Home sales in Tulsa continued to climb during the month of October. Sales were higher than the same month in 2009.
1,105 residential homes were sold in October which is 4% higher than the number of sales in September and 14% higher than the number of sales in Ocober of 2008.
According to Harriet Dunham of GTAR, the sales increase may have been due to the deadline of the first time home buyers tax credit which ends the 30th of November.
Since then, President Barack Obama and Congress extended the $8,000 tax credit for first-time buyers to April 30. The move also added a tax credit of $6,500 for current home owners.
According to the GTAR report, both the average sales price of $145,922 and the median of $125,000 were down from the month and the year before.
Dunham said she expects sales values to rise as current home owners take advantage of their new tax credit.
Local inventories of homes on the market decreased to a five-month supply from 5.4 months in September and 8.8 in October 2008.
Pending contracts, which measure real estate deals in the process of closing, were also significantly higher for the month and year.
Today I feel compelled to write about roofing inspections and what constitutes replacement requirements. Just because a roof is older doesn’t mean that the sellers are required to replace it.
When purchasing a home you will more than likely be required to have a roof inspected by a certified roofer. As a matter of fact, most lenders will require this prior to approving any loans on the house. In most states, a properly vented roof can last over 20 years. Some states however, especially states with lots of snow accumilation will require to have a roof replaced every 5 years. However, roof replacement can be costly to the sellers so you may find that they aren’t readily willing to cough up the cash unless the roof is actually damaged.
Roof inspections quite simply are used to determine the quality and life expectacy of a roof. Your inspector is not going to go up there and start pulling apart the shingles to see underneath. However, these inspectors do have proceedures that they use so that they can determine the lifespan of a roof without having to tear it apart. Some roof inspectors may even use infrared technology to see if there is any heat loss from the roof in order to evaluate the wear on the roof.
Once the inspection is complete, the inspector will give his report and his determination on if he feels that the roof needs to be replaced, and how long he thinks the roof should last. If the roof passes inspection, the seller is under no obligation to replace the roof. However, if it is an older roof, make sure to discuss this with your insurance agent.
The weather is changing. We are starting to see colder temperatures, and snow is already falling if parts of the U.S. Winter is coming.
Most Realtors will tell you it’s better to sell your home during the spring and summer months when the weather is warmer. Families typically plan their house hunting while the kids are our of school and the weather is warm.
However, what if you can’t sell your home during this time of years? What if you can not afford to keep your current home and need a quick sale? What if you found out that you are getting transferred and you need to make your move during the winter months?
Well whatever reason that you may have to sell your home, you do not need to despair just becausee winter is around the corner. There are certain challenges that you may face trying to sell your home during the winter, but it is not impossible. In fact, if you follow a few basic tips mentioned in this article, you will find that selling your home during the winter could be just as easy as selling it during the summer.
Contrast the Cold With the Warmth
Emotions play a big role in the home buying process. Granted, the buyers will be most concerned with the size of the home, the number of rooms, and other tangible items. But “gut” feelings and first impressions go a long way as well. So even in the coldest winter months, you can put this knowledge into practice. In fact, you can even take advantage of the winter cold!
The best way to do this is by showcasing the warmth and coziness of your home. By doing this, you will create a favorable first impression that the buyers will take with them throughout your house. Let’s look at an example of this concept in action.
Imagine This Realistic Scenario
Local home buyers John and Jane visit your home while house hunting. It’s cold outside, with wind and rain on top of that — the kind of conditions that make you want to hunker down someplace warm. John and Jane open the front door and enter the home. The house is well lit and exudes warmth. Candles burn atop the mantle. A fire crackles softly in the fireplace. The smell of gingerbread cookies (recently baked offered on a glass plate) permeates the air.
Doesn’t that feel inviting? It will be the same way for buyers. So just by showcasing the warmth of your home, you have increased the likelihood of selling it. You are creating a favorable first impression by literally welcoming the buyers in from the cold.
You can think about it in terms of both psychology and physiology. The first physical impression will be one of warmth and relaxation, just as soon as the buyers walk in. This will lead to a favorable mental impression as well, and the buyers will carry this impression with them through the rest of the home.
Conclusion
Some people will tell you that selling a home fast during winter is impossible. Well I say it depends upon two things — (A) the amount of effort you put into it, and (B) the type of real estate market you are in. So one cannot say across the board that selling a home fast in winter is impossible. It is a case-by-case situation. Use the tips provided in this article, follow the expert advice of your real estate agent, and you have every chance of selling your home during winter!
It is popular to use the do-it-yourself home home improvement approach these days. In fact, I have been doing some of that myself this past summer. Painting is one of those projects that most people think they can save a dime on by doing it themselves.
Being a full time Realtor, you can imagine the number of homes that I have been in. I have pretty much seen it all. I’ve seen a lot of self painting jobs that are poor quality, but where the seller thinks they did a great job.
If the painting isn’t done perfectly, you will notice brush or roller marks or if the color used can be seen through then you didn’t do a good job. If you used shiny enamel on the wall then you may have messed the wall up making the littlest of imperfections stick out. If you used cheap paint you will find out that you just wasted your time. Although painting isn’t a tough job to master, it does take some skill, experience, and knowledge. Getting help from your local home improvement store may help, but more than likely you will be better off hiring a professional to do the job.
If your house is on the market, a buyer will see a poorly painted room and say that the house needs some work. They will want to lower their bid by thousands of dollars for a house that they feel needs painting even if it’s only a few hundred dollars worth of work. If you are painting your house in preperation to sell it, stick with neutral colors. This will sell quicker than what’s known today as “designer colors”.
Don’t waste your time doing something that needs to be redone, and don’t ever think about just covering it up with wallpaper instead of paint.
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*
*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.
Staging your home is one of the most important things you can do right after pricing it properly. It is a known fact that staging will sell your home faster and at a much higher price than those that haven’t been staged.
Staging your home for selling doesn’t have to cost a ton of money. In fact just giving it a good deep cleaning will do wonders to help it sell. Remember that the first impression made upon a potential buyer can never be taken back, so you want to make sure that it’s a good one. Here at Coldwell Banker Select we offer a free professiional staging consultation to help you better understand what you can do to stage your home properly. Give me a call if you would like more information.
The following video talks a little more about staging and the steps that you can take that will help.
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.
“Curb Appeal” You’ve heard the term many times. They talk about it on HGTV and many other networks and programs about improving your home. But what does it really mean when they say “Curb Appeal”? Why should you be concerned about it when you are selling your house?
I have worked with many buyers who decide that they do not want to get out and look at a house within seconds of pulling up. I have sat on many open houses and have seen people pull up and drive away without even getting out. The reason for this is that potential buyers will not care as much about the inside if the outside just does not look, or feel right. This is known as curb appeal and it is very important when it comes to selling your home quickly and at a price that you want.
There are many things involved when we talk about curb appeal. When working to make a big first impression, take a look at the basics first. How does your landscaping look? Are the shrubs, trees, flowers and lawn all propery trimmed and neat in apearance? Take a look at the entry way, the windows, gutters, and overall painting of your home. Keep in mind, that while the Realtor is in the process of getting the key from the keybox, his/her client is taking a good look at the exterior. Does your home give a positive, or a negative impression?
The first thing that typically happens when a potential buyer pulls up to a house is they imagine what it would be like if it was theirs. How would others, such as friends and family think when they visit? This may only happen on a subconscious level, but I can guarrantee that it will happen.
In order to work on your homes curb appeal, you need to think like a buyer. Get a notepad and walk out to the front of your house. Imagine yourself as a potential buyer and write down everything that catches your eye in a bad way. When doing this, be specific. If necessary, draw it out. Is there an area of the lawn that needs special attention? How does the paint look? Are the bushes neatly trimmed and not overhanging the walkways?
After making your list, study it and make a plan of attack to improve your homes curb appeal. Set the items on your list in order of priority. What is the most important thing that needs to be done first? What next? And so on. This will allow you to work your list in an effective manner. The key is to not take on too much at one time. If you start a job and don’t get it finished, it will only hurt what you are trying to accomplish.
Curb appeal is essential when it comes to selling your house because it creates that first impression. If the impression that they get from the outside is negaive, that negativity can be carried with them into the house which is something that you definitely do not want.
