Jason's Oklahoma Homes Blog

Seven Hot Home Improvement Trends That Make Your House Work for You – Part I

Jason Nedrow (Re/Max Elite) — Fri, 15 Jul 2011 18:16:08 -0700

Homeowners in Norman, Oklahoma like their homes to work harder (and smarter!) for every hard-earned dollar they spend on maintenance and improvement. They're no longer looking for bigger spaces; instead, they want flexible, efficient spaces that create order. They're also looking for ways to preserve their weekends, by focusing on maintenance-free exteriors.

This week and next, we'll look at some home improvement trends which have been found by houselogic.com to improve the way homeowners live happily with their homes.

The hottest new thing is maintenance-free siding. It lives just as long as we do, and requires a lot less upkeep. One of the fastest-growing sectors of the siding market is a combination of cement, sand, and cellulose fibers, known as fiber-cement siding. It looks just like wood, but doesn't rot, burn, or fall prey to termites and other insects.

Fiber-cement siding runs around $5 to $9 per square foot, and has an 80% return on investment. Sure, it's a little more expensive than wood, vinyl or aluminum siding, but that's offset by the fact that it's virtually maintenance-free. Wood requires repainting every four to seven years; fiber-cement needs to be repainted every seven to 15 years. Other than that, you'll just need to clean and do a little caulking each spring!

Homeowners are no longer interested in “museum rooms” that are used twice a year (dining rooms and living rooms). Instead, we're looking for convertible spaces that change with our needs.

Foldaway walls turn a private study into an easy-flow party space. Walls can consist of anything from fancy glass panels ($600 to $1,600 per linear foot, depending on the system); or they can be simple vinyl-covered accordions ($1,230 for 7 ft. by 10 ft.). And don’t forget area rugs that easily define, and redefine, open spaces.

Lots of people are turning an extra bedroom into a laundry room. If you’re in the mood to remodel, that mudroom or extra bedroom can be used to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent. A perfect space will already have plumbing hookups, or is adjacent to rooms with running water. This will save on plumbing costs.

Tune in next week for more hot remodeling tips. If you need help with refinancing your home in Oklahoma City, Norman, Moore, Blanchard, Mustang, and Newcastle please contact me online, give me a call at 405-366-1111, or check out my website.

The Top 8 Reasons to Hire a Realtor

Jason Nedrow (Re/Max Elite) — Mon, 27 Jun 2011 14:21:05 -0700

If you are buying or selling a home in the Norman, Oklahoma area, you need to hire a realtor. Perhaps you plan on selling your home yourself, but do you know the ins and outs of marketing a home? Do you know how to negotiate a contract of sale? There are plenty of other ways in which a realtor can be very helpful if you're buying or selling a home in the Norman, Oklahoma area. These are the top 8 reasons to hire a realtor:

Buying and selling real estate is a complicated process. There are disclosure forms to prepare and sign, inspection reports, and insurance documents, as well as multi-page settlement statements to decipher. A realtor can help you quickly navigate through all the paperwork and help you make sure you understand what you are signing.
Communication and objective ideas are an important tool in real estate transactions. If you're a buyer in the Norman, Oklahoma area, a realtor can provide you with a wealth of information on schools, utilities, and other local amenities. A realtor can also give you objective knowledge about each Norman, Oklahoma home you view. If you are selling in Norman, Oklahoma, a realtor can help you decide if you're ready to sell and how best to market your home.
If you're buying a home in the Norman, Oklahoma area, a realtor can help you find homes that may not be actively advertised.
A realtor can help with negotiation. There are several factors in a real estate transaction that require negotiation. A realtor can help you through the negotiation process to get you the best possible deal.
Marketing your property is complicated. A realtor knows the ins and outs of the market and how to position your home within the market to ensure a quick sale for a reasonable price.
You need help from someone who knows the lingo. If you don't know a CMA from a HUD statement, a realtor can help you sort it out.
Get someone with real estate experience in your corner. A realtor has completed many real estate transactions and therefore, knows the ropes when it comes to buying and selling. A realtor is also aware of the latest laws and regulations pertaining to real estate proceedings.
A realtor can provide an objective point of view. For most people, a home is more than just a roof over their heads. There is an emotional attachment involved. A realtor can help sort facts from feelings in order for you to have a smooth real estate buying or selling experience.

If you are buying or selling your home in Midwest City, Blanchard, Edmond, Shawnee, or Oklahoma City, and would like the assistance of an experienced realtor, please contact me online, give me a call at 405-366-1111 or check out my website.

Preparing Your Norman, Oklahoma-Area Home for Showings

Jason Nedrow (Re/Max Elite) — Fri, 17 Jun 2011 09:13:12 -0700

Before you open your Norman-area home for showings, you'll want to take a tour through the house to inspect if for repair needs, safety hazards, and areas that need cleaning. You'll also want to ensure that you and your possessions are protected. Preparing your Norman, Oklahoma-area home for showings is critical to making a good impression on prospective buyers and, ultimately, getting offers on your Norman-area home.

You are legally obligated to tell your buyer about the physical condition of your Norman-area home. This includes whether it has termites or other pests, and the condition of the walls and other structural elements. Ideally, you should address these issues before you put your Norman-area home on the market.

Protecting visitors from possible injury on your property and yourself from lawsuits is another area you'll want to cover before opening your Norman-area home for showings. Take a walk through your house and attend to any safety problems. Examples include:

Slippery throw rugs - take them up.
Loose steps need to be fixed.
Put down rubber mats on slick areas such as front steps.
Put pets in enclosures or arrange for someone to take them during your home showings.

Along with making sure you take care of safety and repair issues, you will also want to make sure your Norman-area home looks neat and clean. Pay close attention to these areas:

Make sure your Norman-area home looks appealing from the outside. Trim shrubs, mow the lawn, and remove clutter around the outside of your house.
Clean the windows and apply fresh paint to cover up dirt and stains.

Security is also an important concern when you are showing your Norman-area home. Unfortunately, some people pose as buyers so that they can burglarize your home later. Take precautions when showing your home to strangers:

Don't display expensive art, silver, china, or other valuable items.
Keep debit and credit cards, checkbooks, cash, and house keys either with you or locked up.
Hide prescription or expensive medications.
Go through all closets, dressers, and cupboards and remove or hide anything of value such as designer clothing, jewelry, and cameras.

Preparing your Norman, Oklahoma, area home for showings involves a great deal of planning. An experienced realtor can help you get ready for showings.

If you are selling your home in Midwest City, Blanchard, Edmond, Shawnee, or Oklahoma City, and would like the assistance of an experienced realtor, please contact me online, give me a call at 405-366-1111 or check out my website.

Think Long-Term When You Refinance Your Norman Home

Jason Nedrow (Re/Max Elite) — Fri, 10 Jun 2011 22:09:39 -0700

With mortgage interest rates lower than they have been in a long time, many homeowners in the Norman, Oklahoma area, and elsewhere, are trying to determine if now would be a good time to refinance. If you are a home owner considering this option, you need to think long-term when you refinance your Norman home.

As a rule, it's a good idea to refinance if you plan to stay in your Norman-area home long enough to warrant the closing costs. You will also want to wait until rates are at least one percent below your current mortgage interest rate.

How do you determine whether you can justify the closing costs of refinancing? You'll, of course, need to know how much the closing costs are. Asking potential lenders is a great way to learn this information. Normally, closing costs are about three to six percent of the loan amount. Closing costs can be folded into the loan.

Another thing to consider is the current mortgage payment on your Norman-area home. You'll also need an idea of what your new payment will be. Again, your potential lenders can tell you this. How long do you plan to stay in your home? If you're thinking about moving within a year or two, refinancing may not be a good option. To help you calculate your savings, many banks have an online mortgage payment calculator on their websites.

Here's an example of how to determine your savings:

Amount Refinanced	$200,000
Closing Costs for New Loan	4% or $8,000
Current Mortgage	6% or $1,199 per month
New Mortgage	5% or $1,074 per month
Monthly Savings	$125

With a monthly savings of $125, you need to determine how long it will take for that $125 to add up to your $8,000 closing costs. In this case, it will take 64 months (more than 5 years) to cover your closing costs. If you are not planning to stay in your home that long, refinancing may not make sense. On the other hand, if you stay in your home for another 10 years, you'll have saved $7,000 ($125 x 120 months [ten years] less $8,000 [closing costs]).

The important thing to remember is that you shouldn't refinance your home just because it seems like everyone else is doing it. Refinancing your home should be something you do because it makes economic sense for you.

If you need help with refinancing your home in Midwest City, Blanchard, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

What Oklahoma City House are you Looking For?

Jason Nedrow (Re/Max Elite) — Mon, 30 May 2011 11:31:37 -0700

What is the best method for deciding where to live? It's about the place, people, activities and what goes on in the neighborhood. How do you find the best spot for your family?

Here are some things that might sway where you choose live.

Education: There's not just one type of school anymore. Pick one - private, charter, magnet, public - a fairly wide option from which to choose. The public systems typically adhere to district boundaries in order to enroll; though since some states are reconsidering changing this method, you will want to be very clear on it when looking for a house. Visit schools in specific areas where you can visualize living, where your kids might attend school. Ask to check out the rooms your kids may be assigned, and if possible have a conversation with the teachers. Do your homework on ratings, teachers, administration, and curriculum, anything that will help with a decision. Don't be afraid to ask questions.

Local Economy: If your choice of places to move to is dictated by your job, the employer will probably have a good amount of data on the area economy. If you're moving to be closer to family and will need to find a job, call the local Chamber of Commerce, research the community online - checking all the surrounding areas too. What's the success for employment? What's the unemployment rate? Review recent companies, large and small, that might have moved to the area. What industries have been in the community and offer steady employment with no layoffs? What is the average timeframe for a house to sell? Are home prices rising, dipping or holding? Attend a local event, such as a farmers market, and talk to vendors or consumers. Are they friendly, comfortable, willing to share the community news?

Investment: Everyone wants the purchase of a home to be a good investment. These past few years, people have experienced some disappointment. Homeownership is at least partially about making an investment. Over time you hope to build equity in your home, allowing you to have not only a large asset, but also the ability to "move up". Be aware of foreclosed homes in neighborhoods, as they tend to pull values down. Understand some neighborhoods appreciate more quickly than others.

Home Values: Are the homes going up in value? Today's market is still edgy and areas have experienced depreciation. All of this is a direct result of the recent recession, but is typically not the norm. Generally, the value of homes increase about 5 percent per year. Ask your local real estate agent for the stats on past appreciation rates.

Neighborhood: What does the prospective area look like? Drive around, check the yards and the homes. Do houses and yards look well tended - nice paint, in good repair, mowed, manicured? The neighborhood should show care and attention. If there's junk around, lawns unkempt, paint peeling, think about whether this will be a good investment as well as a safe place to live. Real estate agents often say "It's location, location, location."

Research: Be aware of local crime rates. Safety for you, your family and your property should be of utmost importance when buying a home.

Amenities: Define what your family likes to do and look for those options. Some want walkabiity to restaurants, parks, and shopping. If you look for entertainment close by, check it out. What works for you? Look for the churches you might frequent or gyms to work out at. Consider all the options you might want and those you will need.

You can find a great place that fits you now and grows with you in the future. If you review options and do your research, you can make a wise choice.

If I can help you with buying your home in Midwest City, Blanchard, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Insurance for Your Oklahoma City Home: What's Covered?

Jason Nedrow (Re/Max Elite) — Mon, 23 May 2011 15:08:03 -0700

Should my policy cover tornadoes? The short answer is yes. If you own a home, you should have an insurance policy to cover the dwelling and its contents. Have you reviewed the policy lately? If not, read the preparation points suggested by the Insurance Information Institue.

The Insurance Information Institute (III) notes that policies most likely cover the home and its contents for wind damage which includes tornado damage. However, III suggests every homeowner review their policy and determine if it is enough to pay for all rebuilding and replacement.

During April 2011, deadly tornadoes stretched across southern areas destroying millions of dollars in property and killing over 300 people, mostly in Alabama. The storms left thousands homeless.

III reminds homeowners that most policies allow a cost for additional living expenses. This means if your house is not livable because of disaster damage, hotel bills, restaurant meals and other types of incurred expenses will be covered during the time the home is repaired or rebuilt.

What should you be checking in your policy?

Repair / Replace / Rebuild - has your policy increased to fully cover expenses? If you have replacement coverage, it will fully rebuild the house and replace contents at current market value.
Living Expenses - if you can't live in your house, how will you pay to live? Make sure your policy has expenses for additional living.
Guaranteed Replacement Cost - you need this clause to get the house fully rebuilt after destruction

What is your best preparation for protection or claims?

Inventory and document the contents. With a digital camera, you can take photos of expensive items, home business equipment, sentimental objects, and other priceless materials. There are a number of online websites where you can store photos at no cost. It is also a good idea to put the photos on a separate movable hard drive to be kept in a fireproof safe or somewhere away from your home.
Develop an inventory list before tragedy strikes, while you can still view what is in your home. In any type of tragedy, it's difficult to remember all the details clearly.
Create detailed descriptions of the items in the photos. It will be much easier to write detailed descriptions for contents, if needed.
Should a natural disaster occur, get visual documentation of the property, providing it is safe to enter. Images help the insurance adjuster more quickly move the claims process forward.
Your original inventory list will also make it easier to complete a list of damaged personal property. Include item description, purchase date or age, purchase cost, replacement cost estimate. If you have papers verifying the value of the property, it will also help an adjuster.
Repairs - make the ones you can, such as covering windows, roofs or walls. This prevents more damage, and it will protect you from liability.
Find a licensed contractor to provide estimates for permanent repairs. It should include in detail what repairs must be done, what it will cost and any replacement prices.
If you cannot live in your house, keep accurate records of hotel and restaurant bills.
Keep accurate records of any and all expenses you incur during the time your home is being repaired.

Regardless of where you live, you need to review your homeowner insurance policy to maximize coverage. If you live in a high-risk tornado, hurricane, or other natural disaster area, you must be especially diligent in reviewing current coverage and addressing the preparation points.

If I can help you with insurance aspects, or with buying your home in Blanchard, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Affordability of an Edmond Home Just Around the Corner

Jason Nedrow (Re/Max Elite) — Mon, 16 May 2011 16:27:50 -0700

Interest rates are lower than ever, Edmond homes more affordable than in the past 35 years, and the monthly gross income allocated for the mortgage payment is at around 17%, so what's the roadblock for buyers? Access to credit and higher down payments!

Though homes are selling in this buyers' market, it's rare that a buyer won't need some financing. And that's the problem. Credit scores must be in the 700s with higher being better. The Zillow website reports even those scores won't always guarantee a loan.

When lending standards tightened after the subprime trend, it necessarily increased the access to loans. Research from the Federal Reserve indicates that over a quarter of all mortgages in 2006 were subprime, meaning buyers with credit scores below the 620-660 range were given loans. In addition, these buyers put little money down. Buyers in this range account for one-third of the U.S. population.

Lenders will look at your debt-to-credit ratio, your employment record and essentially your ability to pay back the loan. Lenders want to be sure that you will pay on time. They truly want to give loans to qualified buyers. But many of the subprime loans have failed and lenders do not want to be in the business of foreclosure on homes.

In addition, higher down payments are required. This may not sound like good news, but it's really in the buyer's best interest. More money down means closing cost savings.

Is the housing market timely now? Absolutely! This is not a tale of woe, but of possibilities. As stated previously, 17% goes towards mortgages which is an average 8% less than in 1975. In the 1980s, interest rates were so high, close to 20 percent, making about 45% of gross income the base for mortgage payments per month.

These low interest rates of today equal lower monthly payments. Higher down payment equals savings in closing costs. So in this market, owning a home is much more available for an average buyer.
How can this benefit you? Good credit with scores over 700, little debt, and buying a house you can afford. Look at your monthly gross income and figure that 17% for your mortgage. Remember to tally the amount for insurance and taxes. Then review your total debt in credit cards, car payments or other loans.

To summarize:
The main road blocks to buying a home in today's market are credit access, as well as the higher down payment. Does this indicate that you will find getting that loan tougher?

Yes it may be difficult. However, good credit, employment history, savings and small debt, can put you on the path to owning a home within your budget. It is a buyer's market. Take advantage of it now.
If I can help you with buying your home in Moore, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Start Oklahoma City House Shopping - 30-Year Rate Hits Low

Jason Nedrow (Re/Max Elite) — Mon, 09 May 2011 21:43:47 -0700

If you are in the market for a house in or near Oklahoma City, start shopping today! Great news was released on another drop in mortgage rates.

Realty Times reports that the first week in May, Freddic Mac is letting you know mortgage rates are traveling down. Freddie's Primary Mortgage Market Survey (PMMS®) indicates the 30-year fixed mortgage is now matching a yearly low of 4.71 percent. In addition, the 15-year fixed has hit 3.89 percent, another yearly low for rates.

This time last year the 30-year fixed was averaging 5.00 percent, with the 15-year fixed at 4.36 percent. So for the week ending May 5, 2011, this is indeed excellent news for the consumer.

Reports from Freddie Mac's Vice President and Chief Economist, Frank Nothaft, noted "Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week." Other factors included slowed pace for first quarter economic growth, plus slower growth in April for both manufacturing and service sectors.

However, housing market reports were positive. The National Association of Realtors® noted that in March pending homes sales rose. This was the second month in a row to hold its highest index reading since November 2010.

What does this mean for you? If your credit is good, you are fully employed, and you are not over extended on debt, you should check with your banker to pre-qualify for a home loan. It really is the perfect time to buy with rates at an all time low.

If I can help you with buying your home and getting pre-qualified for a loan in Moore, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Why Was Your Edmond Mortgage Refused?

Jason Nedrow (Re/Max Elite) — Fri, 06 May 2011 22:38:22 -0700

You know your credit is top-notch, your money owed is small and you can easily afford that Edmond home you've been eyeing. Well at least you think all this is true. Wham - you are rejected for the home loan.

You are left scratching your head and wondering what the heck is going on.

Well, mortgage laws have tightened and mortgage lenders are more reluctant to write the loans. It's getting harder for those homebuyers. Loans are rejected, sometimes for no good reason.

Here's the issue: Government-backed Fannie Mae and Freddie Mac have tighter standards. Most believe that's a good thing.

However, most home mortgages have typically been backed by Freddie and Fannie. This makes banks and lenders skittish if there is no loan guarantee. If the loans aren't backed, this makes it more difficult to get help on default loans.

Freddie and Fannie, in 2009, raised the minimum credit score from 580 to 620 for borrowers. That's a good thing. But they've pushed through a multitude of other requirements as well, that resulted in real estate transactions not getting done. Even for somewhat low-risk borrowers. Just one Fannie or Freddie guideline not met or broken will get you rejected.

The Federal Reserve notes that one-fourth of loan applications get denied for mortgage loans. According to the National Association of Home Builders (NAHB) there are thousands of potential buyers that just don't try for a loan.

"The pendulum has swung too far in the other direction," NAHB President Jerry Howard said. "This overreaction is retarding the housing market recovery."

Some reasons that banks must turn down mortgage loans:

Debt too high - increase on income-to-debt ratio. If debt payments exceed 45% of income, no loan will be approved. This 45% hurts qualified buyers. For example, couples wanting to purchase vacation homes or small business owners coming off a few bad years.
Foreclosure Wait - extended to 7 years. Though borrowers faithfully and carefully rebuilt their finances, have steady employment, sufficient assets and excellent income, lenders may not finance mortgages for 7 years.
Missed Credit Card Payments - One missed payment hits your debt-to-income ratio. The missed payment adds 5% of the outstanding loan balance to the calculation. For example: $1,000 on a $20,000 student loan balance.
Condo Sales - Under the Fannie or Freddie lenders, 70% of the units have to be sold in the condo association before a loan can be approved.

Is there any place to go?

Portfolio lenders look at the full credit history, see a blemish and say it doesn't have any impact on the overall worthiness of the credit. These lenders offer competitive terms and rates; but loans will be more costly if there are any credit problems.

They may offer rates and terms competitive with agency loans, but if there are serious risks associated with the buyer, loan costs will get higher. Mortgage brokers relay that it's a tough environment, with some pricey mortgages, particularly for self-employed people.

What Can You Do?

Make sure your credit will pass the muster of the lending institutions. If it doesn't pass, understand the reasons and correct them, even though it may take a little time. Ask if there is any range of loan that you might be eligible to get. In the meantime, save your dollars, keep your current home in tip-top condition, and be patient.

If I can help you with buying your home and finding a house inspector in Blanchard, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Oklahoma City Home Inspection - Getting Ready

Jason Nedrow (Re/Max Elite) — Mon, 02 May 2011 21:41:07 -0700

When planning to buy a home, you understand that a home inspection will happen. As a buyer, you should ask yourself: What does this mean for me? What's covered under the inspection? If a problem is discovered immediately, how is that addressed? If later, who is responsible?

Let's review some general guidelines on home inspections.

Any residential property you are buying, whether new construction or pre-built, requires an inspection. Inspection is a house health check. Most every house will have some repairs necessary in order to get it in apple-pie shape.

Realtytimes.com says that inspections typically address repairs that are needed immediately and repairs that might be required down the road. Should you have an inspection done before signing a contract? Absolutely! It can help you settle the issues in a purchase deal. For example, if the carpet throughout the house needs to be replaced, you might ask for a stipend to pay for it. Or the purchase price might be reduced. Ask - the seller is not a mind reader. The worst that happens is the seller says no.

Should you buy a house that needs considerable fixing up? First, have the inspection to determine any hidden damage and extra costs, making sure that you have the financial resource and willpower to move forward with repairs. However, this type of house doesn't mean that you shouldn't buy it. It's always your choice. Just be sure that you've investigated what the rehab will cost and that you can do it, either yourself or by hiring a reliable contractor.

The type of property usually determines the home inspection.

According to the American Society of Home Inspectors (ASHI), "the standard home inspector's report covers the condition for the home: heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components."

Home inspections are limited. No inspection is obliged to spot hidden conditions or items that might be latent defects. This means if the property is covered by plants, snow or rubbish and there is an issue, the inspector does not have to move those items to inspect. The inspector also has no liability if it's missed. If systems are not easy to get to, an inspector is not required to make an inspection.

In addition, an inspector will not communicate if there are possible hazardous plants and animals on the property - including organisms that destroy wood or molds.

So what does this mean to you? Find a trustworthy home inspector! Check the list of licensed professionals at the ASHI. Its members understand the inspection process and they know houses. They are trained to be objective and correspond appropriately to the buyer just what the house needs or potential problems. The ASHI professional members must commit to continuing education to keep member status. You know you are getting the best.

If you hire a professional inspector, you'll have most all of the issues identified. A good inspection can help you relax in buying your house.

Great Edmond Open House

Jason Nedrow (Re/Max Elite) — Fri, 29 Apr 2011 08:26:58 -0700

Yes, the home market is still tough. As the owner, you have responsibility for the open house, and it isn't just being gone during that time. As RIS Media suggests, more homes are popping up with for sale signs, which ultimately mean buyer benefit.

As you sign on with your real estate agent, you should expect a plan of action on marketing your house. It's the where, how and when will the buyer see it? No doubt your agent will have well-developed web marketing, including exceptional photos and potentially a virtual tour. Then comes the open house - the number (how many is too much?), when (get a good plan set up for times), what (do you need to do), just a few of the things to think about.

Your agent will start outlining the open house aspect in the same methodical way he/she objectively lets you know the things you'll need to get ready to sell your house. You might wonder if all those hours you have to vacate the premises will be worth it. The answer is: maybe. You never know when a buyer will fall in love with your house and make an offer. So it's a good idea to follow the advice of the agent that you've hired.

Timing: It won't be easy to leave your house for two to three hours at a stretch, so get the defined timetable for up to four to six weeks and make your plans in advance. Revisit the viability of an open house after each one. It's reasonable to do so.

Pre-Work: Much of your pre-selling work is already done with painting, personal pictures, clutter, toys, etc. Ask your agent for guidelines and any extra things you will need to supply for an open house. Ask when you should leave and an appropriate time to return.

Your Absence: You want the buyer to be comfortable. If the seller is present, it's not as likely that a buyer will discuss the smaller bedroom, the scratch on the hardwood floor or other things they perceive as a potential reason for purchase or not. It's rare to see the homeowners at a realtor open house.

Preferences: If everyone that comes to your house takes off their shoes, then tell your realtor. It's polite for potential buyers to take off their shoes. It also displays the care that you've taken with your home. Give preferences of items that are within reason. Make nice little signs about taking off the shoes.

Cookies: Don't you love cookies? Have a plate of cookies with small bags. Your realtor can offer these at the door, so there's no eating in the house. It may help those who come to remember your house just a little better. But whatever you may want to do, check first with your realtor. Often the agent holding an open house will take this task. Take them along on your picnic!

Incidentals: Scented candles are great for the realtor to light during an open house. Agents may bring flowers or fruit. It's up to them, but check before you decide to purchase something.

Returning: Come back at the established time. Plan to spend a few minutes talking to the realtor. You should hear about what went well, improvements needed, who and how many showed up, and, of course, any feedback. Your realtor will complete a final inspection of the house prior to your return. It's his/her job to make this a smooth open house and provide the least amount of disruption as possible for you.

If I can help you with selling your home in Edmond, Tuttle, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

An Offer on your Edmond Home - Now What?

Jason Nedrow (Re/Max Elite) — Mon, 25 Apr 2011 08:50:17 -0700

Families, couples, individuals have looked in the nooks and crannies of your Edmond house. You had expectations for each showing. Today you got an offer! Even in favorable market conditions, to accept or not is a big decision.

Your real estate agent can guide you, but the final decision is yours alone. How do you know what to do? Realty Times offers guidelines to help make it easier for you to decide on the offer path. Consider these details:

Approved or Pre-Qualified: Your real estate agent can find out if the buyer has already been approved or pre-qualified for a loan in the amount of the offer. You don't want to accept an offer, and have the deal collapse due to buyer financing. You already have invested time and money in listing the house and finding another. It's just good business to know the buyer has solid financial capability to purchase your home.

Move Date: If you have a specific date that you need to move, whether it's across town or across the country, that date may say something about accepting an offer. Sellers may accept a less-than-ideal offer because of a rush to move. If you can stay put for awhile, it's much easier to review offers.

Mortgage Debt: Of course, no homeowner wants to sell at a loss. Consider the amount owed, closing costs, moving expenses, and the ultimate market when you review buyer offers. If your loan exceeds the offer, with all other expenses regarded, maybe you will need to rethink a sale at this time. Ultimately, you are the decision maker.

Economic Climate: Your real estate agent is the best source for market trends and can answer the likelihood of getting another offer at the right price. Factors, of course, include length of time your house has been for sale, the number of showings, the number of offers, the number of homes in the area both for sale and recently sold, as well as the overall economy in your area.

In today's housing environment, buyers often have an advantage and may come in with a low offer. If your home has been on the market for a longer time, a buyer might see that as beneficial to them. There are buyers that may attempt to low ball you.

Always ask yourself: is the offer reasonable? Will the offer help you get to the closing date quickly? Will the offer be financially good for you? There's no obligation to accept an offer. You can either refuse it or give a counter offer. Again it's your decision. A counter offer might be accepted. You never know unless you try.

At the end of the day, do what is right for you and your family. Remember, don't take these offers personally. The buyer is trying to do what's right for him/her, just as you are for your family.
If I can help you with selling your home in Downtown Oklahoma City, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Buying Your Ideal Oklahoma City Home

Jason Nedrow (Re/Max Elite) — Fri, 22 Apr 2011 23:37:57 -0700

Every step towards buying the Oklahoma City home you envision is important. Big or little, it's necessary to review each choice in the process. Your real estate agent has demographic information that can save a great deal of time.

According to Realty Times, there are some general areas that buyers need to review:

Location: What area will be best suited for your family? Urban or suburban? If you have children, check out the schools before you start your home search. Is close proximity to walking or biking paths important? What about parks? Make a checklist of neighborhood amenities that you want, can't live without, and mark as extras. Once you have these figured out, you can move to the next step.

House Size: Assess your family's needs, wants, and those extras that you would like. Then assess what you can afford. Call your real agent and start shopping. Keep in mind: The average home size over thirty years has increased from 1,645 square feet to almost 2,200. With the trend for bigger and special spaces, people are now looking at homes that fit the all-purpose model though contain the extra amenities of large closets, stylish kitchens, good storage, and plenty of space for electronics.

House Floor Plan: How do you live every day? Do you like cozy or open? Historic or newer? It's all about how your family lives and interacts that is important. Get on the Internet and look at pictures of homes in the location that you like. Be aware of the reactions to different types of floor plans. Those initial reactions are typically a good indication of what you may end up purchasing.

Finishes: Do you want move-in condition? Or do you want to renovate? Green materials such as bamboo? Or will wood laminate be satisfactory? There can be a big difference in quality and wearability in products and finishes. In the kitchen, for example, there are stunning granite counters and beautiful laminate ones. Both wear well, but you decide what you can live with for each. This assessment applies to interior and exterior alike. Think about how much painting you want to do on the exterior - aluminum, brick, wood? Lots of choices to make for that long-term enjoyment.

Amenities: Consider not just your boundaries, but the neighborhood properties. Think beyond your landscaping. Are the surrounding properties kept up with lawns mowed, clutter removed? Are there parks nearby? Is there a neighborhood pool? How well maintained is it? If you have children, are there other families close by? Give an objective assessment of the entire neighborhood border. This is a home you will live in potentially for a number of years.

Lawn and Exterior: How much yard work, painting, window washing, etc. do you want to take on? Don't think about just the immediate time; look at a few years into the future. If you are retired, will a large yard be worth it? Or will a smaller one be enough for puttering around with flower gardens? If you are moving with little ones, a bigger yard may be just the thing you want for that swing set and a dog.

"According to the United States Bureau of Labor Statistics, Oklahoma City's unemployment rate of 6.2 percent is the lowest jobless number of a city with one million or more residents. Oklahoma's capital has also been listed by American City Business Journals as the second-best location for creation and development of small-businesses due to its strong economy and rapid expansion."

Now is a great time to search for your ideal home. Realize that you have a great deal of options when buying a home. Your real estate agent can help you find a middle ground with items on the wish list. Be sure to discuss all of these.

If I can help you with buying your home in Downtown Oklahoma City, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

What is the Best Method for Selling Your Oklahoma City House?

Jason Nedrow (Re/Max Elite) — Mon, 18 Apr 2011 08:54:34 -0700

It's spring, that time of year when homes are listed and sellers anxiously await an offer. It can be a frustrating experience in the atmosphere of a buyers' market.

How do you save time, money and nerves? Just what is the best method for selling your Oklahoma City house? There are definitely trouble areas that you should address. First trust your real estate agent who has in-depth knowledge of locations, taxes, and what amenities buyers are most interested in.

At this time, buyers definitely have the greater advantage. There's more inventory, giving buyers choice advantage. They can take more time and review properties more critically.

According to an article from Realty Times, here are some mistakes that sellers can avoid that may save frustration, time and money.

Assess: Look at your own home as objectively as possible. Your real estate agent is great at truly assessing what you can do to improve the chances of selling the property. Think in terms of: What's special about my house? Why will someone buy it rather than a similar one three doors away?

Price: Though recent homes sales count, you need to understand how much buyers are willing to pay for homes in the area. What benefits will increase the value, more importantly close the sale?

Advantages: Typically buyers look at location - good schools, parks, walkability, quiet neighborhoods, open and airy spaces, flowing floor plan, updated appliances - unique aspects with general appeal. What makes your house distinctive? If it's a two-story with a large master suite and laundry area on the main level - is the home suitable for a retired couple, as well as a family of four? As the seller you need to think beyond "what is" and in terms of possibilities.

Upgrades: You've lived here for ten years and made dramatic changes. Are these changes that truly improve the value or simply general maintenance? Your real estate agent has expertise in this area and is your best resource. That said, the MLS listing allows only a specified amount of space for listing all the special things about your house. Make your own one-page sheet and leave it on the kitchen counter for potential buyers. Use bullet-points, such as: March 2009 Remodel; August 2006 New Roof; Yearly HVAC maintenance. A list with some detail shows you are a conscientious homeowner.

Pricing: Ten years ago your home cost $100,000. Five years ago its value increased to $180,000; then it dropped to $140,000. Everyone has learned lessons during this economy. Home prices are being reduced, some dramatically. Getting a price you can be content with depends on different things: when purchased, current market, economies, improvements, appeal and how much time you have to sell the house.

Be careful in listing the sale price strictly on what you paid or how much you owe. Of course, you want to get enough to pay it off. Try not to get into the price reduction cycle. It takes a toll on emotions and buyers realize the negotiating power. According to Zillow, 23 percent of homes listed on the site had price reductions in the last month.

Curb Appeal: As discussed in my April 8 blog on the outside of your home, the curb appeal is just as necessary as a spiffy interior. It's the first impression buyers get; it's the welcome to my house, make yourself comfortable, stay awhile. The exterior also needs to look awesome in pictures because now it's showcased on the web. Buyers will often do a web search first and if they don't like what they see in the photos, you've lost the chance to make them welcome.

Get started before you put that house on the market. Call your real estate agent for that objectivity you need and then follow through with the necessary work. Spruce up the outside, get rid of the interior clutter . . . a picture is worth a thousand words. Make those pictures so inviting, the buyer wants to physically see your home.

If I can help you with selling your home in Yukon, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Why New Homes in Oklahoma City Are Important

Jason Nedrow (Re/Max Elite) — Fri, 15 Apr 2011 08:50:29 -0700

APRIL - New Homes Month

Have you thought about building a new home in Oklahoma City? What about building versus buying a home?

It's more than just a slogan: "April - New Homes Month." RIS Media reports the National Association of Home Builders (NAHB) wants to let consumers know how residential construction has such a high positive effect on local communities.

Think about what goes into home construction. The jobs go way beyond just houses being built. NAHB estimated that, in a classic metro area, a 12-month impact is generated for the local community. The economic movement, if 100 homes are built and sold, may include "$21.1 million in local income, $2.2 million in taxes and additional government income, plus potentially over 300 local jobs.

NAHB outlines that "home building is a key driver of the American economy." When housing is being built, it also means there are new jobs and new income, resulting in more goods and services being purchased. Typically half of the jobs are in the building industry, with the others being in production, sales, and service related to the business of building. The 100 home examples also deliver continuing real estate taxes each year.

The income earned from building activity turns out to be a great recycling path - income is spent locally, new homes that generate taxes paid by the people who live in them, and tax revenues are spent for local services used by the people. It all goes full circle in the home building industry, as happens with many business entities. However, not many companies can boast the large numbers that are involved with the construction.

NAHB proclaimed a trend of about 1.7 million new homes are needed each year. This includes homes to house increased populations, as well as replacing older homes. At the beginning of 2011, housing starts were projected at less than half a million.

NAHB Chairman Bob Nielsen, also a home builder from Reno, NV, said, "The gap between actual home starts and what is required to fulfill America's future housing needs represents more than 3 million jobs" He reiterated that it's vital to stabilize economic recovery, and a healthy housing industry is a critical step.

What does this mean for the consumer? Across the nation during the month of April, more benefits of newly built homes will be outlined. Some of these include safety, energy efficiency and floor plans to fit a myriad of lifestyles.

Nielsen remarked that with the low interest rates and competitive pricing, consumers can find extraordinary opportunities for newly built homes.

In addition to talking with your real estate agent, buyers can find a host of resources at NAHB.
If I can help you find your perfect existing or newly built home in Midwest City, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Mortgage Rates in Oklahoma City are Still Low

Jason Nedrow (Re/Max Elite) — Mon, 11 Apr 2011 15:26:28 -0700

If you are considering buying an Oklahoma City home, now is the time, while mortgage rates in Oklahoma City are still low.

Recent news at Realty Times indicated the Primary Mortgage Market Survey, released by Freddie Mac, shows the 30-year fixed rate again increased for the third successive week. This particular mortgage rate climbed to 4.87 percent.

A 15-year fixed-rate mortgage is averaging 4.10 percent with weekly increases of .01 percent.
Reports from Frank Nothaft, Freddie Mac Vice President and Chief Economist, offer hope for home buyers. The rates are reflective of employment changes from the Bureau of Labor Statistics. Over 200,000 jobs were added in March; unemployment rates fell for the fifth month in a row showing the lowest rate in two years. Private corporate jobs increased by over 550,000 workers - the largest boost since 2006 first quarter.

What does this mean for you, the consumer? Figure out how much house you can afford, how much money you have for a down payment, and if it's feasible, start looking now. Check with your real estate agent on houses, neighborhoods and financial institutions.

The country's economy is positively moving forward. Mortgage rates will increase, but money is definitely available for potential buyers. Housing prices are down; housing supply is good. Right now is an excellent time to buy and get in on the low interest rates.

If I can help you with finding your perfect home in Del City, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111, or check out my website.

How Does Your Oklahoma City House Look Outside?

Jason Nedrow (Re/Max Elite) — Fri, 08 Apr 2011 17:44:17 -0700

Potential buyers may drive around to get a feel for different Oklahoma City neighborhoods. What does your house say? According to the real estate industry, the outside first impression may be as important as the loving care for the inside.

Landscaping is an excellent path to increase property value. Research indicates that if the outside appearance of your homes goes from plain to well-landscaped, the value potential increases over 12%. Likewise minimum, unkempt landscaping may take away from the value.

If you just want to spruce up the outside area of your home, think long term. How will this affect the value of my house, and what is realistic to do? Your real estate agent already knows the areas and can provide terrific guidance on improvements.

Let's get started with some guidelines to help you make that landscaping beautiful and comfortable in your neighborhood.

REVIEW: Start by reviewing: what you have, what can be saved/moved, what is needed, what you absolutely don't want to keep, and what do you want for results.

ACTIVITIES: What do you want to do in the yard? Grilling? Playing ball? Relaxing? Swimming? Gardening? Flower beds? Take all of these into account. Remember this project will protect the value and should enhance your quality of life.

PICTURES: Find pictures of landscaping that you like and don't like. This will provide good direction when you talk with a professional.

BUDGET: Author Carl Heldmann, "Be Your Own House Contractor," writes that if you plan well, it doesn't have to be expensive. Budgeting 10% of your home value is typically what the professionals recommend.

PROFESSIONAL: Talk with professionals. They can guide you on plant choices, how to distribute your budget dollars, and avenues you may not have considered. Ask friends for references; if a nearby university offers landscape architecture, hire a graduate student in the field. A simple consult may cost up to $150; a full-blown plan is $300 and up, depending on the property. If your yard has any problems, such as drainage, you definitely should consult with someone.

YARD PLAN: Think about square footage as you estimate costs; landscapers use this method for pricing. As you work on it, consider the interior of your house. Front door is the entry or foyer; family room might be the yard play area. Try your hand at designing your plan with Google's Sketchup, a free and cool app with the extras of trees, shrubs, and other mechanisms to let you complete a design.

Do you know the Oklahoma state flower and tree? These may be perfect for inclusion in your yard!

*
Mistletoe (Symbol)
Phoradendron serotinum

Eastern Redbud

*
Hybrid Tea Rose
Official state flower

LONG TERM: Home projects have a tendency to cost more than the budget allows. With a well thought-out plan, you can define priorities and do the work as your finances allow. Start with the area that is most important to you and your family.

Realize, as with anything, patience is a key component. A great plan keeps you on track and on budget. The American Society of Landscape Architects reminds us that "landscape literally grows in value over time."

Read more on developing a landscape plan.

If I can help you with finding a reputable landscape firm or finding your perfect home in Tuttle, Shawnee, Blanchard or Oklahoma City, please contact me online, give me a call at 405-366-1111, or check out my website.

Is Your Oklahoma City House Secure?

Jason Nedrow (Re/Max Elite) — Mon, 04 Apr 2011 16:24:47 -0700

When you leave for work or play, are you confident your Oklahoma City house is secure? Security technologies have definitely kept up with the gadget industry, are less obtrusive, allow off-site control, and monitor necessary information.

Parents can know when the kids are home from school and if they are in to something not allowed. Going on vacation? Without a security system, what happens if a pipe bursts, or you have concerns about your parents? If the cameras are installed, you'll know.

Many of the new security tools are in the wireless realm. Going wireless eliminates the costs for labor and hardwire installations. Some of the newest cutting edge security options are innovative and cost effective, giving the home owner access to high end choices for less money.

It's easy to install a flexible system in a newly built home; it's also easy and affordable for your existing home. You can tackle the project yourself or hire a professional - either will offer affordability to make your home safe and secure for your family.

Following are things to look at when choosing a security system for your Oklahoma City home:

Intelligent Monitoring: Motion sensors and ultra high-tech cameras can be programmed for specific things that you expect, i.e. kids arrive home at 3:30 and you get notified they are home safely and all is well. This type of monitoring sends an email with video clip. You don't have to do the checking; it does it for you. When programmed correctly the high-end motion cameras monitor inside and outside, whether someone is home or away. Blackberry, iPhone, laptop - whatever you decide - you'll know what's going on while you are away.

Wireless vs Wired: The flexibility of wireless let's you put the vital parts in places typically a challenge to wire. Basements, attics, any cramped spaces can all have wireless components easily installed in them, without interference from other machines or networks.

Multi-Path Channels: Both wired and wireless have limitations. Ask what happens if one receiving communication path goes down? What's the backup? Ralph Maniscalo from Honeywell Security & Communications says there must be another path for the receiving signal, otherwise, "if the monitoring stations can't accept the alarm, your system isn't worth much."

Security systems enhance your life, but be sure you know what you are getting for your investment in home security systems. Is it 24-hour monitoring, is the signal reliable, what's the notification, will wireless have interference?

If I can help you with finding a home security system or finding your perfect home in Choctaw, Shawnee, Blanchard or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Are Home Improvements a Tax Advantage?

Jason Nedrow (Re/Max Elite) — Fri, 01 Apr 2011 21:36:56 -0700

Should you buy an existing house, build a new one, or remodel your current home? Will modifications increase the value of your current house? To decide the path of buying, building or remodeling, the following offers initial information on what constitutes capital improvements for a tax advantage. Why is it important to keep accurate records for home improvements?

You put energy, time and sweat into your house. While you may believe that all changes are truly home improvements, the IRS classifies it differently. Think of modifications in two ways: a) capital increases the home value, or b) repairs return it to its original state. According to IRS guidelines, capital improvements must add value, last for more than a year, extend its life, or adapt it to new uses.

Eligible Expenses: IRS Publication 523, on page 9, shows some allowable improvements. Think about some things you've changed since moving to your current house. When your family grew, you added a small bathroom for $5,000. If you paid $220,000, the $5,000 is added to the base price. This may be true with basement remodels, kitchen remodels, new windows - any major expense that increases the home's value.

Typical Repairs: These changes are usually considered in the realm of ongoing maintenance. Painting - most everyone decides to paint rooms to brighten or change color. It's similar to replacing a broken window - a repair and necessary for the upkeep of the house. If a few shingles blow off the roof and are replaced, that is considered repairs. However, if the entire roof needs to be replaced, that's a capital improvement.

Record Importance: Capital improvements may lower your tax bill when the house sells. Current tax laws allow home owners to add any "Capital" improvements to the total base price that they originally paid for the house, such as the example mentioned under eligible expenses in this article.

To look at how this type of improvement might affect the tax status, you must keep excellent records of what you paid for the house and paid receipts for any major improvements that added value to the residence. It's also an excellent idea to keep track of repairs for future owners. Wouldn't you appreciate this information if you were buying a house? How often was HVAC serviced? When did you install that new sink? It's like keeping service records for your car.

There are additional factors, which are best to discuss with tax professionals, such as short-term or long-term capital gains that factor in the length of time of occupancy.

It's necessary to keep records and understand the capital improvement tax rules. Remember a home project can be a capital improvement if it increases the value of the home. The pay-off for great records will come when you sell!

If I can help you with finding a contractor or finding your perfect home in Yukon, Shawnee, Edmond, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

What Can Home Ownership do for Your Taxes?

Jason Nedrow (Re/Max Elite) — Mon, 28 Mar 2011 08:20:44 -0700

Are you still figuring those home deductions? If you choose the wrong things, you may pay more, or worse, the IRS might come calling. Real estate agents like myself often have information at their fingertips and can also refer you to a tax specialist.

Following are some common things people miss when completing their tax returns.

Energy Tax Credits: There are different credits, ranging from windows, HVAC systems, insulation and roofs, which could be a boost to tax savings. These credits apply only to your primary residence. Houselogic.com provides an outline for some of these energy credits. And always check on state regulations through a tax specialist. Complete Form 5695 Residential Energy Credits to include with your taxes.

Property Taxes: Regardless of how the local taxing unit bills, i.e. bill for 2010 taxes comes in 2011 - you claim only the amount that was really paid in 2010. People often confuse this and end up claiming an incorrect amount.

Taxes vs. Escrow: An escrow account is putting the money in a bank account to be paid to a third party. If the bank lender accepts your money to pay taxes, it goes to an escrow until the tax bill is due. Let's say you pay $1,500 in escrow and your tax bill is $1,300. The extra $200 stays in the account. However, you are only eligible to claim $1,300 on your Federal taxes. Typically, the bank adjusts the escrow amount each year.

Refinance Points: Did you take advantage of the low mortgage rates to refinance in 2010? Don't be quick to deduct all the money you paid in points for the new loan. You can only deduct the points over the life the loan. For example, $2,400 points for 15-year loan, allows a $160 per year deduction for the loan term.
Private Mortgage Insurance (PMI): If you bought a home in 2010 and put less than 20% down, you were probably required to purchase the PMI insurance. PMI is a Federal deduction. Check with a tax specialist for income guidelines on this deduction.

Home Office: You need to weigh the options on whether or not to take this deduction. It often doesn't add up to much; if your house is sold at a profit, the deductions may have to be brought back. The "home office" may raise a red flag for the IRS.

First-time Buyer: In 2010, there was an $8,000 credit for first-time home buyers, plus a $6,500 one for repeat buyers. Such a large credit should not be overlooked, but you must follow the correct procedure to claim it. Check IRS for information.

Home Expenses: Save documents showing what you claim on Federal taxes is accurate. For example, the PMI insurance, major home repairs, energy credits are all deductible - you want to be sure to have these records just in case the IRS should request them.

Capital Gains: Did you sell your house in 2010? Check the IRS Publication 523 to understand the different methods for defining any "gains or profits" from the sale of your house.

Mortgage Interest: Know what amount can be taken. The current ruling is deductible interest only for the first $1 million debt. Remember, also deductible is the interest paid on a home equity line of credit.

According to tax experts these are common mistakes people make on home related tax issues. You can use these to finish up your 2010 taxes or as guidelines to prepare when filing the 2011 returns.

If I can help you with a tax specialist referral, or with finding your perfect home in Deer Creek, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111, or check out my website.

Goodbye, Freddie and Fannie - What's Next?

Jason Nedrow (Re/Max Elite) — Mon, 21 Mar 2011 21:01:51 -0700

If you are considering house hunting, is now the time to get a good mortgage deal?

With recent news headlines on the government proposal for a breakup of Fannie Mae and Freddie Mac, it may indeed be the best time to get in on the good rates.

Fannie Mae was established in 1938 to raise the number of homeowners. In 1970, Freddie Mac was started, essentially to divide the pie by removing the monopoly.

Fannie and Freddie are the two largest government-sponsored enterprises (GSEs) for residential mortgages. According to a National Public Radio report, about 90 percent of all new mortgages in this country are funded by the Federal Housing Administration (FHA) or by the GSEs.

The proposal suggests a five to seven year time frame for the entire plan, if it passes Congress, to be put in place gradually. It has defined three options: a) private lenders and banking are responsible for mortgage business; b) limited help and government security if another financial crisis occurs; and c) more government oversight of the mortgage industry.

So how might a breakup of these organizations affect you? Here are a few key pieces consumers should pay attention to and consider when buying a house now:

First: Potential higher borrowing costs with limited financing choices.

Second: 30-year fixed-rate mortgage may ultimately disappear, or at a minimum become hard to find. Traditional banks typically don't want this type of long-term, low interest loan on the balance sheet. Without Freddie and Fannie around to buy them, banks will not want to extend the credit.

Third: Limited role for FHA which requires low down payments. FHA will loan to first-time buyers, those with weak credit, or those in a low income bracket.

Fourth: Lowering loan size that can be insured by Freddie or Fannie.

Fifth: For loans from FHA, Fannie or Freddie, raising the minimum down payment from 3.5 percent to 10% and increasing the percentage on the mortgage insurance premiums can be done without Congressional approval. Thus consumers can expect to see this happen soon.

The Fannie and Freddie proposal carries a great deal more than just these points. The Consumer Federation of America director Barry Zigas says the breakup process is uncertain, but consumers will likely find better deals on the fixed-rate loans if they look sooner rather than later.

Yes, now is a great time to house shop and find a good mortgage rate.

If I can help you with finding your perfect home in Blanchard, Norman, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.

Find Your Perfect Norman Home in the Current Market

Jason Nedrow (Re/Max Elite) — Fri, 18 Mar 2011 17:41:43 -0700

Is this the right time to buy real estate? Absolutely! Several years ago when the financial crisis hit, the real estate market took a nose dive. Many agree real estate in some areas was overpriced and those areas got hit a little harder.

According to a report from Realty Times, the market is better and it's a great time to start that Norman house hunting. Studies indicate housing to be more reasonably priced now than in a long time. Prices have dropped dramatically, about 31% from a 2006 high, giving homeownership top billing over renting. You can find your perfect Norman home in the current market.

There are numerous selections around Norman. What's important to you in a house? Location! Location! Location! It's important for the immediate purchase and for resale. There are, of course, additional things that are equally important. It can help you address your needs, wants, hopes, dreams by making a list:

a) What You Need - How many bedrooms/bathrooms, school district, one or two stories, garage - anything that you can think of that is absolutely necessary for your family.

b) What You Want - Need and want are different. You need 3 bedrooms; you want 5. Define the want as opposed to the need.

c) What You Can't Live Without - Are you sold on living in a suburban neighborhood, urban setting, or particular school district?

d) What You Would Add Under Dream Bonuses - Have you imagined a large game room with all these great toys for the big and little people?

In addition, an article from Money.Cnn.com outlines the "four C's" that everyone should read as they approach house buying. The four Cs home buyers must think about are: cost, condition, capacity, and convenience. These factors can be evaluated with the needs/wants/essential/dream list above.

Next, how much house can you afford? (Check out my last blog, "Finding a Mortgage for Your Moore Home", for affordability tips.) Review that monthly spending-savings plan. Stick to what you can comfortably afford. Plan to add some of the wants, hopes, and dreams at a later time. Keep in mind that buying a house is one of the largest purchases you will make.

Meet with your real estate agent and share your list. This list helps the agent generate an inventory of potential homes closer to fulfilling what the buyer wants.

To review - housing prices are down; housing supply is good. This results in a great time to buy your first home or upgrade to a larger place. It is up to you to figure out what you want, need, and can afford. Then - go for it!

I can help you find your perfect home in Norman, Edmond, Shawnee, or Oklahoma City. Please contact me online, give me a call at 405-366-1111 or check out my website.

Finding a Mortgage for Your Moore Home

Jason Nedrow (Re/Max Elite) — Mon, 14 Mar 2011 08:53:43 -0700

Are you looking for a mortgage on your Moore, OK home? Are you befuddled figuring out the mortgage maze? Are you daunted by the rates? Before you do much house hunting, it's important to know what you should do before application and what you need to get that mortgage loan.

You may be working with a Realtor® who can offer information on mortgage guidelines and who may have suggestions for lenders to try. As you approach shopping for a mortgage, you need to get a lot of documents together. In Oklahoma City, realize your house will be an investment which makes your preparation worth it. Following are first steps before going to a lender.

KNOW YOUR AFFORDABILITY: You first need to recognize what you can afford. Know what your monthly spending is currently on your rent or mortgage, taxes, insurance, and utilities. Take into account your plan for emergencies and any additional regular monthly money that is spent for redit cards, other obligations, food, and extras. If you don't have a monthly spending-saving plan, create it. Go back up to six months, listing what you've spent. Lenders will need and ask for this information to determine how much they will lend you. Stick to what you can comfortably afford when you are looking at homes.

NECESSARY DOCUMENTS: Every lender needs to see income statements, assets, financial obligations, - essentially what you make, how you spend, what you save. Then a lender can figure out the reasonable loan amount to keep you in your comfort zone. And remember that Monthly Spending-Saving Plan, take it.

EMPLOYMENT: Do you have a steady income? Can you make those monthly house payments? Take the last 3 months of pay stubs to the lender.

CREDIT: Have you paid bills faithfully? If not, you have to repair your credit long before loan application. Check your credit through AnnualCreditReport.com, before applying for a loan. It has always been important to be responsible and pay your bills on time. It's even more important now because of the tight credit loan markets. Good credit may get better loan terms.

ASK FOR RECOMMENDATIONS: You know family or friends that have a mortgage. Check for their advice about lenders. Shop around. Be sure to have a professional review any legal documents prior to signing.

CLOSING COSTS, DOWN PAYMENT, AND FEES: Understand that down payment requirements may be upwards of 25% of the purchase price. Lenders charge closing costs that may include taxes, lender fees, title insurance, tax escrow, and inspections. There may be additional costs for any upfront charges that might be incurred before the loan is closed.

NEGOTITATE: Should you accept the listing price of a home as the final number? Not anymore than you should take the first mortgage loan offer. Negotiate! Do your research! Go to your Realtor® or other professional in the industry for additional expert help.

These are just a few pointers on steps you need to get a mortgage. You can also download the Mortgage Shopping Worksheet from the Federal Reserve website or find more mortgage tips and mortgage calculators on the website.

If I can help you with Mortgage Loan information or show you a great home in Oklahoma City, Edmond, Norman or Shawnee, please contact me online, give me a call at 405-366-1111, or check out my website.

What Do All Those Figures Mean on the Closing Cost Statement for your Edmond Home?

Jason Nedrow (Re/Max Elite) — Fri, 11 Mar 2011 07:49:16 -0800

You have applied for your loan and been approved for an amount that fits your budget. Now you are just waiting to sign on the dotted line and move into your new home in beautiful Edmond.

When you get to the closing, keep in mind there are going to be other figures jumping off the page that are closing costs. It can be pretty overwhelming, so you should know what all these amounts mean.

One of the first things you may see is the down payment. That of course is the money you put toward the purchase of the home. It is recommended that at least twenty percent is put down.

If you remember, after you filled out your loan application, they did a credit check on you. This paperwork always comes with a small fee so the credit agencies can be contacted.

You also want to be sure your house does not have anything that needs to be fixed, and it is worth the price you are paying. To ensure all is ok with your home you need an inspection and an appraisal done by a professional.

Other fees you may see on the closing statement include a fee for points (if you locked into a loan with points), and Private Mortgage Insurance (PMI). PMI is added in if you have a loan that is more than 80% of the new home's value.

Finally, to make the paperwork official it has to be notarized, and the notary will also tack on a small fee.

The good news is these fees should not come as a shock to you on the day of the closing. Your loan officer should give you an estimate prior to the closing on what you should expect the bottom line to be.

If I can help you decipher what else may be on your closing paper work, or show you a great home in Oklahoma City, Edmond, Norman or Shawnee please contact me online, give me a call at 405-366-1111 or check out my website.

Is the Oklahoma City Home You're Looking at Worth The Investment?

Jason Nedrow (Re/Max Elite) — Mon, 07 Mar 2011 19:05:50 -0800

When you start looking at investment homes in Oklahoma City, you have to keep a few things in mind. Is it going to make you money down the road? Is it worth the price?

Many brokers will try to tell you to figure out the CAP rate (capitalization rate) by taking the Net Operating Income (NOI), dividing it by the sales price, and you will have your final figure. But this figure is very misleading - it is merely based on someone that is paying in cash. It does not take into consideration someone who is financing.

The only way to ensure you can figure out the correct CAP rate is to find out the exact income and expenses that go along with the property. This information would have to be obtained from the principal which is almost never done because this information is confidential.

In order to decide if a property is going to be worth the investment, you should figure out how much expense you will be putting into it, and how much the property is really worth to you. Only you know your financial situation and what your future investment goals are.

Once you decide on a property, it is time to figure out how much the financing will cost you overall. You are not looking at just the interest rate here, but the overall loan payment and yearly payment.

Next, figure out how much return you would like to receive on the property. Are you hoping for 10% or maybe 30%.

Finally, the income property value is going to fluctuate yearly depending on what area values are, and if maintenance is kept up. You need to compare to other homes in the area and see how their values fluctuated.

Before you jump in head first thinking you are going to make a killing on a piece of property, do your home work and figure out the values and expenses to be sure your rate of return will be worth it.

If I can help you with CAP rate information or finding a home, please contact me online, call me at 405-366-1111 or check out my website.