Published: September 24, 2008 11:16 am         

It’s a good time to be in the Ada area

It is easy to get queasy watching the national news these days with its seemingly never ending tale of impending financial doom. Like a series of dominoes, financial institutions and markets dependent upon each other are keeping a wary eye trying to figure out who will be next.

No doubt a strong case can be made for propping up these institutions as can its opposite, letting them stew in their own just desserts.

But the more important question is how our area will be affected. According to local bankers and Realtors, the Ada area market remains strong. No local banks got involved in subprime lending to an extent to make a significant difference. Subprime loans were simply too risky, as Lehman Brothers figured out too late, and local banks wisely stayed away from them. Further, all local financial institutions are well capitalized.

In a word, it is a good time to be living in Ada, Oklahoma.

Ada Realtors are equally encouraging. With summer ending one would expect somewhat of a seasonal leveling off of housing purchases. But it is nowhere near the calamitous stage. George Huckeby, Ada Board of Realtors president said, “The market in this area is holding its own. We haven’t seen any decline in prices. We’ve had a little slow-down with school starting back and people being involved in school activities. But with interest rates dropping again, under six percent for a home loan, I expect to finish out the year in good shape.”

According to the Oklahoma Association of Realtors, home values in Oklahoma increased 4.2 percent in 2007, the seventh consecutive year the average sale price of an existing home in Oklahoma has seen an increase. OAR estimates home values have grown almost 40 percent from 2000-2007.

And while no one realistically expects to go completely unfazed by the current national issues, compared to some other parts of the country, it is still a good time to be in Ada, Oklahoma.

     

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