When buying a home,do I really need a Realtor, or can I do it myself? This question is commonly asked by people making their first home purchase. As repeat home buyers already know, the use of a Realtor is the only way to go when you look at all of the advantages. So, the answer to the question is simply yes. It could cost you a lot of money and headaches if you try to go it alone, especially on your first purchase.


Let’s take a look at the top ten reasons to use a Realtor:


1. Purchasing a home will more than likely be the largest one time investment in your life. Using a professional to guide you only makes sense.


2. In Oklahoma, as in most states, all commissions are paid by the seller so there are no costs to the buyer to use a Realtor. This will give you the benefit of having advice from an expert without having to pay for it.


3. A professional Realtor will be able to help you find a home that will meet your needs, and will save you a lot of time doing it.


4. As well as helping you find that home, a Realtor will be able to find the best neighborhoods for you and your family as well.


5. Realtors are trained to see things that you may overlook. They will be able to point out the good and the bad of most any home or neighborhoood.


6. A Realtor will be able to evaluate a sellers list price with an up to date comparable market analysis to help with your offer. This is a big plus to making a smart offer when you do find that perfect home.


7. Your Realtor will be able to include certain contingecies into an offer in order to protect you, the buyer. You will also be able to get a clear legal explanation of all contingencies that may be insurted by the seller.


8. A professional Realtor will be able to educate you all through the home buying process. This will enable you to make the smart decisions based off of the information you need.


9. A Realtor will take you through the whole process, starting with the search for your new home all the way through the final closing. They will be able catch any problems that may occur prior to them creating a delay in closing.


10. Most Realtors will have a large network of contacts that are related to the field. From inspectors to lenders and closers, you can feel comfortable that you are getting the best people to help you through the process.


Of course these are not the only reasons that your should use a Realtor when purchasing a home. These are however some of the best reasons. Purchasing a home is a large financial investment. To be successful your should have expert guidance throughout the whole process.

According to Jared Ricardo, the spokesman for Realtor.com, The number one fear for buyers right now is losing their jobs and not being able to make mortgage payments. In fact, almost a third of potential buyers have stated that the main reason that they are not currently looking to buy is that they are worried about future unemployment. That’s a lot of buyers that are currently out of the market.


Well, I’ve got some really great news for those of you that fall within that group. Creative Alliances has selected Coldwell Banker Select to be the only Realtor in Oklahoma to offer a job loss protection program from The Rainy Day Foundation. This means that if you work with a Coldwell Banker Select Realtor and are a seller, you can offer this program to all qualified buyers. If you are a buyer and work with a Coldwell Banker Select Realtor, you can request coverge within this program if you qualify.


The qualifications are pretty easy. The requirements are:

If you considering selling your home and would like that extra edge over other sellers, or if you are considering buying a home but are worried about what would happen if you were to lose your job, please give me a call to learn more about the Job Loss Protection Program.

According to Daily Real Estate News, home owners are getting tired of cutting their grass and have started to trade it out for artificial turf.

The artificial turf industry has been growing at a pace of 20% a year for the past 5 years, according to the figures from the ASGI (Asociation of Synthetic Grass Installers), and the main buyers are private home owners.

Fibers that are commonly used in artificial turf include polyethylene and polypropylene as well as ground tire rubber as a filling.

According to a lawsuit in California, the synthetic turf has high levels of lead. However, Darren Brandt, who is a spokesman for Fieldturf says that the turf has been proven to be safe in several different studies.

The excutive director of ASGI, Annie Costa, states that artificaly turf will eventually win favor due it being so cost effective. It costs about 9-12 dollars a yard and is guaranteed for eight years.

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing.

“Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he says. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

Region

• Northeast: The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago.
• Midwest : In the Midwest, the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008.
• South: The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago.
• West: In the West, the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.

The Effects of Appraisals
NAR President Charles McMillan says the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he says. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local expertise.”

McMillan says sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he adds.

“Also, if recent sales in the neighborhood were discounted, but not similar to your home in terms of quality or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. “

Affordability at a high
NAR’s Housing Affordability Index remains at historic highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions the typical family would devote only 14.6 percent of gross income to mortgage principal and interest, which is one of the lowest percentages on record,” Yun says.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates, and family income.

A median-income family, earning $60,800, could afford a home costing $296,700 in May with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing single-family home price in May, which was $172,900.

First-time buyer tax credits offers a boost
The first-time buyer tax credit also is benefiting the market. “Strong activity by entry-level buyers is helping to absorb inventory and allow some existing owners to make a trade,” Yun says

Existing-home sales should trend up through the end of the year, with normal local market differences. “The big question is how much the appraisal issue will impact the ability of contracts to go to closing,” Yun says. “We are currently conducting a study to assess the degree to which new appraisal rules are impacting home sales.”

— NAR

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