Housing Market

Oklahoma Tax Exemption

Oklahoma Tax Exemption

 

 

Due to current housing market trends it is necessary and informative for all qualified veterans and some surviving spouses to know that the State of Oklahoma is unique in that it is the only State that offers tax exemptions for certain classes of disabled veterans and some surviving spouses.  Please review the article dated January 22, 2009.  Section 9 of Oklahoma House Bill 154.7/1131

 

Would you believe Oklahoma is the only State that offers Tax Exempt Status to veterans with 100% disabilities?

 

This program benefits nearly 9,600 Oklahoma Veterans who have sacrificed their lives and health for this Country.  These veterans are exempt from all sales tax which includes:  City, County, and State that shall not exceed 25,000 per year, per individual.  Americans are united in their belief that Congress and the President have a responsibility to make sure that veterans receive their benefits after service.  This exemption is the latest attempt from Oklahoma to accommodate those who have sacrificed for our nation.  This tax exemption is the least that any State can offer to those men and women who have given their lives and time.

 

Oklahoma should be the catalyst for this nation who owes their very existence to men and women veterans that have served their country with honor and valor in times of war and peace.

 

House Bill 1131 allows surviving spouses of veterans with a 100% service connected disability to keep the Veterans Sales Tax Exemption.

 

As a retired Viet-Nam Veteran, I can truly say that spouses of disabled veterans endure severe hardships when their love one’s die in defense of our nation.  The freedom Americans enjoy should not die with the warriors; it must extend to the surviving spouses.

 

Again Oklahoma leads the nation with new household personal property tax exemption that is offered to 100% service connected veterans or their surviving spouses.

 

Our service members returning from the mid-east and their devoted families relocating or returning to Oklahoma are also entitled to 100% motor vehicle tax exemption, 100% disable veteran property tax exemption, Oklahoma tuition aid grant, Oklahoma National Guard Tuition Waiver, and many other benefits that are inclusive to Oklahoma.

 

In today’s world, we welcome your move to a State that honors our veterans.

 

As a military retiree, dedicated to the military personnel and their families, I urge you to contact Coleman White@Jimbigelow.com for all your real estate needs.

 

Coleman White 918-760-1317

coleman@jimbigelow.com  www.jimbigelow.com

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

 

Housing Market

MILITARY PERSONNEL IN A HOUSING CRUNCH

MILITARY PERSONNEL IN A HOUSING CRUNCH

 

 

Hope may be near for military homeowner who sweats at the thought of trying to sell their homes when they transfer from one installation to another.  Some have already taken financial hits in the nation-wide dismal housing market.

 

The economic stimulus package would add 411 million to help military homeowners caught in the housing market crisis, including wounded warriors, surviving spouses, those affected by base closing, and those forced to move on permanent orders.

 

Defense Department is preparing to help homeowners in the expectation that these provisions will be a part of the final stimulus package.

 

Homeowners will need a copy of their deed and a utility bill to prove the house was their permanent residence.

 

Homeowners can apply now and the Corp of Engineer will hold onto their application. Service members may visit hap.usac.army.mil to download the application packet.

 

The homeowner assistance provision would apply to service members, Defense Department and civilians injured, wounded or in the line of duty or those with 30 percent disability rating by the VA and those relocated due to illness.

 

Also included are surviving spouses of service members killed in the line of duty, or who died from an illness incurred during deployment.  Survivors must relocate within two years of the death to qualify. 

 

The primary residence must have been purchased by the owner before July 1, 2006 and sold between July 1, 2006 and September 30, 2002.

 

Coleman White 918-760-1317

coleman@jimbigelow.com  www.jimbigelow.com

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

 

Housing Market

Home Sales in Tulsa Challenge the National Average

Home Sales in Tulsa Challenge the National Average

 

The economic outlook for Tulsa will be encompassed by its relatively stable housing market.

 

In 2008 Nationally prices fell 11.8% at which point it stabilized.  According to GTAR (Greater Tulsa Area Realtors) approximately 10538 homes changed last year down from 11,945 in 2007.

 

The total homes sold in 2008 were 717 as compared to 720 homes sold in December 2007.  The average house sold in the metro district averaged $145-150,000, which was slightly higher than in the previous year.  Nationally the average home fell 8-9%.

 

There has been no outside pressure in Oklahoma to decrease their housing prices.

 

Home sales declined 18.9 percent in 2008 based on National Economy as reported by GTAR. Based on the national average, Oklahoma nationally rising unemployment and huge job cuts have sapped consumer confidence nationwide discouraging potential buyers from making a vote.  The unemployment rate is a detriment for someone who wants to live the American dream and buy a decent, warm, home they expect to own someday.

 

Oklahoma lay-off rates which spurs the housing market.  There have recently new laws and regulations regarding housing and survivors benefits for active duty, retirees and their families.

 

The Jim Bigelow Group is determined to exceed your need for transition to civilian life with all the tools you need in the housing area.

 

If your receive orders within the Continental US, Caldwell Bankers Select (Jim Bigelow Group) will contact a realtor at or near your destination, arrange, a face to face interview to ensure your real estate questions are answered and will help you find a dream home with little, ore no exertion, or worry to you or your family.

 

Coleman White 918-760-1317

coleman@jimbigelow.com  www.jimbigelow.com

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

Housing Market

Military Orders Push Families into Transitional Housing Market

Military Orders Push Families into Transitional Housing Market

 

Unlike many Americans suffering the sting of adjustable rate mortgages with balloon payments and the decline of home values in the United States – many service members face a different dilemma.  They are forced to move with the military and either sell or rent their homes in a depressed housing market.

 

Numerous markets across the country are experiencing a sharp decline in sales, pricing, and a decline in interest rates.

 

However, theTulsa housing market sales increased approximately 4.5 percent from 2002 through 2008, and sales price increased to approximately 6 percent. Low interest rates in Tulsa has helped fuel our economy, and is a positive factor for military and retires decision to relocate to Oklahoma.  Employment, economics, tax exemptions, and favorable mortgage rates are key factors in our state that encourages veterans, military personnel, and their dependents to move to Oklahoma.  This State’s aggressive real estate market should be an example for each state.  Unique to Oklahoma, the State offers various programs and discounts to veterans depending on status and disability rating (as rated by the VA).  The cost of living ratio in Tulsa is favorable, and our economy is stable and culturally diversified.  Tulsa welcomes and honors military personnel, their families, veterans and support agencies to our great city.

 

You have to admit whether you are a Tulsa native or relocating to the metro area, Tulsa has all the activities you would be looking for plus a great and helpful veteran community.

 

Please all comments to Coleman White @ The Jim Bigelow Group.

 

Coleman White, Sales Executive

Jim Bigelow Group, Coldwell Banker Select

918-760-1317

coleman@jimbigelow.com

www.jimbigelow.com

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

 

 

Housing Market

Does Moving Up Make Sense?

Does Moving Up Make Sense? 

 

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

Housing Market

2009 1 5 Mortgage blog item

2009 1 5 Mortgage blog item

 

Happy New Year to you and yours!

 

What will the new year bring in the way of mortgage interest rates?

Answer: nobody knows for sure!

The rates are currently at historic lows. Will the treasury (or other departments of the US Government) continue to buy mortgage backed securities? If so, how much? How will the new administration affect all of the factors that help to determine what the mortgage rates will be?

Rates MAY go even lower in 2009…should you should borrow now or wait for a possibly better deal. The “experts” disagree about this. If you lose sleep worrying that rates will go up from here, borrow now. If you’re a risk taker, wait until later…but just when is that later?

With all the bad press about the mortgage and housing markets, it might surprise you to know that this is a terrific time to get a mortgage. You can get an excellent deal on a 30-year, fixed-rate, conforming loan, either conventional, FHA or VA, if you have a good FICO score, can document reliable income and have a reasonable amount of debt. A good FICO score starts at 580.

It’s a great time to buy…or to refinance. Give me a call for a consultation.

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

Housing Market

Senior Sunday

Hello Again Everyone:

 

 Has the listing on your home has expired.  Did you know that a few of the reasons a property doesn’t sell may include the following:

 

1)      Lack of marketing

2)      Over Pricing

3)      Improper Staging

4)      Inconvenience of Showing

5)      Lack of communications

 

I would like the opportunity to meet, with no cost or obligation to you.  I have a few marketing ideas & Concepts to help sell your home.  In addition, I would like to offer my services to conduct a Comparable Market Analysis (CMA), showing you the current housing market activity in your area. 

 

If you are interested in continuing the efforts to sell your home, please contact me at your earliest convenience.  I look forward to showing you how I can help! 

 

SRES – serving the real estate needs of the 50 & beyond consumer

 

Housing Market

Does Moving Up Make Sense?

Does Moving Up Make Sense? 

 

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

 

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

 

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. 

 

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district. 

 

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

 

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

 

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

 

 

 

Housing Market

Senior Sunday – Selling your HOME?

Hello Again Everyone:

 

 Has the listing on your home has expired. Don’t be Shocked. Did you know that a few of   the reasons a property doesn’t sell may include the following:

 

       1)      Lack of marketing

       2)      Over Pricing

       3)      Improper Staging

       4)      Inconvenience of Showing

                                                   5)      Lack of communications

 

I would like the opportunity to meet, with no cost or obligation to you.  I have a few marketing ideas & Concepts to help sell your home.  In addition, I would like to offer my services to conduct a Comparable Market Analysis (CMA), showing you the current housing market activity in your area. 

 

If you are interested in continuing the efforts to sell your home, please contact me at your earliest convenience.  I look forward to showing you how I can help! 

 

SRES – serving the real estate needs of the 50 & beyond consumer

 

Jim Bigelow    918-640-4657

www.jimbigelow.com  jim@jimbigelow.com

Coldwell Banker Select

 

 

 

 

 

Housing Market

A $7500 “Gift”

A $7500 “Gift”

               Among the programs already instituted by the federal government to help the national housing slump is the $7500 tax credit available to first time homebuyers. Designed to encourage activity at the base level of the housing market, this program is available not just to anymore buying their first home, but also to anyone who has not owned a home for the past three years. There are income limits of $150,000 on a joint return, but a large number of people are eligible.

               Buyers who qualify can receive an immediate $7500 as a credit against their 2008 taxes. The $7500 can be used for any purpose including down payment, closing cost, home improvements, etc. As the program now stands, buyers are required to repay the $7500 credit at the rate of $500 per year for 15 years. However, the mortgage interest deduction should more than offset the additional taxes.

               If you know of anyone who has not owned a home for at least three years and would like to take advantage of this tremendous opportunity, have them contact Jim Bigelow at 918-640-4657 or Jim@jimbigelow.com as soon as possible. With the high cost of rent, the current low mortgage rates, the affordability of homes in this market, and this $7500 “GIFT”, it just makes sense for those eligible to buy a home.

Jim Bigelow    918-640-4657 

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

Housing Market

Behind The Headlines

Behind The Headlines

               On November 19, 2008, the Tulsa World ran an article on the front page which had the heading “Expert: Slowdown to hit Tulsa harder”. After reading the first two paragraphs of the article,

               a reader would probably believe the Tulsa area is heading toward economic collapse.

               Yet, if one continued to read further and studied the statistics table accompanying the article, it was clear the economic outlook for this area during next year is forecast to be quite good.

               While the rate of growth was forecast to slow slightly in most major categories, only one indicator, Nonfarm employment growth, was expected to decline and that by only .1%.

               If you have questions about our current housing market, please do not rely on headlines from the media. Check the statistics or contact Jim Bigelow at 918-640-4657 or jim@jimbigelow.com.

              
Jim Bigelow    918-640-4657 

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

Housing Market

How to Conduct a Home Energy Audit Part 1/2

How to Conduct a Home Energy Audit Part 1/2

I found this article informative and with easy  to follow instructions for preforming your own Home Energy Audit. The video is from the National Association of Realtors but I thought it added value.

By Sheila Wilkinson

There are many ways that your hard earned energy dollars can slip through the cracks and holes of your home. Spending a little time finding the sources of this waste can pay back huge savings dividends later. No house is perfectly energy efficient, but the rule of thumb is that the older homes that have settled over years are the worst culprits.

Instructions

Difficulty: Moderately Easy

Step1

Start by making all air leaks easier to detect. Close all windows and exterior doors and close the fireplace flue tight. Shut off combustion appliances like water heaters and furnaces that burn gas. Go through the whole house and turn on every exhaust fan in your bathrooms and kitchen or put a window fan on to help suck the air out of the house.

Step2

Do a walk through inspection. Use a notebook to keep track of what you find to help you tackle them in order of importance. Look at the ceilings. Are there cracks between the walls and ceilings or above or beneath the moldings? Check hanging fans or light fixtures to see if there are gaps or spaces around them. Make sure the attic hatches are insulated and sealed tight. Inspect all the baseboards for spaces between the boards and the wall.

Step3

Check windows for rattling and light filtration to see if they’re sealed properly. Use an incense stick to find less obvious leaks. Place it near the edges of the windows to see if the incense’s smoke is moving around. You can also use your hand to feel for air but wet it a little first to make it more sensitive to moving air. If you don’t have storm windows, they are a good investment on energy costs and resale value. They are pricey, so if this isn’t an option right now, line windows with clear plastic for extra insulation.

Step4

Inspect all the switch plates and electrical outlets. Feel around them for colder or hot spots. Look around wall mounted air conditioners. Check doors. Do you have storm doors? Is there weather stripping around them? See if fireplace dampers and attic doors fit snugly. Don’t forget to look inside cabinets that are wall mounted and especially around those that have pipes or wiring inside them. Mail slots and pet doors should close tightly also.

Step5

Continue your inspection outside. Wherever two different materials meet, such as brick and wood or siding and brick, check for problems. Look at the foundation areas where it attaches to the house’s outside surfaces. Carefully check faucets, outlet boxes, or any holes where wiring, cable or lines enter the house. Look for broken siding, cracks in bricks or other damaged materials.

Step6

Check around the attic to see that pipes, wires and cables are all sealed well. Chimneys and vents should also be checked out. Measure the insulation in the attic and check with a local building supply store to see if what you have is adequate for the area you live in. Not all houses are built to standard and many older houses were built when such standards were different or nonexistent. Adding insulation can save you a fortune in energy dollars if yours is under standard.

CONTIUED TOMORROW

Jim Bigelow

www.jimbigelow.com

jim@jimbigelow.com

Energy Aduit

Housing Market

12 Tips for Hiring a Remodeling Contractor

 

 

12 Tips for Hiring a Remodeling Contractor

1. Get at least three written estimates.

2. Check references. If possible, view earlier jobs the contractor completed.

3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.

4. Be sure the contract states exactly what is to be done and how change orders will be handled.

5. Make as small of a down payment as possible so you won’t lose a lot if the contractor fails to complete the job.

6. Be sure that the contractor has the necessary permits, licenses, and insurance.

7. Check that the contract states when the work will be completed and what recourse you have if it isn’t. Also, remember that in many instances you can cancel a contract within three business days of signing it.

8. Ask if the contractor’s workers will do the entire job or whether subcontractors will be involved too.

9. Get the contractor to indemnify you if work does not meet any local building codes or regulations.

10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.

11. Guarantee that the materials that will be used meet your specifications.

12. Don’t make the final payment until you’re satisfied with the work.

Jim Bigelow

www.jimbigelow.com

jim@jimbigelow.com

 

 

 

Housing Market

2008 September HOME SALES Tulsa, OK. Metro Area

Tulsa MSA*

 2008

      September HOME SALES

 

Home Sales                                                                                                Revised

Residential Listings           September 2008    September 2007    *August 2008

Listings Processed                            1,942                      1,940                              1,920

 

Year-to-Date                                       18,998                     19,478                  17,056

 

Number of Houses For Sale

on Last Day of Month                            6,437                       6,620                    6,626

 

MSI +                                                    6.2                           6.9                         6.3

 

Monthly Inventory                                8,568                        8,482                    8,762

 

Pending Contracts                               1,036                           966                     1,058

 

Residential Closings                             1,058                            971                     1,134

 

Year-to-Date                                         9,052                          10,273                   8,026

 

Average Sales Price                        $153,294                      $154,789                         $161,083

 

Year-to-Date                                     $157,498                      $154,274                         $158,024

 

Median Sales Price                          $127,000                     $127,000                          $133,982

 

Total Value Sold                        $162,184,639              $150,300,457                  $182,668,339

 

Year-to-Date                            $1,440,862,953           $1,597,396,286              $1,278,678,314

 

* (Metropolitan Statistical Area) which is defined as a standard government based area. This area currently includes

seven counties: Creek, Osage, Tulsa, Rogers, Wagoner, Pawnee, and Okmulgee. + Months supply of inventory.

Housing Market

Tulsa Economic Snapshot Part 2/5 Tulsa Metro Chamber

Personal Income

• Firm home prices are a reflection of high income, and Tulsa County’s per capita personal income

is 21 percent above the U.S. average.

o Total personal income (adjusted for inflation) in the Tulsa area is expected to grow 1.9

percent in 2009, outpacing the expected flat growth for the U.S.

o Per capita personal income (adjusted for inflation) should grow 1.0 percent in 2009 in

the Tulsa area and decline by about one percent in the U.S.

• High growth in retail sales is reflective of high income in the region.

o Based on October 2008 Tulsa City sales tax collections which correspond to August

spending, year-to-date taxable sales through August are up 8.1 percent over year-earlier

levels.

o Tulsa-area taxable retail sales should grow in 2008 by 6.0 percent; in 2009, 5.0 percent.

o U.S. growth in retail sales in 2008 and 2009 will lag behind Tulsa at 4.1 percent and 2.7

percent, respectively.

Bob Ball

Economic Research

918-560-0262

BobBall@TulsaChamber.com

More Tomorrow

Jim Bigelow

www.jimbigelow.com

Housing Market

Tulsa Economic Snapshot Part 1/5 Tulsa Metro Chamber

Tulsa Economic Snapshot

October 14, 2008

Compiled by Bob Ball

Economic Research Manager

Tulsa Metro Chamber

Tulsa Snapshot

The Tulsa economy has performed well in 2008, despite problems nationwide which were brought on by

the mortgage/housing crisis. The Tulsa economy performed better than the U.S. and will continue to

perform better than the U.S. in 2009.

Housing Market:

• Tulsa never developed a housing-price bubble such as those which developed elsewhere in the

U.S. when home prices grew disproportionately fast relative to personal income.

o Tulsa income and home prices have grown steadily together throughout the most

recent expansion from 2004 to now.

o Currently Tulsa personal income adjusted for inflation is estimated to be growing 2.7

percent annually; the average selling price for single-family home in Tulsa is $157,667

over the first eight months of 2008, up 2.8 percent over the same period a year earlier.

o The number of single-family home construction permits in the Tulsa area is 32 percent

down from the record filing pace set in 2006 and 2007, but the average value for a new

permit is up five percent for the year through August 2008.

o Tulsa-area home prices are expected to rise between 2.0 percent and 3.0 percent in

2009; U.S. home prices are expected to be down by one percent in 2009.

Bob Ball

Economic Research

918-560-0262

BobBall@TulsaChamber.com

More Tomorrow

Jim Bigelow

www.jimbigelow.com

Housing Market

Tulsa Home Values Have Held Up Final

Tulsa MSA*

2008

August Home Sales

 

August 2007 August 2008 *July 2008

Listings Processed 1,920 2,250 2,187

 

Year-to-Date 17,056 17,538 15,136

 

Number of Houses For Sale

on Last Day of Month 6,602 6,537 6,833

 

MSI + 6.0 5.9 6.0

 

Active Listings 8,763 8,648 9,066

 

Pending Contracts 1,098 1,107 1,143

 

Residential Closings 1,133 1,345 1,194

 

Average Sales Price $161,122 $160,408 $169,753

 

Year-to-Date $158,060 $154,209 $157,623

 

Median Sales Price $134,000 $133,000 $135,250

 

Total Value Sold $182,551,289 $215,748,281 $202,234,906

 

Year-to-Date $1,277,851,404 $1,447,096,369 $1,095,300,115

 

* (Metropolitan Statistical Area) which is defined as a standard government based area. This area currently includes

seven counties: Creek, Osage, Tulsa, Rogers, Wagoner, Pawnee, and Okmulgee. + Months supply of inventory.

Residential Listings

Jim Bigelow

www.jimbigelow.com

Housing Market

Tulsa Home Values Have Held Up “part 3″

A recent report from Global Insight and National City Corp shows the historical values of the City of Tulsa since 1985. The Q1 of 1985

the median price of a home was $59,300.00 and the market was considered to be overvalued by 50.4% at that time. In 2008 Q1, the

median home price was $102,900, undervalued by 23.2%. The report shows the Tulsa market has been undervalued since Q1 1992, and

has gradually increased in undervalue to its current peak today. (The valuations are based on the median values for single-family dwelling units and are based on the 2000 Census of Housing. That point-in time Census estimate is then extrapolated, based on price indices published by the Office of Federal Housing Enterprise Oversight (OFHEO). Because OFHEO has acknowledged that these price indices overstate increases

when refinance activity is strong, the valuations are further adjusted to correct for this influence.)

 Jim Bigelow

www.jimbigelow.com

AUGUST HOME STATISTICS TOMORROW

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