Real Estate Consultant, Tulsa, OK » For Home Buyers

Women Drive Real Estate Purchases

Wayne — Fri, 27 Aug 2010 06:14:19 +0000

Women Drive Real Estate Purchases

By: Real Estate Advisor

Women are working more, earning more and buying more than they ever did. Consequently, they have a significant influence on the American economy in general, and the real estate industry in particular. The collective buying power of US women accounts for about 85 % of all consumer purchases. When it comes to purchasing patterns, women are estimated to make 94 % of home furnishings decisions, 91 % of new homes purchase decisions, and 89 % of travel decisions. Women’s earnings have accelerated over the last few years and they have emerged as the Chief Purchasing Officers in their households.

According to IRS data, women constitute 39 % of the top wealth holders in the country. This means about 2.5 million women possess a wealth of $4.2 trillion put together. Notably, the IRS estimates that by 2050, 42 % of these women will be single or widowed. The IRS further estimates that more wealth is bound to be accumulated among women.

Another growing trend that emerged in a December 2006 study by the National Association of Realtors (NAR) was that about 22 % of homes purchased between July 2005 and June 2006 were by single women who were in the 25 to 34 age range. Women accounted for a record number of 1.76 million home purchases (1 in every 5 homes), a significant increase from 14 % a decade ago.

Women’s growing success in their careers, higher education, financial independence and a desire to build an early nest on their own, are some of the reasons that have spearheaded this home buying trend. Among the vast demographic spectrum in the real estate industry, women have become a force to reckon with. Real estate agents are increasingly taking note of their female clients and the power they wield in home buying decisions. By the influence that they bring into play in home buying decisions, women form a significant and growing market that simply cannot be ignored.

If you are considering buying a home, condo, or any other real estate, be sure to seek out the services of a local real estate agent to guide you through this complex process.

About the author: San Diego Condos, Sabre Springs Real Estate and Scripps Rancho Condos

Are you ready to find your new home?

Call Wayne at 918-645-1470
or by email.

Tips For Single Women Who Want to Invest In Real Estate

Wayne — Tue, 10 Aug 2010 03:12:05 +0000

A guest article by William Hunt, Wilmington, NC Realtor

If you are a single woman who wants to invest in real estate, then you’ve probably thought about what this could mean for you in the future, should there be a major change in your life that will cause you to make a huge decision, like getting married. Some women have the wrong idea that buying a home is like committing semi-permanently to a location only to uproot themselves afterwards. Some even see this as a big hindrance to getting married. There are some things that single women should know about investing in real estate which can help them make better decisions about buying a house in the future.

Can you afford the mortgage?
One of the things that you should take into consideration is the question of whether you can afford a mortgage on a single income. Remember that the mortgage cost will take away a huge chunk of your disposable income. You may want to consider looking at an amount which you will be comfortable to put away without affecting your life as a single person. Find housing options which will be workable for you. For example, if your target city is Wilmington and you’re hoping to buy Wilmington real estate, then it would be more advisable for you to find Wilmington homes for sale that have a smaller house on a big lot. This may be cheaper and would give you more options to expand the building later. Opportunities like these could make it easier for you to afford a house of your choice. People who have dual income generally have more flexibility regarding the amount of money they can put together to raise for the down payment and mortgage. Depending on financial situation, finding property that fits your budget as a single person may be a challenge.

Since you will essentially have to deal with the mortgage on a single income, you may want to hire a mortgage broker to help you out with finding a mortgage suitable for your means. You should also look out for mortgages that will impose a fine or penalty should you decide to sell your house within three years. If you want as much flexibility on your investment as possible, you have to be prepared for these things.

Will your new house be amenable to your current lifestyle?
As a single person, you may want to research things that you can do in a neighborhood or community before you buy one. Taking a holistic point of view on your first real estate investment will be useful in the future. You don’t just want to be in a good-looking house, you want that house to be in a location which will let you live the kind of life that you want. Examine the lifestyle that you prefer and see if the location you want to live in will accommodate that. For example, if you’re a film enthusiast, Wilmington is a great place to live because of the many film festivals held there yearly. If you like performing arts, there’s also several theaters for you to enjoy watching productions on. If you like sports, find a community with sports complexes that you can enjoy. If you want to be near family and friends, then find a place closer or more accessible to them.

Will your new house be in a safe location?
It’s a well-known fact that women are usually the target of criminal acts. It’s very important that you move into a place where you feel safe. Research about a place’s crime rate and find out whether it’s a good place for a single woman to move in to. Drive around the neighborhood and see if you feel at ease in it. Check out the house you want to buy and see if it has safety features to keep you protected. You may even want to check whether there are family or friends living nearby.

Buying a house certainly defines a lot of things in your life, although it shouldn’t be viewed as a hindrance to change. As a matter of fact, you can think of it as having more to offer your future family. You can invest in a house which can either accommodate your future family or which has a potential for high resell value in the future, should you want to sell it and move to a different location.

Mortgage Rate Falls Under 4.5 %

Wayne — Mon, 09 Aug 2010 16:08:11 +0000

Freddie Mac reports that long-term mortgage rates moved south again this week.

Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent last week and 4.63 percent a year ago.

Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

Source: The Wall Street Journal, Amy Hoak and Nick Timiraos (08/06/10)

This means it is a great time to buy a house in Tulsa, Oklahoma.

Home Buyer Tax Credit Still Available for Military

Wayne — Mon, 19 Jul 2010 15:25:10 +0000

The first part of this post talks about the tax credit. The information for military personnel is about half way down.

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

Several new restrictions apply to homes purchased after Nov. 6, 2009.

Purchasers must attach a properly executed settlement statement to their return.
No credit is available if the purchase price of the home exceeds $800,000.
The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
A dependent is not eligible for the credit.
The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.

Note: This is the section that applies to military.

Additionally, there are new benefits for members of the military and certain other federal employees:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy,a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Question and Answer

Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?

A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.

Tulsa County Bond Money

Wayne — Sun, 06 Jun 2010 19:28:21 +0000

I have received information that Oklahoma Central Credit Union has Tulsa County Bond Money available.

I trust you are tired of paying rent and are ready to buy a house. OCCU (Oklahoma Central Credit Union) has bond money available.

As a first time home buyer you may qualify for:

Down Payment Assistance
Lower Interest Rates
Lower Monthly payments

Most first time home buyers are going to most easily qualify for an FHA loan. For more information on FHA loans or the Tulsa County Bond money, call OCCU (Oklahoma Central Credit Union) at 664-6000 ext 186 or 437 or stop by one of their locations.

When you have been approved for your loan, be sure to contact me and I will enroll you in my free HomeFinder Service.

Each night my HomeFinder computer system accesses the Multiple Listing Service and searches through all of the information on every home listed in the entire area by every real estate company.

The computer sifts and sorts through all of the new listings, automatically finding and matching the homes that meet your exact specifications. The system then sends you an email with those listings.

My HomeFinder Service gives you access to inside information, normally available only to real estate agents. From the privacy of your home you will receive information about every single home available in the area of your choice. The magic is that you receive this information even before many other real estate agents have seen it.

As you receive information about homes of interest, you can study, compare and drive by the properties as you choose. When you find a home you’d like to see, all you need to do is give me a call and I will make the arrangements to get you inside the home at your convenience.

My HomeFinder system is totally service-oriented. At no time will you feel any pressure to buy a house. When you find the perfect home, you’ll know it, and then you’ll tell me.

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Further Information

Tips for First-time Homebuyers

Wayne — Tue, 06 Apr 2010 04:27:25 +0000

Are you already deep into the search for your first home, just beginning to consider whether owning your own home is right for you – or somewhere in between?

In any case, you’ve got a lot of company. According to the National Association of Realtors, about 40 percent of existing homes are purchased by first-time buyers every year, with sales of new homes to first-timers adding to the total. That’s nearly three million sales to first-time homebuyers annually.

Overall, the desire for homeownership continues to appeal to a big majority of us. Statistics compiled by the U.S. Census Bureau show that home sales rose to record levels five years in a row. In the fourth quarter of 2006, the national homeownership rate was 68.9 percent, a near record high.

In addition, home ownership knows no boundaries when it comes to sales to newcomers to our shores. U.S. Census Bureau data indicates that foreign-born Americans are as likely to buy homes as native-born Americans, and it may surprise you to learn that the home ownership rate for immigrants who have lived here for 30-plus years exceeds the national average.

Buy? Why?

So, what is it about owning a home of one’s own that so many of us find attractive? The first answer that comes to mind for most of us is the financial advantages. As a home owner, you can build equity in your property over time, and you can benefit from the substantial tax advantage of the deductibility of the interest portion of your mortgage payment.* In addition, upgrades and improvements to your home can add value, as well as add to your comfort and enjoyment for years to come.

That said, the appeal of homeownership can be as much about the intangible benefits as about the cold hard facts of investment potential and tax savings. Your home is, well, yours, a means of expressing your personal taste and satisfying a fundamental need for shelter and security for yourself and your family. It also represents a solid connection to community, and instills a sense of place and participation in community life.

*Individual tax savings vary. Consult your tax advisor for details about potential tax consequences.

The Hardest Part: Getting Started

The most daunting part of choosing your first home is simply getting started; it’s a complex process full of uncertainties and unknowns that can seem overwhelming at times. If you’ve ever felt that way, don’t worry, those feelings are part of the process too.

The best way that we know to keep you on the path that leads to the door of your first home is information, a lot of which you’ll find right here on ERA.com, some from research elsewhere on the Internet, talking to friends and co-workers, and – perhaps when you’ve narrowed down your choices to a specific area, town or neighborhood – from working with a local ERA Real Estate professional.

You’ve already made one smart step toward home ownership by putting the power of the Internet to work for you. Used wisely, the Internet can help you do an amazing amount of research on all the things it takes to find the home that’s right for you in an amazingly short time. That’s why nearly 80% of searches for a home begin on the Internet; and that percentage continues to grow.

Tips to Help Keep You on Track

Of course, the potential downside of all that searching is a quick trip to information overload, and a heapin’ helpin’ of frustration. Here are a few tips on what to look for that should help keep your search for your first home on track:

Know What you Need – It’s easy to get distracted and lose sight of your basic needs once you’re in the middle of searching for your first home. Early in the process, it’s helpful to list your basic needs; minimum square footage and number of bedrooms and bathrooms, as well as proximity to schools, shopping – whatever you think you must have in your new home.

List Your ‘Nice to Haves’ – Now that you’ve got a firm handle on the ‘must haves,’ make a second list of the ‘nice to haves;’ things like a bigger garage, extra bedroom, in-ground pool, etc. Between these two lists, you’re already off to a great start on zeroing in on the home that’s right for you.

How Much Can You Afford? – In general, the answer to this question is a function of how big a down payment you can put down and how much you are able to borrow, based on your credit score and other factors as determined by a lender. There are many loan calculators on the Internet to help you determine what you can afford; none of these is a substitute for discussing your needs with a reputable lender. A common rule of thumb is that your annual mortgage payments, taxes and homeowner’s insurance should not exceed 28% of your gross annual income.

Note: In addition to a down payment, you should keep up to 5% of your home’s purchase price in reserve to cover closing costs and contingencies.

Check Your Credit – … and your debt. This would be a great time to obtain a copy of your credit report from a credit service bureau and make sure that your credit history is in order. Most lenders breathe easier when your total monthly debt service from all sources – including homeowner’s insurance, property taxes and your mortgage payment – will be below 40% of your gross income.

Note: Cancel credit cards you never use; the credit line, even if unused, can raise a flag with lenders.

Research Your Favorite Neighborhoods – The Internet makes it a snap to research economic, demographic and a whole host of other data about specific communities and neighborhoods with a few mouse clicks. Real estate sites of global real estate brands (such as ERA.com) and the sites of area Chambers of Commerce are excellent sources.

Find out What’s Available – Searching online for homes in the area of your choice will return online listings, virtual tours, and an endless array of photographs, aerial views and maps of homes and the surrounding area. Check the listings against your list of ‘must haves’ and ‘nice to haves’ and decide whether prices are in your ballpark.

Start Kicking the Tires – Once you’ve settled on the type of home and neighborhood you’re looking for, it’s time to make the move from ‘clicks to bricks’ and start looking at properties. We believe that the using services of a real estate professional is the best way to successfully get you through the emotional and often complex process of choosing and purchasing your home.

A real estate professional will listen to your needs, and show you homes that fit your particular desires; homes that may even be new to the market and whose listings are not yet generally available online. In addition, a real estate professional is dedicated to taking care of the seemingly endless details that buying a home entails and keeping the process on track to a successful conclusion at the closing table.

Note: Bring a camera and a copy of the listing when you view a property, and take notes on your likes and dislikes.

Shop for Financing – With the availability of fixed rate, adjustable rate, hybrid, interest-only, etc., etc. programs for financing your first home, entire books can (and are) written on the subject of financing your home. In short, research financing options while you’re researching potential neighborhoods, and shop for financing as soon as you’re ready to begin viewing properties.

Note: Competition for choice properties occurs regardless of market conditions, and the potential buyer whose mortgage line of credit is pre-approved often walks away with a signed contract for their dream home.

A Final Tip – When you find the first home that’s perfect for you, buy it!

Take a look at the free reports I have available for home buyers and sellers.

The “Best Deal” Could Be a Mistake

Wayne — Wed, 24 Mar 2010 20:18:49 +0000

If you are waiting for the “best deal” on a home purchase, you could end up waiting on the sidelines! With the current low interest rates and a plethora of motivated sellers, this is a great time to buy a home.

If you’re a first-time buyer, staying on the sidelines means that you’re missing out on the benefits of home ownership. Those benefits include:

Appreciation – Despite periodic adjustments in national and local market conditions, real estate has appreciated consistently over the long term, historically rising 5 to 6 percent annually.

Equity Buildup – People who wait until the “perfect” opportunity comes along are missing out on the equity buildup that comes from paying down a mortgage, and from making prudent improvements to their property.

A Home of One’s Own – Perhaps the greatest benefits home ownership are the ones that are hardest to quantify; a sense of permanence, emotional security and enormous personal satisfaction.

Even experts disagree when it comes to forecasting future peaks and valleys in the housing market. So what is a person to do? If you’re considering the purchase of a home for yourself or as an investment, I can’t think of a better time!

Please remember that I’m here to help you meet your real estate needs. I hope you’ll recommend me to others who may be looking to buy or sell a home.

Call Wayne at 918-645-1470

or by email.

Further Information

Fantastic Opportunity for Homebuyers!

Wayne — Thu, 18 Mar 2010 21:35:36 +0000

Low interest rates and a solid economy mean opportunities for homebuyers!

There is currently a rare combination of historically low interest rates and a solid outlook for the US economy which in the short term means that prospective homebuyers have a significantly better opportunity to own the home of their dreams.

This is what the experts are saying:

On Low Interest Rates – David Seiders, Chief Economist for the National Association of Home Builders, expects interest rates on 30-year mortgages to average about 6.5 percent for the near term. Seiders points out that long-term interest rates have been “performing beautifully” since mid-year.*

Home Sales are at a Slower, but Steady Pace - Seiders also points out that new home sales are “right in line with where we were in 2003, which was a record year for housing,” and that with energy costs retreating and the national economy moving ahead, it’s “…a very good time to buy a home.”*

Fundamentals Forecast a Stable Market – Jim Glassman, Managing Director for JPMorgan Chase, says that the current housing market “could bottom out faster than you see in the numbers.” A robust global economy, moderating energy prices and low interest rates are among the “safety nets” for housing during the adjustment period, he said.*

In short, now is a great time to buy! If you’re considering buying a home, I look forward to helping you meet your real estate needs. Please recommend me to anyone you know who may be looking to buy or sell a home.

Further Information

Home Buyers – State Bond Money Available

Wayne — Wed, 17 Feb 2010 06:22:48 +0000

State Bond Money Available

· Rate 5.65%

· Down Payment Assistance-3.5%

· Loan types allowed: FHA, VA. RD and HUD 184

· Property eligibility—entire state of Oklahoma

· If seller pays all the closing costs, then the buyer gets in with a net cost of $0.00

· For buyers that have not owned in 3 years and do not exceed income limits

· Soft-second mortgage (0 interest) for the 3.5% assistance, prorated and completely forgive after buyer lives in house for 5 years.

Tulsa County Bond Available

· Rate 5.20%

· Down Payment Assistance-3.0%

· Loan types allowed: FHA and VA

· Property eligibility—Tulsa County

· If seller pays all the closing costs, then the buyer gets in with a net cost of 0.5% FHA

· For buyers that have not owned in 3 years and do not exceed income limits

· No repayment is ever required for Tulsa County Bond. No second mortgage is filed.

Contact me for more details.

Call Wayne at 918-645-1470

or by email.

Early Spring for Home Buyers

Wayne — Tue, 26 Jan 2010 06:29:36 +0000

Spring time is usually a hot season for home buyers. When does Spring officially begin this year… the date is March 20th. It is a time when people begin planning for new beginnings, including a new home.

However, I predict we may see a rush to Spring a little earlier this year. Many home buyers are going to realize the free money from the tax stimulus is scheduled to end on April 30th. Anyone who really wants that tax credit should really have there plan in motion well before the deadline. Trust me, you don’t want to wait until the last minute.

There could be a problem for both first time home buyers, who will be eligible for $8,000 when buying a house, and those home owners who want their $6,500 tax credit for a change of address. That problem could well be a lack of available listings.

The disappointment is going to be real when someone wanting to get into a house has a very limited number of houses to choose from. I believe the shortage is going to be caused by a combination of last minute shoppers and home sellers who are waiting too long to put their house on the market.

If you are considering selling your house in the near future. Do yourself a favor and call me to get your house on the market now while we have this flurry of home buyers eager to get paid for their opportunity to stop paying rent to some landlord.

For more opinion on this coming phenomena, read the article in USA Today. It recommends home sellers make their homes available to first time buyers.

Call Wayne at 918-645-1470

or by email.