Now that it is the home buying season, the market will soon be flooded with buyers. In some markets that are doing really well since the housing bust, home buying will be a stiff competition. And, even though home prices are improving, you can still get a great deal and a very low mortgage rate. So, now that there will be multiple bids on one home, you need to be able to stand out from the rest of the buyers. Therefore, we have some home buying lessons that will help.
Home buying lessons:
Predict the future
Predict what the future might hold by planning ahead at least by four months. Look at your credit history and scores to make sure it is accurate. This will help you avoid taking on more debt than necessary.
Set your price
Decide what you can afford so you don’t end up looking at homes you can’t afford. This will save a lot of time. Do a little homework by going to open houses and see how the negotiations are going. You don’t want to have the mindset that you can put in a bid for 85% of the asking price if others are putting in bids at 95%.
Cash is always king
The old saying cash is king is so true when it comes to buying a home. The more cash you have access to, they more desirable you are to home sellers. If you can put 20% down, you instantly look like a stable buyer.
Preapproval is necessary
Getting prequalified for a mortgage will help give you an idea of exactly what you can afford. This will also help you compete with cash buyers. You will be a stronger buyer when you can handover a prequalified letter with your offer.
If you have fallen in love with your dream home and there are multiple offers on it, try writing a letter to the owners telling them why you want their house so badly. Often, many sellers are still attached to their home even though they are selling it. So, when you write them a letter, it shows you are investing love and appreciation for the home along with your offer.
Be flexible with closing
You will be a more desirable buyer if you can be flexible with the closing timeline. Ask when they would like to close and try your best to match it.
Are you looking for the best real estate agents in Tulsa, OK? If so, you have come to the right place. Whether you are buying a Tulsa, OK home or listing your home, you want to use the best real estate agents in Tulsa that can handle all your real estate needs. You will also want an agent who will treat you as their top priority.
If you’re a Tulsa home buyer:
No matter if you are a first-time home buyer or you are a seasoned home buyer, we can help you find the right home, for the right price, in the right neighborhood, and the perfect home loan terms for your situation. As first-time homebuyer it can be somewhat scary to jump into the real estate buying world. However, right now is a great time to buy a home, before home prices get any higher.
Home prices are expected to rise across the country over the next 12 to 18 months. So, putting off your home purchase will only have you paying more for your dream home. We can help you make that first big step when buying your Tulsa, OK home. We can answer any questions you may have and help you search for that perfect home.
You are our number one priority and we want to make you feel confident and comfortable with your home purchase. If you are interested in buying an investment property, we can help you find the right property that will give you the most rate of return on your future. Upgrading or downsizing your home in Tulsa is easy too. We know all the Tulsa neighborhoods, school systems, communities and current real estate trends.
If you’re a Tulsa home seller:
If you have been putting off selling your Tulsa, OK home, we encourage you to put it on the market within the next 12 months. Home prices are expected to go up this year. However, with the amount of homes still on the market, if more are added to it, prices could again drop. Therefore, we keep a close eye on the current real estate market or the neighborhoods and communities in and around Tulsa, OK including Broken Arrow, Jenks, Bixby, Keystone Lake, Berryhill, Sand Springs and Owasso.
Getting the sale price on your home right the first time is important. It can make or break the sale. We will be happy to show you how we list, stage, market and sell your Tulsa home in today’s real estate market. So, just give us a call and we can discuss your options.
When it comes to testimonials, anyone can put them on their website. No one would put a bad review in their testimonial section. However, you can trust that as your Tulsa, OK real estate agents and brokers, it is our passion to help you find the right Tulsa home or sell your Tulsa home.
Your goals and needs become our priority. We will listen to your needs, help you meet your goals, and answer all your questions to the best of our ability. Give us a call today and let’s see how we can put our skills to work for you.
Tulsa area foreclosures continue to decline month after month. Since July, repossessions in the Tulsa area are becoming less common, continuing a general downward trend. According to RealtyTrac, there were 572 foreclosures recorded in the Tula metro area last month.
The foreclosure rate now results in one for every 716 homes, which is 3.5% below June and 28.8% below July 2011. When compared to the state of Oklahoma’s foreclosure rate, Tulsa is still much lower. There were 1,369 foreclosures throughout the state of Oklahoma, which is an increase of 5.8% for the month; however, that is down 32% for the year compare to one year ago.
The nation’s foreclosure rate is also down 3% for the month and 9.8% for the year. That’s an average of one in every 686 homes facing foreclosure. RealtyTrac also reported the decline represents a 22 start year-over-year drop since recording started.
Foreclosure patterns vary significantly from state to state, mostly depending on how dysfunctional the state’s foreclosure process is. California currently has the highest foreclosure rate in the nation with one in every 325 homes going to foreclosure.
Investing in real estate and becoming a millionaire can be done a little easier in Tulsa, OK with the help of the right agent. Being a landlord has been a great path to reach millionaire status for many investors. Your investment helps you get a second source of income, and helps you build equity with the help of your tenants each month. Now, investing in real estate is even more sensible thanks to depressed home prices and low interest rates.
While median home prices nationally average near $180,000, you won’t get rich from one home. However, you can produce cumulative equity and rental earnings if you own three or more homes. Therefore, we have some tips to help you get started on becoming a millionaire from investing in real estate.
Tulsa, OK is a great place to invest in real estate. The community is family friendly, it has a great economy, a low unemployment rate and much more. Families rent homes everyday in Tulsa, which makes it a great place to start investing. You will need to start out with at least three properties. If you purchase your investment properties in the same area you can manage them easier. You should hire a reliable contractor who will give you discounts for his exclusive skills to maintain all your properties. You will need someone to make minor repairs and paint between tenants. If you are not up to managing the properties yourself, you can hire a management company to do it for you. They generally charge around 8% of the total rent.
For maximum investment, think duplex or triplex. You can make more in rent with two or more connected units without the investment of two separate units.
Here are some scenarios to get you started:
Scenario 1: You buy a single family home for $65,000, you budget $1,000 a year for maintenance costs and rent it for $900 a month.
Scenario 2: You buy a triplex for $70,000, you budget $2,000 a year for maintenance costs and rent each unit for $500 = $1,500 a month.
If you choose scenario 2 over scenario 1 you only paid $5,000 more, you spent $1,000 more in maintenance and made $7,200 more on rent for the year.
When it comes to moderately priced homes, Midtown Tulsa, OK has a wonderful selection of homes and neighborhoods to choose from. The area even offers a large variety of architectural styles and influences. You can find entry level homes in the $200,000 range and homes in that value up to $1,000,000.
A popular neighborhood in Midtown Tulsa with moderately priced homes runs from Riverside Drive to Cincinnati Avenue. It’s popular to the active community because of the nature bluffs, jogging, cycling and biking trails. The River Parks trail system is easily accessible and nearby Sunset Terrace offers great active opportunities too. Many of the homes in this area were built in the 20s and 30s. These neighborhoods are also well known for their tree lined streets.
Other Midtown Homes in the area include Terwilleger Heights near 21st and 26th Street and Cherry Street and Swan Lake neighborhoods at 15th and 21st. These areas have a wonderful selection of moderately priced homes.
Unknown to many potential homebuyers, there are several affordable neighborhoods in Midtown Tulsa. So, if you are a bargain hunter looking for a nice historic home in Midtown Tulsa, you should consider the Stonebraker Heights area, the Tracy Park areas and the Maple Ridge area.
These areas of Midtown are steadily growing stronger. Several homes have even been renovated and updated. And although many consider these areas to be transitional, you can find great bargains. Plus there have been great amounts from public and private investors that have helped revitalize downtown Tulsa, OK, which has helped these neighborhoods make a comeback.
More affordable homes can be found in areas that border Midtown Tulsa such as north by I-244, west by the Arkansas River, south by 21st Street and east by Yale Avenue. Some of the most popular neighborhoods were built in the 30s, 40s, and 50s, including Florence Park and Lewiston Gardens. You can find beautiful three bedroom homes in the $150,000 to $200,000 range.
If you’re looking for even better bargains, you can find them north and south of the Tulsa County Fairgrounds near Yale Ave and 21st. There are homes in these areas that can be snatched up for less $100,000.
Midtown Tulsa is the city’s most prized community with its rich history. Midtown offers great schools, extraordinary neighborhoods, beautiful parks, great shopping, an array of recreation opportunities, and plenty of entertainment. It’s the cultural heart of Tulsa, OK. Ideally situated, Midtown Tulsa provides quick access to the inner city loop and highway system so residents and visitors can commute to anywhere in the city quickly.
From the city’s rich history, you will find luxury homes that have become a symbol of the community. The oil wealth helped create tremendous growth in what is now known as Midtown Tulsa during the 20s and 30s. You will even find many of Tulsa’s oil mansions scattered throughout more than a dozen neighborhoods in Midtown.
Some architectural styles of Luxury homes you will find in Midtown Tulsa include Classic Revival, Georgian Revival, English Tudor, Dutch Colonial, Italian Renaissance, English Yorkshire Manor, Neo Classical, Mediterranean and more.
Many Midtown Tulsa neighborhoods have some luxury homes; however, you will find some areas that are well known for having the area’s most lavish and awesome homes like Forest Hills and the Woody Crest area.
As home values continued to rise this spring, Tulsa, OK ranks high on the list for rising real estate markets. Many hard-hit metro areas are finally seeing home values going up. Topping the list is one Arizona market followed by several Florida markets.
Tulsa, OK comes in fourth on the list followed closely by Oklahoma City at sixth on the list. So, if you’re looking to relocate to one of the top rising real estate markets, check out what all Tulsa and its surrounding communities have to offer.
Other cities you will find on the list of the top ten rising real estate markets:
1. Phoenix, AZ
2. Fort Myers, FL
3. Miami, FL
4. Tulsa, OK
5. Grand Rapids, MI
6. Oklahoma City, OK
7. Punta Gorda, FL
8. Canton, OH
9. Honolulu, HI
10. Denver, CO
More and more distressed homeowners can start fresh as banks try to keep foreclosures off the market. It’s called artificially driving demand but it works, and now many sellers can rest assured that they will get a good price for their home. Therefore, we have some tips on how distressed homeowners can start fresh too.
How distressed homeowners can start with a fresh slate:
Sell and get out – For homeowners who have saved and scrimped to get through the recession, the current market may present a better opportunity. You can sell or short sale your property to get out of your rut. And, now that the economy is beginning to turn around, you may not be as upside down on your mortgage as you once were. Banks are moving short sales quickly and efficiently now. The income tax exemption on debt forgiveness on short sales will also be valid through the end of the year.
Settle old scores – If you had to foreclose on your home that had a second mortgage, you could still owe a lingering debt. However, many second mortgage holders are not actively collecting debts, but that debt will stay on your credit score until paid. Therefore, you should contact the servicer of your second mortgage and see if they will settle with a lower payment. Be sure to check your credit score once you pay off the debit to make sure it is no longer showing up as delinquent.
Dispute expired derogatories – If you foreclosed on your property in 2005 or 2006, your credit report will need to be checked to make sure the expired debt has been removed. If the seven year time frame has run out and the debt is still on your credit, you can have it disputed to have it removed.
Lock in low rates with refinance – Many homeowners lost the value of their homes during the recession and if you were one of them you can refinance your home to take advantage of the lower rates. Now is a great time to save on your monthly payment.
Come to the City of Cleveland, OK and enjoy the beautiful Keystone Lake, wonderful parks, rolling hills, nature trails, unique downtown shopping, fine eateries, and excellent real estate options.
Living is Cleveland lets you experience the year-round splendor of “Oklahoma’s Friendliest City”. Cleveland is also the catfish capital of Oklahoma.
Here is one of our recent listings that will give you a taste of what Cleveland, OK has to offer.
Excellent Lake View Home for Sale – 2577 W Skyview Lane, Cleveland, OK
3 bedroom, 3.5 bath – Excellent lakeview from most rooms. Commercial kitchen, granite countertops, Italian marble baths. Four Seasons-style sun room, fireplace and convection wood stove. Hardwoods and ceramic tile flooring, decking and party deck. Pool and hot tub. On 3.5 acres. MLS #1208249
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