Comparative Market Analysis in Holly Creek Broken Bow Oklahoma Area Today.

By
Real Estate Broker/Owner with Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma

Comparative Market Analysis in Holly Creek Broken Bow Oklahoma Area Today. I taught at Holly Creek School several years ago.  I believe they have one of the best schools in our area.  Holly Creek is a rural community west of Broken Bow.  It's a good location for living in the country and yet being about equal distance to Broken Bow 74728 or Idabel, Oklahoma 74745.

Today, I'm visiting the Holly Creek area to look at a home.  The owner's son called and asked me to do a CMA (Comparative Market Analysis) to see what we would list it for.  After we visit the home, making notes, and taking a few photos to help me remember details, I'll compare the property to other recent sales in the area and properties currently on the market, so we can can come up with an a list price indicated by those recent sales comps and the competition properties. 

I am finding that some of the market problems in our local area at this time tends to be tied up in lending.  Our local banks are where many of my customers end up getting their loans.  Their down payment requirements usually are higher than the larger national banks.  Local banks will often need 20 to 25% down payment.  They finance for a fewer number of years usually and often it's an adjustable mortgage

Sometimes a local bank will amortize for 30 years, but actually only finance for 3 years, with the mortgage due at that time..
. This means that to stay with that bank, you will have to go back at the end of the 3 year period and sign documents again to refinance it for 3 more years and remember that the mortgage is actually due at that time... all of it.   Their interest rate at this time is 2 points above prime.

One of the other options that we find locally is an adjustable rate mortgage, term is usually 10 or 15 years and the rate adjusts annually.  Their interest rate has been running between 6 and 7 % for some time now. 

Financing outside our local banks has brought it's own set of problems for many, with higher credit score requirements, more documentation requirements, etc.  and often just a slow process to get to closing. 

So today, I'm doing a Comparative Market Analysis in Holly Creek, and the lending issues along with the sales comps, location, condition, etc will have to be taken into consideration as we work to try to determine the highest price that the market will bring for the property. 


Hope the sun is shining today!

Map of the Holly Creek Area


View Larger Map

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Oklahoma McCurtain County Broken Bow Holly Creek
Tags:
comparative market analysis
holly creek broken bow oklahoma

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,838,668
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Judi

Thanks for sharing the comparative market analysis for Holly Creek Broken Bow Oklahoma Area.

Good luck and success.

Lou Ludwig

May 03, 2010 11:13 PM #1
Ambassador
675,149
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Great approach Judi to getting your clients home priced right from the start!  good luck with the listing...

May 04, 2010 11:22 AM #2
Rainmaker
648,039
Adam Malachi
RLO Millennium Real Estate and Mortgage. - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Very good post! Excellent information's on the CMA! Great aerial picture!

Thanks for sharing!

Adam

May 06, 2010 11:32 AM #3
Post a Comment
Spam prevention
Show All Comments
Ambassador
1,924,548

Judi K Barrett

Broker/Owner, Integrity Real Estate Services -IDAB
Contact Judi Barrett about homes in Idabel Oklahoma!
*
*
*
Spam prevention

Additional Information