Home with Teresa

Garages are BIG

Oversize garages with two or more spaces have become a must have among buyers today in according to NAR's 2007 Profile of Buyers' Home Feature Preferences. Since NAR's last survey in 2004 this is one of the biggest jumps of 41% to 57%. 56% of the Homebuyers said they were willing to pay more for their home if there was an oversized garage.

Some other features that this survey showed that were top on the list of Buyer's today are walk-in closets, cable readiness, hardwood floors, and granite countertops.

OKLAHOMA CITY, Oklahoma, February 13, 2008 -- Home values in Oklahoma increased in 2007 for the seventh consecutive year, according to a report released today by the Oklahoma Association of REALTORS®.

The increase in Oklahoma home values in 2007 is in sharp contrast to the national home real estate picture. The National Association of REALTORS® recently reported that the national median existing home price for all housing types decreased by 1.4 percent in 2007, from $221,900 in 2006 to $218,900 last year. “Comparing our statewide report to the national picture is a great reminder that real estate is local,” said McCullar. “It’s also a reinforcement of the Association’s belief that Oklahoma is one of the most affordable states to live and work in and that our outlook for the coming year should be as positive as ever.” The 2007 Oklahoma statewide annual sales total of 52,170 homes is the state’s third highest sales total, ranking behind annual sales in 2006 (53,873) and 2005 (52,216). The average annual sales total of existing homes in Oklahoma over the three year period of 2005 through 2007 is 21.61 percent higher than the average sales total in the three previous years of 2002 through 2004 (52,753 homes sold per year from 2005- 2007 compared to 43,378 homes sold per year between 2002 and 2004).

“Although 2007 may not have been a record year in terms of the number of homes sold, there was still a high level of vibrancy and activity in our state’s housing market,” said Lisa Yates, OAR chief executive officer. “We expect that level of activity to continue throughout the coming year in what we believe to be a balanced market in which buyers and sellers each have great reasons to be confident about buying or selling a home.”