Buy Distressed Foreclosure Property in Oklahoma in the Next 7 Months

Buy distressed foreclosure property in Oklahoma within the next seven months to take advantage of bargain prices, according to analysts of home sales statistics provided by the Oklahoma Association of Realtors.

Based on data from the realtor association, the average sales price for an Oklahoma home dropped by 3.4 percent from $150,559 in the second quarter of 2008 to $145,413 in the second quarter this year. The median price dropped sharply to $106,901.

Throughout the state, a total of 12,130 houses were sold in the second quarter, a drop of 11 percent from the 13,626 units sold in the same quarter last year.

One reason why it is time for prospective buyers in Oklahoma to buy is the finding that houses for sale across the state stay in the market for an average of 115 days, equivalent to nearly four months. This fact is significant because as properties stay longer in the market, brokers and sellers tend to reduce their asking prices so that their distressed properties receive attention in multiple listing services and in online search listings.

Another reason to buy foreclosure property in Oklahoma now is the availability of foreclosures that are in good condition in the state. Analysts in the state advise that prospective buyers find a broker who is experienced in negotiating short sales so they can take advantage of well-maintained houses being sold by homeowners who want to keep their credit records free of foreclosures.

Just like in other states, the financial benefit of taking advantage of the federal tax credit is another major reason for first time home buyers to make their home purchase now. This benefit is expiring at the end of November and it is not yet certain if this incentive will be extended by the Obama administration.

Prospective home buyers oftentimes wait until spring or summer before they buy a home because they believe that the best home purchase deals are made during these traditional seasons of home buying. But if they examine the housing market, there are also bargains and even better deals during the first and last quarters of the year, as can be seen in the Oklahoma housing market.

According to housing analysts in Oklahoma, during times of difficulties, realtors and brokers also work harder, providing better services to be able to encourage prospective home buyers to buy foreclosure property or any other residential property in Oklahoma.

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