Tulsa Homes

The New FHA requirements make it more difficult for first-time home buyers to buy homes because the 3.5% required for downpayment cannot include closing costs.

EFFECTIVE DATE: New FHA requirements effective

January 1, 2009.

We all know this can change at any time but from their verbiage it indicates that IF the FHA case number is assigned prior to Jan 1^st the old down payment would be in effect Borrowers using FHA financing who make an accepted offer prior to Jan 1^st must be assigned their case number before Jan 1.

Here is an example of the difference based on a $150,000 Purchase Price

Current required down Payment 2.25% $3375.00

Current required buyer paid closing/pre-paid: .75% $1125.00

Total of 3% buyer contribution.

New down payment 3.5%: $5250.00 CANNOT INCLUDE ANY CLOSING.

The new down payment is $1875 more PLUS they would now need to ask the seller to pay for $1125 more in closing or come up with that too since it is no longer included in the minimum contribution.

With the current economy buyers may not have that much extra to purchase a home. Therefore, keep in mind any FHA borrower not “ under contract with an assigned FHA Case number” by Jan 1^st will need to be re-qualified using the new requirements.

FREE Online Guide to Tulsa Oklahoma Real Estate

If you're going to be moving to Tulsa in the next few months, try a Free Market Watch and get weekly updates of all the homes that come on the market in any price range. Click Here

Attention: BUYERS

Houses for Sale By Chinowth & Cohen Realtors - You Pay Nothing

When you buy a home listed and advertised by Chinowth & Cohen, you pay nothing for my professional services.

Houses for Sale by Other Companies - You Pay Nothing

When you buy a house advertised by another company or real estate agent listed on "MLS", you pay nothing for my services. To search the Local MLS for your next home, click www.tulsamls.com.

MLS (Multiple Listing Service) is a list of homes listed for sale and "shared" by its members of the National Association of Realtors. You can shop for homes on our local MLS here. To search a national MLS for your next home, click www.realtor.com.

Houses for Sale by Owner - You pay Nothing

Sometimes, homeowners feel like they can sell their home themselves. Most buyers want representation. I charge 3% of the sale price for full representation and $800 for paperwork only. In most cases, sellers will pay this fee out of the sale and no one pays anything out of their pocket.

This is one of the best times to buy a home. Interest rates are at an all-time low plus there are buyer incentives being offered by many sellers.

Tulsa Area Dynamics & Market Trends

Tulsa Gains Jobs in October

According to the Tulsa Metro Chamber Tulsa gained jobs in the month of October. Almost twice as many people found jobs as those who became unemployed. Tulsa’s unemployment rate of 4.2% is still considered at full employment. Nationally the rate has risen to 6.5%. The Tulsa area continues to outperform the rest of the country.

State Personal Income Grows

Oklahoma ranked No.8 nationally in percentage growth of personal income during the second quarter, according to preliminary data released by the Bureau of Economic Analysis, a branch of the U.S. Department of Commerce. That compares to a No. 20 ranking in the first quarter. Oklahoma posted 2.5% growth in personal income for the second quarter compared with 1.0% in the first quarter. Oklahoma’s income grew to $134.1 billion in the second quarter, up from $130.8 billion in the first quarter.

Milken Institute’s Best Performing Cities ranks Tulsa

A higher concentration of energy-related industries and lower exposure to the subprime mortgage market are two factors that boosted the rankings of Tulsa and Oklahoma City metro areas in the Milken Institute’s Best Performing Cities 2008 report. The report, which looks at cities are most successful at creating and sustaining jobs, ranks 200 of the largest metro areas and 124 of the smallest metro areas. This year, the Tulsa area jumped to No. 72, up from 98 last year.

OSU Economist Predicts Oklahoma to outperform the national economy in 2009

The director of the Center for Applied Economic Research at Oklahoma State University, Mark Snead, believes Oklahoma’s economy will outperform the national economy in 2009. “The state’s economy will continue to slowdown, but Oklahoma is expected to outperform the rest of the nation,” Snead said. Snead said Oklahoma’s governmental, business and household sectors will experience economic slowing in the next nine months. However, he expects job losses in Oklahoma to be less than one percent, which is much lower than the forecast for the nation.

“The good news,” Snead said, “is that Oklahoma is one of 7 or 8 states with a chance to get through this unscathed. We will have job losses that will be visible at times, but it won’t be a crisis like we’ve seen on a national level.”

Snead said Oklahoma’s energy sector will continue to give the state an economic boost in 2009. He said oil prices above $45.00 a barrel will insulate the state’s economy from a recession.

66 Cities Where Buying Makes Sense

2008 MSN REAL ESTATE REPORT

Tulsa Oklahoma was ranked #14 of best places to purchase.

Relocate America Top 100 in 2008

Tulsa Oklahoma is ranked #5 out of the top ten cities in the country to live!

Salary.com

Salary.com’s 2008 Salary Value Index primarily looks at the relationship between living costs and pay in cities with at least 250,000 residents. It includes salaries, the cost of living and unemployment rates.

Tulsa placed 12^th out of 69 cities for being favorable places to build personal wealth!

HOT AREA REPORTS

Get yours today. If you would like a detailed report about homes in certain school districts, subdivisions or areas, please send me a quick email. I will be glad to send you specific reports that pinpoint a HOT area so that you can take advantage of quick-equity growth. Another source of information that you might find helpful is www.tulsahomereports.com.

NEED TO MOVE QUICKLY? I'll be glad to fax or email you a QUICK List. These homes are listed by area and are in move-in condition. Also, ask about our SMART homes.

When you are moving to a new area, schools are always a consideration. Schools affect real estate values. Here are a couple of links that are quick and easy to use 1) Academic Performance Index (API) and Accountabilty Report Cards and 2) School Report Cards.

Here are some steps you can take now to prepare to buy a home.

Getting Your Finances in Order

Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.

Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.

Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

If you've tried getting on a budget before and have not been successful, please check out www.daveramsey.com. This web-site has a lot of useful tools that can help get you started.

MORE IDEAS....for the Holidays

HAVE YOURSELF A FRUGAL LITTLE CHRISTMAS

Ideally, Christmas should be a time of joy, peace, and good family times. For many, however, financial worries overshadow the holiday, causing unneeded stress.

The answer lies in having a frugal Christmas by saving money on holiday meals and gifts. Following are some ways to save big money this holiday season, and maybe have enough left over to buy treats for Santa’s reindeer.

1. Plan on saving money on food. The grocery stores in your area probably send out weekly fliers (if you don’t get them in your mailbox, look in the Sunday paper). See which store has the best deals, and shop there. Clip coupons, too, and do so for at least three or four weeks before you plan to shop for the holiday meal. That way, you’ll have a good stash of coupons to choose from and a better chance of finding the ones you need. The week of your shopping trip, match up as many coupons as you can with the stores’ sales fliers. You could save twice on some items!

Also, stock up on non-perishables as they go on sale in the weeks before Christmas. It’s another great way to save money, but you’ll also save yourself from the stress of “the big holiday shopping trip.”

2. If you’re getting together with extended family, another way to save money on the holiday meal is to make it a potluck. You can make the main dish and have others bring side dishes, drinks, and desserts.

3. Do you max out the bank account and maybe even the credit cards when you buy Christmas gifts? Take advantage of layaway. Quite a few stores are bringing back this practice. You shop for your items, take them to the store’s layaway counter, and put down a percentage of the total. Over the following weeks you continue making payments until they’re paid off and you can take them home.

4. Buy gifts when they’re on sale throughout the year. Just don’t forget where you hide them! An alternative to doing this is to set aside a certain amount of money each payday specifically for Christmas. Put the money in an envelope in a desk drawer, or better yet, in a designated savings account.

5. If you’re crafty, you can make gifts for some of the people in your life. You can put together cookie mixes in jars, coffee lovers’ baskets filled with mugs and their favorite coffee beans, scented eye pillows, etc. The sky is the limit, really. If you can make it, someone is sure to appreciate it. This is a great idea for gifts for teachers, neighbors, and others who’ve played an important part in your family’s lives throughout the year.

6. Finally, if money is super tight this season, give fewer gifts to extended family and friends, or at least gifts that cost less. Do you really need to keep buying $30 gifts for nieces and nephews who are 18 or over? If you don’t want to stop buying for them, try giving them gift cards for $5-15 instead. Look for other ways to cut costs in gift giving. Is there a friend you buy a gift for every year who never reciprocates? Perhaps this year's gift can just be a card.

Hopefully, you’ve gotten some good ideas and have been inspired to save money this Christmas season.

Make it merry!

HOW TO HANG OUTDOOR CHRISTMAS LIGHTS

Not many people know that the first Christmas tree decorated with electric lights stood in Grover Cleveland’s White House in 1895. This was a very big deal, but it would still be a few more decades before the general public could afford electric Christmas lights, as the cost for electricity was fairly high.

People eventually took to the idea of decorating their trees with lights and – as electricity became more affordable – progressed to hanging the lights on their homes.

Decking the eaves outside can be a real challenge for some, as it requires more effort and work than decking the halls inside. Here are some tips on making it a fun, safe experience, and not one to dread.

Before heading out to buy your lights, measure along the length of your house to determine how many strands you’ll need. This is a good method to use if you live in a rambler; if you live in a two-story home and plan to string lights along the upper level, as well, you’ll need to take those extra feet into account. Will you be hanging lights around doors and windows? You’ll need to measure around those, too. Write all these measurements on a piece of paper, and be sure to take it to the store with you.

Make a list of all the other things you’ll need for hanging your lights. Check to see if you have any of them already; the others you’ll need to buy or borrow:

Strings of lights

Ladder

Hammer, if necessary

Clips to hold lights to gutters

Other clips to help hold lights to door and window frames

Extension cords for use outdoors

With so many different kinds of lights to choose from, you might want to decide on what you’ll get before you leave home. You’ll be able to choose from mini lights, larger lights, short strings and long. There are icicle lights, pastel lights, white lights and multi-color lights. You can choose between the usualincandescent bulbs or LEDs (light emitting diodes), which use over 90% less electricity than the incandescents.

Be sure to buy light strands with male and female receptacles so that you’ll be able to string several together.

After you’ve gotten home from choosing your lights and have gathered together your other supplies, you’ll need to find one more can’t-do-without item: a helper. Putting up outdoor Christmas lights really isn’t a task to do alone, especially if you have a two-story house. It’s the perfect time to utilize the buddy system.

Why would you need a helper when hanging outdoor Christmas lights? Your helper can hold your ladder steady (or vice-versa), hand you clips, a string of lights, your hammer, or whatever else you need. Plus, working with a friend can be more fun than just going it alone.

Did you buy enough extension cords? Overloaded extension cords have been known to overheat. Be careful with your placement of the cords; you don’t want to trip over them. Make sure they’re heavy-duty and intended for outdoor use. And don’t use extension cords if they’re damaged – doing so could result in shock and be a fire hazard.

You’ll need to decide which end of the house you want to start hanging your Christmas lights from. If one side has an electrical outlet and the other doesn’t, then obviously you’ll want to start on the side with the outlet. Use discretion if you need to employ another extension cord; cords hanging down in front of a house would be very unsightly.

Hang your lights using all-in-one light clips or icicle light clips. Make sure the light strings are pulled somewhat taught and not dipping between clips. Using more clips can prevent this “swagged” look.

Finish off your outdoor look by stringing lights around your windows and doors and over bushes. Lights wrapped around tree trunks add a festive touch, too.