Home Buying and Selling Tips for Fall

Cindy Rodgers
Realtor
Chinowth and Cohen Realtors
918-645-1174
crodgers@cctulsa.com
www.oklaHOMEsales.com



HGTV’s real estate site Front Door says the weeks between now and the end-of-the year holidays are the best ones to find a bargain. Here are some of their tips for fall buyers and sellers:

Fall Sellers:
· Replace faded summer plants with fall-blooming flowers and add autumn decorations to the home.
· Expect low-ball offers and be prepared with higher counter offers.
· Freshen up listing photos by shooting pictures that make it less obvious that the seasons have changed.
· Price the home to sell. A price that is a little lower than the competition may be a winning move.
· Be willing to show the property and hold open houses whenever potential buyers are ready.

Fall Buyers:
· Look for motivated sellers who have a reason to move on by the end of the year.
· Explore new constructions. Builders are often particularly interested in selling before the new tax year.
· Beware of fall maintenance issues. Consider overflowing gutters and leaf-covered lawns warning signs.
· Shape offers carefully. Even in this market it is possible to turn sellers off with a too-low bid.

Source: FrontDoor.com (09/16/2010)

10 Reasons to Buy a Home

Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.

2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.

6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.

7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.

8. It's forced savings. A part of your payment each month goes to equity.

9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

7 Reasons to Own a Home

Cindy Rodgers
Chinowth and Cohen Realtors
crodgers@cctulsa.com
www.oklaHOMEsales.com


1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

Take the Stress Out of Homebuying

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Oklahoma One Happy Place To Be!

10 Happiest States in the U.S.

Money can’t buy happiness, but it can make life a whole lot easier. MainStreet.com’s Happiness Index examined household income, debt, employment, and foreclosures to choose the states that are surviving the current economic crisis with the most panache.The analysis discovered that despite disastrous conditions in parts of Michigan and Ohio, overall, the Midwest is navigating the financial meltdown with the highest average salaries, lowest unemployment, and fewest foreclosures. In fact, Nebraska, in the center of the corn belt, scores highest on MainStreet’s Happiness Index.

Here are the rest of the top-10 happiest states:

1. Nebraska
2. Iowa
3. Kansas
4. Hawaii
5. Louisiana
6. Oklahoma
7. Wyoming
8. South Dakota
9. West Virginia
10. Wisconsin

Why is there an Auction Sign in my Neighbors Yard?

My good friend emailed me the other day and was worried because a house down the street had an auction sign in the yard. I know from other conversations with this friend that this particular house has been on the market for well over a year. I do not know the particulars of the situation but I tried to share with her what types of auctions there are and the basic information regarding how they work. Ironically, since she emailed me, I have seen about 4 Auction signs in various locations around Tulsa and Broken Arrow and it got me wondering how many others were out there asking, "Why an Auction and how does it work?"

While I am no expert on auctions, here is some information that I have gathered.

A real estate auction is a method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property through competitive bidding.

There are Three Types of Auctions:

1. An Absolute Auction, which is an auction without reserve.
2. A Minimum Bid Auction.
3. Reserve Auction,which is a an auction subject to Confirmation

In an Absolute Auction the property is sold to the highest bidder, regardless of the price. This means a sale is guaranteed and typically generates the maximum response from the market place. Many individual sellers, financial institutes and governments agencies use this method.

In a Minimum Bid Auction, there is a published/advertised minimum bid that must be met.This reduces the risk for the seller as they know the property will sell for at least the minimum bid and the buyers know they must be able to buy at or above the minimum. The minimum bid price must be low enough create a buzz and excitement and get bidders to the auction.

In a Reserve Auction, the high bid is in effect an offer not a sale. No minimum bid is advertised or published and the seller can choose to accept or reject the highest bid within a specified time period, which is typically anywhere from immediately following the auction to up to 72 hours after the auction concludes. There is usually a predetermined price at which the property will be sold and the seller has no obligation to accept a sale unless it is acceptable to them. The biggest drawback in this type of auction is that many buyers will choose not to invest the time and energy to bid on this type of property if there is no certainty they can purchase the property if they are the highest bidder.

I hope this helps. If you see a home for auction in your area and want more information about that property, shoot me an email at crodgers@cctulsa.com and provide me the property address and I will email you back any details I find.

Welcome

Hi all!



Welcome to my blog, Tulsa Talk, for all things Tulsa and the surrounding areas. Check my blog for news about Tulsa, the Tulsa area Real Estate Market and more.

I am a full time Realtor serving Tulsa, Broken Arrow, Coweta, Jenks, Bixby, and the surrounding communities. I am also a former teacher, having taught in Broken Arrow, Jenks and Tulsa public school systems. I have lived in the Tulsa area for more than 25 years.

The Real Estate market in our area is stable so don't let the national media scare you. Check back here for updates about our market and local economy.