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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.
Berwick on Cedar Ridge in Broken Arrow, OK
Berwick on Cedar Ridge in Broken Arrow, OK – A New Found Tradition
Photo Courtesy of: berwickcr.com
Berwick on Cedar Ridge got its name from the one of Scotland’s first and finest golf clubs. You will find a timeless appeal of the residential community that makes up Berwick on Cedar Ridge. Residents of Berwick on Cedar Ridge enjoy tree lined vistas, quality craftsmanship and golf course views, along with a tradition that evokes the true history of the golf community.
Berwick Neighborhoods
Photo Courtesy of: berwickcr.com
There are four neighborhoods within Berwick on Cedar Ridge: Berwick I, Berwick Villas, Berwick Fairways and Berwick Greens. While each neighborhood is very distinctive in its own way, each one is integrated into one upscale community separated by their architectural design.
Berwick Fairways
Photo Courtesy of: berwickcr.com
Phase I and II are made up of 160 lots that can be built with customizable homes. Choose from elegant gated entrances to the magnificent golf course to the water-front views. Each lot and home is designed to enhance beauty, value, privacy and security to all homeowners.
Berwick Villas
Photo Courtesy of: berwickcr.com
This neighborhood is a private gated community of garden villa homes. Each home includes a minimum of 3000 square feet of design offering spectacular views of the landscape. The extensive water feature provides a lakeside lifestyle.
Berwick I
Photo Courtesy of: berwickcr.com
A traditional charming community with modern amenities. These homes include 2,700 square feet of living space, tons of natural preserves, and landscaped water features. The neighborhood illustrates seclusion and privacy.
Berwick Greens
Photo Courtesy of: berwickcr.com
An exclusive gated community, the Berwick Greens is made up of custom-built homes on executive estate lots. It is surrounded by immaculately maintained and private grounds, which offer breathtaking views from every angle.
This Tulsa neighborhood information is brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Top “Green” Items for Your Kitchen and “Green” Ways to Clean Them
As the push for “green” products has excelled around the nation, homeowners continue to look for the top “green” products for their home and “green/eco friendly” ways to clean them. Reducing carbon footprints and recycling things in our homes are now common practices among many people. Appliances have been a big part of helping homeowners go “green”. Therefore, many homeowners turn to Energy Star rated products that are proven to be good for the planet and easy on the wallet. So, to help you search for the top “green” items for your home, we have searched and found the top rated “green” products that every homeowner can benefit from and we have coupled them with “green/eco friendly” recipes to clean them. Toptenreviews.com has surveyed thousands of appliances for the home and rated them on functionality, features, appearance, and warranty coverage.
Top rated “green” products for the kitchen:
Top Energy Star rated dishwashers
1. Samsung DMT800RHS
2. Kitchen Aid Classic Series
3. Samsung DMT300RFS
4. Frigidaire Professional
Make your own “green/eco friendly” dishwasher detergent
You’ll need: 1 cup washing soda, 1 cup borax, ½ cup kosher salt and ½ cup citric acid (unsweetened lemonade pack).
Mix together in a tightly covered jar or can. Use 1 tablespoon per load. You can add vinegar to your rinse dispenser for even better results.
Top Energy Star rated electric ranges
1. Whirlpool RF263LXTQ
2. Frigidaire FFEF3015LW
3. Kenmore9021
4. Kenmore9011
Make your own “green/eco friendly” stove top cleaner
You’ll need: ¼ cup vinegar, and 1tsp liquid castile soap. Cut grease first with vinegar and wipe away. Add 2 cups of water to a spray bottle with vinegar and soap and shake vigorously. Spray on cook top to clean and wipe away.
Top Energy Star rated over the range microwaves
1. Whirlpool WMH217XV
2. Sharp R-1874
3. GE PNM1871SMSS
4. Electrolux EI30BM55HS
Make your own “green/eco friendly” microwave cleaner
You’ll need: vinegar and tea tree oil. This is an easy way to clean your microwave. Simply place a bowl of straight vinegar with 15 drops of tea tree oil in the microwave and heat for 2 minutes. This makes the inside particles loosen to easily wipe away.
Top Energy Star rated side-by-side refrigerators
1. Samsung RSG309AARS
2. Kenmore Elite 4100
3. LGLSC27935ST
4. Whirlpool Gold GSS26C4XXW
How to keep your fridge deodorized in a “green/eco friendly” way
Things you’ll need: baking soda – place an open box of baking soda in the fridge and it will soak up all those bad smells naturally. Or, you can use freshly ground coffee spread evenly on a plate. Leave in the fridge for 24 hours before removing. You can also mix your coffee grounds into the soil in your plants or garden as a natural fertilizer.
This top rated “green” appliances for your kitchen blog is brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
Consignment Season in Tulsa, OK
Even though it’s still early in the year, you can still start your spring cleaning and make some extra money at Tulsa, OK’s consignment sale events. Therefore, we have some tips for helping you get the most of the things you no longer need or want.
First you want set aside some time for going through all your stuff. It could take quite a while to pick through everything you have depending on how much you have kept over the years. You will also need supplies like boxes, trash bags and hangers along with pen and paper to take inventory and the items price.
To make things easier, you may want to start with the most expensive items first. To get your items values, you can visit sites like eBay. This process will help you see what particular items like electronics and furniture are going for. If you have many clothes to sell, you may want to consider selling them in sets like shirt and pants, dress and belt, shoes and handbag, etc. Using this technique will help your items sell for more money. When joining in a children’s consignment event, books, DVD’s, games and clothes are all big ticket items.
To make things run smoothly for you throughout the year, you can set aside a box in the laundry room or garage that is designated for items that you can sell at consignment. When you no longer need items, place them in the box. When the box is full, start your inventory and pricing list.
Tulsa Consignment Sale Events:
Just Between Friends:
Sun, Mar 3 from 1p-7p
Mon, Mar 4 from 9a-7p
Tue, Mar 5 from 9a-7p
Wed, Mar 6 from 9a-7p
Thur, Mar 7 from 9a-7p 25% off sale
Fri, Mar 8 from 9a-7p 25% off sale
Sat, Mar 9 from 9a-5p 50% off sale
Location: 4145 E 21st St. Tulsa, OK
Rhea Lana’s:
Dates: February 10 – 16
Location: 10425 and 82nd Avenue in the Regal Plaza, Tulsa, OK
This Tulsa, OK consignment sale event information is brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
HARP Now Available on Investment Properties
The Home Affordable Refinance Program is now available on investment properties. As many homeowners know, you can refinance your underwater mortgage or low equity mortgage through HARP, but until recently you couldn’t refinance your investment properties under the program. Now, through HARP 2.0 and the expanded guidelines for eligibility, you will have to opportunity to refinance your second home or investment property through HARP.
There are some stipulations on using HARP for refinancing a second home. Each home must be a single unit, so single family homes and condos can qualify. Many investment properties could qualify with one to four units and you don’t have to be living in one of them as your primary residence. However, you will still have to meet the HARP criteria.
One of HARP’s main requirements is that the mortgage must be backed by Freddie Mac or Fannie Mae. You will also need to meet other income requirements like being able to prove you have at least two months reserves to refinance the home you occupy or six months reserves for your investment properties. It really doesn’t matter how much value your home has lost as long as you can make your current payments.
Now that this program expansion is available, many property investors want to know if they can refinance more than one home. Yes, you can; however, the mortgage must have originated before June 1, 2009. This will limit you to one HARP refinance per property you own.
You will also not be obligated to refinance with your current mortgage lender. You can refinance with any lender that participates in HARP. And the best news is that you no longer have to wait seven years after declaring bankruptcy or foreclosing. That requirement has been waived for the moment.
While there is no guarantee that you will get a HARP refinance, you can at least try if you are having financial trouble because of the downturn of the economy.
This HARP update and information is brought to you by: Tom and Bev Herring – your real estate resource for Tulsa, OK and surrounding communities.
DYI – Backyard Fun with Horseshoes
2–2×4 x 22″ for the backboard braces
8–2×4 x 72″ for the pitching platforms
10–2×4 x 15″ for the pitching platforms
1–4x4x 72″ bottom rail for backboard
6–2×6 x 72″ deck boards
#8 x 3″ deck screws, box of 100
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.
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.
How Distressed Homeowners Can Start Fresh
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.
Tom and Bev Herring – Your real estate resource for Tulsa, OK and surrounding communities.
Visiting Keystone Lake in Cleveland, OK
When you visit Keystone Lake in Cleveland, Oklahoma, you will get to enjoy boating, fishing, hunting, camping and more just 15 miles of Tulsa, Oklahoma. Keystone Lake is on a wooded shoreline with sandy beaches, low rolling hills and high bluffs. Its blue-green water and natural beauty make it a visual treat you won’t forget. And, you can view its entire beauty from many overlooking points along state, county and federal highways.
Keystone Lake is on the Arkansas River just west of downtown Tulsa. The lake is approximately 26,000 acres and flood controlled, which has created an urban playground. You will find over 15 recreation areas with beaches, marinas, boat ramps, trails, and off-road vehicle areas. Boat rentals are available at pier 51. You will also get to enjoy thousands of acres of land for public hunting.
Keystone Lake boasts wonderful camping facilities from primitive to full hook up. Or, you can stay in one of the available Keystone Cabins in Keystone State Park.
When it comes to fishing, Keystone Lake is famous for sand bass, striped bass, small mouth bass, black bass, catfish and crappie. There are also downstream fisheries that are accessible from Bush Creek Park and Whitewater Park. However, you will still need the same licenses that are required for other parts of Oklahoma, weather fishing or hunting.
Don’t forget to ask Tulsa Realtors® Tom and Bev Herring about Cleveland Oklahoma, which is a small town located on the shores of Keystone Lake and within commuting distance of Tulsa.
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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
