Shaping Tomorrow’s Homes: Emerging Housing Trends That Redefine Living Spaces”

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As we navigate through the ever-evolving landscape of the 21st century, our homes are undergoing transformative changes to meet the demands of modern living. From sustainable design to innovative technology integration, the housing industry is at the forefront of a revolution. In this blog post, we’ll explore some of the most exciting housing trends that are shaping the homes of tomorrow.

  1. Sustainable Living: In recent years, there has been a significant shift towards sustainable and eco-friendly housing. Homeowners and builders alike are embracing green building materials, energy-efficient appliances, and solar power solutions. Not only do these choices contribute to a healthier planet, but they also result in reduced energy costs for homeowners.
  1. Smart Homes: The rise of smart home technology continues to revolutionize the way we live. From smart thermostats and lighting systems to fully integrated home automation, homeowners can now control various aspects of their homes remotely. The convenience and energy efficiency offered by smart homes make them an increasingly popular choice for modern living.
  1. Flexible Spaces: The concept of flexible living spaces is gaining momentum, with homeowners seeking versatile layouts that adapt to their evolving needs. Multi-functional rooms, movable partitions, and convertible furniture allow spaces to transform seamlessly, catering to different activities and lifestyles.
  1. Co-Living and Co-Housing: As urbanization continues, co-living and co-housing arrangements are becoming more prevalent. These models foster a sense of community and shared responsibility, providing residents with both private and communal spaces. They also offer a solution to housing affordability challenges in densely populated areas.
  1. Virtual and Augmented Reality in Real Estate: The use of virtual and augmented reality in real estate has revolutionized the way properties are showcased. Homebuyers can now take virtual tours of homes, explore floor plans, and visualize design changes before making decisions. This technology is reshaping the home-buying experience.

Conclusion: The housing trends outlined above represent just a glimpse into the exciting future of residential living. As technology advances and societal preferences evolve, the homes of tomorrow will undoubtedly continue to reflect our changing needs and values. Whether it’s embracing sustainability, integrating smart technologies, or reimagining communal living, the housing industry is on a path of continuous innovation.

As we move forward, it’s clear that the homes of the future will not only provide shelter but also act as hubs for connectivity, sustainability, and well-being. Keep an eye on these trends as they unfold, shaping the way we live and experience our homes in the years to come.

How Technology Has Changed Auctions

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The history of auctions dates back to 500 B.C. The Roman Empire used auctions to liquidate and estate goods. The earliest records of auctions can be found in the 1595 Oxford English Dictionary. As times have changed the face of auctions has transformed to accommodate the digital age.

When most people think of online auctions, they think of the bidding website, Ebay. This platform has revolutionized the way in which auctions are operated. There are many differences between live auctions and online auctions the main one is accessibility.

Benefits of Online Auctions

The best part about online auctions is the fact that they can be accessed from anywhere you can gain internet access. Many auctions are moving towards using mobile phones as the best way to access them. Because most people have a smartphone it is the easiest way to connect bidders and buyers.

Depending on how the auction is set-up, you can possibly bid on something with the “max bid” option. This allows you to outbid all other buyers and complete purchase the item in one step.

Another benefit of online auctions is that you can view the items in advance of the auction. Most live auctions that take place in-person only let you view the auction items just moments before the items become available to bid on. This allows the buyer more time to view the items and have a chance to decide what amount they feel comfortable paying for.

Smith & Co Auction always allows items to be viewed for several days prior to the auction!

If you are interested in purchasing real estate, farm machinery, or land visit Smith & Co Auction.

Our dedicated staff of experienced real estate agents has conducted all types of sales.

With intricate knowledge of our local market, we help individuals and families find their dream property. Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975

Auction Terms You Should Learn

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At auctions, you can expect auctioneers to be talking a mile a minute and buyers quickly waving their paddles in the air. Although the process is fairly simple there are many terms that an inexperienced bidder wouldn’t know.  

Knowledge of these  common auctioneer terms can be the key to success:

Auction Terms You Should Learn

Auction chant                                

Known as “the chant,” auctioneers’ fast-talking styles date back to the 1920s. The chant consists of three parts: the statement (“I’m bid ten dollars”), the suggestion (“Ten dollars, twenty dollars”), and the question (“Do I hear 30?”).

Filler words

Filler words are any words used between bids to keep the rhythm of the chant going. Each auctioneer uses words differently to create their own unique style. The use of filler words also gives buyers a brief moment to think about their bids.

Provenance

If you watch shows like Antiques Roadshow, you may be familiar with the term “provenance.” Provenance refers to the item’s ownership history, tracing back to its creation. A long and well-documented provenance can increase the value of an object up for auction.

Estate Auction:

The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.

Competing bid:

During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to):

  • bids from an in-house audience
  • telephone bids
  • book bids
  • absentee bids
  • other bidding platforms

Hammer price

The hammer price is the final, winning bid. The word “hammer” is a reference to the bang of the auctioneer’s gravel or hammer that seals this final bid.

When you’re planning your next auction, contact us at Smith & Co. Auction & Realty, Inc. and let us help you make it a success! We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!

Tips for First Time Auction Buyers

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Auctions are a great way to purchase real estate, antiques, and rare items.

If you are new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible:

Arrive Early

Most auctions have 90 minutes of preview time before the event gets started. This gives you time to inspect and measure any item that catches your fancy. Be sure to thoroughly check any items that you want to bid on, ensure there are no defects unless otherwise noted.

Stay Focused

After doing your research on what items you will be bidding on, make sure to stay focused on your bidding items.

Learn the lingo

There are a few key terms that you may not understand if you are attending your first auction.  Terms like provenance, hammer price, and absentee bids can help you have better success at the auction. If you don’t know what they mean, make sure to familiarize yourself with these terms before the action starts.

Establish Your Limit

Auctions can be very exciting, but it is important to remember to stick to a budget. It is easy to get swept up in the excitement of bidding but be sure to stop once you have reached your spending limit.

Choose wisely

Items at an auction are sold as-is. Remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You will be expected to pay for the items you’ve purchased in a timely manner, even if you want to change your mind.

If you’re interested in attending your first auction, check out Smith & Co. Auction & Realty, Inc. We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!  Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975 to find out more!

Tips for Purchasing Your First Home

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Tips for Purchasing Your First Home

Before purchasing your first home, you’ll want to focus on a few very important steps of the home buying process. After stabilizing your credit, determining what you can afford, and researching all costs, you’ll be ready to get into the more exciting aspects of choosing your first home.

Stabilize Your Credit

Your credit score is going to either negatively or positively influence which houses you are able to buy. Get your credit report as soon as possible and start making changes to improve it.  In order to make the most of your credit score, avoid moving your money around in drastic ways for a few months before you plan on applying.

Don’t apply for new credit cards. Don’t take out new loans.

Banks and lenders are looking for consistency. This clues them in that you are reliable and a satisfactory candidate for a mortgage. Providing them a complete trail of where your money has been for the recent past can only help your credibility as a mortgage applicant.

Determine Your Budget

In all likeliness, a home will be the biggest purchase you ever make. Many people get into trouble when they try to buy too much house when they cannot afford it. It can leave you with less money for other financial goals you may have such as buying a new car or paying for college. Avoid this by maximizing your monthly mortgage payment at 28% of your monthly income. For example, if you are making $1,000 per month, you should only be spending $280 per month on your mortgage. Staying within this budget will free up your leftover income for things like paying other bills, taking vacations, and buying new cars.

Be Aware of Sleeper Costs

Naturally, the most important number to pay attention to is your monthly mortgage payment. However, you also shouldn’t minimize the importance of extraneous costs such as taxes, maintenance, and repairs.

Costs like taxes, routine maintenance, and unexpected repairs arise all the time, be sure to purchase a home that you can maintain.

Smith & Co. Auction delivers hundreds of live auctions every year to Northwest Oklahoma, selling everything from residential real estate to industrial equipment. If you are interested in purchasing a home or other property, check out our list of upcoming auctions to stay up-to-date on our forthcoming listings.

5 Reasons Why You Should Live in Oklahoma

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A state full of rich tradition, gorgeous views, and welcoming people, Oklahoma makes a wonderful state to settle down in. When you are looking to relocate, here are five reasons why you should give the Sooner state some consideration.

Stunning views

When you wake up in the morning and look out the window, or when you make the long commute to work, what do you see?

Oklahoma is home to gorgeous state parks, rivers, mountains, and lakes, all offering stunning natural views. Scenic byways through lush forests and steep hills boast the serene beauty that Oklahoma has to offer.

Varied weather

The weather and climate often have a significant influence on where you decide to live. Oklahoma residents experience all four distinct seasons, giving them the chance to appreciate and enjoy all Mother Nature can create. Embrace each season’s activities and stay on your toes with different types of weather that keep your daily life interesting.

Ample privacy

Oklahoma is a large, spacious state, which gives residents ample breathing room and personal space.

Crowds are rare, especially in rural parts of the state, and traffic is almost non-existent. This makes Oklahoma the perfect state for people who like their privacy. Choose to live in a small town outside of the bigger cities for the most space.

The most pleasant people

In your search for a new home, do not forget to ask about the neighbors. Let the general vibe of a community impact your decision of whether or not to move there. For welcoming, considerate neighbors and lifelong friends, live in Oklahoma, known as one of the friendliest in the United States.

For the love of the game

Sports fans feel at home in Oklahoma, with its college and professional teams easy to rally behind and support. Oklahoma is home to the Sooners, the Cowboys, the Dodgers, and the Oklahoma City Thunder.

Ready to find your next home in Oklahoma? Let Smith & Co. Real Estate Marketing Professionals LLC be your guide for buying and selling residential and commercial properties, farms and ranches. With our extensive experience in the real estate business and our love for the state, we would be happy to show you all of Oklahoma’s best features!

Give us a call at 580-254-3975 to speak to an expert and be sure to browse our featured listings!

3 Strategies for Winning an Online Auction

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Virtual Land & Real Estate Auctions in OK

Virtual auctions and online auctioning platforms have emerged more prominently over the past decade and made auctions far more accessible to both buyers and sellers from all over the world. With their many benefits, it’s not hard to see why online auctions have become so popular. But remember—winning at an online auction is going to require a different approach than you’d use at an in-person sale.

If you’ve got your eye on something in an upcoming virtual auction, here are a few strategies you can try to take home your prize!

1) Bid Nibbling

Bid nibbling or nibble bidding is a tactic where you put in a bid considerably higher than the initial price, but one that’s still under market value. If you know the amount your item is likely going to reach anyway, starting out higher will weed out buyers who aren’t serious and prevent a prolonged bidding war that ends up driving that final price even higher. Do your research on the market value of the item beforehand, so you can choose a number high enough to scare away bargain buyers but low enough to leave you room to go up.

2) Sniping

Online bidding is all about timing. A lot of virtual auctions have a hard-set end time. When that time arrives, the item is awarded to whoever got in the highest bid before closing. If you wait until the last possible second and bid a few cents over the last highest offer, you’ll box out the competition and “snipe” the item right out of their hands. If you’re attending a live online auction, you can still use this strategy to let the bidding cool off and increase your chances of getting a better price.

3) Squatting

Squatting is a psychological bidding strategy that lets buyers know that your interest in an item is serious and you won’t be going down without a fight. If the competition thinks you won’t give up, they’re less likely to put in the effort to outbid you after a certain point. Start by bidding early, then countering every bid that follows to mark your territory. A good tip to keep in mind for this approach is to counterbid using odd numbers, like $231.50 instead of $230, so your patterns are less predictable and the competition is more thrown.

As leaders in the land and real estate auction industry, we’re always providing buyers and sellers with innovative ways to be a part of our auctions at Smith & Co Auction & Realty. In addition to our live virtual and Internet auctions, we also have an app that gives buyers the power to bid in auctions from anywhere at their fingertips.

Check out our upcoming auctions page so you don’t miss out on that special property you’ve been dreaming of!

What to Consider When Buying Farm Land

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Farm Land for Sale in OK

There are a lot of components to being successful in the farming and agricultural industry. You need to have practical experience, knowledge of the field, the right equipment, a business plan, a good team behind you, determination, and of course, quality land to support your operation.

If you’re thinking about starting a farming business, or expanding your current enterprise, investing in the right plot of land can make or break your venture. That being said, there are a few considerations you’ll want to keep in mind during your search.

Soil Conditions

Without good soil, your farm is doomed from the start. Determine whether or not the soil of the land you’re looking at is good for the crops you plan on growing. Do they have enough of the right nutrients? Has the soil already been farmed and depleted of its nutrients? What does the acidity level look like? Is there proper drainage? Ask the seller for a soil profile or have your own testing done before making a purchase.

Access to Resources

In order for your crops to grow and other aspects of your farming business to succeed, your land will need to have access to a number of resources. Consider how you plan on using the land and what you require to make that happen. Look at things like water sources, irrigation setup, reliable power, roadway access, and other buildings and infrastructure necessary to support your day-to-day operations.

Gas & Mineral Rights

It is possible that, although the surface of your land is for sale, somebody else owns what lies beneath. Determine if the gas and mineral rights to a plot of farm land are included in your purchase or if they’re already owned by somebody else. If you don’t have them, that other person could come in and start mining and drilling at any time, affecting the quality of your land in the process.

Location

Before you buy farm land, look into whether or not the location you’re looking at comes with any restrictions or major inconveniences. Are there any zoning or environmental regulations that limit how you can use the land? Would you be close enough to the markets, retailers, and suppliers your operation is going to depend on? How far is it the commute from your home? These are all factors to consider before you make any decisions.

Looking for the perfect piece of farm land to transform for the right price? Check out the upcoming land auctions and real estate listings at Smith & Co Auction & Realty! Our experienced staff will help you acquire the acreage you need in Oklahoma or Kansas for what it’s truly worth.

Contact our team today to discuss your land and real estate needs!

Building vs. Buying a House: Which One Is Right for Me?

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Land and Real Estate Auctions in Woodward, OK

There are a lot of decisions to be made when it comes to finding the perfect home for you and your family. One of the first ones you’ll have to tackle when you’re ready to become a homeowner or move on to a new property is whether you want to buy an existing house or have one custom-built. Like most decisions, there are pros and cons to both options to consider.

Why Build a House:

Customization

The most obvious advantage and biggest draw to building a new home instead of buying is the ability to customize. Building a house give you total control over everything from the land it’s on to the floor plan to the crown molding. You’re able to choose details and features that match your exact needs and tastes.

New Home Quality

Everything is fresh when you build your own home. You’re the first one to live there, so you’ll never find damage left by someone else. Plus, you shouldn’t have to worry about major repairs or renovations for years.

Updated Technology

New builds are made with the newest technology and modern features for you to enjoy in their very design. You can also trust that they’re built to current building codes and made with energy-efficient materials that are better for the environment and help cut costs in the long run.

Why Buy a House:

Cheaper

On average, it’s cheaper to buy an existing house than build a new one in most locations. Also, when you’re buying, the real estate agent you work with can help negotiate a better price.

Faster

Finding the right land, designing a new home, and completing the construction process takes more time than it does to buy an already-built home. If you’re on a tight schedule, the move-in time for an existing house is much quicker.

Convenience

While it is nice to be able to curate every feature and element of the home you live in, the process can be a bit of a headache. When you buy a home, you won’t have to stress over getting every detail just right or worrying your space won’t turn out how you envision it. Your biggest decision is simply yes or no!

Whether you decide that building or buying a house is the right move, Smith & Co. Auctions & Realty can set you up with everything you need. We’re constantly auctioning off new tracts of gorgeous land that would be the perfect foundation for your custom home. Or, work with one of our real estate agents to find the house for sale or auction of your dreams.

Reach out to a member of our team today to learn more about our upcoming land and real estate auctions and property listings!

How to Choose the Right Real Estate Agent for You

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When you go through the process of buying or selling a home, your real estate agent is your number one resource and the key to your success. Your agent should be able to guide you through the nuances of the local market, understand your needs, and help you implement the right strategies to meet your goals.

But with so many agencies and realtors out there, how do you possibly narrow it down to the right person for you and your current or potential home? We’ve gathered some of the best advice below to help you make your decision!

Start with some independent research.

The easiest way to start your search for an agent is by looking into local agencies and independent realtors online. Read customer reviews to get an idea of what it’s like to work with the different agents you find and check their websites for listed experience, licensing, and other standout qualifications. You can also ask friends (on social media and in person) for referrals of agents with whom they’ve had a good experience.

Meet with potential candidates.

Once you’ve narrowed it down to a couple of your top choices, you should meet with potential agents in person to get a better sense of their personality and professional style. Ask a few questions that will help you determine if they’re prepared to meet your unique needs, such as:

  • How long have you worked in the local real estate market?
  • What is your average list price-to-sale ratio?
  • Do you work more often with buyers or sellers?
  • What is the average Days on Market for your listings?
  • How many clients do you typically work with at a time?
  • Can you provide any references?

Choose someone you connect with.

For the best experience and results buying or selling a home, you need to work with an agent who makes you feel comfortable voicing your questions and concerns. They should communicate with you openly and frequently, so you never feel overly stressed or lost during the process. You should feel confident that your agent fully understands your expectations and will do what’s best for you and your current or future home.

Looking to buy or sell a home in or around Woodward, OK? The agents at Smith & Co Real Estate are prepared to do everything it takes to find the right buyer for your sale or new property for you and your family. With our extensive experience and bonafide success rate, there’s no one better to guide you through the local market.

Give us a call at 580-254-3975 so we can get you started with the right team member!

Consider These 3 Factors When Choosing a Location for Your Business

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Commercial Property Auctions & Listings in Oklahoma

When you decide to open your own business, there are many more important decisions to follow that will play a big role in whether or not you are successful. One of most consequential of those decisions is going to be your location.

Aside from obvious factors like cost and size, there are many other considerations you’ll need to make when choosing a property for your business. Let’s take a look at which ones are going to have the biggest impact on your company’s growth and success.

1) Accessibility

If it’s hard for people to physically get to your business, they’re far less likely to make the effort to go. Your building, therefore, must be easily accessible to customers, employees, and vendors for deliveries. Look for locations near major roads and highways (that are easier to turn into) and with ample parking.

2) Foot Traffic

When choosing a commercial location, think about what level of foot traffic will be ideal for your business. For example, if you’re in the retail or restaurant industries, you want to be in an area with higher foot traffic. This will boost your exposure and expand your reach to potential customers. However, if you’re establishing an administrative office, law or medical practice, or other business that prioritizes confidentiality or a quiet environment, you may want to limit your search to lower traffic areas.

3) Competition

Your physical proximity to other businesses will have a significant effect on the demographics of area foot traffic and how successful you are within them. You want to avoid properties surrounded by businesses that are competing with you in the same market. Unless you have something especially unique that will make you stand out, too much nearby competition gives potential customers too many chances not to choose you.

Proximity to certain other types of businesses, however, can be mutually beneficial. For example, opening a restaurant near a movie theater is likely to attract more people to your location and drive more business to both of you (who doesn’t love dinner and a movie?).

Are you still searching for the perfect property to establish your business in Oklahoma or Kansas? Smith & Co. Auction & Realty can help!

We are constantly running auctions for commercial properties in prime locations that are ripe and ready for you to transform. We also have a team of licensed real estate agents who are more than qualified and willing to help you find the right commercial property to fit your business needs in your desired locale.

Give us a call at 580-254-3975 today to get started on your search!