I’ve said many times that the Real Estate market in the Oklahoma City Metro is both strong and resilient compared to more volatile markets elsewhere in the country.  National news stories that have made their way into our local news via the AP have unfairly and inaccurately cast a dark, gray sky over the heads of builders and sellers here in the area.  Yet those who look beyond their newspaper or computer screen will find that there is, and always has been, a glorious break in the clouds overhead, and finally more local media outlets are letting the light shine through, confirming that it’s a great time to buy a new home in Edmond, Oklahoma City, and Deer Creek.

Despite recent reports to the contrary, Kelley Chambers penned a story in today’s edition of The Journal Record,”State nearly unfazed by U.S. housing slump”, [Syndicated Link] which relies on actual numbers verifying that our market is alive and well despite the conditions elsewhere in the country.  The story is based on this press release by the Central Oklahoma Home Builders Association:

Local Homebuilding Market Remains Solid Despite Forecasts

(February 9, 2007) OKLAHOMA CITY - Listen to West Coast homebuilders or East Coast real estate publishers lament the decline of the home building industry and you’d probably believe that Oklahoma couldn’t be far behind them.  Far from it.

“The Oklahoma City market ended 2006 at a strong pace as compared to the last two years,” said Caleb McCaleb, Central Oklahoma Home Builders Association President.

According to homebuilder Jeff Click of Jeff Click Homes, the Oklahoma City market is resilient to the sharp trends seen in the national home building industry.

“The Oklahoma City real estate market is fortunate in that it’s insulated from many of the adversities that major markets around the country - especially the coasts - are subject to,” Click said.  “As a result, we don’t experience the extreme fluctuations they often do.”

Since building permit numbers increased though the end of 2006, both Click and McCaleb believe 2007 will be a strong year in the building market.

“I see 2007 at over 6,000 permits for the Oklahoma City metro area and outlying areas,” McCaleb said.

With a solid economy, relatively low cost-of-living, generally affordable housing market, and the rehabilitation and revitalization of Bricktown and older neighborhoods in the Midtown area, Oklahoma City is becoming a serious draw for a new generation of business people. And it’s anticipated that other industries associated with the real estate market will also benefit as a younger generation migrates into the metro area.

“With the success our city is having in attracting young professionals from other, larger markets, I believe we’ll also see an increase in demand for style and interior design,” Click said.

Competitive interest rates have also helped spur Oklahoma City’s growth.  Homebuyers can expect an interest rate of 5.75% on a 15-year mortgage, or a 6% rate on a 30-year note.

With building permits on the rise and attractive interest rates, the Oklahoma City market has separated itself from the national trend in the home building industry.  The market is stable and only expected to grow in 2007.

“We can still say that it’s a great time to buy in Oklahoma City,” Click said.

For more information regarding the housing climate in the Oklahoma City market, visit http://www.okchomebuilders.com or contact the Central Oklahoma Home Builders Association at (405) 843-1508.

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