4-9-2020 Blog Post

Posted by Perry Wiggins on 04/09/2020

Real Estate as a Long-Term Investment

I started a general auction business in 1963 selling, estate auctions, farm equipment auctions and working at two small local livestock markets.

In 1973 I obtained a real estate license with a focus on selling estates, farm equipment and real estate at auction. Our main office continues to be in Enid with a branch office in Fairview. Over the years our focus has turned more toward agricultural/rural, residential and commercial real estate auctions.

In the 1980’s in Oklahoma there were three things happening at one time: a financial crisis with banks failing and unprecedented high interest rates; an oil crisis with production companies and service companies closing their doors and laying off employees; and an agriculture crisis with farmers and ranchers unable to service high interest debt with low commodity prices. It was a process that began in 1983 and hit the bottom around the middle of 1987. Real Estate prices like all other commodities took a hard tumble but over the next several years recovered to new record highs.

The COVID-19 crisis is a voluntary shut down with unemployment going from record lows to record highs in two to three weeks, and with the stock market taking a 10,000-point tumble although it has recovered some. Unfortunately, the oil industry is being hit hard at the same time with the lowest oil and gas prices we have seen for many years. We always monitor real estate markets closely and especially so in the times of crisis and we are finding that the market appears to remain steady with good demand especially for agricultural land. Multiple buyers continue to turn out for our real estate auctions and have a good positive outlook toward the future.

Right now, we do not see a great advantage in holding real estate if you have the need to sell. There will be some money come out of the stock market because of the recent shock, and history shows us that those investors will many times look at real estate as a relatively safe place to re-invest. That helps to keep our real estate market steady.

With the government pumping an unprecedented amount of money into the economy. There is the threat of higher inflation rates, in which case, real estate is a great hedge. During my career, real estate has been a good long-term investment, and I believe it will likely continue to be.

 

Auction Updates:

April 16, 2020 | Home & 5+/- Acres | Garfield County | Auction to proceed as scheduled

For full details, pictures, and terms go to: https://bit.ly/2UfJQpM

 

April 17, 2020 | Helena Car Wash | Alfalfa County     | Auction to Proceed as scheduled

For full details, pictures, and terms go to: https://bit.ly/3amG82V

 

April 17, 2020 | 10+/- Acres | Major County | Auction to Proceed as scheduled

For full details, pictures, and terms go to: https://bit.ly/2WX9Qrw

 

May 1, 2020 | Retirement Auction | Logan County | Auction to Proceed as scheduled

For full details, pictures, and terms go to: http://bit.ly/39MuxKq

 

May 13, 2020 | 80+/- Acres | Major County | Auction to Proceed as scheduled

For full details, pictures, and terms go to: https://bit.ly/3cmw4aO

 

May 14, 2020 | 512+/- Acres | Alfalfa County | Auction to Proceed as scheduled

For full details, pictures, and terms go to: https://bit.ly/2Vzr7Vx

 

May 19, 2020 | 2,418+/- Sq. Ft. Brick Home on 1.3+/- Acres | Personal Property | Major County

For full details, pictures, and terms go to:  http://bit.ly/3aTWyQs

 

May 22, 2020 | Fredrick Diesel Service Retirement Auction | Grant County

For full details, pictures,  and terms go to: http://bit.ly/2TVCIyD

 

May 26, 2020 | Ronald & Eloise Schultz Equipment Auction | Noble County

For full details, pictures, and terms go to: https://bit.ly/2JjHLm8

 

May 28, 2020 | Mineral Consignment | Multiple County | Now accepting consignments until April 24th

For full details, pictures, and terms go to: https://bit.ly/33MOVcd

 

Please visit us at www.wigginsauctioneers.com for details.

 

2020 Auction Results Remain Stable!

Surface

4-8 | Major County | 80 +/- Acres | SOLD $131,500

3-27 | Alfalfa County | 160+/- Acres | SOLD $242,000

3-26 | Kay County | Home | SOLD $48,500

3-24 | Garfield County | 80 +/- Acres | SOLD $121,000

3-23 | Garfield County | 160 +/- Acres | SOLD $305,000

3-20 | Alfalfa & Grant Counties | 160+/- Acres | SOLD $196,450

3-18 | Major County | 160 +/- Acres | SOLD $231,000

3-9 | Noble County | Home | SOLD $67,000

2-19 | Garfield County | 160 +/- Acres | SOLD $425,000

2-5 | Major County | Investment Home | SOLD $17,500   

2-5 | Garfield County | Investment Home | SOLD $30,000

2-5 | Garfield County | Two Investment Homes | SOLD $36,000

2-5 | Garfield County | Investment Home | SOLD $16,500

2-5 | Garfield County | Investment Home | SOLD $15,000

2-5 | Garfield County | Investment Home | SOLD $15,000

2-5 | Garfield County | Investment Home | SOLD $13,000

2-5 | Garfield County | Investment Home | SOLD $26,500

2-5 | Garfield County | Investment Home | SOLD $48,000

1-31 | Major County | 80+/- Acres | SOLD $212,500

1-23 | Grant County | 94 +/- Acres | SOLD $175,000

1-17 | Major County | 240+/- Acres | SOLD $265,000

 

Minerals

3-18 | Major County | 40 +/- NMA | SOLD $47,080

3-18 | Major County | 80 +/- NMA | SOLD $35,200

3-5 | Garfield County | 73.5 +/- NMA | SOLD $29,700

3-5 | Garfield County | 120 +/- NMA | SOLD $53,900

3-5 | Garfield County | 40 +/- NMA | SOLD $40,700

3-5 | Garfield County | 120 +/- NMA | SOLD $36,300

3-5 | Beaver County | 14.87 +/- NMA | SOLD $2,530

3-5 | Beaver County | 13.101 +/- NMA | SOLD $1,760

3-5 | Logan County | 23.351 +/- NMA | SOLD $3,300

3-5 | Logan County | 12.11 +- NMA | SOLD $2,200

3-5 | Noble County | 20 +/- NMA | SOLD $3,850

3-5 | Payne County | 12.27 +/- NMA | SOLD $1,375

3-5 | Beckham County | 13.2 +/- NMA | SOLD $2,640

3-5 | Caddo County | 6 +/- NMA | SOLD $1,100

3-5 | Cleveland County | 6.96 +/- NMA | SOLD $1,100

 

For full details, pictures, and more results go to http://bit.ly/2Vw1Mx7.

Whether buying or selling we want to be your trusted auction company. Call us today for your free consultation at 580.233.3066.

We would like to thank the following for their professional services to our many customers & clients