Stillwater Realty One Group Austin Martin

Put your own touch on this amazing property located right next to Boomer Lake!
Stillwater Realty One Group Austin Martin

Stillwater Metro First Realty Austin Martin

Stillwater Metro First Realty Austin Martin

Free Home Buyer Class - Feb. 8th, 4:30-6:30pm Free Home Buyer Class

The Ranch Near Boomer Lake - Houses for Rent in Stillwater, Oklahoma, United States Entire home/apt in Stillwater, United States. This lovely ranch style home is located in a quiet neighborhood within walking distance to Boomer Lake and Lake Sanborn. The open great room is a d...

1022 N Dryden Cir, Stillwater, OK, 74075 | realtor.com® View 30 photos of this 3 bed, 2 bath, 1517 sqft. single family home located at 1022 N Dryden Cir, Stillwater, OK, 74075 on sale now for $185000.

3101 N Lincoln St, Stillwater, OK, 74075 | realtor.com® View 20 photos of this 4 bed, 2 bath, 2065 sqft. single family home located at 3101 N Lincoln St, Stillwater, OK, 74075 on sale now for $234500.

This spacious home has a large living area great for entertaining. Four bedrooms 2 full bathrooms. Quiet neighborhood in Richmond school district and minutes from Oklahoma State campus. Great opportunity for families and investors alike.

3101 N Lincoln St, Stillwater, OK, 74075 | realtor.com® View 20 photos of this 4 bed, 2 bath, 2065 sqft. single family home located at 3101 N Lincoln St, Stillwater, OK, 74075 on sale now for $268800.

Check out this awesome listing. This ranch style property has just shy of 40 acres. It sits right between Yale and Cushing. The home is large and very accommodating. The land can be used in many different ways.

Give me a call if this is something that interests you or someone you know. 4052699179

6707 N Harmony Rd, Cushing, OK, 74023 | realtor.com® View 26 photos of this 3 bed, 2 bath, 1809 sqft. single family home located at 6707 N Harmony Rd, Cushing, OK, 74023 on sale now for $320000.

PRE-APPROVAL MAKES ALL THE DIFFRENCE ....

You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer.

Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the National Association of Realtors (NAR), homes are receiving an average of 5.1 offers for sellers to consider. As a result, bidding wars are more and more common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.

Freddie Mac explains:

“By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.”

Every step you can take to gain an advantage as a buyer is crucial when today’s market is constantly changing. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals such as a loan officer and a trusted real estate agent making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.

Bottom Line
In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.

Be in the know....

There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the National Association of Realtors (NAR) shows homes are more affordable today than the historical average, some still have concerns about whether or not it’s truly affordable to buy a home right now.

When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the Urban Institute, Homeownership Is Affordable Housing, author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights included.

1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage.
The report explains:

“When we look at the median housing expense ratio of all households, the typical homeowner household spends 16 percent of its income on housing while the typical renter household spends 26 percent. This is true, you might say, because people who own their own home must make more money than people who rent. But if we control for income, it is still more affordable to own a home than to rent housing, on average.”

Here’s the data from the report shown in a graph:
How Misunderstandings about Affordability Could Cost You | Keeping Current Matters

2. Renters don’t have extra money to invest in other assets.
The report goes on to say:

“Buying a home is not a decision between investing in real estate versus investing in stocks, as financial advisers often claim. Instead, the home buying investment simply converts some portion of an existing expense (renting) into an investment in real estate.”

It explains that you still have a housing expense (rent payments) even if you don’t buy a home. You can’t live in your 401K, but you can transfer housing expenses to your real estate investment. A mortgage payment is forced savings; it goes toward building equity you will likely get back when you sell your home. There’s no return on your rent payments.

3. Your mortgage payment remains relatively the same over time. Your rent keeps going up.
The report also notes:

“Whereas renters are continuously vulnerable to cost increases, rising home prices do not affect homeowners. Nobody rebuys the same home every year. For the homeowner with a fixed-rate mortgage, monthly payments increase only if property taxes and property insurance costs increase. The principal and interest portion of the payment, the largest portion, is fixed. Meanwhile, the renter’s entire payment is subject to inflation.

Consequently, over time, the homeowner’s and renter’s differing trajectories produce starkly different economic outcomes. Homeownership’s major affordability benefit is that it stabilizes what is likely the homeowner’s biggest monthly expense, assuming a buyer has a fixed-rate mortgage, which most American homeowners do. The only portion of the homeowner’s housing expenses that can increase is taxes and insurance. The principal and interest portion stays the same for 30 years.”

A mortgage payment remains about the same over the 30 years of the mortgage. Here’s what rents have done over the last 30 years:
How Misunderstandings about Affordability Could Cost You | Keeping Current Matters

4. If you want to own a home and can afford it, waiting could cost you.
As the report also indicates:

“We need to stop seeing housing as a reward for financial success and instead see it as a critical tool that can facilitate financial success. Affordable homeownership is not the capstone of economic well-being; it is the cornerstone.”

Homeownership is the first rung on the ladder of financial success for most households, as their home is most often their largest asset.

Bottom Line
If the current headlines reporting a supposed drop-off in home affordability are making you nervous, contact your local real estate professional for the real insights into your area.

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Peace and quiet

1709 S Union Rd, Stillwater, OK, 74074 | realtor.com® View 33 photos of this 4 bed, 3 bath, 3027 sqft. single family home located at 1709 S Union Rd, Stillwater, OK, 74074 on sale now for $400000.