Sommer Woodward
Local realtors say the national
housing crisis hasn’t affected the market in Mayes County.
“I think we’re in a normal market right now,” said Harriett Dunham, owner/realtor Century 21. “There are a lot (of houses) on the market, but the houses are selling.”
Dunham said the average sale price of homes in the Tulsa area has actually increased, while the national trend is prices are decreasing.
The high inventory makes pricing important when owners sell their homes, said Dawna Barnes, owner/realtor Lakeland Properties.
“We’re very lucky with the industrial park,” said Barnes.
Dunham agrees “because of the jobs we have here, it helps our market.”
Barnes thinks the bail out package and people taking hits on their 401(k)s and mutual funds will have a small effect on the secondary market such as resort and lake homes.
But she thinks the residential market won’t be hit as hard.
“Our banks in Oklahoma did not go out on a limb and issue shaky loans like they did on the east and west coasts,” said Barnes. “We’re in a much better position, but the loan markets will tighten up. But I think it’s good fiscal policy for everyone.”
RCB Bank Mortgage Loan Officer Lorri Mitchell said the housing market in the Midwest is “very stable.”
She attributes “conservative” business practices for keeping the region stable.
“We don’t want to put our customers in a position to fail,” Mitchell said.
She explained the Midwest was different than the east and west coasts. Mitchell said the houses on the coasts are higher-end markets and the “property values went through the roof.”
The market was saturated with niche products such as interest for 10 years, prepayment penalties and loaning buyers more than the home is worth.
“There was a lot of fraud going on,” she said. “If a deal sounds too good to be true, it probably is.”
She said consumers want to work with a lender who is a “lifetime partner.” At RCB Bank, Mitchell said building lifetime relationships with customers is the goal.
Mitchell recommends consumers educate themselves, ask a lot of questions and always get a good faith estimate. She said comparing several lenders is a good idea.
“Lending practices have tightened up quite a bit,” said Mitchell, but loans are “pretty reasonable.” Interest rates on a 30-year mortgage are averaging 6 to 6.25 percent.
Despite the national financial crisis, she’s still seeing quite a few applications. If applicants are “willing to be patient” and work on their credit, Mitchell said many can still be approved.
