It’s been a long time since we have seen opportunities in housing like we have today. The media will always broadcast fear because it sells. But the truth is we have millions more household formations (30-35 yr old people in the country) than we do housing supply. (Builders inventory).

Supply and demand are the basic truths that make cost and value.

So many people are sitting on the sidelines waiting for interest rates to come down. The problem is, there is way too much demand and way too little supply. So when Rates do come down, (and they will) there will be bidding wars like there was last year. 

You can always refinance a 6-7% mortgage but you can never refinance the $25-$50,000 over appraised value you had to pay to win the house.

Right now, in today’s market, sellers are willing to discount the house below appraised value, and in some cases pay buyers closing costs. This will be much different when rates come down.

An opportunity is only special before it becomes common knowledge. Once everybody is doing it, it’s too late.

OMG “Oklahoma Mortgage Group”