Newspaper article THE JOURNAL RECORD

Cheek Brighter Days Ahead for Okc Real Estate Market

Newspaper article THE JOURNAL RECORD

Cheek Brighter Days Ahead for Okc Real Estate Market

Article excerpt

Activity during the first four months of 1990 indicate that the real estate market in the Oklahoma City Centralplex is headed for a brighter future, in the opinion of the current president of the Oklahoma City Metropolitan Board of Realtors.

Several indicators lead Margaret Ann Cheek, of Metro-Mark Realtors, to look optimistically at the future of real estate for Oklahoma City.

"Business this year has been very good and there are several indications things are getting better," said Cheek.

"For the first time in six years, there has been an increase in the number of people seeking a real estate license, which is always a good sign, home sales have generally been up (from the past year's performance), homes aren't staying on the market as long and interest rates are fairly stable.

"We aren't seeing any great big gains, but there has been a lot more activity," she said. "I think we have seen an end to our bad times."

Figures on home sales from the board of Realtors so far this year tend to show steady improvement. Sales for each month between January and April were greater than sales for the corresponding month in 1989, with the exception of February, when the number sold dipped 5 percent to 513 compared to 540 in February 1989.

Moreover, the 8,184 closings reported by the board last year make 1989 the best year for sales since 1983.

With the downturn of the energy and agriculture sectors of the state's economy in the mid-1980s, real estate has undergone some tough times, with more homes coming on the market and staying there longer. Many realtors chose to get out of the business, and Cheek remembers that the last three years of the decade were particularly bad as homeowners with properties for sale realized that the value of those properties had declined and a lower price had to be placed on them to sell.

Cheek said those difficulties have brought a more conservative attitude in business practices than was seen in days before the economic decline - not just in the real estate industry but in all areas of business. …

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