OKC Real Estate Blog
Renting a Home Instead of Buying?4/1/2014
Renting Your Apartment and Getting Sick of It? Renting a HomeMillions of renters say they really want to buy their first home this year, but many won't be able to seal the deal. They are renting a home, but they do aspire to owning a home. Nearly 10% of renters nationwide said they wished to buy a home in the next 12 months, according to a newly-launched index from Zillow that surveyed thousands of residents in major metro areas. If all those renters were to buy homes, it would result in nearly 4.2 million first-time home sales. Yet, even though the "vast majority" of respondents to Zillow's survey said they felt confident they could afford a home in the next year, many will face obstacles that will prevent them from achieving that goal. "The dream of homeownership remains very much alive and well, but these aspirations must also contend with the current reality, and in many areas, conditions remain difficult," said Zillow's chief economist Stan Humphries. While inventory -- or the number of homes available for sale -- is up nationwide over the past year, there are still many local shortages, he said. "For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time homebuyers," said Humphries. And in some markets, like San Francisco, New York and Seattle, tight supply has translated into sky high prices few first-time buyers can afford. Nationwide, home prices are up some 11% last year, according to the S&P/Case-Shiller national home price index. Meanwhile, mortgage rates have also been moving higher. The average rate for a 30-year fixed is about 4.3%, up about 0.8 of a percentage point compared with a year ago. That has made loan payments on a $200,000, 30-year mortgage about $90 a month more expensive. Even when buyers find deals they can afford, they still may not be able to get a loan. Lenders these days require solid credit scores, well-documented incomes and job histories, as well as substantial down payments, of 20% or more, to qualify for the best mortgage deals. Homebuyers with little cash to put down and less than ideal credit scores can often get mortgages backed by the Federal Housing Administration. But the agency has been hiking its fees and changing the terms on its loans, which has made them less attractive. Renters in Miami, Atlanta and Las Vegas expressed the most desire to become homeowners, according to Zillow's index. Prices in the South Florida metro area are still about 40% off their highs and the median price of homes sold lately is well under $180,000, much more affordable than other major cities. Meanwhile, renters in San Francisco, Los Angeles and Minneapolis were least aspirational about buying a home in the next year. NEW YORK (CNNMoney) - www.ListedByValerie.com
Historic Homes for Sale in Oklahoma City!3/24/2013
When buying a Historical Home in Oklahoma City, it is of the utmost importance that you connect and work with an experienced historic homes for sale real estate agent who understands the historic homes for sale market in Oklahoma City. As a professional RE/MAX Realtor, I specialize in the Oklahoma City historic home market. Midtown, Crown Heights and even the newly developing and expanding Downtown Bricktown Urban Loft and Living scene real estate market require a real estate agent who is connected with the OKC Metro market in this niche of historic era homes for sale.
You'll need excellent preparation and research on these older homes. You'll need quality referrals for home inspections and historical home renovation experts before you make an offer on one of these lovely older homes.There are special considerations you will need to be aware of in your journey toward purchasing any Oklahoma City historic home. I am an agent here in OKC who understands and appreciates the many details of buying or selling a home in the exciting new areas of Midtown, Crown Heights and Bricktown Downtown OKC. Let me sit down with you and get a comprehensive grasp of what you are looking for here in Oklahoma City. I will help you locate numerous properties which while being historic homes, are also structurally sound and appropriate for preserving and restoring if that is part of your home-owning vision as well.
I have excellent relationships with the best local builders, and can arrange a post-sale renovation contract on your Oklahoma historic home if the best property you find requires adjustments. If you are considering buying an Oklahoma City historic house, then please give me a call and I can set you up with an appointment for consultation to answer all of your question and help you in any way you need.
Historic homes for sale in Oklahoma City will surprise you with the quality, design and price point. You'll be even happier discovering that you will be located close to all the exciting new developments in Midtown, Crown Heights and Downtown OKC.
Best Homes for Sale in OKC3/4/2013
Best Homes for Sale in OKC | Best Homes for Sale here in Oklahoma City
Buying a Home or Selling your Home and want to know what the market inventory looks like in your area? If you scroll through this latest list of some of the best homes for sale in Oklahoma City and the surrounding areas, you will be better informed and aware of price trends, increasing or decreasing sales and overall get a better sense of your local real estate market.
It doesn't matter if you are searching for a quick and easy way to scout out homes for sale, or just browsing the web and 'kicking the tires' of your local real estate market...knowing what is selling and the quality of homes for sale in your area will put you in a better situation whether you are a home seller or home buyer.
If you are thinking of selling your Oklahoma home, you should certainly take advantage of the free Market Snapshot service that I offer my clients. If you click on Get Your Free Market Snapshot then you will be able to discern home values in the area you are selling your home in here in OKC. If you are buying a home, then you will be just as likely to develop good information on the area you wish to buy a home in here in OKC. Use Get Your Free Market Snapshot and see what you learn. You might be surprised at the numbers generated by this very useful tool.
Ready to see the Best Homes for Sale in OKC?
For a constantly updated and current list of the Best Homes for Sale in Oklahoma City, click on BEST HOMES IN OKC and check them out.
Got more questions? Email me or call me direct at 405-414-5022.
Look forward to taking you on a personal tour of any of these fine homes that I have determined to be the Best Homes for Sale in OKC!
Bethany Oklahoma Homes for Sale2/26/2013
Bethany Oklahoma is a very desirable area in which to buy a home and raise a family here in Central Oklahoma. As a local Realtor here in the Oklahoma City area, I know all too well how favorably the homes and properties for sale in Bethany compare with the many great neighborhoods and towns in the Metro OKC area. There are several reasons why Bethany is so desirable to my home buyer clients.
Below you will find a continually updated list of homes for sale in Bethany.
Homes for Sale in OKC | Oklahoma City Real Estate2/26/2013
OKC Real Estate is a solid value investment for Oklahoma Home Buyers.
Nichols Hills, Edmond, Oklahoma City, Bricktown, Midtown, Norman, Deer Creek!
Homes, Condos, Lofts, Townhomes, Golf Course Homes, Luxury Homes, Investment Properties!
Whether you are in search of Real Estate in Nichols Hills, Edmond, Oklahoma City or
Today's focus is on Edmond Homes and Edmond Real Estate:
Great reasons to buy your next home in Edmond, Oklahoma.
If you are looking for a Home in Edmond, Oklahoma? Here are some reasons to choose Edmond:
Contact me at 405-414-5022 or at www.listedbyvalerie.com for complete listings and information of Homes for Sale in Edmond, Oklahoma. I look forward to showing you all that Edmond and Edmond Real Estate and Homes has to offer!
COME SEE WHAT EDMOND HOMES HAS TO OFFER!
Contact me today! 405-414-5022!
The states Quality Jobs Program is close to topping last years figures!2/2/2012
The states Quality Jobs Program is close to topping last years figures, and the program is just halfway through the 2012 fiscal year.
In December, the Oklahoma Department of Commerce accepted more Quality Jobs participants than in any month since the program was launched in 1993, said spokesman Dustin Pyeatt.
Two reasons for those figures, Pyeatt said. The Commerce Department promotes the incentives and makes it a point to alert companies about the incentives. We hold workshops in Oklahoma City and Tulsa and walk these representatives through the process.
Secondly, state business recruiters and economic development teams travel outside the state, talking up the incentives with company CEOs, he said.
Manufacturing continues to lead the way in the number of companies and jobs entering the incentive program, Pyeatt said.
Manufacturing is the central focus of the program, Pyeatt said. Manufacturing accounted for more than half of the jobs created through the incentive program because many companies base their research and development operations in a central location.
Companies must earn the incentives, Oklahoma Secretary of Commerce Dave Lopez said in a statement, and the program is performance-based.
If a company doesnt create any jobs, there are no incentive payments, Pyeatt said. If a company closes or moves outside Oklahoma, we stop incentive payments.
No state money goes outside Oklahoma, Pyeatt said.
And the state Commerce Department expects results from Gov. Mary Fallins survey of state executives, Pyeatt said. The state received more than 5,300 surveys from business executives, he added.
No state has ever done this before, Pyeatt said. This will be a powerful tool during the next session on how to craft incentive programs and drive legislation.
The survey results will be released in conjunction with the opening of the legislative session in February, he said. The survey was designed to track economic issues the state can improve on and identify ways to support companies with economic development.
We will see how Oklahoma is doing and where the state needs to go next, Pyeatt said. The survey results will be like a road map for state leaders.
Since its inception, the Quality Jobs Program has issued more than 612 contracts to companies locating and expanding in the state, Pyeatt said in a statement. Startup businesses have brought thousands of jobs to Oklahoma, he said.
In the first six months of this fiscal year, which began on July 1, 26 companies enrolled, Pyeatt said, just eight short of the 34 that enrolled in all of 2011.
The average projected wage of jobs created through the QJP this year tops the states average job wage of $38,882 by 77 percent, Pyeatt said in a statement. The average so far in FY 2012 is $68,805.
Much of the gain in average wages is due to Boeing, Pyeatt said.
Boeing, which this month said it would move 800 jobs from Wichita and 100 jobs from the Seattle area to Oklahoma City, has already applied for benefits from the QJP for 462 jobs in FY 2011, Pyeatt said.
Boeing has been a factor this year, Pyeatt said. First we accepted 207 jobs into the program, then another 255.
During the first half of FY 2012, 85 percent of companies in the QJP were existing businesses that expanded in Oklahoma, according to a release. That amount topped the number of expanding businesses last year by 9 percent.
Startup companies entering the program through the first half of the fiscal year made up the other 15 percent, according to the release.
Buying a Home is Cheaper than Renting!1/27/2012
Obama's efforts to revive the housing market have largely failed1/27/2012
NEW YORK (CNNMoney) -- President Obama is expected to once again offer ways to help the beleaguered housing market in his State of the Union speech Tuesday night.
But don't look for Obama to announce any major new initiatives, a far cry from his debut State of the Union speech in 2009, when he previewed the first of what would become a long line of foreclosure fixes.
Until now, however, Obama's efforts to revive the housing market have largely failed. But it isn't entirely Obama's fault, experts say.
"I don't think anyone could have done anything to stabilize the housing market," said Ed Jacob, executive director of NHS Chicago, which provides homeownership and foreclosure prevention services. "This housing market was in far worse shape than anyone knew."
Obama took office in 2009, promising swift action to address the mortgage crisis. He quickly unveiled his signature foreclosure prevention program, known as HAMP, and his refinance program, known as HARP.
But the HAMP program, which was designed to lower troubled borrowers' mortgage rates to no more than 31% of their monthly income, ran into problems almost immediately. Many lenders lost documents, and many borrowers didn't qualify. Three years later, it has helped a scant 910,000 homeowners -- a far cry from the promised 4 million.
HARP, which was intended to reach 5 million borrowers, has yielded about the same results. Through October, when it was revamped and expanded, the program had assisted 962,000.
Meanwhile, more than 3.5 million people remain behind in their mortgage payments and more than 1.9 million homes are in foreclosure. And home prices have fallen for six months straight.
Buy a Home in OKC | Rent or Buy?1/18/2012
Should You Purchase or Rent?
There are many factors to be considered when deciding to move to a new location with the first critical decision being whether to purchase some property or rent. Depending upon your circumstances, it may either be a clear-cut decision or one that requires a more thorough analysis to make that determination.
Factors to Consider
Career - For some individuals, it may not be practical to purchase property if their career will require them to relocate frequently. Although some people have the resources and inclination to accumulate property each time they move, for most of us that is either not an option or would be an undesirable outcome to find ourselves in the role of landlord. For the majority of us, that means we need to sell property each time we move, so careful analysis is required to determine whether it is better to buy or rent property for the duration of the assignment. One item to consider is that it generally takes 3 - 5 years under average real estate market conditions to reach the breakeven point for recouping the closing costs incurred at the time of purchase. Individual situations will vary, but in a stagnant real estate market it will take longer to realize enough in property appreciation to cover the transaction costs related to acquiring and selling property.
Property Resale - Not all properties or real estate markets are equal when it comes time to sell property. Factors to weigh include the typical length of time it takes to sell property in your area or the area you are interested in, and if there is something unique about the property (price range, location, size) that you are interested in that would make it either easier or harder to sell. Whether or not you have relocation benefits available to you through an employer if you are unable to sell your property may also be a factor.
Finances - The purchase of property typically involves significant upfront cash outlays: pre-purchase inspections, a down payment and closing costs. Equally important is whether or not sufficient income is available to cover the mortgage/escrow payments while still having enough income to adequately take care of other living expenses, car payments as well as saving for retirement. The lack of sufficient funds may quickly eliminate any thought of purchasing property and dictate that in the interim renting, living with family members or some other living arrangement will be required until enough funds can be saved.
Relationship Status - Personal relationships can play an important part in deciding to purchase property. Engaged or newly married couples often are looking to establish a single common property on which to build their future together. Whereas, single or newly divorced adults may not be ready or interested in making a long-term obligation to a specific location and prefer to leave their options open as they pursue relationships, careers, other interests and hobbies.
Personal Preference - While some people feel a strong need to own property, others don't want the responsibility of maintaining property and prefer to simply pick up the phone at the first sign of any possible trouble and have someone else be responsible for remedying the issue at hand.
Benefits of Purchasing a Home
Ownership - For most people, owning their home is a key element of attaining the American Dream. And there is nothing quite like buying your first home and realizing it is all yours (provided of course that you continue to make your mortgage payments on time). Homeowners also tend to view their purchase an investment and have incentive to keep their property in good repair.
Building Equity - Obviously the largest benefit is that you are now building equity in your own property instead of contributing to the equity in someone else's property via rent payments. Ultimately, home ownership has been a long-standing means of building long-term wealth.
Decorating Without Limitations - As an owner, you have the freedom to personalize your property to your heart's content subject only to local code and any applicable Homeowners' Association rules, unlike when you rent and experience many restrictions as to what you can and cannot do to the rental property. No need to get approval to paint interior walls, change flooring, install custom closet organizers, or complete minor home improvement projects. Although larger remodel projects may require getting permits, other than meeting code requirements, you are limited only by your budget and creativity when making changes to reflect your personal tastes and style.
Financial Stability - Fixed rate mortgages result in both greater financial stability and predictability. Assuming a fixed-rate mortgage, over time your housing costs should become a smaller percentage of your monthly budget as your income continues to grow while the mortgage remains constant. Additionally, fixed mortgages offer a great deal of predictability when preparing long-term budgets. Although repairs and maintenance will need to be factored in, there will be no surprises with unexpected hikes in rent.
Personal Benefits - Owning property frequently allows you a greater opportunity to meet neighbors and develop friendships with others that hold values similar to your own. And unlike apartment dwellers that tend to be more nomadic and view their unit as just a place to sleep at night, homeowner's tend move less often and view their homes as investments. It is also not uncommon to find neighbors that were drawn to the area for many of the same reasons that caught your attention - good reputation of schools, easy access to public transportation, close proximity to outdoor activities, the architecture of the homes, or the availability of shopping, dining and entertainment within walking distance - giving you something in common right from the beginning to build upon.
Benefits of Renting
Limited Commitment - Perhaps one of the greatest benefits of renting is the limited commitment that is required of tenants allowing them more flexibility to relocate as circumstances change. Leases often only require an initial six-month or one-year term allowing a lot of flexibility for tenants. At worse case, if something unexpected comes up and you need to move before the initial lease is up you are frequently out a deposit for breaking the contract, but you don't need to sell a house before you can move or to free up your cash.
Repairs and Maintenance - In many circumstances, a tenant needs only to contact the property owner or manager to have repairs taken care of. And for those who don't have the time or inclination to keep up a yard, renting a property where the upkeep is taken care of can be a real plus.
Roommates - Many people choose to have roommates to help defray housing costs by splitting the cost of rent as well as utilities. Although this tends to appeal more to young adults, it is not limited exclusively to the younger crowd. As the economy has created new challenges, some homeowners have begun seeking roommates to ease financial burdens by filling empty rooms in their homes.
Buy a Home in Oklahoma !!1/17/2012
Buying a home in Oklahoma is still a positive thing to do. Oklahoma Homes have not been as affected by national economic turmoil as many other states. Oklahoma real estate and Oklahoma homes are holding up better in value and quality and there is not the severe distortions in home equity value that seem to have surfaced in some other states, particularly the coastal regions. Oklahoma homes are a consistently good deal when you consider owning a home that is located in good neighborhoods, quality school systems, expanding cultural and civic opportunities, and one of the most friendly populations in the nation! Buying a home in Oklahoma City, Moore, Norman, Yukon, Mustang, Nichols Hills and the Whitehall OKC area is a smart move for home buyers!
Why buy a home in Oklahoma City?
Buy a Home in Oklahoma | Oklahoma Homes
As a professional Oklahoma Realtor, I have been helping renters get into their own home for years. I have a full team of mortgage professionals, moving and concierge staff and home decorators and designers to assist you in getting the best deal and best living space options on your new Oklahoma City home. Feel free to check out the resources at my website and call me direct at 405-414-5022 for personal assistance and guidance on leaving your rent payments behind and becoming a satisfied home owner of an Oklahoma City home!
Page: of 000 |