Norman home owner people

[Petro-Sooner]

I'm looking in the near future to buy a house. Would like to stay near Norman. My company is moving to dowtown OKC so the drive isnt bad at all. Any real estate agents you recommend? All the same? I'm a first time buyer. Any help is appreciated.

I should say any serious help is appreciated. TIA

[yermom]

i'd avoid one if i had the chance to do it over.

[SoonerStormchaser]

The wife and I bought ours last year for 132K...it's now worth about 150K.

[Taxman71]

Go to Open House OK (http://www.openhouseok.com/wc.wwt?ohok~showcity~&city=Norman&State=OK) to get an idea of the market. Be sure to map the homes you like to get a feel. North Norman (north of Robinson) or West Norman are the best for commuters to OKC.

Agreed, you don't need a realtor.

[SoonerBOI]

I still have a condo in Norman. Best place to raise a kid. I miss Norman.

[Petro-Sooner]

With all the craziness of the market and what not right now does that make it good for a home buyer? I honestly dont have a clue.

[Taxman71]

It is a buyer's market right now as sellers are having a tough time unloading houses, especially ones over $150k. You can get a steal compared to a year or two ago. I feel sorry for anyone building new in this market as construction costs are getting any lower despite the low turnover on existing homes.

So, yes, I would love to be in a position to buy in this market (too bad I would have to sell my house first).

[SoonerBorn68]

If you're wanting to stay in the Norman area, I'd wait a couple of months. A friend of mine who's an agent told me the Norman market is going to get jolted into reality really soon.

[Taxman71]

If you're wanting to stay in the Norman area, I'd wait a couple of months. A friend of mine who's an agent told me the Norman market is going to get jolted into reality really soon.
Been hearing that for over a year now. The market has slowed significantly, but I don't expect a fallout. I have noticed new home construction has taken the biggest fall as there just isn't much going on right now. Too much existing inventory I assume. There are tons of new or nearly new homes on the market that have significantly lowered their asking price.

Plus, you have to weigh the potential lower cost in the future with the almost certain increase in mortgage rates. Waiting too long may get you a cheaper house, but the same or higher payment if the rates shoot up.

[Petro-Sooner]

If you're wanting to stay in the Norman area, I'd wait a couple of months. A friend of mine who's an agent told me the Norman market is going to get jolted into reality really soon.


It wont be any time this year. My lease is up in May so I'd like to have a place by then obviously. I had considered renting one more year to save but I understand first time buyers can get better deals. What do you mean that the Norman market is going to get jolted into reality? Meaning the prices are going to come down cause no one is buying?

[1stTimeCaller]

What's the difference as a buyer as to whether you have a realtor or not?

Why would you not recommend one?

[Soonrboy]

If you decide to build, stay away from Home Creations.

[oumartin]

in the end you are gonna pay one way or another. either higher home prices or higher interest rates.

Also I bought my house w/o a realtor. There are some homes that have exclusive listings. if you are with a realtor there are some homes where they won't get the commission. Granted most will go ahead and split the commision but they aren't requrired too.
I started out using a realtor but when he acted like his time was more important than showing me a house I said forget it. I'll do it myself.

[Taxman71]

IMHO, you only need a realtor as a buyer to spoon-feed you listings off the MLS. However, you can easily find these listings on numerous websites (openhouseOK, realtor.com, etc.) or driving around. Pretty easy stuff.

Also, as a seller, you might need a realtor to either show your home when you are unavailable or list it on the MLS for you. Otherwise, I don't see a need to pay 6% when they don't actually do a whole lot. Certain types of homes and neighborhoods need realtors more than others.

[SoonerBorn68]

What do you mean that the Norman market is going to get jolted into reality?

Norman and Edmond homes typically run higher than the rest of the metro. I've been looking for a house in Norman for about 2 years & I've come to the realization home sellers here are just nuts. The market is flooded in Norman. Check out openhouseok.com . When I started looking there were about 250 houses listed. Last time I looked there were over 500--and each house was overpriced by several thousand dollars.

Two examples:

One house we looked on Greenbriar that was listed for $220K. This house sold 2 1/2 years ago for $148K. It was on the market for over a year & finally sold a couple of months ago for $160K. Pure greed.

There's an old Victorian house on N. Peters that was for sale toward the first of the year for $269K. It's partially restored, corner lot, WIlson school, 2300 sf. We looked at it but $269K was re-frickin-diculous. It went off the market for about 4 months. I drove by it last month & now it's FSBO for $209K. It's still $60K too high.

[IB4OU2]

Call the Dillard Co. and talk to Steve Williams....He's my BIL's brother and a really nice guy.

[oumartin]

and gives you a cut for any referral? :)

[Rhino]

If you're a first-time buyer, a realtor is very good to have -- unless you decide to educate yourself on all the ends and outs of real estate.

Either way, you (as a buyer) lose nothing out of having a realtor. You have someone that works solely for your interests and gets paid by the seller.

[oumartin]

not true all the time Rhino. if your realtor is also working for the home buyer of the house you want.

They are in the business to make money.

[Rhino]

We're all in the business of making money.

And, so long as your in a city that bigger (OKC, Tulsa, Norman), you aren't going to run into many realtors trying to pit their prospective buyers against each other in a bidding war. And if they do, you're going to catch wind of it fairly quickly if you're smart.

[Petro-Sooner]

Dad has bought rent houses since I was a kid. He knows the ins and outs but doesnt live in the metro. Just trying to learn what its like to buy. What to expect. yada yada yada.

[Petro-Sooner]

not true all the time Rhino. if your realtor is also working for the home buyer of the house you want.

They are in the business to make money.

Thats what I have heard.

[Rhino]

Read and bookmark this site Petro - it helped me out the first-time and I referred back to it the second-time around:

http://michaelbluejay.com/house/

[IB4OU2]

What's the difference as a buyer as to whether you have a realtor or not?

Why would you not recommend one?

Because he asked us to buddy...

[Taxman71]

Read and bookmark this site Petro - it helped me out the first-time and I referred back to it the second-time around:

http://michaelbluejay.com/house/

That's good advice, as well as noting that you aren't out of any money using a realtor as the buyer as their fee usually comes from splitting the seller's commission (just make sure you clarify that you are NOT liable for any fee as the buyer - i.e. hiring a Buyer's Broker).

However, in my experience, most realtors don't offer any great insight at any stage of the process, they just want to close the sale.

[Jimminy Crimson]

However, in my experience, most realtors don't offer any great insight at any stage of the process, they just want to close the sale.

That differs from most peoples jobs, how? :confused: ;)

[Taxman71]

Presumably, your agent should represent you and your interests ahead of merely pushing the sale along. Far too often, the agent foregoes your interest in order to close the deal. I have seen buyer's agents minimize issues such as tax liens, easements, severe inspection issues, etc. to get the buyer to close. OTOH, I would tell my client to walk unless those issues were completely resolved as I have no interest in the deal closing, rather I must represent my client.

[Partial Qualifier]

Petro, I'd recommend our last realtor in a heartbeat.

http://www.oklahomahometeam.com/

Don and Susanna Lorg, they're a Prudential office in SW OKC but knew the Norman area well enough (and they have access to Norman keyboxes)

What seperated them from other realtors I've worked with was their patience with us, and their willingness to explain every little question I had in full detail. Don is a realty guru and doesn't hesitate to share his knowledge. No other realtor I've worked with comes close to them. They're awesome.

Of course, most of the help they provided was with selling our old house (in SW OKC) but they also helped us find our new house in Norman and they have a pretty good feel for the wacked out situation that is Norman Real Estate.

[GottaHavePride]

I'm looking in the near future to buy a house. Would like to stay near Norman. My company is moving to dowtown OKC so the drive isnt bad at all. Any real estate agents you recommend? All the same? I'm a first time buyer. Any help is appreciated.

I should say any serious help is appreciated. TIA

How soon are you looking to buy? PG graduates in May, so we'll be looking to sell the house she's in next summer. :D

I've heard good things about Wally Kerr as a realtor. He handles slightly pricier houses, though.