Benefits of a Short Sale 

If you own a home and are falling behind in your payments, you may want to consider a short sale.  A short sale is when a property is sold for less than what is owed on the mortgage and the lender accepts the lower amount as satisfaction of the mortgage.

Benefits to the seller include:

•1.        A short sale may not impact their credit score as much as a foreclosure.

•2.       Seller can continue to live in the home during the process

•3.       Morally, sellers are not walking away from a debt but attempting to pay off as much as possible

•4.       Realtor fees and closing fees are deducted from the payoff to the bank, seller does not incur these costs.

Benefits to the Lender include:

•1.        Lender may not have to go through a costly foreclosure process.

•2.       Lender does not have to incur the cost for listing and marketing the property.

•3.       Lender is able to remove a loan that is behind from their portfolio.

For more information, visit my website at www.tulsasrealestate.com.

Tax Credit Ended but the Good Deals Didn't! 

         If you missed out on the Homebuyers Tax Credit... all is not lost!  The lower interest rates that are available now may make up for it!  Information released from Freddie Mac for the week ending May 20, shows the 30 year fixed-rate mortgage averaged 4.84 % with a .7 discount point.  This is down from the previous week's average of 4.93%.  This is the lowest that the interest rate has been in 2010.  Fifteen year mortgages are at 4.24 with .7 points.

         If you are looking to buy or sell home in the Tulsa area, this is a great time to do it!  Visit my website at www.tulsasrealestate.com.

Tulsa Real Estate: OK Highest in Home Equity 

Oklahoma homeowners have the lowest percentage of negative equity in their homes than any other state.  Survey results from CoreLogic recently released in the Tulsa World show that only  5.9% of homeowners in OK have negative equity compared to a national average of 23.7%.  New York, with 7%, is number two and Nevada at 69.9% is the state with the highest negative equity.  In Tulsa, like most of Oklahoma, credit is given to the steadiness of the real estate market over the past decades with no big highs or lows.

Tulsa Real Estate: Home Sales Rise in March!

The Tulsa real estate market improved for March 2010 with 4% more sales than in March 2009.  The Greater Tulsa Association of Realtors, as reported in the Tulsa World, released information that shows 934 homes were sold in March, which was an increase of 58% from February.  Improved weather, the home-buyer tax credits and low interest rates may have helped boost sales.  The median sales price of $126,000 is down slightly from March of 2009 when the median price was $127,500.

Tulsa Real Estate: Housing Starts on the Rise!

As reported in the Tulsa World Thursday, April 22, housing starts were up 40% from February 2010 and are up 70% from March of 2009!  The increase in housing starts may be due to the tax credit being offered.  The current tax credit is for buyers who are under contract before the end of April and it allows $8000 for first time home buyers and $6500 for homeowners who have been in their homes at least 5 years.  For more information on Tulsa homes visit www.tulsasrealestate.com.

TULSA REAL ESTATE: SPRING CLEANING YOUR HOUSE TO SELL!

 Here are a five simple tips to ready your house for a spring sale! 

•1.      Declutter:  You do not live in your house the way you sell your house.  Your beloved personal items may need to be packed away for the move in order to keep your home as clutter free as possible.  Less is better.

 •2.     Clean & Stretch carpets:  A major turnoff for buyers is lumpy, unstretched or stained carpets.  They will see it as money they will have to spend immediately.

•3.     Wash walls and touch up paint:  The cleaner the better! A fresh clean house is a plus!

•4.     Keep  windows and mirrors clean and be sure to open up curtains and blinds before showings

•5.     Clean up flower beds and plant some spring flowers! 

A clean fresh uncluttered house is what todays buyers are looking for! 

Buying or Selling a Home in the Tulsa area?  Join the Crowd!

October home sales in Tulsa have again proven the strength of the Tulsa real estate market. Numbers released today by the Tulsa World showed homes sales in October were 4% higher than September  2009 and 14% higher than October of 2008.  Although total sales for the year are still 6.6% behind numbers for last year, strong sales in October and September have helped to narrow the gap.  The extension of the tax credit for first time home buyers and the addition of a tax credit for existing home buyers may should help keep sales strong.

Tulsa, OK Continues to Impress!

Tulsa's economy has again received recognition.  Forbes recently released their list of "America's Fastest Recovering Cities" and Tulsa was ranked # 12.  Rankings were based on information compiled from five areas, unemployment, GMP (gross metropolitan product), foreclosures, home prices, and sales rates.   Tulsa was ranked high for its low unemployment and reasonable home prices.  Tulsa has been recognized this year for its job growth and livability.

Tulsa Rises in Best Performing Cities Index

Tulsa's economic strength continues to be recognized in the rankings.  The Miliken Institute released its Best Performing Cities 2009 index and Tulsa rose from #72 in 2008 to #19 for 2009.  As reported in the Tulsa World, Tulsa's rise is due to lower foreclosure rates, lower unemployment rates, the strength of the energy sector and the steadiness of the housing market.

Homes Sales In Tulsa Improve in September

Home sales for Tulsa improved in September 2009 almost matching sales for September of last year.  As reported in the Tulsa World, 1057 properties were sold in September this year as compared to 1059 last year.  This was an increase of 9% from August.  Year to date sales continue to lag behind 2008 and are currently running over 8% lower.