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Rent or Sell? Tips to Help You Decide
To rent or to sell, tis the question of the day. While inventory in many markets across the nation have created bidding wars, renting is still popular too. Selling your home may bring in a large sum of cash, but rent can also bring in the cash you need. Therefore, we have some tips to help you decide what you should do now that the housing market is recovering.
Rent vs Sell – you have to ask yourself how much you can sell your home for when compared to how much you still owe on the property. If you owe too much, renting could be a better value for you. Becoming a landlord can be a lot of hassle. However, you will make a monthly income while paying the home loan down.
Let’s look at renting the home:
Rent income – Your goal should be to rent the home for at least $200 a month above your loan, insurance and tax costs. You will need to set that amount aside each month for repairs that will be needed later. If you cannot make a profit off your home, rent if for what you owe and have a clause in the lease that will make them liable for all home repairs. Just keep in mind, your home will need repairs so you will have to trust the renter a whole lot.
Home upgrades – Just like a homebuyer, a renter will want to live in a nice home that does not need repaired and is not falling apart. However, you don’t want to invest a large amount into upgrades and repairs if you are renting. If you need carpeting, builders grade should suffice. Investing in expensive carpet won’t help you rent your home. It will get damaged, and all renters care about is clean carpet.
Property maintenance – When you rent you will have maintenance just like owning the home. Sometimes you will have more if a tenant is not taking care of your property. Therefore, just like we referenced above, you will need to rent your home for more than what you owe so you can save up for repairs. A deposit will help some if a renter leaves the home in disarray. But, if the water heater goes out while the tenant is still occupying the home, you will need that extra cash to get it fixed. Be prepared for many unexpected repairs.
If renting is not for you and you owe too much on your home, ask your lender if they would agree to a short sale. Just beware that it could hinder you from buying another property right away. Hopefully, these tips will help you weigh your pros and cons to help you make the decision that is right for your situation.
These renting vs selling tips are brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Curb Appeal Tips – Successful Creations
Now that the winter’s snow has melted away in most of the country, let’s consider some calculated curb appeal to get people slamming on the brakes to see your beautiful home. Curb appeal is something prospective buyers stop for a better look at when a house is for sale. The National Association of REALTORS® say, “53% of buyers decisions are based on curb appeal”. With so many homes for sale, the major importance is to understand the “new normal”.
Curb appeal is outdoor staging and more important than ever before. If a palace was for sale, no one would have the opportunity to buy it if they didn’t get the bell to ring to see the inside. Without style and upkeep of the grounds, no one is going to want to see the inside. You need to pay attention to the outdoors as well as the indoors. However, all sellers must keep in mind that curb appeal depends upon what the buyer is looking for. Buyers that are urban oriented aren’t just looking at the lovely lawn. They are also looking for clean windows, good condition paint, attractive front doors, nice plantings, leaves raked and freshly mowed lawns. That sets the tone for what a buyer thinks the house should look like.
The early spring and late fall are the toughest times to make the view more appealing to potential buyers. Some flowers are not in full bloom and all but the evergreens are leafless. The grass may be brown and sparse. Other things that may affect your home’s curb appeal are the neighbors’ houses. With townhomes and attached houses, your house can look perfect but it doesn’t help if the attached house is beaten up and looking rundown. Remember, you are selling your neighborhood, too.
Easy fixes are the weeds that pop up between pavers and patios. Trim bushes neatly and plant beds should be trimmed out. If the drive is asphalt, make sure it is clean. Fresh mulch gives landscapes a warmer look. Fresh paint and clean windows don’t add up to much of an expense, but they go a long way in helping buyers to like your home. It gives buyers the impression that you care. Photos of your home in different seasons are a good idea to leave inside the house for prospective buyers to see. But don’t put the photos in the Multiple Listing Service because it will confuse buyers as to when your home was listed. It can give the impression that your house has been on the market for too long.
These curb appeal tips are brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Home Buying Lessons: Be the Perfect Homebuyer
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.
Be personable
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.
These home buying lessons are brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Tulsa, OK’s Best Real Estate Agents
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.
Top Things That Can Devalue Your Home
Even though the real estate market is picking back up, sellers still need the right tools to have the upper hand when selling their home. And while it’s a buyer’s market, everything counts when it comes to selling your home. Therefore, we have a list of things that can devalue your home. It’s these items you want to improve on as much as possible. Follow these tips to get the most value from your home sale.
Top things that devalue your home:
√ Exterior of your home: Dirty windows, faded and chipping paint, broken sidewalks and driveways call all devalue your home. If you want to get what your home is really worth, clean your windows (inside and out), splash on some new paint (keep it neutral), repair broken sidewalks and driveways.
√ Landscaping or lack thereof: Besides the house, the yard is the first thing people see. Potential buyers want to live in a home with a beautiful yard. Therefore, poorly kept yards are a huge buyer turn off. Don’t get overwhelmed by the thought of redoing the yard. You can affordably add curb appeal by sprucing up your flower beds, keeping your grass cut, trimming the hedges, and planting a few new flowers. You want the front of the home to be visually inviting.
√ Out-of-date kitchens: Updating your kitchen will add instant value to your home. Buyers also like bright and clean kitchens. So, if your kitchen is dark and dingy, clean it up and brighten it up. Adding new appliances, countertops, cabinets, fixtures and paint can get you back 90% on your investment at closing. It may seem like a lot up front, but it’s worth it in the end.
√ Outdated bathrooms: The bathroom is just as important as the kitchen. If you give your bathroom a complete makeover, you can recoup up to 80% of your investment at closing. Inexpensive makeovers include new fixtures, new lighting, new paint, and tile on the floor. If you can afford it, update your sink and bathtub. And, make sure it’s all clean when you place your home for sale. Do you have a stained and dingy toilet? Replace it too. Low flow toilets are a great, affordable option.
√ The pet turnoff: Pets are a big turnoff for many potential buyers. Some people can see a pet and think of bad odors whether they are there or not. And, they think they’ll be living with lingering pet odors. So, it’s best to just not have the pets in the home when it’s on the market.
√ Decorating: When it comes to decorating it can be tricky. What you may like, a buyer may not. All buyers want to see themselves living in your home. Therefore, when you decorate, keep it simple and stick to neutral tones. Bright colors can be a big turnoff for many buyers. Neutral colors are more appealing.
These home selling tips are brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
The Best Trees for Your Tulsa, OK Home
Now that fall is here, you will begin to see some of the most beautiful colors on trees like vivid oranges, yellows and reds. It is also the perfect time of year to plant trees in Tulsa, OK. The fall weather allows trees plenty of time to get their roots deep into the ground before the summer heat can scorch them. Therefore, we have some tips for choosing the best trees for your Tulsa Oklahoma home.
Choosing the best tree for your environment is just as important as its planting time. Homeowners in Tulsa should choose trees from USDA zone 6a to 7b. Trees from this area are better suited to overcome weather stress and are more likely to survive.
Trees add quality and value to your home. Therefore, you should choose trees that are beautiful year-round. Homes with trees usually sell faster than homes with no trees. And, adding trees to your property can help with utility bills if positioned correctly around your home.
Great trees for the Tulsa area:
Shumard Oak – From the southern red oak family, the Shumard Oak is one of the biggest from its species. They produce a rounded canopy and grow 80 to 125 feet tall. This is a beautiful tree any time of year and helps shade your property well. In the fall, they produce beautiful red and orange leaves.
Chinese Pistache – This hardy tree is a close relative to the Pistachio Nut tree. It puts out a beautiful shade canopy and can reach 40 to 50 feet high. In the fall, the leaves turn red-orange and brilliant red. This tree is popular for shading one-story homes and because it is nearly disease and insect free.
Lacebark Elm – This graceful, yet durable, tree can adapt to many soil types and conditions. It produces long arching branches and a round canopy with lustrous dark green leaves that change to reddish purple and yellow in the fall. They can grow 40 to 50 feet tall.
When it comes to your home’s property, there is no price tag for the beauty that can come from trees. Trees can create a relaxing feel for any yard, especially when a gentle wind is blowing through.
This best trees for your Tulsa home information is brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Invest in Real Estate and Become a Millionaire
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.
These tips on how to get started on becoming a millionaire from investing are brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Affordable Neighborhoods in Midtown Tulsa
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.
Tom and Bev Herring – Your real estate resource for Tulsa, OK and surrounding communities.
Easing Stress on Sellers in the Tulsa, OK Real Estate Market
The Hayflick family has been considering moving from their home in Downtown Tulsa to a larger home on the outskirts of the city for quite some time. They are seeking a bigger home with a larger lot for their children to play in. The Hayflick’s are part of the increasing number of potential buyers who are helping to wake up the Tulsa real estate market.
After several years of home sale decreases, home sales have been up for over twelve months straight. And, across the board, signs have improved. Prices have been up considerably to an average of $163,000 and the Tulsa, OK area housing market inventory has shrunk to 10.2 months with contracts to sell.
These changes have begun to bring different conditions and expectations for sellers and buyers. They must now adjust their strategies from when few homes were changing hands.
Favorable Conditions: The president of the Greater Tulsa Association of Realtors® has recently noted that some things have become much easier for sellers; however, they still do not have the overall advantage. Currently, there are areas that are better for sellers and other areas that are better for buyers. Your local Tulsa, OK real estate professional will be able to tell you what is more favorable in each community.
Tom and Bev Herring – Your resource for Tulsa, OK real estate and surrounding communities.
Tulsa, OK Ranks High in Rising Real Estate Markets
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
Tom and Bev Herring – Your real estate resource for Tulsa, OK and surrounding communities.
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Contact Information
Tom & Bev Herring Bev, GRI, CRS
Tom, Broker Associate, ePro
Tulsa, OK 74133
Business: (918) 712-4405
Fax: (918) 712-4333
