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Tulsa Real Estate For Sale and Information Updates

Tulsa Real Estate For Sale and Information Updates

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Don't Get Distracted in The Excitement or Fog of Home Buying

Don't Get Distracted in The Excitement or Fog of Home Buying

By John Voket


Once a prospective purchaser has found a house that seems to be “just perfect,” the tendency is to want to close the transaction right away and move in. But before you are lost in the fog of buying a new home, heed this valuable advice from the Piedmont Regional Association of REALTORS® (prar.com).

Before buying - STOP! Don't get swept away with the excitement of the moment before asking your REALTOR® about:

Condition of the house – A Seller’s Property Condition Disclosure form is required on most residential real property. This form must be furnished to the buyer before making a written offer, and can be utilized during the inspection of the property as a “checklist” of items to review. The money spent for an inspection may be a wise investment. If obtaining a loan, most lenders will require a survey.

Zoning Restrictions – Zoning is established by local government and designates the type of buildings and how they may be used, such as: residential, commercial, and industrial.

Restrictive Covenants – These are private agreements that restrict the use and occupancy of real property. Such things as the purpose of the structure to be built, architectural requirements, setbacks, size of structure and aesthetics are only some examples. Contact the Register of Deeds or Town Clerk to obtain information.

Taxes – Determine estimated property tax and any special assessments regarding roads, streets, sewers, electrical, etc.

Easements – An easement is a right or privilege one party has to the use of another’s land for a special purpose consistent with the general use of the land. Easements are commonly given to telephone and electric companies to erect poles and run lines, as well as gas and water companies. Other easements can be given to people to drive or walk across someone else’s land.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

Staging Mistakes that Will Sabotage Your Home Sale

Staging Mistakes that Will Sabotage Your Home Sale

By Deanna Lawley


According to the Real Estate Staging Institute, a staged home sells 70 percent faster than a non-staged home. Are your listings staged to sell? Or are you sabotaging the sale? Expert stagers share the most common staging mistakes below. Help your sellers avoid these mistakes so you can sell their home faster.

1. Mistake: Not creating space. “People often move because they want more room, so make sure the house feel as spacious as possible,” says Egypt Sherrod, host of HGTV’s “Property Virgins.” “Clutter robs a home of valuable space. Make sure everything is cleared from the countertops and remove at least two-thirds of books on the shelves.”

“Furniture, art and accessories that are not scaled correctly for a room are a big mistake,” says Dawn Alpern, associate designer at Interior Transformation, Inc. “These items need to fit the room. It doesn’t work if they are too big or too small.”

“Closets should be half full, and buyers should be able to see the bottom of the closet. If they see a jam-packed closet, they will think it’s too small for them. Bedrooms should contain only a bed, nightstand and dresser. In the master bedroom, swap out the king-size bed for a queen-size bed to create more space,” says Sherrod. “Throughout the house, pull furniture two or three inches out from the walls and allow the corners of a room to be visible.”

2. Mistake: Excessive furniture. Too much furniture, or oversized furniture, can ruin a home sale. There needs to be enough room for buyers to walk in and out of all the rooms in your home. If there is any doubt that a piece of furniture may be too big or distracting, take it out, says Cannon Christian, president of Renovation Realty.

“Remove the seller’s giant family-size couches, chairs and tables and replace them with rented mid-size or small furniture to make the room feel more spacious,” says Scott Sorrell, CEO of Sales Adrenaline.

3. Mistake: Household smells. “The only thing as important as decluttering is having an immaculate house. A house that smells odd to a prospective homeowner, whether because of a cat’s litter box, dogs, or exotic food can easily be a deal breaker,” says Sherrod. “Don’t try to mask anything with potpourri, or by baking cookies. Just open windows a few minutes before a showing to let in fresh air.”

“Having a professional cleaning companycome in to scrub walls, floors, carpets and windows can make an amazing difference, both in general appearance as well as removing odors. If the smell persists after the cleaning crew has finished, consider replacing any carpets used by animals,” says Russ Tybus, co-owner of Morris Organizers.

“We were recently in a listing with a newer kitchen, updated utilities and very little clutter. The real estate agent did a nice job staging the house, but what they missed was overwhelming. There was a very distinct smell of animals. Candles were lit, which only drew more attention to the fact that they were trying to cover something up. On top of that, most of the floor moldings were filthy, covered in everything from scuff marks to food splashing and slobber. That home was likely to be known as the dirty animal house, when the home was staged very nicely,” says Tybus.

4. Mistake: Failure to edit. “The failure to edit can include too many personal items, clutter or disastrous decor. If your seller thinks the home is edited as much as it can be, tell them to edit again. The goal should be to remove virtually everything that would allow a buyer to picture the current owners in the home,” says Rhonda Duffy, a real estate professional in Atlanta.

Sherrod encourages using vignettes throughout the home. Vignettes are groupings of accessories, usually in threes. It could be three pieces of art on the wall, candlesticks, something tall, medium and short. The shapes and colors can help draw the visitor through the room and make the room visually interesting.

5. Mistake: Having more than one focal point in a room. “Every room needs a focal point, but most people never figure out what it actually is,” says Alpern.

“As a rule, in the bedroom it is the headboard, in the bathroom it is the vanity area. The living room’s focal point can be the television, the fireplace or the window, says Karl Lohnes, interior designer and co-host of HGTV’s “This Small Space.”

6. Mistake: Color faux pas. Real estate broker Lauren Schreyer cautions sellers not to choose drastic shifts in color from one room to the next. “It’s critical to maintain a continuum of a neutral paint color throughout the main areas of the home to provide a sense of openness and flow. This also helps make a home feel bigger,” says Schreyer.

“Neutral doesn’t have to be bland and boring. Everything doesn’t have to be tan or beige—certain shades of grey, green and even purple can be neutral,” says Alpern.

7. Mistake: Covering up the light. Lighten up! “You want as much light to come in as possible. Remove unneeded blinds. If there’s drapery, pull it to the side. You want people to come in and say, ‘I could live here. It’s nice and bright,’” says Sherrod.

8. Mistake: Skipping the walk-through. “Make a trip through the home with your sellers and test all cupboards, cabinets and drawers for proper opening and closing,” says Christian. “Buyers will hear squeaky cupboards or see jammed drawers as something they will have to fix if deciding to buy the home. Replacing hinges or greasing drawer tracks is inexpensive and quick.”

“If there’s a door that needs fixing, or wall that needs painting, now’s the time to address it,” says Jay Hart of Sold with Style. “When buyers see these repairs, they will speculate about the ones that they don’t see. It sends the message that the home is not well maintained or cared for.”

9. Mistake: Neglecting the exterior. “The front porch is the home’s first impression. Encourage your sellers to paint the front door, place seasonal planters on each side of the door, keep lawns freshly mowed and remove garbage cans immediately on trash day,” says Sherrod. “Pressure-washing outdoor decks and aluminum siding can also do wonders for a home’s first impression and boost a home’s value.”

Looking for more staging tips? Learn the Luxury Home Staging Secrets that Sell.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Open House in Oxford Court on Sunday

October 2014
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Oxford Court, Broken Arrow  -  We invite everyone to visit our open house at 17415 E 43rd Street Tulsa on October 12 from 13:30 to 15:30.

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Sustainability and Functionality Key Décor Trends in 2015

Sustainability and Functionality Key Décor Trends in 2015


Décor trends in 2015 favor functionality, with designers turning to self-renewing materials that are both stylish and environmentally friendly. Looking towards the new year, celebrity designer Vern Yip lists these six trends to watch.

1. View the floor as an extension of the living space. Opt for materials that are both stylish and comfortable, such as cork flooring. Warm, soft on the feet and eco-friendly, cork's natural ability to insulate against heat, cold, noise and vibration make it an ideal choice for "on-the-floor living.”

2. In open concept homes, mix and match old with new, high with low or light with dark. Using timeless and resilient materials, or those that can be used and reused, allows homeowners to be eclectic and bold.

3. Geometrical and angular designs are making a comeback. Think of zigzag, herringbone or chevron patterns to bring mid century flair back into your home.

4. Living outdoors is a great way of maximizing living space. Make it cozy with pillow, tiki lights or a bonfire pit. In cold temperatures, use heat lamps positioned around the border of the patio.

5. Look at the floor, which is a home's largest surface area, as a canvas. It offers ample opportunities to add visual interest and achieve a unique look. Think about combining textures and colors. Create a pattern of alternating colors and grains.

6. Break away from a sea of neutrals. Replace old pillow covers, throws or lampshades to reflect the hues and tones of the season. Or, create an accent wall with a printed wallpaper or painted design. Do keep your larger items white or neutral, so that you can easily mix and match seasonal colors with permanent pieces.

"The variety of stylish product choices available to today's environmentally-conscious consumers is remarkable," says Yip. He points to the many color choices of no-VOC paint, new agave plant and sisal fiber area rugs as great examples of the intersection between style, functionality and environmental responsibility.

Source: APCOR

Reprinted with permission from RISMedia. ©2014. All rights reserved.

1 1/2 Story For Sale in Brandywine Estates

1
Delightful 2.5 Acre Home

• 4,799 sq. ft., 3 bath, 4 bdrm 1 1/2 story - MLS $383,900

 -  Fabulous & Spotless; Large well equipped kitchen with built ins. New updates include; red oak floors; paint interior & exterior; window blinds. Extensive solid wood cabinetry in office, bedroom and craft room. Total refurbishment of endless pool including new pumps and new pool cover - http://www.endlesspools.com
Incredible sunroom with its own dedicated HVAC system. Total of 4 HVAC systems. Fixed natural gas Generac generator. Super location with easy run to Downtown Tulsa. Walk to river over adjoining pasture. Horse riding available at Brandywine Stables.

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Adding Value with Home Repairs

Adding Value with Home Repairs

From the experts at Pillar to Post Home Inspectors


Selling your home? Don’t overlook some easy and relatively inexpensive fixes that can add real value to your home’s selling price. While major remodeling is costly and may not address the needs and tastes of prospective buyers, these repairs and maintenance suggestions have universal appeal and may help you sell more quickly – and for a better price.

INTERIOR
  • Bathrooms and the kitchen should be given a deep cleaning. Consider hiring a cleaning company that offers “move in / move out” cleaning services to do the job.
  • If kitchen cabinet exteriors are in bad shape, refacing may be an option. Far less expensive than new cabinetry, refacing can give old and worn cabinets new life and can visually update a kitchen.
  • Consider replacing kitchen or bathroom counters with a neutral colored laminate surface if the current material is badly worn or stained. This gives everything a fresh look and prevents potential buyers from focusing on an eyesore.
  • Fresh paint on the walls and ceilings will do wonders for all rooms in the home. Stick with neutral colors so that buyers aren’t distracted by colors that make a statement. They’ll be able to imagine themselves and their furniture in the space much more easily.
  • If carpet is covering hardwood floors, consider having it removed to expose the hardwood flooring. Hardwood floors are desirable, so they should be shown off. If carpet is staying, it goes without saying that should be thoroughly cleaned.
EXTERIOR
  • If the entire exterior needs painting, do it. Buyers notice if paint is faded and peeling. If the paint is in good shape overall, renew the doors and trim with a fresh coat.
  • Clean the windows inside and out so they sparkle. It’s amazing what a difference this can make in a home’s appearance. Hiring a professional window cleaning company is the easiest and safest way to get the job done on a multi-story home.
  • Clear clutter from the yard, keep the lawn mowed, and trim any overgrown shrubs that detract from the home’s appearance. Your home should look well maintained even at first glance.
  • Plant some bright, colorful flowers along the entry path and doorway to add a welcoming touch.
Save major remodeling projects—and the budget required—for your new home, not the one you’re about to sell. But implementing some of the steps above can increase the appeal to prospective buyers without a huge investment in time or money, getting you on your way to your new home sooner!

For more information, visit http://www.pillartopost.com/.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Large Lenders Expect Credit Standards to Ease in Next Three Months

Large Lenders Expect Credit Standards to Ease in Next Three Months

By Katie Penote


Large lenders’ expectations that underwriting standards will ease over the next three months coincide with overall lenders’ expected pullback in the demand for single-family purchase mortgages, according to results from Fannie Mae’s third-quarter Mortgage Lender Sentiment Survey. The share of lenders who expect purchase mortgage demand to go up over the next three months decreased significantly – between 26 to 33 percentage points depending on loan type – with the largest decline of 33 percentage points on GSE-eligible loans.

Among those surveyed, larger lenders continue to be more likely than their smaller counterparts to say they expect to ease their credit standards during the next three months, in particular for non-GSE-eligible and government loans, perhaps indicating an effort to boost purchase mortgage activity before the year comes to a close.

"Lenders’ diminished purchase mortgage demand outlook is broadly in line with the softened consumer housing sentiment seen in the August National Housing Survey results released last week," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Historically, as lenders face a more competitive market for loan volume, it’s not uncommon to see some loosening in the lending standards; however, this time, the easing will likely be around the edges."

These latest third quarter results are largely consistent with Fannie Mae’s study released last month, titled "Impact of QM," that shows larger lenders are more likely than smaller lenders to pursue non-QM loans. "Larger lenders are expecting to tap into the non-GSE-eligible and government loan market to maintain or grow their market share and offset their anticipated slowing mortgage demand as the peak spring/summer selling seasons are coming to an end," said Duncan.

Highlights from the survey include:
  • Compared to general consumers, senior mortgage executives continue to be more optimistic about the overall economy.
  • Consumer demand reported for single-family purchase mortgages over the prior three months remain little changed from Q2 to Q3 2014.
  • Larger lenders continue to be more likely than smaller lenders to say their credit standards eased over the prior three months and that they expect standards to ease during the next three months, in particular for non-GSE eligible and government loans.
  • As in Q1 and Q2, most lending institutions surveyed in Q3 2014 reported that they expect to maintain their post mortgage origination execution strategies for the next three months.
  • As in Q1 and Q2, the majority of lenders surveyed in Q3 2014 reported that they expect to maintain their Mortgage Servicing Rights (MSR) strategies for the next three months.
Source: Fannie Mae

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Mortgage Applications Inch Forward

Mortgage Applications Inch Forward


Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 29, 2014.

Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 29, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 12 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 57 percent of total applications, the highest level since March 2014, from 56 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.8 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.25 percent, the lowest level since June 2013, from 4.28 percent, with points decreasing to 0.24 from 0.25 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.22 percent, with points decreasing to 0.19 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.99 percent from 3.98 percent, with points decreasing to 0.03 from 0.13 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.48 percent from 3.47 percent, with points decreasing to 0.30 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs increased to 3.19 percent from 3.10 percent, with points decreasing to 0.45 from 0.52 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

For more information, visit www.mba.org.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Single Story For Sale in Providence Hills

The Home
Delighful Outdoor Living

• 2,057 sq. ft., 2 bath, 3 bdrm single story - MLS $225,000

 -  Fabulous single story home with wonderful stained concrete floors. Dramatic high ceilings and an open plan kitchen with center island and large granite bar. A split plan home with a large master suite. Vaulted ceiling in office. Gorgeous new arbor over the real patio makes for an entertainers delight. Huge rear yard with vegetable garden and views over open countryside.

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Mortgage Applications Increase

Mortgage Applications Increase


Mortgage applications increased 2.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 22, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 11 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 56 percent of total applications, the highest level since March 2014, from 55 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.0 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.28 percent from 4.29 percent, with points decreasing to 0.25 from 0.26 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from the week propr.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.22 percent from 4.18 percent, with points increasing to 0.28 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.98 percent, the lowest since June 2013, from 3.99 percent, with points increasing to 0.13 from 0.03 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.47 percent from 3.44 percent, with points increasing to 0.34 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs remained unchanged at 3.10 percent, with points increasing to 0.52 from 0.44 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

For more information, visit www.mba.org.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428(918) 798 4428
Graham Cell: (918) 798 6628(918) 798 6628
Fax: 918 398 5330 & 800 829 9408800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

Builder Confidence Shows Positive Signs in the Second Quarter

Builder Confidence Shows Positive Signs in the Second Quarter


Builder confidence in the single-family 55+ housing market for the second quarter is up year over year, according to the recently released National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI). Compared to the second quarter of 2013, the single-family index increased three points to a level of 56, which is the highest second-quarter reading since the inception of the index in 2008 and the 11th consecutive quarter of year-over-year improvements.

“We have seen steady improvement in the 55+ housing sector as buyers and renters are attracted to new homes that offer many of the luxuries and conveniences they desire,” says Steve Bomberger, chairman of NAHB’s 50+ Housing Council and president of Benchmark Builders Inc. in Wilmington, Del. “Fifty-five-plus buyers are very selective and have high expectations, and new construction can meet their needs and discerning tastes.”

There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic). An index number below 50 indicates that more builders view conditions as poor than good.

Two of the components of the 55+ single-family HMI posted increases from a year ago: present sales climbed seven points to 61 and expected sales for the next six months rose one point to 61. Meanwhile, traffic of prospective buyers dropped six points to 42.

Although the 55+ multifamily condo HMI dipped five points to 38, it is still the second highest reading for the second quarter since the inception of the index. All three components of the index decreased for the second quarter: present sales dropped five points to 39, expected sales for the next six months fell four points to 42 and traffic of prospective buyers dropped three points to 35.

The indices tracking production and demand of 55+ multifamily rentals moved in different directions in the second quarter. Present production rose three points to 53, expected future production increased one point to 53, while current demand for existing units dropped three points to 59 and future demand fell two points to 61.

“One of the factors contributing to the positive signs in the 55+ housing market is the slow but steady increase in existing home sales in the last three months,” says NAHB Chief Economist David Crowe. “The 55+ market is strongly driven by consumers being able to sell their existing homes at a favorable price in order to buy or rent in a 55+ community.”

For the full 55+ HMI tables, visit nahb.org/55hmi.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Fixed Mortgage Rates Edge Lower

Fixed Mortgage Rates Edge Lower


Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates following bond yields lower. Averaging 4.12 percent for the week, the 30-year fixed-rate mortgage once again is at its 2014 low.

"Mortgage rates were down slightly amid a week of light economic reports,” notes Frank Nothaft, Freddie Mac vice president and chief economist. “Of the few releases, retail sales were virtually unchanged in July after a 0.2 percent increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month."

Survey findings include:
  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.6 point for the week ending August 14, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent.
  • 15-year FRM this week averaged 3.24 percent with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.23 percent.
  • 1-year Treasury-indexed ARM averaged 2.36 percent this week with an average 0.5 point, up from last week when it averaged 2.35 percent. At this time last year, the 1-year ARM averaged 2.67 percent.
Average commitment rates and average fees and points reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

Source: Freddie Mac

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

Single Story For Sale in Sky View

1425745_1

• 1,106 sq. ft., 1 bath, 2 bdrm single story - MLS $75,400

 -  Looks cute & super spacious. New in last 3 yrs, central HVAC, new roof, some replacement windows, interior paint. Huge addition at rear, with 2nd living area/gameroom. 2 car carport plus garage with separate workshop at rear of garage. Ready for move in. Need to view!

Property information

Inheriting Property? These Home Inheritance Solutions Can Help

Inheriting Property? These Home Inheritance Solutions Can Help

By Nick Caruso

The passing of a loved one is both devastating and trying. It presents the time to mourn and celebrate the person’s life, to gather with family and friends, and to organize any assets that have been left behind. A significant factor of this involves the home, where the real estate of a deceased individual gets passed on to an heir. However, in addition to the property itself, the heir also receives any leftover equity and loans that remain on the home. Whatever has not fully been paid on the property is then handed to the beneficiary.

Inheriting a home that still carries debt can be overwhelming, which is why the more information known about the property, the better. It is essential for the heir to familiarize themselves with the home and what options they possess.

What does it mean to inherit property?
To inherit property means to receive real estate from a loved one through legal means by way of a will after their death. The inheritance of real estate works when the owner puts the home under title by contract, meaning that the property is given a designated beneficiary for after the owner passes away. The property that is bestowed to the heir, however, will also carry any damages or debt that it had at the time of the original owner’s death. These are all given to the heir, who becomes responsible for ongoing payments.

What if the home has remaining equity?
When real estate is inherited, so is the mortgage, loan and any other debt that still needs to be paid. If there is remaining equity, for instance, the lender must still be reimbursed even though the owner is no longer living. When loans are involved, they are directly transferred to the heir. In this case, the interest rate and monthly payments will remain the same. Or, if these numbers are unrealistic and unachievable for the beneficiary, they can try to qualify for a new loan to reduce the interest rate and monthly payments. In some cases, this option does not provide enough of a financial solution for the heir and, depending on the amount of equity that still needs to be paid, other courses of action might be necessary in order to avoid foreclosure.

What are other possible courses of action?

  • Keep the estate and rent it out
  • Personally pay off the debt and live in the property
  • Fix and flip the home to sell on the market
  • If it is in poor condition, sell it to professional homebuyers for cash
  • Refuse to inherit the home with a written disclaimer

Acting as heir to a home is a significant responsibility, and the financial factors that get passed on with the property may seem endless. However, as illustrated above, there are other alternatives. For more information, visit AllHomesAz.com.

This post was originally published on RISMedia's blog, Housecall.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First" 

Home Price Increases Cool Down in the Summertime

Price Increases Cool Down in the Summertime


Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013 and rose 1 percent over May, setting new highs for 12 states. Despite low rates, investor purchases and tight supplies, prices are expected to slow down to a .07 percent monthly increase in July.

A total of 12 states, plus the District of Columbia, reached new highs in the Home Price Index dating back to January 1976 when the index started. These states are Alaska, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont and Wyoming. At the state level, including distressed sales, only Arkansas posted a decline in June 2014 with 0.4-percent depreciation, according to the June CoreLogic HPI Forecast.

Excluding distressed sales, home prices nationally increased 6.9 percent in June 2014 compared to June 2013 and 0.9 percent month over month compared to May 2014. Also excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation in June. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase 0.7 percent month over month from June 2014 to July 2014 and, on a year-over-year basis, by 5.7 percent from June 2014 to June 2015. Excluding distressed sales, home prices are expected to rise 0.6 percent month over month from June 2014 to July 2014 and by 5 percent year over year from June 2014 to June 2015. The CoreLogic HPI Forecast is a monthly projection of home prices built using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Home-price appreciation continued moderating in June with its slight month-over-month increase,” says Mark Fleming, chief economist for CoreLogic. “This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble.”

“Home prices are continuing to rise, fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West Coasts,” says Anand Nallathambi, president and CEO of CoreLogic. “The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future.”

For more information visit http://www.realestateeconomywatch.com/.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"

 

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