Welcome to Janet & Graham Ford - Tulsa Real Estate Sign in | Help

Tulsa Real Estate For Sale and Information Updates

Tulsa Real Estate For Sale and Information Updates

Tags

Report Ranks Average Down Payment in 2014 at 14 Percent

Report Ranks Average Down Payment in 2014 at 14 Percent


RealtyTrac® recently released a report analyzing purchase loan and sales data for single family homes and condos in 2014 in 386 counties nationwide which found that on average across all counties, buyers who purchased a home in 2014 put 14 percent down, translating into an average $32,141. Nearly 1.5 million purchase loans were included in the analysis.

“This analysis shows that first time homebuyers have a better shot at buying a home in low-priced markets, not just because of the lower price point but because on average buyers are putting down just 12 percent in those markets compared to 24 percent in high-priced markets,” says Daren Blomquist, vice president at RealtyTrac. “Meanwhile, the markets where millennials are moving the most have above-average down payment percentages, which will make it tough for millennial renters to convert into first-time homebuyers in those markets.

“There are a few exceptions, however, where the combination of an influx of millennials and relatively low average down payment percentages indicate markets that will see a quicker return of the first-time homebuyer,” Blomquist added. “Markets such as Nashville, Durham, Philadelphia, Des Moines, Little Rock and Columbus, Ohio.”

Down payments average 24 percent in highest-priced markets

In the 25 counties with the highest median home sales prices at the end of 2014, the average down payment percentage was 24 percent for homes purchased in 2014. The average down payment in dollars in these 25 counties was $138,547. On average, low down payment loans accounted for 7 percent of all home purchases in these counties in 2014.



Down payments average 12 percent in lowest-priced markets


In the 25 counties with the lowest median home sales prices at the end of 2014, the average down payment percentage was 12 percent for homes purchased in 2014. The average down payment in dollars in these 25 counties was $8,239. On average, low down payment loans accounted for 25 percent of all home purchases in these counties in 2014.



Average down payment 17 percent where millennials are moving most

In the 25 counties with the biggest increase in the millennial population between 2007 and 2013, the average down payment percentage was 17 percent for homes purchased in 2014 (above the national average of 14 percent). The average down payment in dollars in these 25 counties was $66,174—more than twice the national average of $31,723. The average down payment percentage in these 25 counties was 17 percent (above the national average of 14 percent), and on average low down payment loans accounted for 15 percent of all home purchases in 2014 (compared to 18 percent on average among all counties analyzed).



Top 10 markets for first time homebuyers

RealtyTrac identified the top 10 markets for first time homebuyers based on the average down payment percentage being below the national average of 14 percent and an increase in the millennial population of 20 percent or more following the Great Recession.

“We are anticipating further growth of consumers taking advantage of low down payment options for purchasing homes across Ohio in 2015,” says Michael Mahon, executive vice president at an Ohio-based real estate company. “As greater equity continues to stabilize property values, lenders’ use of down payment assistance programs, FHA, Fannie Mae, Freddie Mac, and USDA rural housing loans will continue to grow in popularity with first time home buyers, as well as boomerang home buyers returning to an appreciating housing market.”

“After the great recession, the public is becoming more aware of the available lending opportunities in the market today. The pendulum has swung back to a strong lending environment. As the millennials continue to move into the market and the investors diminish we will see the number of low down payment loans increase,” says Mike Pappas, CEO and president of a real estate firm covering the South Florida market. “Home affordability is still near an all-time high in our market—which makes it still a great buying opportunity.”

"It's clear that low down payment loans are being used by first-time and other entry level buyers in lower priced markets; however, even in higher cost markets, there are a wealth of homeownership programs available that could lower buyers' down payment and closing costs,” says Rob Chrane, president and CEO of Down Payment Resource. “Programs in high cost markets may offer even greater down payment help, and income and home price limits are typically increased to fit the market. There's a general lack of awareness among first time homebuyers about down payment programs which may be keeping more of them on the sidelines longer than necessary."

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

Reprinted with permission from RISMedia. ©2015. All rights reserved.

New Report Shows 1.2 Million U.S. Borrowers Regained Equity in 2014

New Report Shows 1.2 Million U.S. Borrowers Regained Equity in 2014


CoreLogic® recently released new analysis showing 1.2 million borrowers regained equity in 2014, bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89 percent of all mortgaged properties.

Nationwide, borrower equity increased year over year by $656 billion in Q4 2014. The CoreLogic analysis also indicates approximately 172,000 U.S. homes slipped into negative equity in the fourth quarter of 2014 from the third quarter 2014, increasing the total number of mortgaged residential properties with negative equity to 5.4 million, or 10.8 percent of all mortgaged properties. This compares to 5.2 million homes, or 10.4 percent, that were reported with negative equity in Q3 2014, a quarter-over-quarter increase of 3.3 percent. Compared to 6.6 million homes, or 13.4 percent, reported for Q4 2013, the number of underwater homes has decreased year over year by 1.2 million or 18.9 percent.

Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

For the homes in negative equity status, the national aggregate value of negative equity was $349 billion at the end of Q4 2014. Negative equity value increased approximately $7 billion from $341.8 billion in Q3 2014 to $348.8 billion in Q4 2014. On a year-over-year basis, however, the value of negative equity declined overall from $403 billion in Q4 2013, representing a decrease of 13.4 percent in 12 months.

Of the 49.9 million residential properties with a mortgage, approximately 10 million, or 20 percent, have less than 20-percent equity (referred to as “under-equitied”) and 1.4 million of those have less than 5-percent equity (referred to as near-negative equity). Borrowers who are “under-equitied” may have a more difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of moving into negative equity if home prices fall. In contrast, if home prices rose by as little as 5 percent, an additional 1 million homeowners now in negative equity would regain equity.

“The share of homeowners that had negative equity increased slightly in the fourth quarter of 2014, reflecting the typical weakness in home values during the final quarter of the year,” says Dr. Frank Nothaft, chief economist for CoreLogic. “Our CoreLogic HPI dipped 0.7 percent from September to December, and the percent of owners 'underwater' increased to 10.8 percent. However, from December-to-December, the CoreLogic index was up 4.8 percent, and the negative equity share fell by 2.6 percentage points.”

“Negative equity continued to be a serious issue for the housing market and the U.S. economy at the end of 2014 with 5.4 million homeowners still 'underwater',” says Anand Nallathambi, president and CEO of CoreLogic. “We expect the situation to improve over the course of 2015. We project that the CoreLogic Home Price Index will rise 5 percent in 2015, which will lift about 1 million homeowners out of negative equity.”

“2015 started out much stronger than 2014,” says Mike Schlott, president of The Randall Family of Companies in Rhode Island. “Historically consumers in our market area have been very positive on the concept of homeownership and we have seen that sentiment return in full over the last few years. Operating along the coast, we have a high density of second homes and luxury properties and we have found that buyers in those markets believe strongly in the value and benefits of homeownership.”

Highlights as of Q4 2014


Nevada had the highest percentage of mortgaged properties in negative equity at 24.2 percent; followed by Florida (23.2 percent); Arizona (18.7 percent); Illinois (16.2 percent) and Rhode Island (15.8 percent). These top five states combined account for 31.7 percent of negative equity in the United States.

Texas had the highest percentage of mortgaged residential properties in an equity position at 97.4 percent, followed by Alaska (97.2 percent), Montana (97.0 percent), Hawaii (96.3 percent) and North Dakota (96.2 percent).

Of the 25 largest Core Based Statistical Areas (CBSAs) based on mortgage count, Tampa-St. Petersburg-Clearwater, Fla., had the highest percentage of mortgaged properties in negative equity at 24.8 percent, followed by Phoenix-Mesa-Scottsdale, Ariz. (18.8 percent), Chicago-Naperville-Arlington Heights, Ill. (18.5 percent), Riverside-San Bernardino-Ontario, Calif. (14.8 percent) and Atlanta-Sandy Springs-Roswell, Ga. (14.6 percent).

Of the same largest 25 CBSAs, Houston-The Woodlands-Sugar Land, Texas had the highest percentage of mortgaged properties in an equity position at 97.7 percent, followed by Dallas-Plano-Irving, TX (97.1 percent), Anaheim-Santa Ana-Irvine, Calif. (96.4 percent), Portland-Vancouver-Hillsboro, Ore. (96.4 percent) and Denver-Aurora-Lakewood, Col. (96.2 percent).

Of the total $349 billion in negative equity, first liens without home equity loans accounted for $185 billion aggregate negative equity, while first liens with home equity loans accounted for $164 billion, or 47 percent.

Approximately 3.2 million underwater borrowers hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $228,000. The average underwater amount is $57,000.

Approximately 2.1 million underwater borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $295,000.The average underwater amount is $77,000.

The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 94 percent of homes valued at greater than $200,000 have equity compared with 84 percent of homes valued at less than $200,000.

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

Reprinted with permission from RISMedia. ©2015. 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 Burning Tree

1

• 1,960 sq. ft., 2 bath, 3 bdrm single story - MLS $169,900

 -  Wonderfully remodeled and updated home! Includes new kitchen design, appliances, granite, carpet, lighting, paint, tile, bathrooms, sliding glass doors, super master bath. Picturesque yard fully planted, ready for move in!

Property information

1 1/2 Story For Sale in Hunters Pointe

1
Stunning Remodel & New Addition

• 5,938 sq. ft., 5 bath, 4 bdrm 1 1/2 story - MLS $995,000

 -  Designed as a single story home, custom built by the first owner, a commercial builder using Blueprints from an Arizona designer. The original home has been totally remodeled over the past few years; a 2 story addition to the rear was also completed in 2012.
The original kitchen and all bathrooms have been totally gutted, taken back to studs and rebuilt with a new contemporary flair. A completely new half bath has been built to the west of the foyer, the laundry has been repositioned and a new wine/coffee center room built. Walls and arches have been removed, added or reshaped and remodeled. New lighting and fixtures throughout.

Driveway - widened for parking

Covered porch – Restyled front doors, renewed and re built porch arches
Foyer - Octagon in shape, dramatic height, remodeled ceiling, surrounded by eight grand, solid, structural pillars. Gorgeous views though living room over rear deck

Study – to right of foyer – lots of built-ins, glazed cabinetry, ceilings and plantation shutters

Bedroom two – to right of foyer, remodeled, , plantation shutters, large closet, private full bath, travertine tiled, polished grey slate countertop, glass vessel sink, raised height dual flush Toto toilet with soft close seat

Half bath – to left of foyer, polished grey slate countertop designed to accent the vessel sink, raised height dual flush Toto toilet with soft close seat

Bedroom three – to left of foyer remodeled, plantation shutters, private full bath, travertine tiled, polished grey slate countertop, glass vessel sink

Garage – to left of foyer, 3 car bays, oversized storage, granite counters over considerable storage cabinetry, built-in workbench with separate lighting, storm safe room & access to extensive floored attic

Laundry – to left of foyer, connecting to the master bedroom hallway, granite countertop, travertine tile, sink, hanging space, storage

Master bathroom foyer – travertine floors and built in drawer system

Master bathroom - radiant flooring, sunken air jetted 2 person tub with remote controlled LED lighting and in-built FM. Double travertine tiled shower, infinity mirrors, his and hers vanities, slab fronted solid wood cabinetry, Caesarstone counters with travertine Zen basins, toilet has raised height dual flush Toto toilet with soft close seat and a bidet, variety of lighting options, plantation shutters

Master closet – remodeled and purpose built designed master closet with floor to ceiling solid Sapele wood cabinetry, travertine flooring, and center isle with soft close drawers and cabinets, glass top, built to massage table size

Master bedroom – spacious, with sitting area and views of garden, office desk, built in bookshelves/display area, fireplace & plantation shutters

Formal living room - with views over rear deck, open to formal dining and entertainment bar. Huge 11’ arched windows overlooking rear yard & fireplace

Formal dining room - now open to: kitchen via a rectified archway complete with a dining bar and overhead lighting; stairwell and entertainment wet bar with black granite sink

Kitchen - Sleek, slab front, solid wood cabinetry with soft close drawers. Center isle with cook top and prep sink. The stainless steel high end appliances consist of a double oven, warming drawer, drawer microwave, dishwasher, an induction cooktop with downdraft extractor and sub-zero refrigerator. There is a double black granite sink facing the window with tree top views to the east plus a black granite prep sink in the center island. Both sinks have disposals. All countertops in kitchen and within wet bars are Caesarstone. Large angled counter height dining bar in kitchen

Butler's pantry an entirely new room purposefully designed to facilitate entertaining, has a stainless steel trough sink with filtered water supply for the sink and stand alone ice maker, a wine fridge and a built in Thermador coffee center

Den - The fireplace and chimney in the den has been redesigned, rebuilt inside and outside. Bench seating within archways designed to enhance seating capacity for any entertaining gathering

Stairwell – with high ceilings and Grade 1/First Grade maple hardwood flooring serving the new 2 level addition at the rear. This addition was designed specifically to retain the single story feature of the original home, by incorporating a new private elevator at the stairwell and access to the rear deck area

Elevator – installed to ensure that both levels can be easily accessed as if it were a one story home. This gives a potential use for a mother in law wing, teenager, or guest wing if required

Media room - (currently in use as an office) on the upper level, was designed with potential alternative uses in mind. The large heated and cooled closet used for concealed media equipment could be utilized as an additional bathroom if required and the media room as a bedroom, there is space for a further closet to the north side. 8’ Pella triple glazed low e sliding doors allow access to the upper deck area

Upper Deck – Extensive and two levels, edging the house overlooking the pool area. Low maintenance, MoistureShield Vantage Collection composite wood decking, resistant to rot, no need for painting, staining or sealing The cable rail system ensures that the view to the rear garden and onward views to both the Hunters Pointe lower pond & Crown Pointe pond and fountains (in the adjacent neighborhood) is not impaired

Bedroom 4 - currently the exercise room – on lower level. Another multipurpose room, would make ideal bedroom, has an adjoining full bathroom with water/wine cooler and easy access to the pool. There is also a 2nd laundry in this room’s closet

Bathroom – Black quartz vanity, separate changing room, separate walk in shower, raised height dual flush Toto toilet with soft close seat, access to exercise room/bedroom 4

Under Stairs Closet – Heated and cooled, tiled flooring, large storage facility

Contemporary living room – on lower level has been designed with a full kitchen, bar and modern wall mounted fire. 8’ Pella triple glazed low e sliding doors allow access to the outside area. This room has direct access to the covered patio which is graced with automated remote controlled screens and onward to the pool deck. The entire screened patio area has the same Italian ceramic flooring as the entire lower level and a stucco ceiling so that when the sliding doors are opened the living room is enlarged by the outside area and still feels like a room

Contemporary kitchen – Built in down draft gas grill and cook top, dishwasher, drawer microwave, double sink and disposal, custom built bar, black quartz counter tops

Pool area - a contemporary design, heated & self-cleaned, gunite, in ground, salt water pool with pebble-tec surface and a negative (infinity) edge, incorporating a raised sunning plinth and step for easy access, steps into the pool. Fire pit with contemporary glass chips and remote controlled fire torches at the pool edge add stunning evening accents. The whole pool deck is surrounded by bench seating

General Notes
Intercom/radio system connecting to garage, bed’s 1 thru 3, study, kitchen and stairwell
Hallway to left of foyer has an attic fan positioned by access to garage
Authentic handmade Saltillo tile flooring in upper hallways and kitchen
Thermal windows
5 zoned HVAC systems allowing for independent control with maintenance contract
Automated roof vents
4 interior fireplaces
Sprinkler system installed and drainage system extended
Three grass types to ensure green in the shady areas
Low maintenance yard
New roof 2009 & 2012 on addition
Drainage culvert to the rear on the north side is an HOA easement and maintained by HPPOA
Owner/Broker

Property information

7 New Ways to Make Your Home Look Larger

7 New Ways to Make Your Home Look Larger

By Barbara Pronin


Hanging large mirrors on one wall of the living room has been touted for years as a way to make the room larger. But, said New York designer Jeffrey Blum, mirrors reflect everything in the room, creating the illusion of clutter.

Blum, the owner of SixZero6 Designs, suggests seven less traditional ways homeowners should consider to create the illusion of more space:

Invest in built-ins – Whether you add window-seats or built-in bookshelves, small rooms will benefit. Unlike groupings of furniture which can appear awkward or cluttered, built-ins make small rooms provide vertical interest and architectural detail, making them appear gracious and more substantial.

Open up the doorways – Renovate doorways, making them as wide and tall as possible, preferably to the ceiling. There may be no need to remove an entire wall between rooms when enlarging a door can make a huge difference.

Choose larger floor tile – The larger the tile, plank or pattern on a floor, the larger the room will look. Even the tiniest of powder rooms can benefit from this trick. Another tip? Install tiles on a diagonal.

Make use of the hallway
– Hallways often seem small and closed-in. ‘Open’ them by hanging an eye-catching piece of artwork at the far end. This draws the eye to the longest distance, making the hallway appear less cramped.

Add a wall of windows – Replace the living slider with a wall of windows or French doors. They will brighten the room and draw the eye out to the landscaping, making the room itself seem more expansive.

Use light colors and scaled-down furniture – Rooms painted in light colors, especially cream colors and icy blues, help make a room appear larger. Choose low-profile or slim pieces of furniture, rather than large or overstuffed pieces, to maintain the open look.

Please the senses – Just placing fresh flowers in a room, playing soft music and opening windows or sliders to let the breeze in can go a long way toward making a small room appear airier and me spacious.

Reprinted with permission from RISMedia. ©2015. 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 Stone Creek Farms

The Home

• 1,621 sq. ft., 2 bath, 3 bdrm single story - MLS $169,900

 -  Attractive 1 story I owner home. Large kitchen and dining nook. New carpet and nice tiled flooring. Great split floor plan, wired for sound in living room. Garage heated and cooled to suit all your needs. Shed in rear yard.

Property information

Six Ways to Start Fresh in an Old Home

Six Ways to Start Fresh in an Old Home

By Barbara Pronin


Buying an older home can net you lots of charm and character, often at a more affordable price than you’d pay for a newer model. But, say home improvement gurus, a few strategic renovations can go a long way toward making it more comfortable and efficient.

Renovation expert Bob Vila, host of TV’s popular “This Old House,” suggests the top six projects new owners may want to plan for when they move into an older home:

New front door – Replacing a decades-old front door will do more than improve your home’s curb appeal. A high quality new door will enhance energy efficiency and provide more dependable security.

New windows – Old windows are drafty and hard to operate. Replacement windows that meet Energy Star® guidelines are not only beautiful and easy to open but will save you hundreds of dollars a year on heating and cooling bills.

Updated electrical system – Modern life involves a lot of gadgets. If you are experience tripped circuits, buzzing noises, or dimming lights when you turn something on, a licensed electrician can update your system to make it safer and more compatible with today’s electronics.

More open floor plan – Older homes were built with smaller, boxed-in rooms that were fairly easy to heat. If you long for a more open floor plan, a licensed contractor can remove barriers and design a brighter, airier, more inviting arrangement of space.

Floors worth a second look – Owners of older homes often find the happy surprise of hardwood flooring under worn linoleum and carpets. If that’s the case, think about refinishing. In any case, check it out before installing new tile or carpeting.

Cook’s kitchen – An older kitchen can be a cheerful and homey gathering place. But if you’re not happy with the old cabinetry and countertops, replacements for both are a great investment – not just for you, but as a draw for new owners when and if you decide to sell the house.

Reprinted with permission from RISMedia. ©2015. 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 Curb Appeal for Web Appeal

Staging Curb Appeal for Web Appeal

By Justin White


In today’s real estate market, curb appeal is about more than neighborhood drive-bys and official home showings. That’s because, if there’s one thing you can bet about today’s potential homebuyer, it’s that he or she is searching online. Thanks to a bevvy of easy-access real estate websites, it’s simpler than ever for anyone with a computer and an Internet connection to find details about homes for sale. And whether you’ve got a listing filled with photos or none at all, interested buyers can input your address and view the front of your home through Google’s Street View.

So how does your property look? When a potential buyer pulls up a picture of the front of your home, will it delight or disgust? To help you make sure you’re making the most of your online curb appeal, here are some specific tips for strategically staging the exterior of your home.
Clean Up the Landscaping: Buyers like a fresh, manicured appearance, so if you have any overgrown bushes or trees, take care of them fast. Mow the lawn regularly. Rake the leaves. Cut down rotted trees. Sweep away debris on walkways or the front porch. Add colorful flowers. Not only can caring for your plants and lawn improve the way your home looks to buyers — it can showcase more of your house. Free from overgrown brush, your residence will be front and center, ready for buyers to fall in love.

Declutter: Sure, you love the wacky, colorful lawn furniture your aunt made you — but to buyers, they just look cheap and junky. That’s why you need to get rid of all clutter and personal artifacts when selling. Toys, furniture, lawn ornaments, signs — anything that doesn’t make a home’s curb appeal look more beautiful and inviting should go. Make it as easy as possible for buyers to imagine themselves calling your property home.

Make Any Needed Repairs: If the front of your home needs work, it will be the first thing buyers notice. Repair or remove the broken storm door. Replace the dingy home numbers. Switch the busted porch light. Get that broken window fixed. When buyers pull up your home’s photo you want them to notice how pretty it looks, not how much work they’d have to do to fix it.

Update the Façade: Whether you replace all the siding completely or pay for a professional paint job, you want to find a way to update your home’s exterior. Make it look fresh and clean with a new look, one that modernizes your home’s style or simply shows that the property has been cared for.

Power Wash the Deck: It won’t cost a bundle to power wash your front deck, but it will go a long way toward improving the look of your home. If you don’t own a power washer, rent one for the day from a local home-improvement store.

Clean Up the Garage: It should go without saying that the garage needs to look its best when your home is on the market, particularly if it has front-facing doors. Repair any damages and, if the budget allows, consider replacing outdated doors with something a little more eye-catching like custom doors that feature windows at the tops. While you’re at it, declutter and clean out the inside of the garage — in order to make it a place to store cars and not all your out-of-season storage items.
Staging your home’s curb appeal for the Web does take time and money, but it’s an investment well worth the effort. In return for your updates, you’ll gain a home that’s worth more to potential buyers, as well as one that will draw in prospects the minute they see it on their computer screens. Use the tips above to get started!

Justin White is the Marketing Director for Mid Atlantic Door Group, the leading distributor for Overhead Door Corp.

View this original post on RISMedia's blog, Housecall.

Reprinted with permission from RISMedia. ©2015. 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"

 

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 $363,900 - New Price - Reduced $20,000

 -  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.

Property information

2015 'Year for Housing Opportunity'

Zillow Chief Economist, HUD Secretary Talk Housing Following SOTU, Castro Calls 2015 'Year for Housing Opportunity'

By Paige Tepping


Following on the heels of President Barack Obama’s second-to-last State of the Union Address, during which he made a passing reference to the changes made at the Federal Housing Administration (FHA), HUD Secretary Julián Castro sat down at the Newseum in Washington, D.C., for a live fireside chat with Zillow Chief Economist Stan Humphries on Wednesday, January 21.

The event, which garnered a lot of buzz across various social media platforms (the general public was encouraged to submit questions using the #HousinginAmerica hashtag) took a closer look at some of the more prevalent themes on the minds of today’s homeowners, buyers and renters.

“The President did an excellent job of laying out the case for investing in the middle class to ensure that more folks are able to reach the middle class,” says Castro, of Obama’s January 20 State of the Union Address. “And when it comes to the values that have made it possible for folks to be middle class and reach the American Dream, one of those is the opportunity for homeownership.”

In fact, for FHA and HUD, a big part of this has been the announcement of the mortgage insurance premium reduction, which, over the next three years, will offer an average savings of $900 annually to two million folks.

“Things like child care and sick leave and equal pay; things like lower mortgage premiums and a higher minimum wage—these ideas will make a meaningful difference in the lives of millions of families," said Obama, as he referenced the housing economy in his latest State of the Union Address.

“I call 2015 the year of housing opportunity,” says Castro, who notes that the market has turned around in terms of housing starts with a 5.5 percent increase year-over-year. While price increases are beginning to level off, a lot of opportunity has been created.

And it’s clear to see that housing is top of mind for many Americans. Here’s a breakdown of what was discussed during Wednesday morning’s fireside chat.

Rental Side and Its Effect on Getting into Buying Side
“2015 is going to be an exciting year for housing,” says Castro. While rent is typically an encumbrance for folks who are trying to save up for a down payment, there are things in play that will ultimately make it more affordable to get a loan. When you combine the mortgage insurance premium reduction, leveling off of home prices, cooling of rents in certain areas, lowering of gas prices and the improving economy, all of these things add up to more money in people’s pockets to go from renting to buying. “I also anticipate more millennials getting off the sidelines and moving forward with their home purchasing decisions,” says Castro.

Options for Those with Little to No Credit
A few years ago, getting a home loan was too easy, and today, it’s often too difficult for many prospective buyers to obtain a loan. While the FHA introduced a blueprint for access to credit in May 2014, Castro notes that they’ll continue to think through ways to be more helpful in this regard. “The blueprint for access to credit provides certainty for lenders and borrowers while helping lenders ease up on credit overlays,” says Castro. “We also have safeguards in place so that we can offer opportunities to those ready to own a home without sliding back to where we were before.”

Student Debt
There’s no denying that rising student debts have an impact on the decisions folks make when it comes to their real estate aspirations. But Castro notes that it’s important to address debt in a smart way, whether it’s refinancing student loans or deferring them out. “The President’s proposal for free community college is also important as it unleashes potential brainpower. Buying a home is about building equity and wealth that you’ll have with you for the long haul, so I encourage folks to be smart about student debt and understand that investing in a home will ultimately create wealth.”

Older Americans Heading Toward Retirement with Debt
“As much as we focus on millennials, the fastest growing segment are folks over the age of 65,” says Castro. When dealing with these Baby Boomers, Castro notes that there are a few different ways to be helpful, including housing counseling and reverse mortgage programs that let them borrow off the equity in their home.

Optimal Homeownership Rate
In the 1930s, homeownership rates were around 40 percent, and today, they’re hovering around 70 percent—a point that was reached in the ‘60s. “The difference between where we are now and where we were at the height is five to six points,” says Castro, who goes on to explain that homeownership isn’t right for everyone. “I believe it makes sense for more Americans to have the opportunity to own a home as it’s the primary source of wealth for many.”

Optimal Level of Government Involvement
While Castro supports the notion of having more private capital in the market, he notes that the FHA has played a vital role in helping provide stability and opportunity within the housing market, especially for first-time buyers. “We’ll see this continue to come down as more private capital comes into the market, but I do believe that government has a role to play. In addition, the FHA played a role in building the homeownership rate to where it is today, and I hope this role continues.

“The President’s focus on ensuring folks have the opportunity to own a home and be middle class is right down the line of what we’re focused on at HUD,” concludes Castro.

For more information, visit http://www.hud.gov/ and http://www.zillow.com/.

Reprinted with permission from RISMedia. ©2015. 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"

U.S. Home Values Gain $1.7 Trillion in Value in 2014

U.S. Home Values Gain $1.7 Trillion in Value in 2014


The total value of all the homes in the United States is expected to end 2014 at $27.5 trillion, a 6.7 percent increase from last year and the third consecutive overall increase, according to Zillow. Homes lost $6.1 trillion in value between December 2006 and December 2011.

The cumulative increase in home values is slightly smaller than 2013's 8 percent increase, and that kind of gradual slowing is a sign of the times as the market heads for slower expected gains in 2015. Over the second half of 2014, inventory increased in many U.S. markets and, with more homes on the market, home value appreciation slowed.

"Looking at the total value of the U.S. housing stock proves just how huge and important the housing sector is to the overall economy," says Zillow Chief Economist Dr. Stan Humphries. "Virtually nowhere else will you see gains of more than a trillion dollars in one year represent only single-digit percentages of the total market. As we conclude 2014 and look ahead at 2015 and beyond, housing will play a bigger role in the broader economic recovery. As the job market improves and more households form, more people will search for homes to buy and rent, which will translate into more people buying appliances and home goods and lead to more jobs for home builders and contractors. Housing is well positioned to continue the great strides already made this year."

Zillow's November Real Estate Market Reports showed home values up 6 percent from November 2013 to a Zillow® Home Value Index (ZHVI)i of $177,600. Looking ahead, as more homes come on the market, growth in home values is expected to slow, to a 2.4 percent pace through November 2015, according to the Zillow Home Value Forecast. There were 11.8 percent more homes for sale in November 2014 than a year prior, but inventory fell slightly in many major markets from October to November.

Among major markets, home values were up the most year-over-year in Miami (13.6 percent), Atlanta (12.8 percent), Houston (11.9 percent), Orlando (11.9 percent), and Las Vegas (11.5 percent).  Values were higher than last November in almost every major U.S. metro.

National rents were up in November from a year ago, up 3.4 percent to a Zillow Rent Index (ZRI) of $1,342.

Source: Zillow

Reprinted with permission from RISMedia. ©2015. 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"

 

Renting Less Affordable than Buying - Except for where Millennials Are Moving

Renting Less Affordable than Buying - Except for where Millennials Are Moving

By Maria Patterson


RealtyTrac VP discusses outlook for first-time homebuyers

Last week, housing-data giant RealtyTrac® (http://www.realtytrac.com/) released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that buying is still more affordable than renting in the majority of U.S. housing markets. While this offers positive news for the housing industry, the report also reveals that the opposite is true in markets with the biggest increase in the millennial share of the population over the last six years—which begs the question: Where does the future of homeownership stand among the younger generation of first-time homebuyers?

In an interview with RISMedia, RealtyTrac Vice President Daren Blomquist, says this latest report tells us that “we’re not going to see those potential first-time homebuyers become homebuyers in the near future in great numbers because the markets they’re attracted to, largely for jobs, are unaffordable. These markets have high rents and even more expensive homes. I think this shift toward more of a ‘rentership’ society is not just a one- or two-year trend, but will be a multi-year trend.”

For the report, RealtyTrac analyzed 2015 fair market rental data recently released by the U.S. Department for Housing and Urban Development for three-bedroom properties in 543 counties nationwide with a population of at least 100,000. In the 473 counties with sufficient rental and home price data, the fair market rent for a three-bedroom property in 2015 will require an average of 27 percent of median household income, while buying a median-priced home requires an average of 25 percent of median household income based on the median sales price in November.

Buying a median-priced home was more affordable than renting a three-bedroom property in 68 percent of the counties analyzed, representing 57 percent of the total population in those counties.

But in the 25 counties with the biggest increase in millennials between 2007 and 2013, fair market rents for a three-bedroom property in 2015 will require 30 percent of the median household income on average, while buying a median-priced home requires 36 percent of median household income on average. For the analysis millennials were defined as anyone born between 1977 and 1992.

According to Blomquist, first-time homebuyers are stuck between a rock and a hard place, where they often can’t afford to live where they work. “At a macro level, millennials are moving to where the jobs are within a metro area, and also moving to the more urban parts of those areas, not only for jobs, but for the type of neighborhood and amenities that are attractive to them,” says Blomquist. “The big question is, if and when will they make that transition to the home with the white picket fence.”

Given the lessons of the past, however, a more balanced approach to homeownership may be in order, explains Blomquist. “A lot of people keep looking at the need to get homeownership back to where it was—I think we’re getting back to where it should be,” he says. “We’re coming off a period where homeownership was too high and it’s painful for people whose expectations were tethered to homeownership being close to 70 percent. Many younger folks will eventually become homeowners, but not all, and not in the numbers we saw in Generation X.”

In the meantime, Blomquist is witnessing brokerages in areas with high fair market rents shoring up their property management divisions to capitalize on the rental boom. “I don’t think one size fits all, but if (property management) is a piece brokers can incorporate into their business models, it certainly can be extremely beneficial.”

And, for those brokers and agents in the 68 percent of counties where buying is more affordable than renting, there’s a great message to deliver. “To millennials in these areas, you have to say in a credible and low-pressure way, ‘here are the numbers—I’m not just saying this because we want your business,’” advises Blomquist. “The more cold, hard facts you can present to millennials, the better, as opposed to just your opinion.”

Current rental trends also present a prime opportunity to promote real estate as an investment for well-off millennials. “Another message to deliver is, you may not want to become a homeowner or tied down to a home, but as you’re getting your first good-paying job, a great way to invest money is to buy property as rental,” suggests Blomquist. “This is a really good time to be a landlord because of the dynamics of the market. It’s a great way for millennials to build wealth.”

Moving forward, Blomquist believes it will be important to maintain an optimistic yet realistic approach to the real estate market. “To a certain extent, the great recession is going to continue to have an impact. Homeownership has lost some of its luster—that doesn’t mean it’s going to go away, it’s just probably not realistic to expect it to return to what it was five or six years ago. Homeownership rates will probably settle in the 60-65 percent, and that might be a good thing. Eventually, things will return to a more normalized pattern, but it will take a few years due to a combination of delayed homeownership for some millennials and the trickling in of displaced homeowners who lost their homes during the crisis.”

Looking ahead, Blomquist promises even more usable research from RealtyTrac in 2015. “We’re trying to shed light on the market from a very data-driven perspective and we will continue to do that, including in new areas we haven’t touched yet in terms of data. Also, in the spirit of the market that’s no longer tied to the housing crisis, we’re going to have fun talking about housing, looking at new opportunities and angles that may be beneficial to buyers, sellers and brokers.”

For a full report and regional breakdown of the above report, please click here. For an interactive visual, visit: https://public.tableausoftware.com/views/2015FairMarketRentAnalysis/Dashboard1?:embed=y&:display_count=no. For a YouTube Video: http://youtu.be/BXwhGlyeDR0.

Reprinted with permission from RISMedia. ©2015. 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 Kentwood Estates

1404815_1

• 1,899 sq. ft., 2 bath, 3 bdrm single story - MLS $154,900

 -  Super contemporary 1 story home in wonderful neighborhood. Updated in the last 3/4 years, complete new kitchen with granite counters, new bathrooms, new roof, new Bamboo floor, great floor plan, ready for move in. Large Florida room for entertaining. Splendid oversized living room with large fireplace, plus the benefit of a bonus office or craft room. Large master suite with doors to covered patio. Just exquisite.

Property information

Fixed Mortgage Rates Slide

Fixed Mortgage Rates Slide


The results of a recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®), showed that average fixed mortgage rates slightly down from the previous week with the 30-year fixed-rate mortgage dipping just below four percent.

"Fixed mortgage rates were slightly down as housing starts declined 2.8 percent in October below the upwardly revised September rate,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “However, building permits increased 4.8 percent in October after a 2.8 percent boost a month earlier. Lastly, industrial production slipped by 0.1 percent in October, below the market consensus forecast."

The PMMS® showed that they 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.5 point for the week ending November 20, 2014, down from the previous week's 4.01 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent. 


Additionally, the 15-year FRM averaged 3.17 percent with an average 0.5 point, down from the last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent. 


The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent with an average 0.5 point, down from the week prior when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.95 percent.


The 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, up from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.


For more information, visit FreddieMac.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" 

 

The Complete Steps to Flipping a House

The Complete Steps to Flipping a House

By David Glenn


For those who are interested in making a profit after buying a property, flipping houses is a common practice that works to improve and update a structure before selling your home for a higher value.

Many people find that the time and effort put into the property can be a challenge, but can have a large payoff. Flipping houses is now considered a practical way to supplement an income or one can make it the primary source of income. When starting the process of flipping a house, there are a few steps to take to ensure a successful project.

Hire a Few Professionals

When flipping a house, there will be several projects that need to be completed to increase the aesthetics and functionality of the home. If you're a handyman who is skilled with carpentry or plumbing, then you'll make more of a profit without consulting the services of professionals. Do as much of the work yourself while only using contractors when necessary. Although repairs and upgrades are crucial to flipping a house, it's important to avoid too much of an investment, which can render a small profit and not add any additional value to the home.

Besides using contractors who can work on the home, you'll also need to consult the services of a real estate agent, lawyer, inspector, title company, and a CPA. It will allow you to complete the process in a time-efficient manner without having to deal with complications that you're inexperienced with. If you're happy with each person's services, you can continue to use them on your next house flipping venture for a strong team.

Choose the Right Area

It's important to flip a house in an area that is flourishing and has a high employment rate to ensure that you'll attract plenty of buyers. Without jobs in the area, you likely won't find anyone who can afford to buy the home. You also want to research the value of other homes in the neighborhood, which will influence what the property can sell for after it's flipped. An agent can also assist you with determining the value after the upgrades are made.

You also want to look for homes that are on popular roads and don't have too much traffic nearby. The property should be close to highways, shopping centers, and schools for an area that is diverse and attractive to buyers.

Create an Exit Strategy


It can be exciting to find a house to flip, but it's important to create a few plans before you begin to remodel. In some cases, it may be difficult to sell the property and you can find yourself listing it on the market for several months due to the state of the market. Have at least two backup plans established to prevent loss on the property, which can include renting out the home or selling it to another investor if it doesn't sell. It's important to have at least two exit strategies established before purchasing the property.

Make Sure the Lawn Looks Great

When going into the process of flipping a house, you want to make sure that the grass is green and cut, trees and bushes are trimmed, and that there are no weeds. Make sure that you have all the necessary tools. When a prospective buyer looks at the yard they want to see a clean landscape, not work.

Stage before You Sell

It's important to dress the home up and show it off at its full potential to buyers who visit the property. Staging a home is one of the most important steps of flipping a home and requires furnishing it while it's listed on the market. Keep in mind that it should be more than a building, but a place where a family can grow. Use neutral paint on the walls for a style that appeals to the majority of buyers and avoid using personal photos or items in the space.

Use candles throughout each room, which can add a cozy effect and allow it to feel like a home. You can add extra warmth by using throws on the couch, using luxury hand towels in the bathrooms, and even offering homemade cookies as guests walk in.

David Glenn is a home improvement expert. He freelance writes about home maintenance and DIY home repair. He's also knowledgeable about topics like how to improve social presence and building a reputation online.

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"

 

More Posts Next page »