Stillwater Housing Market is Strong

Now is a good time to buy, real estate agents say

Monique Headley

National headlines are riddled with bad news about bailouts, buyouts and a flood of foreclosures.

When it comes the economy and real estate for Payne County residents, should consumers buy, sell or stay put?

“At this time, Oklahoma has not been hit like other areas. As far as rates go, it probably is a good time to buy,” said Janice Lawhon of Home National Bank. “Generally, it requires a higher credit score but it is a good time to buy especially in consideration of home availability, home prices and interest rates.”

According to the Federal Housing Finance Agency’s Web site, the Housing Price Index for Oklahoma has appreciated 1.2 percent, whereas, since the third and fourth quarters, the national HPI shows a decline of 3.4 percent. This is the largest decline in the 18-year purchase-only index history.

“The Stillwater area continues to be a stable and strong housing market,” said Doug Emde, president-elect of the Oklahoma Association of Realtors and owner of ERA Emde and Associates Realty. “We didn’t suffer the big downfalls or get inflated by the big increases as did other markets. Stillwater is slow and steady.”

Many people might find it is cheaper to buy a home than it is to rent one, said Cushing real estate agent Debbie Sue Young, president of the Cushing Realtors Board.

While reports persist that financing is impossibly elusive to obtain, the purchase rate has actually gone up since the first of this year, said Scott Veitch of SpiritBank of Tulsa. He added that Oklahoma has had fewer foreclosures this year than in 2008.

According to recent reports on www.realtytrac.com, Stillwater area foreclosures are as low as one per 5,324 housing units. Another RT report indicates foreclosures statewide are one per 1,577 households. A recent Fox News report said the U.S. average is one foreclosure for every 400 homes. Nevada tops the list at one per 70 housing units.

“Right now, most of the market nationally is a buyers’ market,” said Bruce W. Schultz, SpiritBank representative in Tulsa. “Some markets, like California and Florida are much bigger buyers’ paradises, as sellers greatly outnumber buyers in that market, which is why their home prices have been declining.”

Essential to home ownership consideration is employment stability within a diverse economy, which Oklahoma has developed more over the past 25 years, Schultz said.

“A major shock to energy markets with prolonged periods of low oil and gas prices could have impacted a sizable portion of our state’s economy,” he explained. “However, the Oklahoma economy is more diversified today than 25 years ago during oil boom periods. Oklahoma is now better able to absorb such shocks. Some folks call this a Goldilocks scenario. Not too hot, not too cold, but just right.”

Mark Snead, director of the Oklahoma State University Center for Applied Economic Research, said Oklahoma has stable economic and energy sectors. As a result, it is fairly well-positioned to avoid inclusion in a national recession.

Hiring and recruiting activities have remained steady, said Cara Ferrell, assistant director of student relations in OSU Career Services.

The university helps make Stillwater unique, Emde said.

“OSU is a major employer, and that plays a big factor,” he explained. “With all the sporting, academia and fine arts, Stillwater has great variety with small-town feel.

“Stillwater does not have the hustle and bustle of a big city with all the crime. It is a nice city to raise a family.”