I am not sure that I have ever believed in “New Year’s Resolutions.” Mainly because if it is something that seems that important on January 1st, then it is probably even more important to emphasize all year long. I strongly believe all of 2008 will be great for COHBA and our Oklahoma homebuilding industry. Recently at the OSHBA Officer’s Installation Banquet, we heard David Pressly, Immediate Past President of the NAHB, reinforce this by stating “Oklahoma City is blessed to be where you are in terms of the housing economy. You are actually seeing a steady pace of appreciation. Oklahoma does not have the problems of the unsustainable rates of appreciation like on the east and west coasts, as well as Las Vegas and Phoenix. Oklahoma City, as well as Oklahoma, continues to go forward in thier rates of appreciations and will continue to move forward in the number of building permits this year.”
Furthermore, in a recent discussion with Stewart Title executives, Ted C. Jones, Ph.D. Director of Investor Relations and Sr. VP Chief Economist of Stewart Title Guaranty Co., stated “The Oklahoma market is doing very well.” When looking at data and determining “good economic conditions” one of the factors Jones looks at is the number of job openings vs. new home starts. He considers a “good market” to be 1.25 jobs per one new hoome start. This stat is far above most of the country. Currently, Texas is 1/5 jobs to one start. Despite the national media and based on the data going into 2008, The Stewart Title Guaranty Company economist feels 2008 will be a good year for the building market in Oklahoma.
These are teh experts that are reminding us not to pay so much attention to the bad publicity of what has happened in other markets. They have different circumstances that have turned out negatively. Our state has positive circumstances that actually make it an excellent time ot buy or sell real estate in Oklahoma.
The 2008 Oklahoma City Home and Garden Expo at the Cox Center was another great success with over 250 exhibits of Oklahoma companies that assembled to display and sell landscaping, outdoor living features, home improvement products suppliers, builders, tornado shelters, interior and exterior finishes. There were even displays of local companies that can transform your garage, complete with a refrigerator manufactured specifically for garages. Customer response was excellent. Most of the exhibitors were booking their booth space for 2009 before the weekend was over.
Successful events such as the Expo combined with the good home sales market, reinforce the fact that the Oklahoma economy is positioned to be great in 2008!