Real Estate Through The Years

December 19, 2023

Friendly Advice from a seasoned REALTOR

As 2023 comes to a close I hope this has been overall a good year for you and your family. I know many families have had wonderful additions, but we also have lost family and friends. We now must think about getting ready for paying taxes and preparing for a new year.

If you have purchased a home this year a visit to the county assessor’s office is important to file your Homestead Exemption form for next year’s taxes and other tax reductions for seniors, disabled veterans and others.

As I reflect back over the years it is hard to believe that I first became a licensed real estate sales associate about 45 years ago. I was teaching school at Altus and took my first class in real estate at WOSC. I took the class for my own knowledge to understand the buying and selling of real estate better. Five years later I took a second class to qualify to test for the broker associate license.

The real estate sales world was quite a bit different at this time. I remember the WOSC real estate instructor emphasizing that there was a very strong theme of a “Buyer Beware” attitude in real estate sales. When a seller sold a property no disclosures were required and the seller chose the termite inspector and paid for the certificate. The National Association of Realtors adopted The Code of Ethics in 1913, but little emphasis was made of it after taking the licensing examination. Now a training course approved by the National Association of Realtors must be taken every three years with a pass or fail examination. Much of the 21 hours of continuing education to renew the license every three years with the Oklahoma Real Estate Commission has emphasis on ethics.

The early 1980’s experienced very high inflation likely due to the OPEC oil embargo. The new chairman of the Federal Reserve raised interest rates to 19.10% in June of 1981 in an effort to curb inflation. Mortgage rates peaked in October of 1981 at 18.63%. By the end of the 1980’s mortgage rates had dropped back down to just under 10%. This made for a few years of a very rough housing market.

Overall I see the real estate sales world in Oklahoma has improved much over the years. I think all the realtors in western Oklahoma are very much up to a very high standard. I am very proud of all the realtors I am associated with at Exploration Realty in Elk City, Altus, Yukon and Possum Kingdom.