Jessie's Blog

This week in Real Estate

Jessie Teehee (Keller Williams Realty) — Sat, 28 Nov 2009 09:29:07 -0600

I've said it before and I'll say it again, I'm not a Journalist, I'm a Professional Realtor, so my skill in writing my BLOG may not be as appealing as some posts you may read, but its real and its me. I preface this writing this way because most of the posts I read appear to be distinct, topic driven and well written. As I gave this some thought, I wondered how real these posts are. After all, its a BLOG (Business Log) not a Real Estate syndication. Thats the reason I dont post so much - I'm a Professional Realtor NOT a Journalist. I spend my time in my profession, not doing something else.

With that said, I decided I would attempt to write my BLOG based on my weeks activities in Real Estate. Its appropriate and industry related. So here goes.....

I Felt I had a really productive week eventhough it was short. I finished with 3 Sales ranging from 42K - 290K, 2 new listings - one short sale and one new home, readied my showing appts for showing a new referred Buyer this Saturday, followed up with 3 new Buyer prospects for next week and finalized everything for my closing on Monday. Not bad for a 3 day week, however, most importantly, I was able to complete these tasks so that my clients could enjoy the Thanksgiving holiday and not spend it worrying about the status. And for that, I was truly Thankful on Thanksgiving day.

I hope you all had a prosperous week and will be able to finish the year strong. In the words of Andy Andrews from his book The Travelers Gift, "First we make choices, then choices make us". Have a great week all.

SHORT SALE in NW OKC.....

Jessie Teehee (Keller Williams Realty) — Fri, 16 Oct 2009 18:04:59 -0500

SHORT SALE in Summit Place addition to NW OKC. Great neighborhood; home is in good condition with over 2300 sf, 3 bed, 2.5 bath, 2 living and 2 dining. Nice sized yard. Take the 24 HR Audio Tour at 1-800-7541 #2120 and visit at www.JessieTeehee.com

New Listing in Edmond....

Jessie Teehee (Keller Williams Realty) — Tue, 13 Oct 2009 21:46:53 -0500

Oklahoma in the Timber Ridge Additon. Over 2200 sf with 4 beds, 2.5 baths; open and flowing floorplan. Neighborhood assoication offers parks, playground and neighborhood pool with a modest Association fee. Home has some updates. Sellers are very real and willing to negotiate.

New Listing in Edmond, Oklahoma

Jessie Teehee (Keller Williams Realty) — Wed, 30 Sep 2009 15:21:50 -0500

1313 S Gemini Rd is located in the Kelly Park Additon to Edmond, Oklahoma in close proximity to shopping, dining and major roadways. See more of this at www.JessieTeehee.com or call 1-800-784-7541 ext 0 to learn more about this home.

OKC Defies Recession

Jessie Teehee (Keller Williams Realty) — Fri, 28 Aug 2009 09:37:30 -0500

Here is a repost of a great artilce from USA Today about the economy in OKC http://tinyurl.com/mubv5q that certainly defies most of the attitudes I sense when talking to folks about buying and selling real estate.

And as a matter of fact, if you are a First Time Homebuyer and looking to take advantage of the $8,000 tax credit, proactively you have 50 days and counting to find and negotiate that home. I have clients that have already submitted and received their money, so its not a hoax, its there!!

When home shopping, know what your willing to compromise on and what you are not and when making an offer, forget the "great deal" mentality and make a fair deal that you can live with. If your requirements are specific, like a home with a pool and a big backyard under a specific price range, you may only have one chance to snag that home. Be wise and listen to your Agent; both should do all your homework.

Dont miss out on this opportunity; it may not come around again.....

OKC and First Time Buyers

Jessie Teehee (Keller Williams Realty) — Sat, 30 May 2009 21:35:55 -0500

I dont get to keep up a good blog as often as I would like, but today, I find a little bit of free time and a couple artilces I came across that I thought would be of use.

Unlike other parts of the Nation, the Oklahoma City Real Estate Market is going strong as related in this article http://tinyurl.com/npe6jt, especially homes between 100 and 150K. A really great range in our market especially for first time homebuyers who now can take advantage of the $8,000 tax credit for closing costs as outlined in this article by HUD http://tinyurl.com/m9zyzg. I'm under the impression that by monetizing the credit, if not fully used, it can still be redeemed on next years taxes. So, if you only use 5K for closing costs, you could redeem a 3K tax credit on next years tax filing. If that works, and its yet to be seen, why wouldn't anyone get off the fence and stand next to their own?

How do these two artilces fit? NOW IS THE TIME TO GET THAT FIRST HOME and by the market indicators for Oklahoma City area, you are sure to be making a wise investment.

Until next time, happy house hunting.

Buyer Tax Credit

Jessie Teehee (Keller Williams Realty) — Sun, 15 Mar 2009 17:18:03 -0500

Hey, first-time homebuyer: How does $8,000 from your Uncle Sam sound?

Want an extra $8,000? If you're a first-time homebuyer then we have a nice surprise for you.

Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers - an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions. This tax credit was actually an interest free loan paid back in $500 increments annually and if you sold your home before it was paid back, the remaining amount would be collected at tax time.

NOW....

The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It's not a deduction, it's an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.

First timers who qualify can make no more than $75,000 in adjusted gross income if they're single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes. This credit may be claimed on this years taxes; again, check with your accountant.

When you're in the market to Buy a home, call on an Agent that will be your Advocate with Exclusive Representation. Call Jessie Teehee, "YOUR Real Estate Advocate" with Keller Williams Realty in OKC - (405) 463-6709 or visit my site at www.JessieTeehee.com to learn more about my service to you.

The Big Event - Keller Williams Family Reunion

Jessie Teehee (Keller Williams Realty) — Tue, 24 Feb 2009 22:35:08 -0600

Its over, except for the Inspirational Breakfast, its over. This was my first and most certainly wont be my last. There was so much to learn, so many vendors to see and so much networking to do. The days were full, long and very impressionable. There's no way to explain what you miss if you didnt go; you literally have to be there to "get it". Its amazing that no matter your production level, how well you think your skillsets are in particular areas, there is still plenty to learn.

My focus was on Technology and Scripts. I ride myself on being technologically sound and in need of scripts. Scripts seem to be something I have fought for years and now I realize without them, there is no thriving or surving a shifting market. I was fortunate enough to come away with plenty of nuggets and plenty "jazzed up" to use them.

I noticed a common theme throughout the breakout sessions and summize that 1) Technology is as necessary as breathing; 2) Lead generation is as necessary as Technology and 3) Effective lead generation can only be effective with great scripts. This was a common factor among all panel members and individual speakers. Another tidbit that I'm still considering is Coaching. Coaching was stressed throughout. I'm still not convinced that its not a means to generate business or if these presenters really get coaching. I'm a bit cautious when it comes to spending money, so I'll sit on that one for a while. Something else I noticed - never was commissions or money ever mentioned as a motivating factor. It was purely client focused and I have a great appreciation for that. I would submit that if your "Why" is the money, to re-consider your focus. Sure we do this for our livlihood, but it should not be the primary reason.

Anyway, I made a lot of great contacts and met some extraordinary folks; I hope to see down the road. Good selling and God Bless you all this year.

Keller Williams Convention

Jessie Teehee (Keller Williams Realty) — Sat, 21 Feb 2009 22:36:00 -0600

I have been with Keller Williams for about 6 years now and this is my first trip to "The Big Event", Family Reunion. I've heard so many great things that come from Convention, now I am able to experience it firsthand. Today was day one and what a great day.

I had the foresight to sign up for and was privelaged to attend the Marketing and Technology Survival Guide, by Realtor.com with Max Pigman (www.maxpigman.com) and what a time. It was filled with a wealth of information and I was quite impressed with the use of the REMOTE (Real Estate Marketing Optimization & Technology Education) feedback system. We were able to conduct surveys and get immediate feedback.

Lot of emphasis on social networking; some easy to use free mediums to market roerties for sale. Good luck to you all; I hope you are having a prosperous year and to all my fellow KW colleagues, look me up at "The Big Event".

What is your Giant?

Jessie Teehee (Keller Williams Realty) — Fri, 02 Jan 2009 23:48:14 -0600

I just finished watching Facing the Giants for the third time and I never tire of watching it and learning from it. Its an excellent spiritual motivator and the more I watch it, the more I really watch it.

As the movie went on, I began to trade places with the Coach, as we have some likeness, and contrasted his position with my own. Given the general consensus of our economy and the attitudes associated with, I determined my Giant are the economic attitueds with those I come into contact with. Trying to help others overcome their own fear of buying or selling in a volatile economy without misleading, misinforming and misguiding my clients. That is my Giant for the coming year.

After deliberation, I was reminded of 4 things: 1) Nothing is impossible for God; 2)We are a people called to serve Him; 3) He wants us to succeed and 4) with God, fear has no place in our life.

I'm taking a vacation over the next 10 days to a place where I'm sure to get perspective. I pledge upon my return to write down and remind myself daily the 4 reminders about my Giant with the faith that God is my rock, provider and source of life.

What is your Giant? How will you face it? I wish a blessed year for all in 2009.

The Bell Curve Agent

Jessie Teehee (Keller Williams Realty) — Wed, 10 Dec 2008 21:54:46 -0600

I'm not much for writing because I'm not too articulatet so I'll try not to ramble too much. This blog stems from a recent encounter that may or may not develop into a transaction, so, I'm gonna get on my stump.

Maybe some of you are familiar with the term "Bell Curve" and some may not. For those that are not, here is the best way to explain it. Picture if you wil, or draw on a piece of paper, starting from the left moving right then a large upward curve, back down again and end to the right creating a bell shape. Now, draw two perpendicular lines along either side of the "bell". Now, remember back when you were in school, or perhaps even now, the groups of people around you. To the far left, the underacheivers - dopeheads, losers, etc. To the far right were the overacheivers - geeks, jocks, math club members, etc. Then you had the average run-of-the-mill folk - average - and we'll put them at the top of the bell.

NAR statistics tell us that the average Real Estate Agent completes 2-3 transactions annually - yes, annually. Thats really sad that these agents are able to exist given the complexity and diversity of each and every transaction. Of the 35-45 transactins I complete annually, I can say that none, yes none, have been exactly the same or even had the same variables. This brings me to my current situation.

It appears that I could be in the early stages of working with a Bell Curve Agent. Now I dont want to pass judgement too soon, however, if it walks like a duck and quacks like a duck, should'nt I presume its a duck? Lets look at the facts: Based on my fact finding, questioning, research, etc, this listing was overpriced by $50K for over 4 months; no cma was done, it was just a whim on the listing price. In this market, any market weather on the rise, stable or on the decline, a thorough CMA should be completed to enable a positive outcome. This agent is seldom available, unprofessional in demeanor and does'nt even use the proper Real Estate Commisson forms!! I can't help but presume her clients, the Sellers, have been misled, misrepresented and have had false hope instilled in them for months; too bad for them. Now, mabe I'm putting the cart before the horse because we are just in the negotiating stages, but, if getting the right price is this difficult, what happens when real problems arise? What kind of reaction should I expect? This remains to be seen.

So what should I expect? Twice the work for half the pay? A turbulant experience for my Buyers? Or do I just smile, make the best of it for the duration and try not to degrade my counterpart, or all of the above. It amazes me that after 10 yrs experience that this agent cant perform any better for the greater good of all. Instead, this agent exemplifies the "Bell Curve" agents that we have all had to endure and will endure all long as this profession exists. Why do these part-timers enter into a profession without professional intentions? Real Estate Transactions dont have to be difficult, but it does take a professional attitude from start to finish. Why cant part-timers just remain clerks or wal-mart greeters; it doesnt take any more effort than they put into real estate?

To Gift, or Not To Gift??

Jessie Teehee (Keller Williams Realty) — Tue, 19 Aug 2008 21:05:30 -0500

Recently, during our weekly Team Meeting, our office entertained a reputable Vendor of closing gifts. During the presentation, I struck up a sidebar with one of my colleagues and through discussion and thought, was provoked to write this BLOG about giving closing gifts at or after closing for clients.

Now, I have been a giver of gifts in the past; gift cards to home improvement stores, books or an occaisional bottle of wine, depending on the personality of the client. However, my MO no longer includes gifts to Buyer or Seller clients. My job - my gift - is top notch service.

So, during conversation, my colleague told me that she always gives a gift at closing. I responded that I do not because I feel that I have given of myself - completely - for a minimum the last 30 days to 6 months, depending on the situation. She snidely commented " the gift of yourself, huh". I thought for a moment and positively responded with absoulte confidence. Later, I qualified my response with a newly received survey (all my surveys can be found on my website under "Testimonials" in PDF format and in my clients handwriting). Now excellent service should be the standard and nothing short of perfection should be our goal as Customer Service Providers. By the way, I have yet to receive a negative critique for not giving a gift at closing.

To qualify my reason for not giving gifts, I liken it to a visit to, say, my mechanic, doctor or even a trip to the electronics store to purchase a new television. After being served and leaving completely satisfied, I dont recall the doctor, mechanic or electronics specialist running after me with a gift for being their customer, for which I paid for. So, why is it that Realtors feel compelled to give a gift? Is it tradition? Is it guilt because they didn't think they provided a high performance of service? If you just earned a commission of say, $5,000 and gave a gift valued at less than $100.00, wouldn't that kind of be insulting?

I'm interested in what other Realtors disposition on this topic is and of course our consumers feedback is always welcome. To gift, or not to gift?

Investment Property Financing Changes

Jessie Teehee (Keller Williams Realty) — Mon, 04 Aug 2008 15:47:23 -0500

Here is some interesting mortgage information provided by one of my favorite Lenders recently, Dean Riddell of New South Federal Savings Bank. I thought it would be relevent given the mortgage crisis mixed with the foreclosure / REO boom and the amount of investors we have been shopping lately. Any additiional information or information contradicting, would be appreciated. Hope you enjoy....

FNMA has recently announced some changes related to non-owner occupied/investment purchases. Fannie Mae per Announcement 08-16 dated 6.25.08 changes to reserves and rental income calculation when converting previous residence to investment (includes the update on bankrutpcy and foreclosure seasoning as well):

https://www.efanniemae.com/sf/guides/ssg/2008annlenltr.jsp?from=hp

"Fannie Mae will continue to permit up to 75 percent of the rental income to be used to offset the mortgage payment in qualifying if there is documented equity of at least 30 percent in the existing property (derived from an appraisal, AVM, or BPO, minus outstanding liens).
The rental income must be documented with:

· a copy of the fully executed lease agreement; and

· the receipt of a security deposit from the tenant and deposit into the borrower's account.

If the 30 percent equity in the property cannot be documented, rental income may not be used to offset the mortgage payment.
􀂃 Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and
􀂃 6 months of PITI for both properties is required to be in reserves.... Effective Date Loan applications [emphasis added]dated on or after August 1, 2008" Fannie Mae still allows up to 10 financed properties and has not announced a change on that guideline. We don't have a program for more than 10 properties because the only one we have with Countrywide Expanded Criteria is for reduced doc/stated only.

Oklahoma City Chamber Announces....

Jessie Teehee (Keller Williams Realty) — Tue, 22 Jul 2008 14:33:45 -0500

Oklahoma City, Oklahoma continues to see a high number of expansions and new-to-market announcements in the first half of 2008. In total, 30 companies have either expanded, are new-to-market or were retained from January to June of this year.

Over 5,967 new jobs have been brought into Oklahoma City so far. The biggest new-to-market announcements to date came in May when AAA announced they would bring 1,000 jobs to Oklahoma City. They plan to build a 150,000 sf facility in the Quail Springs Corporate Park to house their new employees. DeAngelo Brothers, Inc. and OtrhoCare Innovations have also announced plans to bring new-to-market jobs this calendar year. Cliametrics announced in January they would be adding 1,000 new jobs to their Oklahoma City operations and Paycom announced a 720 job expansion. And best news of all, we are getting an NBA Team - WELCOME THE OKLAHOMA CITY THUNDER !!!

In addition to all this, our Unemployment rate is at 2.7% as compared to a national average of 5+%. Its Great to be in Oklahoma!!

Foreclosures are NOT bargains

Jessie Teehee (Keller Williams Realty) — Thu, 05 Jun 2008 21:45:10 -0500

Radio ads, printed ads, Web sites, news broadcasts and television shows give consumers the message that they can find bargains or even achieve wealth by purchasing bank-owned homes. Media hype is all around and in my market we even have bus tours of foreclosed homes.

Real estate agents are bombarded with information on how to get rich selling foreclosures. Opportunities exist for investors and agents who want to run a high-volume, low-commission business. The homes and the opportunities are not as wonderful as the marketing leads us to believe.

For most Realtors, foreclosures are a growing part of the inventory and we work with them because we have buyers who want to purchase them. The process of buying a home from a bank is different than buying it from a private party -- it is slower, and there is more paperwork and it always seems like the bank doesn't really care if the home gets sold.

Getting these homes inspected is a challenge because often the water has been turned off by the city. The bank has a process and policies, which means it takes longer to get the simple things done that most of us handle on the spot with a phone call.

Large asset management departments handle foreclosures. Employees are in charge of "files," and they have hundreds of them. They get sick, take vacations and don't answer the phone. These employees play the role of the seller. They don't get to make decisions; they follow rules and they get paid vacations, and do not receive commissions or bonuses when their "file" closes.

Buyers' agents make less money on lower-priced foreclosures and end up doing about four times as much work as they would with any other type of sale, mainly because of the extra paperwork and because our buyers will have to make a few offers. About one in every two or three offers a buyer's agent writes will result in a sale that closes.

Often no effort is made to clean bank-owned homes or remove refuse. I have toured unheated bank-owned homes in sub-zero weather. I once had a client slip and fall on the ice on the kitchen floor. There are holes in the ceilings, missing windows, missing water heaters and no appliances. Snow accumulates on the sidewalks and stairs making it challenging to get to the front door. Sometimes a screwdriver is needed to remove the screws from the porch door to get to the door with the lockbox. Yet members of the media call me and ask if bank-owned homes are "staged" to sell faster. No, they are not staged, and they stay on the market longer than other homes do.

The houses tell me stories. A child's toy on the kitchen counter, phone numbers for the pediatrician and family dentist on the refrigerator. It hurts to go inside some of them. Clients ask why the homes are in such disrepair and wonder where the children are now. I don't know where the children are, but I do know that people who are losing their homes don't make repairs and that some of the homes were owned by investors who never made a repair and tenants were left homeless with little warning. In some cases, the tenants take their frustration out on the walls and the windows as they leave.

Buyers contact me and say they are interested in buying a foreclosure property. No matter what I say to them they don't get it until they see the home. Some foreclosures are in better shape than others. My clients make offers on them and we wait for weeks to find out if the offer was accepted. After going through that a couple of times, some buyers say no to foreclosures.

It is a myth that bank-owned properties are a bargain -- some are, but many are not. The bank-owned homes that are priced very low often need so much work that the cost of the repairs is more than the value of the home after the repairs are done.

It will be interesting to see what my town will look like in a few years. About 25-30 percent of the inventory of available homes is foreclosures and that number is growing. The number of foreclosures locally and nationwide will have a measurable impact on the social fabric of our neighborhoods and on our economy. Some will make money from it, but right now it is not obvious to me who the winners will be. I don't want to sell these homes, but they make up too much of the market to be ignored.