About Oklahoma City and Area Real Estate

Overcoming obstacles in buying a home in Oklahoma or any other state can be challenging.  You have looked and looked in the special area that you are drawn to in one of the Oklahoma City's quaint neighborhoods and have decided which homes you are not going to make an offer on.  Now you have found several that you like, but don't know which one is going to be your new home.  Do you let a little paint color or wallpaper scare you?  Is the yard or fence an obstacle?  What about the color of the door knobs or the pink bath tub? How about the front storm door that sticks when you first enter the house?
What is an obstacle for you?  Does your new home have to be perfect in today’s Oklahoma housing market where prices are already low and interest rates are great?  Are you willing to overlook some of these obstacles and put some effort and money into the home in your own time because the seller is already helping with some of the closing cost, and you’re getting a great deal?
Can you look past some of the little things that you can gradually overcome with a little effort and money to put you in a home that in 10 years will have been a great investment?

So the carpet is not perfect.  There are many carpet stores offering great deals with free installation.  I am talking small potatoes when it comes to things that wear, and get lived on every day.  But if you’re not buying a newly built home, chances of finding a perfect house get slimmer every day.  There are a few older homes that have been very well maintained and updated, but more often than not, they are going to cost thousands more on the average home than a used home on the market.  For that kind of money, you can customize them to fit your taste.

What is this Realtor’s point you ask?  What is he trying to say?  Is he trying to say I should buy a house needing a lot of repairs?   Absolutely not!  I’m saying pick your repairs.  Pick a house that you can overcome the small inexpensive obstacles and save some money while making it the way you really want it.

written by:

www.dreamsdocometrue.us

Oklahoma Home buyer assistance is at your finger tips.  Many of you that may be buying a home in the future may not realize that using Realtor as your buying agent can be the bridge from wanting a home to living in a home.
Many of you may not realize that Oklahoma Realtors acting as an agent for the buyer can help assure you get the best market value for your money, and are experts at walking you through the inspection and repair process.  Realtors will take the guesswork out of your path to home ownership by educating you on your rights as a buyer and what you can request a seller to do on your behalf. 
Most Realtors are excellent negotiators and know how to get the best deal for you.   A good Realtor will pave the way for you from wanting, to obtaining a new or updated home in the Oklahoma City area.
Many of you may not know that a professional Realtor doesn't mind you calling them, when you have questions and will almost always answer their phone or call you back quickly.   Call us anytime!  Let us be your advocate in this ever changing housing market.

Dreams Do Come True,

Let us help you find your dream home.

 

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Rockwell Oaks, Bethany  -  We invite everyone to visit our open house at 3101 N Briarwood Ave on August 15 from 2:00 PM to 4:00 PM.

Property information

Rockwell Oaks, Bethany  -  Announcing a price reduction on 3101 N Briarwood Ave, a 1,601 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $126,500 - Reduced!.

 Great new price!!!  You must come see!!!

Property information

New listing in Rockwell Oaks, Bethany  -  Announcing a newly listed home  on the market at 3101 N Briarwood Ave, a 1,601 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $131,500 - Priced to sell.

Property information

The Rockwell Oaks Addition in Bethany Oklahoma, is a small peaceful neighborhood in the western part of the Oklahoma City area.  Just a short drive from east Overholser Drive, yet near Rockwell for quick access to I-40.  Just south of old Route 66 and close to a lot of good places to eat, this is a quiet community.  A lot of the homes were built in the 1970's. Eldon Lyon Park is just north of the neighborhood.

Dreams Do Come True

What to do in Oklahoma?  Watch the sun come up, while there is hardly a sound as the morning dove starts to coo.  Listen to the cars and trucks as traffic starts to populate the streets.  Drink some coffee and thank God that we have so many options in Oklahoma City, U.S.A. There are so many things to do in the summer that it's hard to choose.  Dreams do come true  in the Oklahoma City area for many families.

There is the Oklahoma City Zoo, White Water, Frontier City, The Cowboy Hall of Fame, Bricktown Canal, Omniplex, Wiley Post Museum of Aviation, and the Malls.    This is the land of recreation.  There are so many things to do that the Television show, "Discover Oklahoma" creates a new show every week about places to visit and things to do. There is Remington Park, the Firefighter's Museum, and Train Museum.  There is a large world of night life in Oklahoma City.  There are many clubs with live music, the Jazz Lab in Edmond, and several great movie theaters.

 

I know there are many other things to do in the Oklahoma City area that I haven't mentioned, such as the Oklahoma River Boat ride,the Flee Markets, and many city parks.  There is Bass Pro, Celebration Station, and biking trails. I could ramble on and on about what to do in Oklahoma.  The above is local entertainment.  Could write for weeks telling about things to do in the remainder of Oklahoma. Thank you for reading.

 

 

 

from the desk of:

Rick and Nancy Jackson

Oklahoma Real Estate activity continues to remain steady for the average part.  Although Trulia at the time this was written indicates the average listing price has decreased a little over 1%, the median price is up almost 2.5%.  To me, the higher median price is a reflection of the economy getting stronger in the Oklahoma City area.  The lower listing price just means we have felt a breeze from the national real estate crunch.  Looking across major cites in the United States, the above statistics are very similar. 

To me this is a healthy indicator for both buyers and sellers.  I have seen homes sell really well in the last several months.  The really crisp, clean, well kept up homes have sold at good prices, while the houses that needed more work, sold for a lot less.  The only difference in most situations  was maintenance of the home.  A lot of people can't do the little repairs without having to hire an outside contractor.  Many times potential buyers of houses that need work, won't even go to the trouble of estimating the cost of repair into the overall cost such as an investor would. 
Usually the big deal breaker is FHA won't loan moneys for the house due to real estate not passing the inspection requirements.

The first time buyer incentive gave the market a boost, by getting first time buyers their first home.  This got a lot of the homes that were in need of new homers fixed up and in the equity building process.

Now the first time buyer's incentive is over except for out First time buyers in the Military.  Our elite forces that were deployed out of the states.  There seems to be a new push in buyers.  Probably because interest rates are still very low, and houses are still priced really good.  I'm sure some buyers are wanting to get relocated before school starts, while others just found jobs in the Oklahoma City work force and need a place to live.  Having more buyers is also helping the Oklahoma City's seller's market.

It's good to hear and see that real estate activity is picking up in Oklahoma.

From the desk of:
Dreams Do Come True

The Oklahoma City Area Celebrates the 4th of July 2010 all over the Oklahoma City Metro and across the State.

Bethany's Freedom Festival takes place on Saturday, July 3rd this year and begins at 7:30 a.m. with the Centennial Freedom Run, but gates don't open to the park until 11 a.m. The car show runs from 11 a.m. to 3:30 p.m., and musical entertainment starts at 5:30. One of the state's largest fireworks displays begins at 9:55 p.m.

Oklahoma City's Red, White & Boom begins July 3rd with plenty of live music on the Chevy Main Stage at the corner of Oklahoma and Sheridan avenues. Then, the OKC Philharmonic presents Patriotic Pops in the Coca-Cola Events Center parking lot. Joel Levine will conduct the concert and singer Mike Eldred will perform. On the 4th, there is more live music from Bricktown's School of Rock performers. There are fireworks on both the 3rd and 4th. Midwest City celebrates the nation's birthday with a free annual event that features live music, park performers and fireworks display at dusk.  Tribute to Liberty is held on July 4th, with music beginning at 6 p.m. and lasting until 10 p.m. The fireworks begin shortly after. It will be held at Joe B. Barnes Regional Park, located near Reno Avenue and Midwest Boulevard.

There are a lot of things to do on the 4th of July in the Oklahoma City Metro area and most other places across the United States.  Have a happy and safe celebration, but please remember what the fun is all about.

from the desk of:

Rick and Nancy Jackson

Dreams Do come True

I frequently meet people who are interested in finding foreclosed properties. They are interested in finding a deal or maybe the urge has hit them to try their hand at flipping a property. With so many shows on TV like ‘Flip That House’, ‘Property Ladder’ and on and on it is easy to catch the bug!

We watch and see some that do it well and get a huge payday. We see others that don’t do it well and we instantly think how we would avoid their mistakes and how we could certainly do it better. And so we have an itch to give it a shot.

If you have the money and the skill it is a good time to try your hand at house flipping. However there are a few things to consider before you decide if you should take the plunge or not.

1) Do you have the money? Even if you intend to get a loan to cover expenses, you will certainly need much more cash on hand that you would expect. In this game, planning for the unexpected is a necessity. You will also be making payments on any type of loan that you may obtain and don’t underestimate how long you will be making those payments. You must also figure how much it will cost to hire professionals to do the work you can’t.

2) Can you get a loan? Explore different lending options. If you are going to flip the house and not rent it or live in it, you will not be able to get an FHA or VA loan. That leaves a conventional loan. Most foreclosed properties wouldn’t pass an FHA or VA appraisal, as they have high standards for a home they will loan money on. Conventional loans usually require a large down payment, but some lenders can get you an 80-10-10 or 80-20 for a loan and added money for renovation. You might also look into and interest only loan or a short term ARM (adjusted rate mortgage) to keep payments low while you are working on the home and then bumps up to a regular rate around the time you are done with the property and can sell it. Then some lenders are now requiring 25% down for investment properties. Shop around an ask questions to find the best loan to fit your financial needs.

3) Do you have the time? If this is just a weekend project it can turn into a much longer project that you may have anticipated. Consider if you truly want to devote every moment to working on a house instead of participating in other leisure activities. House flipping is time consuming.

4) Do you have the skill? I’ve seen many houses that have been flipped where those who did it, did not have the skill level to be doing the actual work themselves and it showed. You may fancy yourself able to do the work, but crooked tile or less than perfect carpentry will turn most buyers away and will affect your bottom line.

5) Do you have a good Realtor? You may not realize it, but this is an often overlooked step for many house flippers. Those who do it as an ongoing business recognize this and incorporate it into their business plan.

So, you still want to try your hand at foreclosures. Here are the steps that you will need to embark on.

1) Find a good lender to build a relationship with who will educate you on the available loan products out there and which ones will work best for your goals.

2) Find a good Realtor. They can set you up on an MLS search to find the price range of homes that you are looking for.

3) Once you have found a potential home, have your Realtor do a market analysis for the neighborhood to determine what the home could possibly sell for after you have completed the work. You do not want to overspend and price the house out of the market. A market analysis will help you set your spending budget and determine if you will be able to turn a profit.

4) Begin your budget by determining the maximum amount you can spend and still make a profit.

5) Have your Realtor write an offer on the house. Draw from their experience at writing offers. They will be able to give you direction and advice at how much to offer. Some foreclosure procedures, such as HUD, are quite involved and have their own set of procedures.

6) Once your offer is accepted, spend the money to have a home inspection and possibly a termite inspection. It is worth a few hundred dollars to determine if there is damage or termites that you are not aware of which could cost you hundreds or thousands more than you anticipated. If the inspection reveals issues that you are not willing or prepared to deal with you can terminate the contract. The money you spent on the inspection is not money lost, but money that just saved you even more money on further down the road.

7) The inspection will give you a work list of items that need to be repaired beyond the cosmetic. It is critical to take care of these items before you spend money on the cosmetic. When you are ready to sell, the potential buyer will have an inspection and you will have to fix these items then anyway, so plan to do them from the start. Add these items to your budget and allow a little extra money for surprises. Re-evaluate to determine if you will still have money for the cosmetic and if you are still on target with your budget. You can cancel an offer based on items found at inspection. This is your last opportunity to evaluate the profitability of this project and cancel or move forward.

8) If after the inspection you feel that it is still a good deal then you are ready to move forward. Below is a sample budget.

EXAMPLE

Cost of house                            $50,000.00
Inspections                                       350.00
Closing Costs (purchase)               3,150.00
Repairs/Renovations                    20,000.00
Sub Total                                     73,500.00

Sell Home for $100,000

Loan Payments (6 months @ $305)      1,830.00
Closing Costs (sale)                              7,700.00
includes Realtor Commission
Total Sale                                   $100,000.00
Total Costs                                   $83,030.00
Total Profit                                $16,970.00

Make a budget and stick to it. Make sure you know what you can sell your house for before you buy it. If you buy a house for $50,000 and spend $50,000, but it will only bring and appraise at a market price of $75,000 you have just lost $25,000. A good Realtor can help you plan ahead, so utilize their experience.

Rick & Nancy Jackson - Realtors
http://www.dreamsdocometrue.us/
NAJackson@cox.net
405-921-8449

Oklahoma Real Estate Activity has been on the increase.  There are several indicators that cause me to say this.  One indication is the help wanted adds in Craigs List for framers and general home building labor.  I know builders that have been busy, and electricians that have been hard at work. The economy is picking up, while interest rates remain low along with gas prices.  Maps 3 is underway and there are streets, bridges, and interstates being built and repaired all over the place.  There are new businesses going up every day and the wheels keep on rolling.

I have seen some really great deals on Oklahoma Real Estate for developers and investors.  In Canadian County there were 167 residential sales in March 2010 compared with 94 sales in March 2009 with a median price increase from $65,750 to $145,000.  Grady County also shows an increase in sales as well as higher median prices.  Although other counties may have a slight decline in March, the median price seems to have consistently increased for the most part.  Trulia Stats for Oklahoma City show the median price spiking through the roof, with the number of sales going down.

Oklahoma Real Estate is picking up.  The first time home buyer tax credit can be attributed to a lot of the activity as last minute buyers finally got contracts on their new home.  What a lot of people don't know, is the deadline for the Federal Housing Tax Credit did not end April 30th, 2010 for Service members who were ordered on a period of extended duty outside of the United States for 90 days  during the period starting December 31, 2008 through the ending date of April 30th 2010.  For our soldiers who were ordered out of the USA on active duty for 90 days or longer during this time line, they have an extended year to take advantage of the first time buyer tax credit. Even a person who is forced to return to the U.S. for medical reasons before completing an assignment of 90 days may still qualify for this extension.

A qualified Service member includes, a member of the uniformed services of the U.S. military, a member of the Foreign Service of the U.S. or an employee of the intelligence community. 

Nancy and I think this was a wonderful exclusion that supports our troops and gives them extra time to buy a home.  They are willing to fight for our country and forgo the current events and benefits our Country is experiencing by choosing to serve.  I believe they deserve any break our country can give them.

Oklahoma has many military bases that help make up our armed forces.  There are many family members left behind, waiting for their loved ones to return.  This extra flexibility will enable them to still take advantage of the first time buyer tax credit.

Brought to you by Oklahoma's #1 Real Estate source:

Dreams Do come True

Oklahoma Ducks on Warr Acres Real Estate don't know about the immigration situation.  As far as they know they are citizens of Warr Acres.  These cute little birds take their time as they cross the street and have called this their home.  Just recently some ducklings appeared and have been seen waddling  around with a lot of confidence.

I'm not sure what breed of ducks these are, but they seem just as home walking around in the neighborhood as they do in the water.  They have nearby creek that they probably swim in and search for food.

There is a lot of wildlife in our city.  It was here before we were.  The animals that remain, must not be intimidated by the noise, traffic, and domestic animals. 

There are several bodies of water in Warr Acres.  The Twin Lakes addition has a good sized pond.  Our little ducklings don't have far to go to get there and ride the big surf.  There is also West Twin Lake, and Woodlake Apartment Lake, and West Pine Lake very close by.  Although the city may seem door to door housing to us, I'm sure our little feathered friend see the City in another dimension.  Maybe we can learn something from them.

 

More about Oklahoma Real Estate by:   

Rick and Nancy

 

Do you need money to buy at home? I often receive calls regarding one of my listings or just a call in general where the person is interested in buying a home. They have never bought a home before and do not know what is involved or what they need to do. I am always more than happy to help and am excited to help someone who has never bought a home, to get their first home.

In order to help them better I allow them to ask as many questions as they have on their minds and then I begin to ask them some questions to get a better feel for their needs and ability to buy a home.

Once I get into the interview a bit I usually ask them how much money they have to put towards the process of buying a home. So much of the time I am met with shock or even silence. Then often I hear, ‘none’, ‘very little’, or ‘I might have a little in a month or so’. I always feel so sad for these clients because I truly want to help them, but without money it makes the road to home ownership very challenging, if not impossible. I am also very surprised that a person would think that they can buy a home without having any money and sometimes they get angry at me when I suggest that they will need at least some money to proceed.

There are ways if you fall into a low income bracket to obtain bond money if it is available, but even using bond money requires that the buyer invest a certain percentage of their own money into the transaction.

If you are considering buying a home please let me encourage you to start a savings account, no matter how small, to work towards that goal. Click here to read more about the home buying process.

Some of the most common expenses a person encounters in buying a home after making an offer on a home but prior to closing, are the following:

Home inspection - $185 - $250
Termite inspection - $75 - $150
Appraisal - $350 - $450

These are all fees that you will be required to pay before you even get to closing. They do vary from vendor to vendor, but plan for more than you think you will need. Once you get to closing you will be required to pay your down payment and closing costs.

Down payment – FHA - 3.5% of the price of the home. VA - 0.00%, Conventional - varies.

Closing costs – Varies, but could be as much as 5% or more of the cost of the home.

Now having said all of that let me say that in some rare instances some buyers have been able to get into a home with very little, if no money. If you qualify for a VA loan which requires no money down, you are able to negotiate the seller to pay your closing costs and find venders for the inspections who will take payment at closing, allowing their fees to be included in the closing costs, the appraisal will be the only thing you will be responsible for paying up front. If you qualify for bond money which will pay your down payment then the same scenario could apply.

But let me encourage you that most vendors want payment up front at the time service is rendered because if the deal falls through they often don’t get paid. Let me stress at this point that if you have an inspection or an appraisal done you are the one ultimately responsible for paying their fee. If the deal does not close, you STILL owe these vendors for the work they performed.

Each real estate transaction and each person’s individual situation varies, but the more you can save towards the purchase of your first home, the easier the transaction will go and the less it will cost you in the long run. VA loans may allow you to get into a home with 0.00% down, but they have a funding fee that is added to the loan amount, with FHA loans there is MIP which is added on to the cost of the loan, bond money requires an investment of time, where you must agree to live in the home for 5 years or you will have to pay back the money given by them.

One good way to begin saving now is to meet with a lender. Surprising I know, but they can check your credit and tell you the loan amount you will qualify for. They can tell you how much of a down payment will be required and what your monthly payment will be based on the current interest rate. Many people put off going to a lender until the last minute before attempting to buy a home, but the best planning strategy is to get advice from a lender long before you are ready to buy.

Let’s say that you are currently paying $800 a month in rent and you qualify for a home where your new payment will be $1,000 a month. Start preparing by putting that additional $200 a month in your home purchase savings account. When it comes time to make that new payment you will be used to allowing for that additional amount in your budget and it will make the transition much easier.

If it seems overwhelming to save enough for a down payment by only contributing $200 a month, don’t despair. Once you have started the savings account and are regularly contributing to it, you will be encouraged by how quickly it seems to grow. It will build momentum and when you have a little extra during the month you will be excited to put it in there. When you receive additional money from a tax return, a garage sale or some other unexpected avenue, you can put that in there as well and very soon you will have the money you need.

Should you not need all the money you have saved when it comes time to buy a home, you can begin to save towards another goal, because now you have developed a healthy financial habit which will benefit you for life.

Rick and Nancy Jackson

so you will know a little bit more about Real Estate in Oklahoma

In Oklahoma a common term we hear often is ‘Abstract’. When you Google the word abstract you pull up a definition for a writing or thesis. To find the definition of abstract for real estate you must add real estate to the search.

In About.com the definition of an abstract of title is a written history of all the recorded documents and proceedings to a specific property.

Oklahoma is unique in that it is one of the only states left who actually prepare a physical paper copy of the abstract. Some owners actually keep the paper copy of the title of abstract at their home or in a safety deposit box. There is a misconception that having possession of the title of abstract is the same as having possession of the property. This is not true. This is merely a historical record of the property.

It is also not a good idea, if you have abstracts, to keep them at home. Most title insurance companies will store them for you for free. Should there be a fire or should a paper copy of the title of abstract be lost, it can be rebuilt, but that is very time consuming and can be very expensive.

This summary of the public records relating to a particular property or piece of land is prepared by an attorney or a title insurance company who reviews the abstract to determine if there are any title defects. This might be a lien or inconsistency in ownership.

As a buyer you have the right to have an attorney’s opinion of the abstract or to get full title insurance. Most people select full title insurance so that should there be an undetected defect or lien on the property at the time you purchased it, the title insurance company will cover you and make the necessary corrections. You pay for the insurance once and for all and you are covered forever. It is worth the peace of mind.

Also as a buyer you have the right to select which title insurance company you would like to use. Most consumers are not educated on title insurance or the differences in title insurance companies so they rely on advice from their Realtor, and each Realtor usually has a preference based on previous experience and relationships they have built with personnel at those companies.

Your Realtor will schedule your closing to be held at the title insurance company and they will be the entity to prepare the final accounting statement which shows what will be paid to whom. They will see that your previous mortgage is paid off as well as Realtor commissions as well as working with the new lender in regards to the new mortgage.

In working with many buyers and sellers I have seen that the knowledge of title insurance companies ranges from no clue at all to very knowledgeable. I have also had clients, who for whatever reason, have had a bad experience in buying a home and because the closing is the home buying climax, they associate that bad experience with the title insurance company who in all probability had nothing to do in creating the bad situation.

There are many fees associated with the closing process and it may be difficult to discern what the fees are for exactly. Please do not hesitate to ask your lender, Realtor or someone from the title insurance company to explain them to you. You no longer need to be concerned with hidden fees or junk fees. There are laws in place to protect the consumer and all fees must be disclosed up front. Just because you do not know what a fee is for, does not mean it is not necessary.

Having seen what goes on behind the scenes at a title insurance company I can easily say that there is a lot of hard work and dedication that goes into insuring that your title is in good shape and that you are taken care of. Most closers and processors work long hours into the night, at times, to make sure when you receive title to your property, it is free and clear and you can rest assured and have peace of mind.

Rick and Nancy Jackson
Just so you will know a little more about Real Estate in Oklahoma

www.DreamsDoComeTrue.us