In yet another ranking, Tulsa is No. 1 for having the best cost of living among areas with a population of more than 500,000 and No. 2 for its quality of life, according to lists that appear in the August edition of Business Facilities magazine.


“One of the things that continues to be an attraction is the low cost of living, which translates to a low cost of doing business. People can have a better quality of life in Tulsa than they can in places in the East or West Coast … and that’s important in helping those people to make a decision of where they want to live and where they want to work,” said Jim Fram, senior vice president of economic development with the Tulsa Metro Chamber.


Business Facilities magazine is one of about a half-dozen publications that targets a small, niche audience of corporate real estate executives, site consultants and company CEOs who are seeking to gather information for possible expansion or relocations, Fram said.


For its 2009 Metro Rankings Report, the magazine looked at several categories that serve as benchmarks for any economic development program, including quality of life, cost of living and green-building initiatives.


The metro report also evaluated emerging growth sectors such as film production and food processing, and growth leaders like aerospace and the top-wired metros as well as economic growth potential.


The magazine states, “MSNBC.com has perennially listed Tulsa as one of the lowest-cost cities to rent in the country, with spacious homes available for as low as $500 per month and low-cost apartments available to students flocking to this college town; average home sale prices also are among the lowest in the country.”


It goes on to state, “Anyone tired of traffic congestion in their current location will be pleased to learn that the average one-way commute in this Oklahoma city is about 20 minutes, third fastest in a recent survey of 65 major metropolitan areas.


“Salary.com, meanwhile, ranks Tulsa as one of the most favorable cities to build personal wealth, which residents can hang on to thanks to state and local taxes that are among the lowest in the nation,” the magazine adds.


Oklahoma City also receives a nod in the magazine and is ranked No. 7 among the top 10 metro economic growth potential.


Lawton ranks No. 9 for having the best cost of living among metros with a population of fewer than 500,000.


This latest recognition for the Tulsa area follows many others that have cropped up this year.


Earlier this week, Tulsa was named the third-best city in the nation for minor league sports, according to a new survey from Street & Smith’s SportsBusiness Journal.


And earlier this year, Relocate-America ranked Tulsa the top place to live in the country out of 100 cities and towns.


Additionally, Forbes magazine has come out with sundry lists this year that have place the Tulsa area No. 2 among midsize cities for being “Best Cities for Job Growth” and 47th out of 200 large metro areas for Best Places for Business and Careers.”


The magazine also has ranked Tulsa No. 5 on a new list of “America’s Most Livable Cities.”


Recently, Tulsa and Oklahoma City both received high marks in fDi magazine’s list of the top “North American Cities of the Future.”


“The compilation of those lists is very important because economic development has become a sophisticated business in the last several years … I think as we come out of the recession work force will be an area for opportunity,” Fram said. “If you read census tracts, the workers are going to dictate where the jobs and capital investment happens.”


In the last several years through a comprehensive economic development program, Tulsa really has begun to work on building a community where people want to live and work, he added.


Tulsa tops list


“Top 10 metro Best cost of living” among areas with a population greater than 500,000


1. Tulsa
2. Memphis, Tenn.
3. McAllen-Mission Texas
4. Little Rock, Ark.
5. St. Louis
6. Nashville, Tenn,
7. Louisville, Ky.
8. El Paso, Texas
9. Cincinnati
10. Dallas

The economic impact generated from the sale of one home in the Tulsa area equals $46,289


The National Association of Realtors, NAR, estimates that each home sale generates $63,101 (national average) of economic impact (2008). Each home sale generates about 9% of the sales amount form moving expenses, inpections services and fees. Furnishing and refurbishing/remodeling expenses average slightly above $5300 based on a Harvard joint Center for Housing Study.


This economic activity also produces a “multiplier” effect which is additional income recirculated in other sections of the economy as a result of a home sale. The initial income stated above generates other rounds of purchases which generate income for others, and on and on…. NAR macroeconomic modeling suggests that the multiplier effect is between 1.34 and 1.62 in the first 1-2 years after a home purchase.


New homes typically sell at a ratio of 1 sale per 8 existing home sales. So, 1/8 of the average new home price is used to approximate the value added to the economy. When a new home is constructed the entire price is added to gross domestic product, GDP, because of new production.


Median price of an existing house in Tulsa is $140,000*


$12,600 (real estate related) + $5,331 (furniture/remodelng) + $7,893 (multiplier) + $20,465 (new housing) = $46,289 (total)


*Note: The estimated economic impact nationally is $63,101 based on the 2008 median sales price of $198,100 for existing homes and $230,600 for new homes. For the Tulsa area, $140,000 and $163,000 were used respectively.

I duscussed the importance of curb appeal in a previous post, but now that we have the buyers inside the house we want to seal the deal by making sure that they fall in love with your home.


Staging the inside of your home is just as important as the outside. If you follow this list, you will get more offers and your house will sell faster and for a better price.


1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.


2. Wash your windows and screens. This will help get more light into the interior of the home.


3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.


4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.


5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.


6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.


7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.


8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.


9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.


10. Buy a flowering plant and put it near a window you pass by frequently.


11. Make centerpieces for your tables. Use brightly colored fruit or flowers.


12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.


13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.


14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.


15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.


16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.


17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.


18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.