Discover Luxurious Living at 11221 NW 96th St, Yukon, OK
Welcome to your dream home at 11221 NW 96th St, Yukon, OK 73099! Priced at an attractive $399,900, this exquisite property is more than just a house; it’s a sanctuary that embodies refined living in the coveted Summerhill community. If you’re searching for a home that seamlessly combines elegance with modern comforts, look no further. Discover Luxurious Living at 11221 NW 96th St, Yukon, OK Nestled in the serene landscape of Yukon, the exceptional property at 11221 NW 96th St invites you into a world of modern luxury and superior craftsmanship. This impressive single-family residence is currently listed at $399,900 and offers an expansive 2,982 square feet of beautifully designed living space, making it an ideal home for those who appreciate quality, elegance, and comfortable family living. Unmatched Features & Design:This home effortlessly combines style with functionality, featuring 4 spacious bedrooms and 3 well-appointed bathrooms. The open-concept floor plan enhances flow between rooms and is complemented by soaring 12-foot ceilings, which create a sense of openness and grandeur that saturates the entire space with natural light. As you step into the gourmet kitchen, you'll encounter a culinary paradise equipped with brand-new, top-of-the-line appliances. This kitchen is meticulously designed to meet the needs of a gourmet cook, with an expansive kitchen island and generous counter space ideal for meal preparation and entertainment. The kitchen effortlessly balances form and function, making it a perfect gathering spot for both family and friends. Outdoor Serenity & Entertainment:The backyard is a private oasis designed for both relaxation and entertainment. With a professionally installed turf, the area promises low-maintenance beauty while offering a perfect setting for outdoor activities. A private putting green is a standout feature, perfect for golf enthusiasts to practice their short game or enjoy a leisurely challenge with guests. Recent Upgrades & Reliability:Recent enhancements to the property ensure not only visual appeal but also reliability and peace of mind. A newly installed roof and modern kitchen appliances elevate the home’s functionality, assuring a lower maintenance burden for years to come. French drains have also been added to efficiently manage water drainage, keeping the property immaculate year-round. Community & Lifestyle:Located in the quiet yet vibrant Summerhill neighborhood, this property is more than just a home; it offers a lifestyle steeped in luxury and convenience. Residents enjoy the tranquility of suburban living while being just moments away from Yukon's finest amenities, including schools, dining, and shopping options. Secure Your Slice of Paradise:This meticulously maintained home is a rare treasure in Yukon's competitive real estate market. With a competitive pricing poised at $399,900 and the potential to sell faster than 83% of nearby listings, it presents an unmatched opportunity for those looking to invest in their dream home. Start by taking a virtual 3D tour or schedule a private viewing to experience this residence firsthand here- https://www.willflanaganrealty.com/bookconsult. Do it today to take the first step toward owning this magnificent home! Uncover the lifestyle possibilities that await you at 11221 NW 96th St.
Are Open Houses Still Effective?
When it comes to selling your home, one of the biggest questions sellers have is: "Do open houses still work?" With so many digital tools available, from virtual tours to high-resolution photos, it might seem like open houses are a thing of the past. But in 2024, we’re seeing a comeback. If you’re thinking of selling your home, here’s why open houses might still be one of your best strategies—especially with buyer demand and seller activity on the rise. Open Houses Making a Comeback According to the latest Zillow Consumer Housing Trends Report, 65% of sellers in 2024 hosted between 1-3 open houses, up from 49% in 2018 and 44% in 2021. In fact, the median seller now hosts two open houses, up from just one in prior years. This trend signals that buyers are still craving the in-person experience of walking through a home before making a decision. But why the shift? In 2021-2022, properties were selling so quickly that open houses slowed. Now that the market has settled a bit, home sellers need a comprehensive strategy to attract buyers. Open houses allow potential buyers to tour the property without pressure. This is especially helpful for buyers who have not yet signed a buyer broker agreement, which is a new requirement in the industry. Plus, open houses can create a sense of urgency. When potential buyers see other interested parties walking through the property, it taps into their competitive nature. Buyer Demand on the Rise Adding fuel to the open house resurgence is the fact that buyer demand has started to pick up in recent weeks. September 2024 marked the first time in nine months that pending home sales didn’t decline, signaling a turning point in the market. Mortgage rates have dropped to their lowest levels in two years, which has made homeownership more accessible for buyers. For instance, the average 30-year mortgage rate recently fell to 6.08%, reducing monthly payments for the typical buyer by 5.9% compared to last year. More home tours are happening as well. Redfin’s Homebuyer Demand Index, which tracks home tours and related activities, rose by 9% month-over-month in September 2024, reaching its highest level since April. This increase in demand is making open houses more valuable, providing the in-person touch that buyers need to solidify their decisions. More Sellers Are Listing Homes Not only were buyers more active in September, but sellers are stepping up as well. Newly listed homes increased by 11.6% in September 2024 compared to the previous year, marking the highest level of seller activity since 2021. In addition, total inventory levels grew by 34% year-over-year, making it the 11th consecutive month of growth. This rise in listings is driven by falling mortgage rates, which have encouraged more homeowners to sell their homes . With more homes on the market, buyers have a wider range of options. However, this also means more competition for sellers. Hosting an open house can help your property stand out in a crowded market. It allows buyers to experience the home firsthand, which can be a deciding factor when they’re comparing multiple listings. The Power of First Impressions One key reason open houses are so effective is the power of first impressions. Of course, digital tools are still essential to catch the attention of those searching online. High-resolution photography, interactive floor plans, and virtual tours provide a comprehensive digital experience for buyers. Combining these tools with an open house gives buyers the best of both worlds. They can browse online, then come experience the home in person, creating a deeper connection that often leads to faster sales. If you’re planning to sell, hosting at least one open house is one part of an effective marketing strategy. With more buyers hitting the market in 2024, and sellers listing homes at the highest rate in three years, getting as many eyes on the property as possible is critical. Open houses allow you to showcase your home to engaged, motivated buyers who are ready to take the next step.
Top Compromises Homebuyers are Making in 2024
For the first time since 2020, housing affordability improved year over year. This is largely due to a drop in mortgage rates, which have dipped from 7.07% to 6.09% over the past year. While this is undoubtedly great news for home buyers, affordability remains a challenge for many. According to recent data, U.S. buyers now need to earn around $115,000 annually to afford the typical home, down 1.4% from last year. Yet, the average U.S. household earns only about $84,000 annually—27% less than what's needed to buy a median-priced home. Because of this, many buyers are finding themselves in positions where compromise is a necessity. But that doesn’t mean homeownership is off the table. Navigating these compromises smartly can help ensure you still get a home you love without overspending or sacrificing too much on your wish list. Let’s dive into the most common compromises homebuyers are making in 2024, and how you can make decisions that work best for you. The Top Compromises Buyers Are Making Homes.com and Apartment Therapy recently conducted a survey on “The State of Home Buying,” asking 676 recent and prospective buyers, along with real estate professionals, about the home buying experience. According to the survey, here are the top compromises being made during the home search today: Condos and Townhomes are Growing in Popularity With single-family homes becoming less attainable for many, a significant percentage of buyers are shifting their focus to other property types. For those with a budget of less than $500,000, about 17% are now looking at condos and apartments, while 15% are exploring townhomes as an alternative. These property types often provide more affordable options for buyers in desirable locations or those seeking to stay within budget. While a condo may not offer the spacious yard or privacy of a single-family home, it can provide a low-maintenance lifestyle with access to shared amenities like gyms and pools. Of course, when looking at a condo or townhome, you’ll need to factor in any HOA fees to your monthly payment. Location, Location…Compromise? It’s no surprise that location is a top priority for homebuyers. But as prices rise in sought-after neighborhoods, many are adjusting their searches. Recent buyers report that they were willing to widen their search area to find homes that fit their budget. In fact, 21% of buyers purchased outside their ideal neighborhood, and a third of current buyers are considering doing the same. Being open to different areas can make all the difference in a competitive market. Expanding your search radius just a few miles can open up more affordable options that still meet your needs. How to Make Smart Compromises Without Regret Knowing where to compromise — and where to stand firm — is key to navigating today’s housing market. Here are some tips to help you make informed decisions: 1. Prioritize What You Can’t Change While it may be tempting to focus on cosmetic features like flooring or paint color, those are often the easiest and most affordable changes you can make after purchasing a home. Instead, focus on the non-negotiables that are difficult to alter, such as the home’s layout, structural integrity, and location. 2. Keep Your Future Needs in Mind As you search for a home, think about your current lifestyle and your future needs. Will this property suit your needs for the next five to ten years? Buying a condo now may seem like a great way to stay within budget, but if you’re planning to expand your family or want more space in the near future, it could lead to another home search sooner than anticipated. 3. Stick to Your Budget While it may be tempting to stretch your budget to get a home you love, overextending yourself financially could lead to significant stress down the road. Determine your monthly housing budget—and when looking at properties, be sure to factor in everything from your mortgage interest and principal, property taxes, homeowners insurance and HOA fees. Sticking to your budget ensures that you’re prepared not only for these payments but also for unexpected expenses that may arise after you move in. Compromise Doesn’t Have to Mean Settling By focusing on what truly matters — like location, structural integrity, and your long-term goals — and remaining flexible on other aspects, you’ll be well-positioned to make a smart purchase. And remember, working with an experienced real estate agent can provide valuable insights and guidance throughout the process, helping you make decisions with confidence. In the end, buying a home is about finding the right balance between compromise and fulfillment — and with careful planning, your next home could be just that.
Fed Rate Cuts Explained: What It Means for Your Next Move in Real Estate
By now, you’ve probably heard about the news: the Federal Reserve recently cut interest rates for the first time in four years. But what does that really mean for home buyers and sellers? You might be wondering how this impacts mortgage rates, home prices, or your ability to make a move in today’s market. Understanding these changes could be your key to making smart real estate decisions—so let’s break it down. A Closer Look at the Fed’s Decision On September 18, 2024, Fed Chair Jerome Powell announced during his press conference that “We have in fact begun the cutting cycle now.” The Fed began its rate-cutting cycle with a half percentage point (50 basis points) reduction. This decision was expected, and experts believe more cuts could be made before the end of the year. Keep in mind that the Fed doesn’t directly control mortgage rates. However, its decisions influence the financial markets, which is why mortgage rates started to drop this summer. Over the past year, we saw mortgage rates as high as 7.79% (October 2023), but they’ve recently fallen to around 6.20% (September 2024). For you, this could mean better affordability when buying a home or more opportunities if you're planning to sell. How do mortgage rates impact purchasing power? The recent decline in mortgage rates works in favor of buyers. Lower mortgage rates mean you can afford more house for the same monthly payment. In fact, a 1% drop in mortgage rates can significantly boost your buying power. According to Realtor.com, “a buyer who budgeted to buy the typical home in 2023 now has an extra $70,000 in home purchasing power for the same monthly cost.” Those sticking to a house at the same price point can see significant month-to-month savings. Mortgage rate shifts have led to $300 monthly savings compared to May 2024 and $340 savings compared to October 2023, assuming a 20% down payment on a typical home purchase. That’s a big deal for buyers. Will mortgage rates continue to decline? No one expects mortgage rates to take a nosedive. In fact, after Powell’s press conference, mortgage rates actually increased slightly—from 6.15% to 6.17%, according to Mortgage News Daily. Zelman & Associates’ managing director Alan Ratner explained why in a recent interview, which took place before the Fed’s rate cut. He stated that the early September drop in rates was due to the “mortgage market already pricing in a Fed easing cycle.” “We’ve seen mortgage rates already pull back roughly 100 basis points from the high, so the Fed simply announcing this week…that shouldn’t have too much of an impact on the mortgage market,” Ratner said. However, that doesn’t mean rates will go up, either. Ratner continued, “Over time, we do expect to see rates gradually decline as inflation remains tame.” While there may be some fluctuation in rates, other experts agree that rates will likely continue a downward trend over time. Mark Zandi, chief economist at Moody’s, believes that “the 30-year fixed mortgage rate will be closing in on 6.0% by the end of the year and settle in near 5.5% by the end of 2025.” In addition, Fannie Mae revised its mortgage rate forecast and now expects mortgage rates to decline to 5.7% by the end of 2025. Will the lock-in effect finally break? One of the biggest challenges for the housing market over the past two years has been the so-called “lock-in effect.” Homeowners who locked in ultra-low mortgage rates during the pandemic have been reluctant to sell, knowing they’d have to take a new mortgage at a higher rate. But with mortgage rates now trending downward, this effect might start to ease. As Powell pointed out during the press conference, “As rates come down, people will start to move more, and that is probably beginning to happen already.” This shift could lead to more inventory hitting the market, but Powell was careful to note that this wouldn’t necessarily create a surge in demand. “When that happens, you’ve got a seller, but you’ve also got a new buyer in many cases. So it is not obvious how much additional demand that would make,” he said. Will home prices go up or down? The question everyone wants an answer to is whether home prices will rise if more buyers take advantage of lower mortgage rates. Powell addressed this concern, saying, “The housing market, it’s hard to game that out… The real issue with housing is that we have had, and are on track to continue to have, not enough housing.” In other words, even as nationwide inventory has seen an increase, supply constraints are still a major issue. The supply of homes plays a huge role in determining prices. So, while more buyers may enter the market if mortgage rates decline, the overall impact on prices will depend on how much inventory is available. Final Thoughts The Fed’s recent rate cut is a big deal for the housing market. While it’s hard to predict exactly how things will unfold, one thing is clear: lower mortgage rates are creating opportunities. If you want to dive into local data for Oklahoma City or are interested in what today’s mortgage rates mean for you, reach out here to schedule a discovery call here - www.willflanaganrealty.com/bookconsult
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