At times buyes fing themselves ina a situation where they may need to move prior to closing.Early occupancy may be a solution to the problem, but it is a situation typically hated by Realtors.

One of the risks taken with this type of situation is that the buyers may fail to close on the house. You would be surprised of what can between the contract agreement date and the date of closing. Lenders may come up with last minute issues, buyers could get laid off, there could be appraisal issues, or an item fails to get fixed. Whatever the reason, it is usually something that was unexpected and out of the blue. If early occupancy is needed, make sure that it is stated in the agreement about what would happen if the closure does not take place by a certain date. Read the rest of this entry »

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets,(but that only helps if you want to live there).

It is estimated that 87% of all current home buyers are using the internet to start their search when they first decide to purchase a home. Using the internet can make the process of house hunting easier and quicker by putting more information imediately in front of you. However, many buyers don’t realize how many ways this technology can help. So, let’s explore some of the ways the internet can make your home searching process easier and more effective.


1. Select a Realtor that is modern and web-savvy to help you out


When it comes to internet tchnology, there are really two different types of Realtors. One type sees the Internet as just a new fangled gadget that isn’t worth the time to mess with. These Realtors do use the MLS, but usually that is the only service that they really do use. This unfortunately gives them a limited view of what is happening in the Real Estate world around them.


The second type of Realtor is from the newer generation is more of a modern web-savvy real estate professional. These types of Realtors know how valuable the internet is and stays wired into all of the websites containing home searches as well as other valuable information sites. This type of Realtor will help you find a home faster by using this technology. He/She is also very handy with mobile devices, digital cameras, and other tools.


2. When searching, use the big home searching sites


During the last few years the internet has exploded with real estate search sites. Today you can visit most any of these sites and get instant access to listings, sales data from recent activity and more. Usng these sites is an excellent way to see what is available and start screening out the undesired homes quickly which will save you a lot of time.


When searching for sites to use, select the larger ones which contain more information, such as Realtor.com for national searches, or CBUTLSA for more local searches within the north eastern Oklahoma area. These sites will have larger photo galleries and virtual tours which enables you to view the houses from every angle and more in depth. Don’t waste your time visiting the smaller sites that don’t match your needs.


3. Visit the website of your local newspaper


You can find online versions of your local newpapers in most cities these days. Here in Tulsa, you can visit the Tulsa World and find information about the local market, what homes may be for sale, new subdivisions that are being built as well as other real estate information.


4. Read Blogs dedicated to your local real estate


Most web-savvy Realtors as well as companies now use blogs to help distribute information about the local real estate market. This website for instance is a blog designed to keep you up to date on the real estate market here in the Tulsa area. The key difference between a blog and a website is that blogs will give you up to date information in chronological order. These sites can be a good source of local real estate information in a timely manner. It’s easy to find such blogs by doing a simple search on your favorite search engine. Just search your city and include real estate blogs.


5. Use email and social networks


With all of the social networks out there such as facebook, myspace, and the forums that you may be a member of, there is a pretty good chance that you know someone that lives in the area that you would like to move to. Send them a message or email and ask them for assistance. Chances are they know of some good housing or a good Realtor that will help you out. You virtually have an army out there ready to help you on your search.


Using these tips can really simplify the search for your next home and will give you the upper hand on other buyers. Let’s look at this example of how it may work.


You send out a message over facebook to your contacts that that you are planning to move to tulsa and you would like some help getting information on the area and what the housing market is like over there. Your facebook friend who lives in Tulsa happens to know of a nice home down the street from where she lives. She snaps a picture and sends it to you via email along with information of a Realtor that she used when purchasing her home. After seeing the email you take a more in depth look at it on cbtulsa.com, you call the Realtor and set up an appointment to visit the house the following day. This is a great example of how todays technology can save you both time and work and keep you ahead of others when searching for your new home.

Is this the best time to buy a house, or should I wait until later? This is probably one of the most commonly questions asked by people considering the purchase of their first home. With the situation of our current economy , this question is asked more often than in the past. However, the answer can not be determined by anyone but you. It’s up to you, the buyer, to decide whether or not now is the best time to make such a large investment.


Here are five good reasons to buy your home now.

1. During the month of May 2009, new housing starts rose 17% over what they during the month of
   April. Most economists were surprised by this as they were not expecting such a large increase so quickly. The rise of new construction shows that there is a rise in confidence within the building community. A trend such as this would usually coincide with the recovery of the housing sector in general.




2. The majority of economists are stating that the housing market has bottomed out in the majority of the country. There are some cities where prices may still be falling, but are expected to reach the bottom very soon. This of course would mean that buyers could get into a new home at rock bottom prices and not have to fear losing any value on their investment.




3. Mortgage rates have been extremely low in the past few months. However, they are starting to go back up. On June 8^th of 2009 a 30 year fixed mortgage averaged it’s highest point since last fall. Now of course no one can predict the future, but most economists are predicting the rates to exceed 6% by the end of this year. These rising rates are one of the best reasons to buy now before they climb much higher.




4. Buyers who have not owned a home in the past three years can qualify for the “First Time Home Buyers Credit” This allows them to receive a tax credit of 10%, or up to $8,000 for the purchase of their new home. You can learn more about this credit here. However, this program is set to expire at the end of December.




5. In most cities, prices are still very low. Soon, however, this may all change. With all of these positive signs as mentioned above, more and more buyers are starting to come into the market. With a rush of buyers comes a reduction in available homes that are for sale. This in turn will drive the prices back up

This is what it really comes down to. You are the only one that can really decide what the best time is for you to buy a house. Take a close look at your finances and set your budget before you make this decision. However, there are a lot of great reasons to buy your new home now instead of later.


Once you have made that decision, give me a call.