It's been nice having Joe Pryor as president of the Oklahoma Association of Realtors this year for lots of reasons, but I have a selfish one: I know the guy.
Well, I mean I'm pretty well acquainted with him. I've been talking with him about housing off and on, sometimes on background, sometimes to quote him, for almost 10 years now. He takes my calls and my emails and my private Facebook messages — and he responds to my questions ASAP.
And that's the secret to getting your story out through the working press: access and quick response. If I could clone Joe, an agent with Redbud Realty & Associates in Edmond, I would. Realtor Mary Terry of Ada is association president for 2014, and I look forward to making her acquaintance.
Before Joe gets away, here are some of his year-end thoughts:
“It should be expected that the Fed will continue quantitative easing through the middle of 2014. Even though the Federal Reserve has started tapering, they will do most of it up front on Treasuries and only on mortgage-backed securities toward the end, so rates should rise on mortgages, but slowly through June 2014.”
“New construction will not keep up with demand. The reason is the lack of availability of developed lots. Most of the land for development is on the west side of Oklahoma City in Piedmont, Yukon and Mustang school districts. The market will not have enough supply until toward the end of next year when new subdivisions come online.”
“First, the lack of enough new construction to fill demand will be absorbed by existing construction. This will keep the inventory low, so we should see continued appreciation. The possibility of increased inventory would only be if refinancing slows down, and that trend is something we are seeing now. Many decided that it was better to stay in the home and go for a lower rate or fix the home up or expand it.”