theadanews.com - Ada, Oklahoma

Local News

June 20, 2011

Ada real estate remains strong

Justin Lofton Staff Writer Ada Evening News

Ada — Despite a downward trend in the rest of the United States, local bankers and Realtors say Ada’s housing market is strong.

“Prices in Ada have not gone the way they have in the rest of the nation,” said Brigette Jones, senior vice president of Citizens Bank.  “According to (Oklahoma Association of Realtors’) website, in Ada in 2010, homes sold for $5,438 more, on average, than they did in 2009.  The average number of days on the market dropped six days.”

Kay Kelly of Paradigm Realty and president of Ada Board of Realtors said Ada’s housing market has shown a positive trend since 2009.

“Our home prices are actually up a little over four percent this year and it’s taking less time to sell a property,” she said.

Kelly said she thinks negative publicity keeps Ada’s market from being what it could be.

“I believe it could be way better,” she said.  “There’s just so much negative publicity about the housing market that doesn’t apply to Ada.  People are afraid to buy because they hear how bad the market is.”

George Huckeby of Huckeby and Associates Realtors said he believes Ada’s market is strong.

“People are starting to look and buy again and interest rates are still super low,” he said.  “We’ve got some motivated sellers.  Buyers who are sitting on the fence need to get off the fence and take advantage of that.”

Scott Ward, a Realtor with Mary Terry and Associates, said high quality employers in the area have kept Ada’s unemployment relatively low.

“We’ve got enough employers here in town to keep things moving,” Ward said.

Jones agrees strong local employers have kept Ada’s housing market in better than average shape.

 “Some of the bigger employers like Chickasaw Nation, Pre-Paid Legal, Valley View Regional Hospital and East Central University kind of keep (employment) up as more people are moving into Ada from other states,” she said.

According to Ada Jobs Foundation, Ada’s unemployment rate dropped below 4 percent in June of 2011 for the first time since December of 2008.

Jones said a factor that may be holding the market back is the idea that banks aren’t lending.

“There’s the perception that banks don’t have any money to lend and that’s not the case,” she said.

Brandon Tilley of Vision Bank agrees that local banks have money to lend.  Tilley said people who received loans in the past can still get them.

“Good customers who qualified in the past are still going to qualify now,” he said.

Patty Broome, real estate lending manager for Landmark’s Texoma branches, said loans are available to people who have good credit and work history.

“We’re trying to grow our portfolios so we’re open and ready to loan to good-quality customers,” Broome said.

Loan requirements for buying a home:

FHA:  Three-and-one-half percent down payment.  Credit score of 640.

USDA:  No money down for families of one to four making $74,050 or less and families of five or more making $97,750 or less.  Credit score of 620.

Conventional loans:  Five percent down.  Credit score of 680 (as low as 640 with higher down payments).

Interest rates

Thirty-year fixed rate as low as 4.38 percent and 15-year fixed rate as low as 3.75 percent — depending on loan amount, down payment and credit scores.

• Lenders can help counsel borrowers on how to improve their credit scores if they are too low.

• Foreclosure rates are lower here than much of the state and nation.

Source:  Brigette Jones, Citizens Bank senior vice president

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