“When written in Chinese, the word "crisis" is composed of two characters-one represents danger, and the other represents opportunity" - John Fitzgerald Kennedy

That JFK quote teaches us that in a crisis, there are always dangers but alongside it are opportunities that we should recognize. The Tulsa real estate market is proof that there are indeed profitable opportunities during a crisis, such as the nationwide mortgage crisis which Tulsa homeowners (along with thousands of others across the country) experienced last year.

But instead of having a declining real estate economy because of all the foreclosures, the same foreclosures are being quickly resold. This made the Tulsa market one of the best and most desirable real estate areas in the entire US for those who wanted to invest in properties, both commercial and residential.

Tulsa's secret?

While other cities experience high numbers of foreclosures, Tulsa's real estate market didn't dive down to a dismal path for its prime economic atmosphere. All those foreclosures offered low prices to exceptional home properties that where otherwise too expensive before the crisis. Those low home prices, alongside the low interest rates, offered a tremendously good supply of quality homes to Tulsa home buyers, which many more can now afford.

It’s just the second quarter, but even at this early point in the year, the Tulsa real estate market is experiencing the best fiscal growth since 2008. Almost a thousand residential properties have already exchanged ownerships in the month of March alone. It’s a whopping 28.5% increase from just last month, and a 28% increase from last year. The first quarter of this year already outnumbered Tulsa's home property purchases of last year, and it’s been the highest recorded in this region since 2008!

A surplus of quality homes offered at very low prices and very low interest rates equals a healthy demand and supply. Amidst any financial turmoil, the end result will always be positive.

Contact me today to learn more about how you can take advantage of the foreclosures in the Tulsa area at (918) 231-5734.

Oakcreek Co-Housing Senior Community Well Underway

The Oakcreek community in Stillwater is ready for new investors to get involved now during a key turning point in this, sure to be prosperous, community. A fairly new concept, co-housing, allows for a chance to get in on the ground floor during the construction process.

This neighborhood has lots of open, lush, vibrant, and green spaces for individuals to enjoy. The great outdoors are captured in small spaces, expertly designed to provide the maximum amount of fun in these developed portions of the neighborhood.

Neighbors become fast friends, sharing meals and stories all in one sitting. The Oakcreek community in Stillwater is a fantastic place to reinvent yourself alongside like-minded people that share your interests and hobbies.

Take a stroll through the community and you’ll instantly understand that there is a strong sense of camaraderie amongst the residents. Toss a smile at a random person and you’re sure to get one in return! Strike up a conversation about virtually any topic and learn something new every day just by taking a casual interest in the people around you.

This is a neighborhood for active adults that want to do more than just sit around watching TV. This is so much more than a retirement community, because the common belief is that you aren’t retired, you’re just in the next step of your life where you can try something new!

This unique community features the ability for the residents to make their own management decisions. If rules are meant to be broken, then these locals are snapping them in half as it suits them. Their goal is to build the community from the ground up, which means they take matters into their own hands and work together to make something truly great in their surroundings.

By coming together, supporting each other, and working hand in hand they promote longer lives and healthier living. Invest in yourself by investing in the Oakcreek community in Stillwater! You can learn more about Oakcreek by visiting their developing website at http://www.stillwaterseniorcohousing.com.

St. Patrick's Day in Tulsa

Trying to think of a rockin’ place to celebrate the most green of holidays? Ponder no longer, as the biggest and best celebrations are going to take place in Tulsa! It doesn’t matter what your true heritage is, because St. Patrick’s Day in Tulsa is a day when everyone has a little luck o’ the Irish to be thankful for!

One of the biggest promotions in the state will be held on March 17th as the annual St. Patrick’s Day 5K blasts off with lightning speed. Not only is this a serious race with competitors coming from miles around, but you can have a little fun at the same time by partaking in the costume contest! All proceeds from this event benefit the Special Olympics of Oklahoma. Run to the end of the rainbow and claim your pot of gold before the other racers beat you to it. If running isn’t your thing, bring the family out for Shamrock the Ville: Running ‘O the Green. This fun walk is perfect for the whole family. Move at your own pace and enjoy live music, food, and drink.

The Irish Paws party will commence on March 12th at Hicks Oark on Mingo Road, where you people from all around will bring their pets together for the annual event. Costumes, competitions, and lots more will have your and your furry friend howling in the streets!

If you want to get out of the bar and into the theater, then plan on attending Howie the Rookie at the Tulsa Performing Arts Center. This Irish play is directed by Chris Crawford and stars Cody Shelton. Watch a nightmare ride through Dublin and see the seedy underbelly of a true Irish adventure. This one is for adults only, so leave the kids at home.

And speaking of the adults only events, how about an over 21 party at Arnie’s? This local favorite watering hole will host a St. Patrick’s Day part like no other, as the Irish vibe will course through the pub and make you feel like bursting out into a limerick. This 55th annual celebration will start at noon with the band kicking up at 5 PM. Live music includes performances by 4 Fiddlers, Cairde na Gael, and Larkin.

Don’t forget to grab your shamrocks and kiss the blarney stone goodbye! St. Patrick’s Day in Tulsa this year is sure to be one giant party that you will never forget, so take as many pictures as possible to review in the morning.

Investment properties in Tulsa can be a lucrative business for many. There are a number of people who have discovered that investing can produce an income on a part-time basis or full time. Here are six sources that may be used to find property for your investment business.

1. Wholesalers are often a great source for providing properties that offer big discounts. This is a resource that can save investors time when they are looking for investment properties in Tulsa. Rather than looking for one property at a time, finding a couple of wholesalers can result in a steady source of discounted properties for your investment business.
2. Another source that is often not considered is REOs. Checking with local banks may result in finding bargain properties. There is often less competition if you choose small banks compared to the larger chains that operate nationwide.
3. Realtors can be a good source for investment properties in Tulsa. Finding a couple of realtors to work with can result in a continual supply of homes. Negotiating the price of the homes may result in discounts that are good for your investment business.
4. Investors are finding that condemned properties are a good source for investing. Of course, you must do your homework and by-pass the ones that are in seriously bad shape in order to get the deals that will result in a return on your investment.
5. When looking for investment properties in Tulsa, probate and estate sales may be a good source. Often the sellers are very motivated which means bargain prices for the investor.
6. Another source of investment properties is the ‘for sale by owner’ niche. There are some who have equity in their homes or own them and deals can often be found. Although some for sale by owner sites are often a waste of time and money, there are legitimate sites. Lead list companies can be helpful if you are looking for homeowners with equity for your investments.

Top Tulsa Real Estate Tax Breaks for 2011

If you own Tulsa real estate, you will need to know about the 2011 tax breaks for homeowners. Many people are expecting a refund; therefore they want to file as soon as possible. Here is what homeowners will need to get the tax breaks they are eligible for and the maximum refund possible.

• Tulsa real estate owners may deduct the property taxes they pay to the city, county or state. Some areas collect taxes by including them with local assessments such as lighting for streets. These expenses are not deductible; therefore it is important to have your property tax statements so you can deduct what is allowed.
• If you bought a home last year or sold one, at closing a HUD-1 Settlement Statement should have been received. This paper has the credits and debits for buyers and sellers. It also contains items such as the property taxes paid by you at closing, prepaid interest and fees and discount points. In addition, tax credits for buying a foreclosure may be offered by your state.
• The best deduction for Tulsa homes is the mortgage interest. 100% of this may be deducted and this includes points that were paid at closing. You should have IRS Form 1098 and it should be included with your return when filing.
• Your mortgage credit certificate from a local housing authority and used to buy a home could result in a large tax credit depending on the percentage of the mortgage interest paid. Although they cannot be used for refunds, they can help to lower the taxes you will owe.
• Have you paid contractors to upgrade your Tulsa real estate? If so, receipts from these improvements that fall under the approved energy-efficient upgrades may save you money. A percentage of the cost any of these improvements such as furnaces, windows and insulation can be claimed.
• If you own rental properties, income and expense statements from the properties should be considered when filing your return. It is generally best to consult with a tax professional to ensure you are taking the right deductions.
• If your Tulsa real estate was foreclosed on last year or a short sale was negotiated and you received a Form 1099 from the lender, charging you for the amount of the debt that was cancelled. This amount, although cancelled is considered income to the IRS.
• Moving expenses to take a new job or different location with the same company are tax deductible if they meet IRS requirements. Receipts will be needed to show the expenses incurred from the move.

Tulsa, OK Real Estate Tops Increased Value List

The latest information on home values places Tulsa, OK real estate at the top of the list. Tulsa as well as Oklahoma City challenged national trends with the greatest year-over-year increases in median home values from October 2010 to October 2011. They accomplished what the top 20 metro areas in the U.S. could not. None of the top 20 made the list. The cities are ranked in the top 20 by population size. The top ranking for Tulsa, OK real estate was based on information gathered by Zillow. 

Tulsa, OK real estate experienced a 6.2% increase in median home value to $101,000 from October 2010 to 2011. Among the nine markets this was the lowest value. Oklahoma City followed Tulsa with a 3.1% increase. 

The city of Pittsburgh, which is listed as #22 in size of U.S. metro population had 2.35 million residents in 2010. This information is according to U.S. Census data. Pittsburgh was the most populated metro area on the increased value list and was ranked #8, with only a 0.4% increase in median home value. Pittsburgh was the only metro city on the list with a decrease in population from 2000 to 2010. 

The average median home value increase of metro areas on the list was 1.6% during the one year period. Five of the nine markets had median home values around $100,000. Four cities pushed the high end of the scale for median home values. Honolulu’s median home value was $474, 200. Boulder’s was $304,000. The median home value of Fort Collins’ homes was $217,000 and Madison’s was $192,400.

Tulsa home refinancing overhaul set to help those struggling

Refinancing your Tulsa home could be much easier. The announcement by federal officials on Monday of an overhaul for the Home Affordable Refinance Program is aimed at helping many homeowners by easing existing rules and reducing fees. The program has been criticized in the past for not living up to expectations for helping homeowners who were struggling to make mortgage payments, which would in turn help to revive the stagnant housing market.

Those who own a Tulsa home could benefit from the changes if they meet certain criteria. The changes are for homeowners who obtained their mortgage through Fannie Mae or Freddie Mac and the ceiling that kept borrowers who owed more than 125% of the value of their homes from participating is being lifted. Lenders who were interested in being involved in the program are pleased with the waiving of reps and warranties. They say this was a vital change that lessened the financial risk of backing more home loans.

There are currently other programs being planned that would convert empty homes into rentals and temporary relief for owners of a Tulsa home that lose their jobs. By the end of August the program had helped about 900,000 homeowners refinance. However, there are approximately 3.5 million homeowners who are experiencing financial difficulties that the program does not help.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Ready to purchase your Tulsa OK home?  Take the Test

How do you know if you are ready to purchase a Tulsa, OK home? The market is prime currently for buyers. The interest rates are low and there are numerous homes from which to choose. Here are a few questions that you will want to ask yourself if you are considering the purchase of a Tulsa, OK home.

•  Do you have the money available for a 20% down payment on a Tulsa, OK home?  This is the typical amount currently. If not, how much do you have and are you working towards saving for this amount?
• Do you have enough cash to cover your living expenses for eight months in the case of an emergency? Or do you live from month to month or only have enough savings for only a few months?
• How good is your credit score? Is it less than 620? Is it between 730 and 850 or between 620 and 730?
• What about pre-approval for a mortgage? Have you gotten this yet  or do you figure on finding the Tulsa, OK home you want to purchase first? Maybe you have gotten pre-approval and have the letter or maybe you have done some preliminary figuring online.
• What type of Tulsa, OK home do are you considering? Do you want a home that is a showplace? Do you want a stable home for your family or one that you can decorate in the way you please?
• Do you and your husband or wife agree on what type of home you want to buy or are you at odds over this aspect?
• Do you plan to stay in the city in which you live for at least the next 3 to 5 years? Are you planning to move before that time or are you not sure?
•  Is the job you currently have a secure full-time job or is it full-time presently but your company is laying people off? Is it a part-time or a temporary job?
• Have you considered a budget or do you feel this is not important? Do you have a few that you have worked on but really have not spent much time on them? Do you have a budget already planned to cover the expenses of buying a Tulsa, OK home?
• Have you thought about how much space you want the home to have – very large or you may know within approximately 500 feet. Maybe you are uncertain.

If you have put time into considering the aspects of owning a Tulsa, OK home, have a good credit score and a plan as well as the money put aside for eight months of living expenses in an emergency you are probably ready to buy.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Scariest Halloween Events in and around Tulsa 2011

Halloween is rapidly approaching and this is the perfect time to find out what the scariest Halloween events in Tulsa have in store. There are a number of events to turn your blood cold. Let’s take a look at some of the best Halloween events in Tulsa.

•  The Psycho Haunted Path awaits. Experience the dark ride on the Scareage that begins your journey to meet what the woods have it store. Peer through the dense fog if you dare to see what lies ahead. The Shadow Box continues the journey into the house that is full of strange noises and glimpses of … something! Is it just your mind playing tricks on you? There’s no going back. You must go forward if you want to find a way out. The Psycho is one of the Halloween events in Tulsa that begins October 1^st and continues every Friday and Saturday through the 15^th from 7 p.m. to 11 p.m. On October 19^th and 20^th it will be open from 7 p.m. to 10 p.m., the 21^st and 22^nd from 7 p.m. to 11 p.m., from 7 p.m. to 10 p.m. on the 26^th and the 27^th and from 7 p.m. to 11 p.m. on the 28^th and 29^th. It is located at 1517 E. 106^th Street North in Sperry, Oklahoma.
• The Blood Harvest Haunted Trail will be open on October 1, 7, 8, 14, 15, 21, 22, 28, 29 and 30 from 7:30 p.m. until 11:30 p.m. The location is the Bartlesville Round-up Club. This is “40” acres of secluded fields. The Haunted Trail will thrill and scare you as you walk the woods and fields where the ‘creatures’ play.
• Visit The 13^th Ward. Are you ready to meet Dr. Munck’s disturbed criminals? They are ready for you. Attend one of the scariest Halloween events in Tulsa. You may run into some of those who were subjected to mind-altering experiments and tortures too shocking and dreadful to imagine while in the 13^th Ward. This is 40,000 square feet of terror waiting for you at 220 South Elm Street in Jenks, OK. Open every weekend from the 1^st thru the 22^nd and from the 27^th thru the 31^st, from 7:30 p.m. until 11 p.m. you can be ‘committed’ to the 13^th Ward.
• Another of the Halloween events in Tulsa is the Hex House. Do not bring the children! This is a walk through the haunted past of Tulsa. Descend into the nightmare of the Hex House and experience the sheer terror. Open September 29^th and 30^th, October 6, 7, 8, 13, 14, 15, 19, 20, 21, 22, and the 26^th thru the 31^st from 7:30 p.m. to 11 p.m., the Hex House is located at 8314 E. 71^st Street in Tulsa, OK.
  

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

10 Tips To A Sold Tulsa OK Home

Before listing your Tulsa, OK home, there are a few things that you can do to increase the interest from prospective buyers. Here are ten tips that may make your home sell faster.

1. Many buyers prefer a home that has an entrance, rather than a front door opening right into the living area. If you do not have an entrance, it is simple to create one.  The right furniture can separate this area.
2. Lighting is important – inside and out. The inside light should include sufficient lighting for tasks, decorative lighting – often used for highlighting certain areas – and ambient lighting when you need less.
3. Consider the floors of your Tulsa, OK home. Carpet is not as popular as it once was and today people are looking for hardwood floors. This is a look that does not lose appeal. If you cannot afford the installation of hardwood floors, Pergo is an option.
4. How is the area outside your home? Many families are looking for homes with yards for children. If you were considering the installation of a patio, you would be better off to leave the grass and just make sure it is neatly trimmed and free of clutter.
5. Are the closets of your Tulsa, OK home cluttered? Organized closets that have modern shelves are important. Drawers can be included in the organization.
6. Fixtures such as faucets, doorknobs, cabinet knobs and drawer pulls are not noticed as much as other aspects of the home unless they are mismatched or outdated. However, an updated faucet will generally be noticed in a kitchen.
7. The bathroom is enhanced by features such as whirlpools and marble counters. If your bathroom does not include luxury items, concentrate on creating a better look. Modernize items such as mirrors.  
8. Are your kitchen countertops old and stained or chipped? Changing these and adding slab such as granite, marble and concrete can make a huge difference to the look of the kitchen.
9. Another aspect of the kitchen is the appliances. The stainless steel look is one that many prospective buyers get really excited about – it makes them feel like they are better cooks since this type is used in commercial kitchens.
10. Furniture that is built-in to the Tulsa, OK home, such as entertainment centers and bookshelves are often a plus for prospective homebuyers. Others would rather be able to arrange items where they want them. The best idea is to have this furniture look built-in but actually be freestanding which buyers can choose to buy.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!