’s real estate outlook good, but Realtors want it to be better

By Robert Barron, Staff Writer

The outlook for Enid’s real estate market continues to be a good, but Realtors say they would like to see more houses on the market.

Kurt Young, of Remax Premier Realtors in Enid, said housing sales have been going well. But it hasn’t always been that way.

“We went through a period when we had 500 to 550 homes on the market, and we got down to below 200,” Young said.

While Realtors’ figures showed a decline in sales during the first quarter of 2008, transactions through June 10 are near the same rate as 2007. Home values are up, Young said.

In the first quarter of the year, values increased while sales declined slightly, although local Realtors still considered the market positive.

The average price of a home in Enid last year was about $104,000, and this year it is averaging in the $115,000 range. There have been 427 transactions to date this year, comparing to 430 through June 10, 2007.

Young said in May the Enid market is increasing in value and remains solid, and that has proven to be correct.

There are about 348 homes available now. Young said the market would be better if they could have more homes in the $70,000 to $120,000 price range. Many of those houses have been purchased by out-of-town investors for use as rental property in anticipation of an increasing number of Vance Air Force Base personnel scheduled to come to Enid.

“We have a strong need for rentals, with the military coming in and the students they will start getting July 1,” he said.

Interest rates also are good, Young said, as they fluctuate in the 6 percent range, which is favorable to buyers. Young said the market is good for buyers and sellers. Prices are appreciating, which is good for sellers, and interest rates are low, which is good for buyers.

Problems with subprime loans have not affected the Enid area as they did other states, especially Florida, California, Nevada and Arizona. Those four states were hit so hard the rest of the country has been somewhat negatively affected, but Enid did not have any 300 percent loans.

“We have good lenders in this area. They have their heads on their shoulders and won’t over-mortgage,” he said. “They lend up to what it appraises and that’s it.”

Because of the problems on the East and West coasts there is less 100 percent financing available, which affects Enid slightly, he said. However, lenders are still finding ways to make loans.

Enid Metro Association of Realtors shows 348 current listings in Enid and Garfield County. Young said listings go as far as Alva, Hennessey, Medford and east. There is even a multi-listing in Broken Bow, in far southeastern Oklahoma.

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Summer Open House Sunday set today



Homes open to the public from 2-4 today include:

2415 Willow Springs, 3537 Chicka-dee, 7021 Ventris, 2310 Heritage Trail, 4402 Zachary Lane, 2010 Appomattox, 1902 Westminster, 5207 Deerfield, 610 Circle Drive, 3919 Tara Lane, No. 9 Wilderness, 2101 Daybreak, 106 Linda Circle, 1320 W. Broadway, 3202 Look-out, 2635 Hummingbird, 2101 Quail-wood, 1119 Winchester, 726 W. Mul-berry, 713 Choctaw, 701 Bear Run, 2102 Constitution, 1930 Huron, 4614 Day-break, 1213 Quail Ridge, 317 W. Cot-tonwood, 3642 Buffalo, 5102 W. Ritchie, 2601 Wildwood, 2721 Oakhill Circle, 1138 Hillcrest, 2324 Single Tree, 606 Rosanne, 1509 Ponca.

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