Tulsa, OK Home Mortgage Rates Expected to Rise due to U.S. Debt Downgrade

Tulsa, OK home mortgages rates could increase due to the recent debt downgrade. The recent downgrade by Standard & Poor, one of three major credit agencies, could have an affect on the rates for potential homebuyers. The lower credit rating for government bonds basically means the same thing as when consumer credit ratings are low. There is more risk involved in loaning money since the borrower is deemed less reliable. 

Although not every type of borrowing is directly related to the government’s credit rating, future Tulsa, OK home mortgages backed by Freddie Mac or Fannie Mae could result in higher rates. These two companies are backed by the government and their credit ratings were part of the downgrade by S & P. About half of all mortgages in the U.S. are owned or backed by these two mortgage companies. 

For those who are considering the purchase of a Tulsa, OK home in the future, the rates will not likely be affected anytime soon. However, for those who are considering the purchase of a home, it would be a good idea to ask about locking in mortgage rates. They have been at an all time low recently and these rates are directly linked to 10-year Treasury bond yields. Should the yields increase; mortgage rates will increase, although for the time being it does not appear that they will increase due to the downgrade. 

Additionally, home equity loans for a Tulsa, OK home as well as variable rate mortgages could cost more. When the housing market collapsed, adjustable rate mortgages suffered a high failure rate. The number of new home loans with adjustable rate mortgages is less than 5% of the market today. 

With interest rates being so low in the last few years, many homeowners refinanced to fixed-rate mortgages, so it is uncertain how many adjustable rate mortgages are still in existence on older loans. For homeowners who do still have adjustable rate mortgages, a change in their interest rates would depend on the loan being linked to Treasury rates, the prime rate or federal funds rate.

A benefit for those who own a Tulsa, OK home is that most adjustable rate mortgages as well as home equity loans are linked to the federal funds rate. This is set by the Federal Reserve, therefore this should protect borrowers. The Federal Reserve does not plan to increase rates for “an extended period.” 

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!

Think you know Oklahoma Festivals - Test your Knowledge

Oklahoma is known for it’s festivals. There are many held at different times of the year. Are you up to date on your Oklahoma festivals? Check you knowledge and see with the following questions?

1. What festival is Guthrie famous for?

a) National Sand Bass

b) International Bluegrass

c) Red Earth

d) Canna

Answer: b) International Bluegrass Festival

2. What festival is Muskogee famous for?

a) Mozart

b) Calf Fry

c) Rose Art

d) Azalea

Answer: d) Azalea

3. What about Stroud? Do you know what festival it is famous for?

a) Czech

b) Falls

c) International Brick and Rolling Pin

d) Will Rogers

Answer: c) International Brick and Rolling Pin

4. What festival is Jay famous for?

a) Huckleberry

b) Kolache

c) Strawberry

d) Pottery

Answer: a) Huckleberry

5. When it comes to Oklahoma festivals, what is Vinita famous for?

a) Little Italy

b) Calf Fry

c) Pottery

d) Mason Dixon Line

Answer: b) Calf Fry

6. What is Noble famous for?

a) Jim Thorpe Museum

b) Troy Aikman

c) Lake Eufala

d) Rose Rock Museum

Answer: d) Rose Rock Museum

7. What festival is Grove famous for?

a) Canna

b) Mozart

c) Pelican

d) Kolache

Answer: c) Pelican

8. Which is Oklahoma’s largest lake?

a) Lake Eucha

b) Lake Eufala

c) Arkansas River

d) Lake Keystone

Answer: b) Lake Eufala

9. What is Tulsa famous for?

a) Oil capital of the world

b) Jim Davis Arms Historical and Historical Museum

c) Roger Miller

d) Largest rural industrial park in the nation

Answer: a) Oil capital of the world

10. What is Tahlequah famous for? 

a) Pretty Boy Floyd

b) OK’s second largest city

c) Capital of the Cherokee nation

d) Circus City, USA

Answer: c) Capital of the Cherokee Nation

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!

Buying a Tulsa, OK home takes careful planning. The purchase of a home is something that you will have to live with for many years. Choose carefully and avoid the following mistakes when deciding on the Tulsa, OK home that you will ultimately purchase. 

1. Always have a professional inspector check out the home. There coul d be hidden problems that you might not see when touring the home. Wiring that needs replaced or a leaking roof could mean expensive repairs.
2. Get pre-approve before shopping for you new Tulsa, OK home. Not only will you know how much home you can afford, but many sellers are more comfortable with a potential buyer who is pre-approved. 
3. Do not buy a home that is more than you can afford. You may have been approved for $300,000, but you do not have to spend that much. Work out a budget and remember the payments are only part of the expenses.
4. When choosing a real estate agent to help you find a home, interview them the same as you would anyone else who will be working for you. See how they interact with others. Are you comfortable with this agent? 
5. Look at the home you are living in and consider what you need that is not present in this home. The Tulsa, OK  home that you purchase should not be a duplicate of the one in which you presently reside. 
6. Many homes today are listed on the Internet and virtual tours are a part of the listing. Personally tour the home and do not buy based on the listing. 
7. Do not buy the first home you see. Often people will fall for the first one and do not think they need to look at other homes. At least three other homes should be toured to compare prices. 
8. When touring a home, concentrate on square footage and floor plans. Do not allow the decor of the home to be your deciding factor. 
9. Learn the real estate language. A Tulsa, OK home being sold 'as is' usually means it is a fixer upper. 
10. Check out the neighborhood before purchasing. Is the home close to amenities? Does it have a high crime rate? Visit on  different days and at different times. 
11. Do not buy the most expensive home on the block. Rather than appreciating in value, it will depreciate and they are often harder to resell. Look at the average cost of Tulsa, OK home in the neighborhood.
    

After purchasing a Tulsa, OK home you find repairs are needed that were not uncovered during the home inspection. The home may contain mold, the roof might leak or it can have mice. Why weren’t these problems found when the inspection was performed? Many times after the purchase repairs that should have been performed prior to the sale are uncovered and they can cost thousands of dollars. To lessen the chance of this happening when buying your Tulsa, OK home, the following tips can be invaluable. 

1. The home inspector that will be used should be interviewed. Find out exactly what they check when doing the inspection. Do they actually climb out on the roof of the Tulsa, OK home or do a visual inspection only? The inspector may be recommended by your real estate agent and most first-time homebuyers do not realize that they can vary according to their experience and knowledge. Ask about their experience and what it entails. 
2. Consider your lifestyle - current and future - since many aspects of home safety are dependent on who is living in the home. Outdated features of the Tulsa, OK home that are safe for adults can be hazards for children. Safety is a consideration that becomes more important for households that will be home to elderly adults and children. The location of bedrooms and presence of lead paint are two of the concerns of buyers with children. 
3. Do an inspection of the Tulsa, OK home yourself. Many problems can be corrected before the purchase if the buyer is aware of them. Homes built prior to 1978 may contain lead-based paint. This can be an expensive undertaking requiring a professional certified by the Environmental Protection Agency. Often the sellers can pay for part or all of the cost of repairs that will need to be performed. 
4. Before purchasing the Tulsa, OK home, there are other inspectors that can be brought in to check for specific problems. They include electricians, lead-testing and even child-safety. Estimates for repairing any problems can be obtained before buying the home. 
5. If the worst happens and the problems are found after purchasing the Tulsa, OK home, do the repairs that require immediate attention first. Problems that can wait can be spaced out and taken care of later. This will help keep your budget under control and help to avoid getting caught up in expensive credit card debt.

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!

Suffered a Casualty Loss within your Tulsa, OK Home?

If you have suffered a casualty loss within your Tulsa, OK home and are under-insured or do not have insurance, these losses can be tax deductible. There have been many weather related events across the country lately resulting in damage to property. Floods, earthquakes and tornadoes have ravaged several areas. There are several types of causes of casualty losses including: 

• Fires
• Earthquakes
• Hurricanes
• Tornadoes 
• Landslides
• Volcanoes
• Sonic Booms 
• Vandalism

If your Tulsa, OK home has been damaged due to an event that was unexpected, a deduction for a casualty loss for the amount that is not covered by insurance may be taken. If the loss was fully covered by insurance, there is no deduction. A claim must be filed in order to take a deduction for a casualty loss. In addition, the loss can only be deducted on a personal home if you itemize deductions, the loss is more than $100 and the total of the losses is more than 10% of your adjusted gross income minus the $100 for each loss. 

Tulsa, OK Annual Parade of Homes is Underway!

Over 140 Tulsa, OK homes will be featured in the 2011 Greater Tulsa Parade of Homes. Located in 14 communities in the Tulsa area, the homes will be open for viewing during the event, which will take place June 11th through the 19th. Sponsored by the Home Builders Association of Greater Tulsa, this is an opportunity to view a variety of floor plans as well as home decorating styles and the latest trends in building. The Tulsa, OK event will feature homes from more of the top builders and in a diverse price range.

Participating in the Tulsa, OK Parade of Homes will be over 140 homes with a price range from $130,000 to over $1 million. The sponsor, the Home Builders Association of Greater Tulsa, was established in 1942 and was the first to host a Festival of Homes. Today the Festival of Homes is known as the Parade of Homes. Supporting the home building industry, the association also hosts a Home & Garden Show in the Tulsa, OK area that typically has over 450 exhibits.

Featured subdivisions for the Tulsa, OK Parade of homes are:

• Stone Canyon, Owasso
• Nottingham Hill, Owasso
• Chisholm Ranch, Bixby
• River’s Edge, Bixby
• Berwick on Cedar ridge, Broken Arrow
• Village at Southern Trails, Broken Arrow
• Forest Ridge, Broken Arrow
• Yorktown, Jenks
• StoneBrooke, Tulsa

The homes will be open daily from 1 p.m. to 7 p.m. and there is no charge for admission. In addition, there will be twilight hours at Berwick on Cedar Ridge on June 14th from 6 p.m. to 9 p.m. and at Stone Canyon, June 16th from 6 p.m. to 9 p.m.

There are a number of area builders that will be participating in the Tulsa, OK Parade of Homes. The sponsor, the Home Builders Association of Greater Tulsa is a non-profit organization that allows members to contribute services, time and money to local community projects as well as to local education initiatives.

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!

How to Keep your Pets Happy when Moving to Tulsa

If you are moving to Tulsa and want to make the transition as smooth as possible for your pets, there are a few things you can do to reduce stress. Helping them to feel as safe and secure as possible is not only less stressful, but can keep them healthier. A lowered immune response can be the result of a change in routine. Here are a few tips to help keep your pet happy and healthy while moving to Tulsa.

1. Make certain you have a good supply of their normal food. An upset stomach can result from eating a different type of food. Packing this where it is easily found will save you from running around trying to find pet food as soon as you arrive.
2. Before the move your pet should be current on their vaccinations.  If prescriptions need to be filled, doing so ahead of time will save you time and worry. Microchipping is also a good idea in case your pet would become lost.
3. When moving to Tulsa, bring your pet’s favorite blanket and a couple of their toys for the trip. This will help them to feel more secure.
4. If traveling by plane, do not feed them 6 hours before the flight. If traveling by car, be sure and take breaks so they can get out and walk. It is good for you to stretch your legs as well.
5. If you have movers coming in, it is a good idea for your pet to spend the day with a family member or friend. Strangers and constant traffic are upsetting to pets.
6. After moving to Tulsa, set up an area of your new home for your pet. This is where you will want to put their bed, blanket, toys and items that make them feel at home. Make certain they know where the litter box is as well as water and their food.
7. Getting back into your normal routine as soon as possible after moving to Tulsa will help. If you can keep to the schedule you had for taking walks and mealtimes, this will help your pet adapt more easily.

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!

Tulsa, OK Homes Sell the Quickest

Tulsa, OK homes do not spend a great amount of time on the market once they are listed. According to Realtor.com, this city is among the top 11 that spend the least amount of time on the market. Three cities, Tulsa, OK, Fresno, CA and Anchorage, Alaska all spend 71 days on average on the market before being sold. The median list price for Tulsa, OK homes is $147,900, for Fresno, CA it is $170,000 and Anchorage, Alaska’s median price is $279,975.

The review included 146 markets for this report. According to the report, the median time on the market for homes nationally was 160 in March. This is a 40% increase in a year. Others outside this market were listed for much longer before selling. Part of the reason for the long wait is the high number of homes that are held by lenders. With a great many homes in foreclosure, banks and mortgage companies are inundated with thousands of properties.

In addition to the Tulsa, OK homes, several others did not spend as long on the market. They include Oakland, California with an average of 50 days on the market and San Francisco with 63 days on the market. The average price of homes here were $319,000 and $639,000 respectively.

Data from RealtyTrac show that the large number of foreclosures (872,000) being held by banks and lender is almost two times the numbers that were held a few years ago when the crisis began. There are several million that have not been foreclosed on yet that will be added to this number in the next few years. The expectation is that it will be about three years before lenders can sell the properties they are holding presently.

A little good news for borrowers is that lenders are beginning to work with them more in an effort to avoid foreclosure. As they begin to realize that selling even for a loss is better than foreclosure, there are some areas that are benefiting with an increase in the rate of sales. Additionally, there has been a slight rise in prices in the last couple of months. Presently it looks as if Tulsa, OK homes, several cities in California, Alaska, Iowa and Colorado are leading in the least amount of time between listing and selling properties.

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!