Edmond Home Sales down in January 2014
 
Our cold winter has slowed home sales.  I am expecting the 2nd Quarter to be very competitive for home buyers with more buyers waiting for better weather.  What does this mean for you, the buyers?  Probably more competition for the small Inventory we have (currently around 6000 in the metro for sale with the average being closer to 8000 so).  Here is the data.
 
MARKET SUMMARY
There are currently 128 properties in Edmond,  OK only that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 766. 
In February, the number of properties that received a foreclosure filing in Edmond, OK was 40% higher than the previous month and 40% higher than the same time last year. 
Home sales for January 2014 were down 49% compared with the previous month, and down 15%&. ...

Whether you are a professional real estate investor or a mom and pops flipper, there is good news for you guys!  
"Rehabbers and real estate investors rejoice: You'll still be able to sell houses to first-time buyers using low-down payment Federal Housing Administration-insured mortgages next year, even if you've owned the fixed-up property for less than 90 days."
IF PRICE JUMP IS MORE THAN 20%...THERE ARE SOME RULES YOU NEED TO KNOW.
CLICK LINK TO READ THE FULL ARTICLE.  
http://newsok.com/article/3737616
 
Thanks and have a great Christmas Holiday!!  
Todd Franz ...

THE ELECTION IS OVER....SO NOW WHAT?  What does this mean for interest rates, mortgage rates, tax law?  
Get a plan ready now...here is why--
"Make an appointment with your broker and your tax adviser for the week between Christmas and the new year; don't let them take vacation..."
"Currently both capital gains and dividends are taxed at a top rate of 15 percent. Absent a new law, gains will be taxed at a maximum rate of 20 percent and dividends will be taxed as ordinary income..."
Are you a buyer?  What are interest rates going to do?  Should I buy now or wait?
Read the full article here....http://www.reuters.com/article/2012/11/07/us-column-stern-advice-idUSBRE8A623520121107
Thanks and have a great weekend!
Todd Franz
285.0292 ...