All of us at Eufaula Lakeshore Realty - Karen, Susanne, Annie and Breanna - want to wish you and your loved ones a very Merry Christmas!  Drive safely if you are traveling and enjoy every moment of this special time.  We will talk to you next week and help you prepare to bring in the New Year!

Comparing the Lake Eufaula area real estate market I see that 217 homes were sold in the Southeastern Oklahoma Association of Realtors in the 3rd Quarter of 2008 compared to 256 in the 3rd Quarter of 2007.  This is a 15% drop in number of homes sold.  However, if you look at the median price of homes sold, in 2007 it was $96,826 compared to $118,523 in 2008.  So, while the number of homes sold has dropped the average price of the sold homes has gone up %22.  This is interesting information for both buyers and sellers in the Lake Eufaula area.  While some sellers may be waiting to sell their properties or sales are slower and it is taking longer to sell - it appears as though sellers are holding out for the price they want on their homes - and getting it when they find the buyer!  Something to think about…

Change coming for FHA loans was the topic of discussion at the Eufaula Lakeshore Realty “House Talk” program Wednesday, December 10th.  Vickey Steele, Mortgage Loan Officer at Citizens Security Bank, Muskogee shared with us the up coming changes for FHA loans starting January 1st.  The biggest difference is that buyers will need a true 3.5% downpayment versus the old 3%.  The new 3.5% downpayment will be a true 3.5% downpayment and part of the closing costs cannot be counted.  Translating this into dollars means that buyers on a $100,000 home will need about $7,500 to bring to the closing table.  The only other option will be for the buyer to receive a gift from a family member, participate in a down payment assistance program or participate in the Creek Nation or Cherokee Nation down-payment assistance program.

Credit scores required are changing as well.  The lowest credit score being considered is now 560 and if the loan is going through the automated underwriting it needs to be 620.  (Our next House Talk program will be on “How to Improve Your Credit Score.”  It will be Wednesday, January 14th at 5:30 p.m. to 6:30 p.m. at the Eufaula Lakeshore Realty office located 4 miles east of Eufaula, Oklahoma on Highway 9.

For people wanting to buy a second home, be advised that you can obtain an FHA loan provided that you put 5% down and your primary home is not on an FHA loan.

If you have any questions about FHA loans, credit scores and purchasing a home in the Lake Eufaula area, give Eufaula Lakeshore Realty a call at 918-452-3184. See you at the next “House Talk!”

Eufaula Lakeshore Realty’s “House Talk” is coming up this next Wednesday, December 10th at 5:30 p.m.  The program will be “FHA and VA” loans.  Ms. Vickie Steele from Citizens Security Bank, Muskogee will be the speaker.  This will be a chance for buyers and sellers to learn just what it means to buy or sell a house using FHA or VA as the financing venue.  Learn what is required to obtain an FHA or VA loan and learn what is required of the seller.  Ms. Steele will also talk about the changes in FHA and VA loans starting January 1, 2009.  The meeting will be held at the Eufaula Lakeshore Realty office located 4 miles east of Eufaula, OK on Highway 9.  Look for the rising sun!

“Interest rates are on their way down!” said Madonna Rolens, In-House Mortgage Banker for Bank of Oklahoma in the Lake Eufaula area. The rate is currently 5.75 down a whole point from last week.  This is great news for both buyers and sellers.  Ms. Rolens spoke at Eufaula Lakeshore Realty Wednesday morning about the mortgage services she and Bank of Oklahoma provide.  Anyone shopping for a mortgage should give Ms. Rolens at BOK a call.  Check them out.  They seem to have some great services.