Northwest Oklahoma City, Deer Creek, Edmond Oklahoma real estate listings, home buying, selling and relocation information

Up-to-Date
with The Allen Group

12/10/2008

What are closing costs, and why do I have to pay them? Can't the other party pay for me? These are very common questions among buyers these days. I'm here to lay it all out for you. In a typical transaction there are closing costs set for the buyer and seperate costs for the seller. Here's what they are:

Buyers pay for all the fees needed to create their loan; such as the origination fee, discount fee, appraisal fee, underwriting fee and sometimes costly mortgage insurance. Secondly buyers pay for their title fees. The buyer is paying to get title insurance, and to make sure the title is brought up to date. Next you have any inspections that weren't paid for at the time of inspection. Lastly, and largely the buyer pays to set-up their escrow account. The escrow account is a savings account holding your property tax and hazard insurance payments.

Sellers pay the Realtors' commissions and bringing the abstract (title) up to date. The seller will pay for the years taxes up to date of closing. Depending on the contract they sometimes purchase a home service agreement that will carry over to the buyer. They also may agree to pay a certain dollar amount of repairs.

It is normal and expected for a buyer to pay his/her own closing costs, but...you don't have to. In fact many builders offer to pay the buyer's closing costs as an incentive to purchase their property. In pre-existing homes the buyer can ask the seller to pay a percentage of the sales price towards the buyer's closing costs. Typically in Oklahoma, the percentage is 3 and never more than 6. What a buyer must understand is that money for their closing costs comes out of the sellers pocket.

Honestly, sellers don't care if they pay buyer's closing costs. Sellers care about their bottom line. The seller is going to take the sales price and substract what they owe on the house, repair money, seller closing costs and any concessions given to the buyer. As long as they come out at the right amount, they are happy. If negotiations are tight, don't be surprised if the seller has to raise the sales price to cover all the concessions for the buyer, plus the buyer's closing costs.

When negotiating a contract, make sure your lender provides you with an accurate good faith estimate that includes all the loan and title fees, plus inspections, insurance, and taxes. Have your Realtor look over it to make sure there aren't any "junk" fees. This will help you determine how much to ask the seller to pay.

I hope this information helps clear up some of the confusion about closing costs. Good luck on your home search. Let me know if you have any questions.

Natalie

12/4/2008

Ready to Plan Your Taxes?

Always wonder about confusing exclusions on taxes? Especially on the sale of your main home? Lets dive into it! Individuals can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. The home must also be your principal residence. The 2-5year rule to exclude your profits can be used everytime you sell your main residence.
However.......there are always exceptions!
If you lived in your home less than 24 months, you can exclude a portion of the gain if the location of your job changed, because of health concerns, or for some unforeseen circumstance.
Unforseen Circumstance: Natural Disasters, acts of war, acts of terrorism, death, divorce, seperation, or multiple births from the same pregnancy.
How to Calculate
Count the number of months you lived in the home. Then divide that number by 24. Then multiply this ratio by $250,000 (if unmarried) or by $500,000 (if married). The result is the amount of gain you can exclude from your taxable income.
Example: You lived in a month for 18 months, and sold the home, and then sold the home because you had to relocate becuase of your job. You are married, so you calculate 18 months divided by 24 months (ratio-.75) times your maximum exclusion of $500,000. Then result: you can exclude up to $375,000 in gain. If your gain is more then $375,000 then you only claim the amount over $375,000 as taxable income.
You cannot deduct a loss from the sale of your main home.

Haley Ray

10/29/2008

Read This!!! Top 11 Ways to SAVE on Your Heating Bill This Winter...

1. Keep your thermostat a bit lower (and wear a sweater). Lowering your thermostat by 1 degree can reduce your energy consumption by 2%.

   = $40 savings

2. Get a humidifier. Air with moisture feels warmer. Even if your thermostat is set lower, this will help you feel warmer. (For example, if you set your thermostat at 69 degrees with a 35% relative humidity, it will feel just as warm as 72 degrees at 19% relative humidity and will save you roughly 5% in annual heating costs).

   = $90 savings

3. Install a programmable thermostat. Lowering you thermostat by 10 degrees at night can reduce your heating costs by 10-20%.

   = $50-150 savings

4. Replace your furnace filters once a month. This can save you up to 10% on your heating costs.

   = $180 savings

5. Turn off kitchen and bath exhaust fans within twenty minutes of cooking or bathing. Accidentally leaving one of these fans on could remove all the warm air from your home in a little more than an hour.

   = $30 savings

6. Keep your drapes and shades open on the south side of your home. This will allow sunlight in to warm your home naturally. Make sure to close your drapes at night to help reduce chill from windows.

   = $20 savings

7. Insulate your hot water heater tank and pipes (also make sure to drain a quart of water from your tank every three months to remove sediment - this will improve heat transfer and keep your water heater's efficiency up). The easiest way to do this is to get an insulation blanket.

   = $30 savings

8. Weatherstrip and caulk windows. It can save up to 25% on your heating bill.

   = $500 savings

9. Close the heating vents when your're not using a room. Why heat something when it's not in use? Make sure to close the doors to that unused room as well (for added savings, you might consider rolling a small rug and plaacing it under the door crack to block any gaps). This can save you up to 3%.

   = $50 savings

10. Keep your vents clear when they are in use. If rugs or furniture are blocking your vents, it will affect their efficiency.

   = $20-60 savings

11. Keep your fireplace damper closed. As heat rises, an open damper will suck warm air out of a room. (If you don't use your fireplace, consider sealing it temporarily.) This can save you 5-15%.

   = $270 savings

TOTAL SAVINGS PER WINTER: $1100

More Tips...

-When you're using the dishwasher, don't use the "dry-on" cycle, instead use the "air-dry" option and then just open the door after the final rinse. Anything that heats uses a lot of electricity.

-Wash clothes in cold water.

-In the winter hang thermal drapes over the largest windows.

-Keep curtains closed at night and open during the day.

-Electric companies advertise to run dishwashers and do laundry after 9:00 pm when the rates are lower.

-Run your ceiling fans on reverse at low speed to circulate the heat trapped in vaulted ceilings.

(taken from greenhome.huddler.com)

Julie Brooks

10/27/2008

Failure To Close

Buyers Pay Attention!! Three times in the last month I've heard of contracts busting, because the buyer bought a car the week before closing. NO!!! Do not make a major purchase, like a car, boat, RV, or fancy jewels at the same time you are buying a home. Here's why:
Debt-to-income ration.
             Your debt-to-income ratio is a measure of risk. Creditors want to know that you'll be able to pay them back in a timely and consistent fashion. If you're overburdened by consumer debt or other obligations, they worry that you may not be able to make good on your mortgage promise. A debt-to-income reatio is just that-- a statistical measure of how much maoney you owe to various creditors, agencies, and bill collectors divided by how much money you bring in on a gross monthly basis.

If you are purchasing a house usins an FHA loan, your lender takes your gross monthly income and multiplies it by approximately 41%. Your monthly house payment plus all your other monthly payments to banks and creditors must equal a number less then that 41%.

Here's an example of what I'm talking about. Buyer Bob makes $4,000 per month. 41% of $4,000 is $1,640. Bob already pays $300 per month for his car payment and $400 per month on credit cards. Bob decides to buy a house where his monthly payment would be $900. That total monthly payment towards debt would be $1,600. Bob is okay. That amount is less than the 41% limit. Ooops! Bob is having a mid-life crisis and buys a fancy sports car, but no place to park it. Bob will not get his home lone.

Be careful and be smart. If you feel that you must buy that Harley, at least talk to your lender first to make sure you'll still get your home loan.

Natalie Broughton

Hazard Insurance

Insurance is tricky, whether it's health, life, home, or car insurance. Here's a few helpful hints from Natalie. These are things I've learned along the way with my own home and in helping others obtain a good rate on their home insurance.

1. Paint the picture of the house in a positive light. If you don't know the age of something say "I don't know." Never say "I don't know. It looks really old, but I think it works okay." If you sound doubtful about the condition of the property, the insurance company will be hesitant to give you the coverage you need!

2. Play up the positive. If remodeling and replacements have occurred, definitely tell the insurance company. They love to hear about new roofs.

3. Tell the truth about your income, your habits, and your belongings. You want to make sure you get the right amount of coverage for you.

4. Get a security system. If the house has one, great. If not, no worries, when you close on the house, every big company in the country will call you to set-up service.

5. Total replacement cost. In most cases, you want your coverage to be total replacement on all aspects of the house. If they say "cash value", say no thanks. Total replacement means when a hail storm damages your roof, you get the whole roof replaced for free.

6. Total replacement cost reduced. Say you are buying your new house for $100,000. The insurance agent will tell you that to totally rebuild the exact same house today would be $160,000. Therefore they want to give you coverage for $160,000. If you are okay with that premium, Great! If not, here's how you can save a little in your monthly payment. Ask them to reduce that total replacement cost on the house as a whole. Lower it halfway to $130,000. Definitely keep it higher than your purchase price!!

7. Deductible. The lower your deductible, the less out of your pocket if you do need to make a clain in the future. However, if you have a lot of cash, but want to save on your monthly payment, you can increase your deductible. Just be aware that you will pay that deductible should something happen to your house.

8. You need an insurance agen you can trust. Feel free to ask them questions. Ask them their advice on what kinds of coverage you need and how much. If you are unsure about a plan they quote to you, email it to me, and I'll take a look at it.

9. Shop around. You may us whomever you choose. Here's my two favorites:

Michael Sohn, Liberty Mutual, 405.720.6083 ext 219
Todd Wallace, Farmers, 405.879.9899

Financial Conundrum? Market Instability?

Part 1. How this is impacting our market in Oklahoma?

Part 2. Creative Financing to get your home sold or buy that next "dream home"!

This blog is for someone buying or selling a $500,000 + home just as much as for someone buying or selling a $180,000 home! (Yes, this is for people with Excellent Credit Scores, too!!!)

Election years always bring some hesitancy and slow down to our real estate market here in Oklahoma but this year has been impacted by even great concerns. Our local Oklahoma loan and real estate market has and continues to be significantly impacted by the national real estate market and the secondary loan market...especially with government's intervention to save Fannie Mae and Freddi Market. Added to this are bankruptcies and acquisitions of major financial giants which have further destabilized our national economy.

That's great Chris, but Oklahoma is an "Oil-based Economy" and we ranked right at the top of "most recession proof" economies in the US! That is very true...and our saving grace. Add the Thunder and fantastic local leaders bringing new business and development to our city and we've got something going that no other market has right now.

Still, we have to aware of how the global market is impacting ours. First and most important is the "freeze on loans". The secondary loan market where mortgages are bought and sold has changed dramatically over the last decade and especially the last six months. I bought my current home without a job in 2002! This is impossible now. Just being furloughed from Delta Airlines as a Boeing 737 pilot following 9/11, I didn't even know I could get a loan. I was fortunate to have great credit scores and a fantastic lender, Ted Newton with Capitol Mortgage, who found creative financing to get the job done. In today's loan market, you can not get a loan based on credit alone, you for the most part can not get a loan without putting at least 3% down, and if your creidt scores are marginal you won't be able to find financing either.

How does this impact me, Chris, since I have good credit and have cash to put down on my next home? If you don't need to sell your home first in order to buy your next home then no problem. If you do, then you need to know what is going on with our firt time home buyers...because they push the process forward like the domino effect. Buyer 1 buys Seller 1's $150K home; Seller 1 then is free to buy Seller 2's $300K home; which, in turn frees up Seller 2 to buy Seller 3's $600K they've been eyeing...and so on. But if Buyer 1 can't get a loan...nobody wins!

Don't laugh but I've seen the Seller of the 3rd home in this series buy the home of Seller 1 just to push all the transactions through!!

A little brain-storming with Will Koenig with Allied Mortgage can go a long way. Let me you give you another creative option!

<BREAK>I'll finish up later...just got a call to go show a home!! <BREAK>I'm back and had a great showing! Plus it's a day later and OU beat TCU!!! :)

Back to creative options. There are many creative options but let me give you one that is little known. This option is especially great for homes that are stagnant (been on the market but hasn't sold or vacant). It's a "Lease-Purchase".

In this example, I'll take a $200,000 home that has about $10K of negotiating room in the price (the seller will take $190K minimum for the home) and show you how it works. There are many people right now that would like to buy a home but can't because they don't have enough for a down payment. Or perhaps thay are going through a divorce or switched jobs and need to wait 6-12 months to buy a house. This is very flexible and can be modified many ways. Simply put. Sign two contracts. The first is for a lease for 6 months (in this scenario we set the lease for $1,500/month...basically you need to cover the expenses of your mortgage payment including the taxes and insurance). The second contract is for the purchase of the home at the end of the lease for $200,000. At the end of six months, the buyer has paid $9,000 in rent. If the purchase does not go through, the seller keeps this rental income. More than likely the purchase will go through and the seller will credit the buyer with this $9,000 as money for th buyer's down payment. The contract was signed for $200,000. The seller ends up receiving $191,000 for the home and having their mortgage utilities, and minor maintenance covered by the buyer for six months (no out of pocket expenses...yeah). The buyer buys the home for $200,000 (on paper...technically the buyer is only paying $191,000 for the home) and receives a credit of 9K from the seller that the buyer can now use for their down payment.

It may seem complicated, but it's really not. If you are interested in knowing more about this and other creative financing options to help buy a home or get your home sold, feel free to call or email!!

Here are a few articles that you might find interesting...

More about the Lending Freeze that we are in... http://money.cnn.com/2008/09/26/markets/bondcenter/treasury_prices/index.htm?postversion=2008092614

A good article on how we got our US market into this jam in the first place...
http://money.cnn.com/2008/9/26/news/leverage.fortune/indes.htm

Congrats NORMAN, you made Money's #6 Best Place to Live in the US....
http://money.cnn.com/magazines/moneymag/bplive/2008/

All for now!!

Chris

9/11/2008

Staged Homes Sell Faster
Giving Your Home that Extra Edge in a "Buyers" Market!

The Allen Group at Re/Max Fist is thrilled to offer home staging as a vaule added perk to clients listing homes. Home staging is designed to prepare and improve a residence to make it appeal to the largest amount of buyers by transforming it into a welcoming and attractive product for sale. By reducing a home's "flaws", depersonalizing, de-cluttering, cleaning, improving curb appeal and interior flow of space, a home staging specialist can work wonders for home sellers. A staged home helps clients get top dollar for their investment. Properly executed staging leads the eye to attractive features of a home while minimizing flaws.
Through considerable training, including attaining the Accredited Home-Staging Specialist designation, we are working to become more knowledgeable on home staging techniques. We've also paired with professional designers outside of the resources in the Oklahoma City Metro. Because studies show a home buyer decides within the first eight seconds if they are attracted to a home, staging is vitally important! And we are extremely pleased to be able to offer it as a value-added benefit to our clients!

Chris Allen

9/7/2008

It seems to me that both of our presidential candidates care about the future of the American people. The problem for me is always deciphering what their plans for us really mean. Here is what each candidate has posted on their websites on the economy and real estate. Happy Reading- Natalie

John McCain believes there is nothing more important than keeping alive the American dream of owning a home. Priority number one is to keep well-meaning, deserving home owners who are facing foreclosure in their homes.

John McCain's approach to helping sub-prim or other financially strapped mortgage borrowers is built on sound principles:

No taxpayer money should bail out real estate speculators or financial market participants who failed to perform due diligence in assessing credit risks. Any assistance for borrowers should be focused solely on homeowners and any government assistance to the banking system should be based solely on preventing systemic risk.

Any policy of financial assistance should be accompanied by reforms that promote greater transparency and accountability to ensure we never face this problem again.

John McCain has proposed a new "HOME Plan" to provide robust, timely and targeted help to those hurt by the housing crisis. Under his HOME Plan, every deserving American family or homeowner will be afforded the opportunity to trade a burdensome mortgage for a manageable loan that reflects their home's market value.

Elgibility: Holders of a sub-prime mortgage taken after 2005 who live in their home (primary residence only); can prove creditworthiness at the time of original loan; are either delinquent, in arrears on payments, facing a reset or otherwise demonstate that they will be unable to continue to meet their mortgage obligations; and can meet the terms of a new 30 year fixed-rate mortgage on the existing home.

   John McCain's HOME Plan Will Keep 200,000 to 400,000 Families From Losing Their Homes. "But at the same time, McCain is calling for agressive federal plan has many of the elements of a proposal by Rep. Barney Frank, D-Mass., and loan principal and then write a new loan that would be backed by the federal government through the Federal Housing Administrating." (Tom Raum, "Everyone's Invited: McCain Economic Plan Draws From Both Parties," Tucson Citizen, 4/17/08)

How It Works: Individuals pick up form at any Post Office or download the form over the Internet and apply for a HOME loan. The FHA Home Office certifies that the individual is qualified, and contacts the individual's mortgage servicer. The mortgage servicer writes down and retires the existing loan, which is replaced by an FHA guaranteed HOME loan from a lender.

John McCain will bolster groups like Neighborworks America that provide mortgage assistance to homeowners in their communities.

                 Protect Homeownership and Crack Down on Mortage Fraud

Obama will crack down on fraudulent brokers and lenders. He will also make sure homebuyers have honest and complete information about their mortage options, and he will give a tax credit to all middle-class homeowners.
         Create a Universal Mortgage Credit: Obama will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.
         Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federeal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.
          Mandate Accurate Loan Disclosure: Obama will create Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metrick (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.
          Close Bankruptcy Loophole for Mortgage Companies: Obama will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortage payments. Obama believes that the subprime mortage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.

Natalie

9/5/2008

Tips For Using the Internet for Your Home Search

If you are a serious home buyer, don't waste your time looking at houses outside your price range.
Get pre-qualified with a lender before you seriously begin shopping.

Find good search engines. Check out several sites and choose sites that are user friendly and current. May I recommend by RE/MAX site, www.OklahomaHomeforSale.com and of course this site, www.Sellingoklahoma.com.

Choose a Realtor; preferbly one who specializes in Buyers. Look for the ABR designation next to their name. Realtors can set-up automatic emails that send you properties fitting your criteria the day they come on the market. The Realtor has the expertise and technology to take the work out of it for you!

Use mulitple sites to get an idea of the complete pictures of what's out there. Always go back to your Realtor with questions on properties you find, EVEN IF IT IS FOR SALE BY OWNER! Your Realtor has access to every home on the market!

Good Luck!

Natalie

9/2/2008

One Step Towards Green

Bombarded on every side by the media about the disaster our universe is in, I admit that I have lagged behind in efforts to live green. "What can I do about global warming, " I scoffed. But slowly, the message has become clearer and louder bouth at home and at work through clients wanting homes that are energy efficient and staff memebers who insist plastic water bottles are a "no-no", not to mention my own children taking out our recycling, probably more than I do...reality dawned. I don't have to change the world in which I live, I just have to do my little part. As a Realtor, I can help clients learn about compact florescent light bulbs, geothermal heating/cooling and tank-less hot water heaters and when we're working with builders we can request to use energy efficient, eco-friendly building methods and materials. We can insist on windows and appliances that save energy and in turn, put money back into our client's pockets. In my own home and office, I can save energy and money if I would simply commit to turning off lights, computers, printers, and appliances when not in use, getting that slow dripping faucet fixed, watering the lawn at night and using an inexpensive thermostat to regulate the temperature throughout the day. Instead of grabbing water bottles, I can take an extra second and get some filtered tap out of my facet. We can all make a difference together by taking time to teach others and our children to learn to live green. The old saying "If it isn't broken, don't fix it" may not be the best advice when it comes to protecting our environment. There are lots of choices we can make today to fix areas where we are wasting energy. Most will even pay for themselves in savings over just a few years. As a friend recently reminded me, real change happens...one step at a time.

Chris Allen

8/27/08

U-G-L-Y....

Do you have that cheer running through your head from the 80's football movie? I do. I am saying that cheer to my bathtub. That's right, my old tub. It doesn't matter what product I buy at the store or from an infomercial, it never looks good. I've debated over the last several years what to do about it. I always keep the shower curtain closed!! I'm finally ready to do something about it, and there are 3 good options: Replace it, Bathfitter, and Re-glaze/ Paint it.

Replace it: Bathtubs are not that expensive. You can buy a regular tub for less than $350. (My tub is just a small, regular tub in an old house. Nothing fancy.) The down side is the stores I checked with only deliver and install if you are remodeling the entire bathroom. So in my case, after buying the tub, I also have to pay delivery, and hire a plumber to do the installation.

Bathfitter: This is the company that installs a new bathtub or shower over your existing one in one day. For just covering my tub it costs $895. Ouch! Again, I would go for it if I needed more extensive remodeling in my bathroom.

Re-glaze it: I've heard of people having their tubs painted. A store just opened by my house that advertises that kind of work. I had to check it out. When I said "do you paint bathtubs?", they looked at me awkwardly and corrected me. "You mean re-glaze?" Whatever. Re-glazing costs $425 at this particulare store, it's done in one day, and comes with a 5 year warranty. The downside is after those 5 years you probably need to glaze it again.

I've seen online where you can buy the glaze and do it yourself for a lot less money. For some of you that might be good at home repairs, go for it. For me I'm hiring the guys down the street to paint, er, I mean, re-glaze my tub next week.

Natalie

8/25/08

Appreciation for the Working Man: Labor Day!

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a "workingmen's holiday" on the date. The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country.

The form that the observance and celebration of Labor Day should take, were outlined in the first proposal of the holiday--a street parade to exhibit to the public "the strength and esprit de corps of the trade and labor organizations" of the community, followed by a festival for the recreation and amusement of the workers and their families. This became the pattern for the celebrations of Labor Day.

The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pay tribute on Labor Day to the creator of so much of the nation's strength, freedom, and leadership...the American worker.

Reprinted from www.dol.gov

Julie

Saving Money can be a Seasonal Thing!

Often times when you realize your home needs some repairs or maintenance it is during the season when everyone else realizes the same thing and therefore prices are higher. If you take the time to do a little planning, you can really save some big bucks! Here are some tips for this season's "to do" list:

July-September (conserving energy during the hot summer months, and preparing for the cooler fall season)

-Inspect your roof for loose shingles, water stains that could be a result of water leaks, and cracks in tiles.

-Dispose of oil based paints and solvents that you might be storing in your garage or home. These are too flammable to keep around during the hot summer months.

-Clean and stain your wood decks while it is sunny to prevent your wood from rotting during the fall and winter months.

-Call your heating service to make sure your heater works before the fall season arrives. (You will probably save a little money doing this during the off-season)

-Replace all A/C and heating filters to boost your energy efficiency.

-Clean gutters around your home with a hose to clear them of summer debris.

-Call a chimney sweep to clean your chimney before you begin using it in the fall. (this will also save you some money to do it during the off-season months)

*Some of this information has been summarized from an article posted in Money Magazine 2006

I hope these tips have helped you think ahead for energy and money savings during these last summer months!

Heather

August 5th, 2008

One Stop Shopping!!

I read an article recently from REALTOR magazine explaining how home buyers today place a convenience over many factors when selecting their Realtor. If given the option of going with a local brokerage office where they can get their mortgage, title insurance, home warranty, and other services such as home repairs and remodeling all at one place, they want it. The survey went on to say that "home buyers who've used one-stop shopping have a higher rate of satisfaction with their transaction experience, an 8.3 on a scale of 1 to 10, than those who haven't."

I also realized something else...we've been attempting to offer a one-stop shop at The Allen Group for a number of years and not really marketing it. We bundle our real estate services with forged partnerships in the mortgage industry and title industry as well as keeping handy men available for readying homes for the market. Through partnerships with companies like Capital Mortage, we're able to close on time more consistently. The same is true for title companies. With the amount of experience we have had at various title companies, we know who does the job consistently well and who doesn't. We have allied with the few so that our clients experience a seamless process every single transaction.

As my children return to school and we buckle back into the routine of homework assignments, I added an assignment to my own list. Give my clients more of a one-stop shop and market it properly...making the whole home buying, home selling process more convenient. In a few months you can let me know my grade!

It's a privilege to work for you!!

Chris Allen

July 28, 2008

Top Ten Questions to Ask Yourself About a Prospective Neighborhood

Before committing to a particular property, it is very important to get a feel for the neighborhood. Yes, a house may be everything you dreamed of, but it's a rude awakening when you realize the neighborhood is not. It's very important to visit the property at various times of the day, so you get a feel for the atmosphere. Also, ask yourself these ten questions and do your research!

1. Do homeowners take care of their properties?
-Are lawns well-manicured?

-Do they take pride in their garden?

-Is trash picked up?

2. Is there remodeling going on?

-Are homeowners making improvements?

-What does the appreciation look like in this neighborhood?

3. Are the people friendly?

-Do neighbors wave and say hello?

4. What kind of cars do I see?

-Are there abandoned vehicles on the street?

-The type of cars in a neighborhood can be a window into the income bracket.

5. Is this the right school district?

-How are the schools rated?

6. Does the neighborhood have the amenities we are looking for?

-A community pool?

-A park?

7. What are the crime rates?

-How does the neighborhood fare with auto-theft, burglary, etc.?

8. Is it noisy?

-Do neighbors throw late night parties?

-Yappy dogs next door, or a band that likes to practice at midnight?

9. Does it have the right demographic for me?

-Families? Young professionals? Senior citizens?

10. Is the location convenient for my needs?

-Are there restaurants close by?

-A grocery store?

-A gym?

These 10 questions will help you decide if a property is right for you. Happy hunting!

Julie

July 23, 2008

Kitchen Trends 2009: Stainless Steel Appliances-Is the Fad Over?

Closing on our first house this Friday, my husband and I have been appliance shopping it feels like every other day! Just like investing in a house, investing in your major appliances is quite an ordeal. Given that the average life span of a fridge, dishwasher and range is between 10-15 years, one begins to research pretty heavily before making the purchase. Homeowners should be up on current trends, but it's important to stay classic and true to your own style. I've been hearing rumors that stainless steel appliances are on their way out, so I decided to find out for myself. As I was researching on the Internet, I found some great quotes that tell the tale:

"I think the days of stainless being the thing are just about over. The fad is fading. Stainless is a pain to keep up. Fingerprints every time you even think about touching it!"

"The stainless looks nice, but it is impossible to keep clean, impossible!"

"Because of the business I'm in, I see stainless as a fad that may not last."

"Our Realtor's opinion is that it does seem to be getting less popular."

"I heard that stainless steel appliances are on the way out from one of the salespeople when we were looking at fridges. He said one of the company reps was in the store and told them the new trend was going to be going away from stainless."

"If it were me, and I was planning on staying in my home for 10 more years I would go with white."

"White all the way. Stainless to me, looks cold and clinical."

"I would pick white. Less money and easier upkeep! Stainless looks nice, however, white is universal and goes with everything. I think stainless will soon fade away."

"If it was my choice, I likely would go with white for my appliances."

"I personally like it when the appliances disappear, especially in an open kitchen."

"I think white or black are what I will put in my new kitchen. They are timeless and you don't have cleaning issues."

"Stainless steel appliances are so 2007."

"Last year the claim was that stainless would be replaced by white appliances."

"Stainless steel appliances may not go out of style, but it looks as though white and cream colored appliances are on their way back in. Many appliance brands are beginning to showcase white appliances. This is all a part of a larger trend toward an all-white kitchen design. This month's issues of Domino and House Beautiful both feature sophisticated, all-white kitchens with marble counter-tops and white cabinets."
(quotes taken from www.city-data.com and www.curbly.com)

Isn't it refreshing when classic is trendy? Also, it's affordable. A win/win situation! I will be buying white appliances for my new house.

Julie

July 22, 2008

Amazing Tips From a Home Stager That Will Get Your Home Sold!

Make an Impression:

Prospective buyers make up their minds about your house even before they get out of the car. To ensure they have the right idea, clean up your yard, rake the leaves, driveways sweep drieways and porches. Get out the cleanser and spend 15 minutes cleaning your front door, porch, railings and steps. Then tuck away all of your recycling cans and bins at the back of the house.

Unclutter:

"Clutter eats equity," say stagers. So, purge your closets, empty the cupboards, and small up smaill appliances. Rent a storage locker to keep what you want, then toss the restcounter-tops Keep countertops free of clutter.

Impersonal works:

You want buyers to imagine themselves living in you home, not to feel like a guest in it. So, stash anything connected to your family or personal interests. Hide trophies, store family photos, remove all traces of day-to-day life.

Keep it fresh:

Barb Schwarz, president of StagedHomes.ca of Concord, Calif., has been staging homes for 30 years and she says a disturbing number of home seller's don't realize that their home...um, smells. The easy solution is to keep your windows open for 10 minutes a day. Also, leave chocolate chip cookies baking in the oven. The smell does wonders to help buyers bond with your home.

Declare war on grime:

Cleanliness helps put a buyer's mind at ease since it suggests that you've probably taken good care of your residence in other ways as well. So, clean everything: walls, door handles, light fixtures and pantry cupboards.

Hire a handyman:

Dripping faucets, cracked tiles and moldy caulking around the bathtub can knock thousands of dollars off the price of your home.

Color it up:

Your Single best investment may be a fresh coat of paint in key areas of your home. "Paint your front door and put some urns with brightly colored flowers on your front step or just inside the entryway," says Jane Hall, Toronto Toranto designer and owner of the Voice of Color in Toronto.

Reduce furniture:

An easy way to create a sense of space is to get rid of some furniture. Moving a sofa and end tables into storage can give a small room some much-needed breathing space.

Light me up:

The brighter and sunnier a space, the easier it is to sell. Start by investing in a good window-cleaning service. Then thoroughly clean the shades on your light fixtures, change light bulbs and add floor lamps if an area seems dim. Dump the 60-watt bulbs and go with higher wattage lights for mazimum maximum. Finally, when it comes time to show you home, make sure all the lights are on.

Add a touch of humanity:

A couple of planters on your front porch, a vase of flowers on your dining room table, even a simple rose in a bud vase can warm up a room. This is where you can let some of your creativity show through. "You want to get away from making rooms feel dull and sterile," says the home stager Gould. "Flowers and plants are good for that." Candles help, too.

Julie
*Reprinted from www.canadianbusiness.com

July 1st, 2008

10 Steps to Prepare for Home Ownership

1. Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.

2. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list.

3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, are expansion plans, and safety.

4. Determine if you have enough saved to cover your downpayment down payment closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 and 7 percent of human price.

5. Get you credit in order. Obtain a copy of your credit report.

6. Determine how large a mortgage you can qualify for. Also, explore different loan options and decide what's best for you.

7. Organize all documentation a lender will need to preapprove you for a loan.

8. Do research to determine if you qualify for any special mortgage downpayment assistance programs.

9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10. Find an experienced REALTOR who can help you through the process.....Call me :)
843-8448

Natalie

********Reprinted from REALTOR Magazine

May 2nd, 2008

Good News for Oklahoma City!!!

Just about everyone asks their Realtor about today's market conditions, especially since the national market is suffering more than it has in a long time. The price of homes nation-wide are dropping, and home sales are dwindling because of the lack of buyers ready to buy a home and who can qualify for a home loan. HOWEVER, Oklahoma City seems to be doing pretty darn good considering the circumstances! Forbes.com just came out with an article that Ranked OKC #1 in the nation for stable home prices and for our unemployment numbers going down. Check out the article below...and just remember, if you are hesitant about buying or selling your home because of the market conditions...know that OKC is doing good! Talk to one of The Allen Group members today, and we can get your home sold...or find just the right home for you to buy!

America's Recession-Proof Cities by Forbes:

"Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly--or even contract--in the first half of the year.

But some cities are doing just fine.

Take Oklahoma City, Okla. With falling unemployment, one of the country's strongest housing markets, and solid growth in agriculture, energy and manufacturing, it looks best positioned among the nation's largest metropolitan areas to ride out the current crisis."

Read more at Forbes.com...Forbes Real Estate

That's all for today!

Heather

April-28-08

Enhancing Your Home's Curb Appeal:

Here is an interesting article I read last week on curb appeal. If you are thinking about putting your home on the market soon, here are some great tips to spice up your home's exterior. Keep in mind as you read, you can do these things for much less money than the article says. Shop around for prices, or call me for help. I know a lot of great handymen!

http://finance.yahoo.com/real-estate/article/104923/Nine-Ways-to-Enhance-a-Home's-Curb-Appeal

Natalie

April 11, 2008

Growing Canadian County: Mustang, Piedmont, and Yukon

I'm a NW OKC girl. I've lived there most of my life. I tend to think where I live is better than everywhere else. However, my boyfriend lives in Mustang. Mustang!? I tease him about it, but I'm running out of good reasons. Canadian County is the fasted growing county in the state of Oklahoma. I have more and more clients opting for suburban life with a little commute, than living in th heart of the city. Much of Mustang, Piedmont, and Yukon are zoned for farming; but a good 25% is zoned for commercial properties and residential neighborhoods. Roofs are popping up all over! If you want a home with some land, but don't plan on buying cows or chickens to go with it, Canadian county might be the place for you. Mustang and Yukon are 15 miles SW of downtown OKC. Commuters drive 1-40 or the Kilpatrick Turnpike to get to the city. More and more shops and restaurants are opening on major streets and I-40. Okay, so it's growing. That's nice, but what about the schools? Yukon, Mustang, and Piedmont schools all score about average on GreatSchools.net. My boyfriend is a product of Mustang schools, and he seems alright! :) Real estate prices are good. If Edmond and Deer Creek cost more than you want to spend, look west to Canadian County. Give me a call, and I'll send you properties in these towns that just might be what you've been looking for all along!

Talk to you Soon,

Natalie

March 26, 2008

First quarter numbers are in! The Allen Group at RE/MAX First is Ranked #1 in sales volume for RE/MAX year-to-date in Oklahoma City and #2 in the entire state...Great Job Team!! Our Team also just completed a study on the Harvard Negotiation Project and how these tactics can be applied when negotiating real estate contracts with shining results! And we just completed our Home Staging Specialist Certification!   We are ready to help you get your home in the best possible showing condition so it will sell more quickly and for the most the market will bring! If you've had your home on the market with another realtor for six months or even a year, call us...we'd like to get your home sold! We'll go through every detail of your home and tell you what we can do together to make it more marketable so it will sell even when your neighbor's isn't. We do it all the time!

Way to go everyone!!!

Chris

March 12, 2008

Simplified Home Buying

Purchasing a home is always a very emotional process. Whether it's the way you have been brought up by your parents, the traditions that you have at home, or the dreams that inspire you, buying a home can effect you emotionally. It's not a bad thing to be emotional about the idea of buying a home, but if you are so tied up because of your emotions that you miss something that is necessary for the functionality of you and your family...that can be a problem. So here are some things that you can do to help you prepare and simplify the home buying process:

1.) Make a list: Include everything that you need in a home. This is where you can overprepare...get everyone involved. If you have kids, ask them what is important to them. Do you have family pets that have certain needs? Do you need large closets, or a pantry? (These are things you could overlook when looking at a home). Write down everything from "Gotta Have" to "Wouldn't it be nice?".
2.) Prioritize: Organize your list by what is most important and necessary for you down to what you could live without. This will help later down the line when you have to narrow down your home selections to your favorites.
3.) Checklist: Create a checklist from your list of needs and wants. Make copies so that when you are walking through each home you can quickly check off the things that meet your specifications. Later, you can look at your lists to help you match the homes that felt right emotionally...and homes that actually met all of your needs.

These three things will help you be more efficient and prepared when you start looking for a home. Of course, once you know a home has met your primary guidelines, let your emotions run freely because you wouldn't want to live in a home that doesn't make you excited!

Happy March,
Heather

February 29, 2008

Happy Birthday Natalie!!

Natalie turns 8 years old today!! :)-

THE NUMBERS ARE OUT! According to the Oklahoma MLS numbers, the "median property values rose for 2007 by 4.9% which is great news!!! It is taking a bit longer to sell homes, thought with an average of 82 days on the market until a home goes under contract. We've expereinced the busiest year-to-date so far in the last five years and aniticipate a great 2008 real estate market for Oklahoma.

More and more we are going to the internet to look for properties. There are lots of great resources available. We encourage you to do as much research as you can to educate yourself on the home buying or selling process. One warning though-be a little cautious of home valuation websites that you see on-line. All to often, those home valuation websites are inaccurate. They pull information for that home or neighborhood...and square footages can be grossly off. So be sure to consult a professional Realtor when considering a purchase...even if you are thinking about buying a "for sale by owner" you can have a Realtor represent you in the purchase. You want a Realtor that will go above and beyond to represent you in the purchase. You want a comparative market analysis for your home, negotiate your contract, set up inspections, coordinate title work, resolve disputes, have resources to fix repairs and save you lots of headaches along the way. Whether it is a Buyer's Specialist on out team or another professional Realtor in the industry, its a smart move that will save you time and money!

Cheers,

Chris

January 15, 2008
The Comp Over Wood Problem

A number of Oklahoma home owners in the past chose to defer the expense of replacing a roof by intsalling composition roof over an existing wood roof (or existing composition roof). While this used to be acceptable with insurance companies, their policies have changed and its no longer an acceptable practice. The problem comes from increased damage exposure from wind and hail and increase replacement expenses.

Old, deteriorated roofs do not usually hold the nails of the new roof very well. Wind causes the nails to loosen and back out resulting in shingles blowing off. The roof underneat is also an uneven surface allowing hail to hit hollow pockets creating areas that are easily damaged by moderate hail.

To solve this problem, you'll want to deal with it right up front in negotiations as a home buyer. If listing a property, you might go ahead and get estimates for a new roof and price the property accordingly or with a "roof allowance". Most insurance companies will work with a buyer who commits to replacing a roof immediately after closing. Occasionally, an insurance company will require the roof to be replaced prior to closing.

Roof issues are a big deal in Oklahoma and cause quite a few transactions to fall apart. If you can spend a little more time and effort up front in negotiations or pre-listing investigations you can save yourself a lot of headache and hassle later on during home inspections.

All for now...Cheers!

Chris

December 28, 2008

As predicted, our real estate market continues to improve. As a matter of fact we've actually seen home prices increase over home home prices this same time last year in the Oklahoma City Metro. And the interest rates dropped again today to 5.75% for a 30 year fixed rate mortgage! Edmond's market is finally coming back into balance as we continue to see new construction homes being absorbed by the market. Predictions are for a great next year in Oklahoma City, Moore, Edmond, and Deer Creek. Our season normally kicks off around March, but the current activity in the markte lends toward an earlier start this year as buyer confidence returns.

Hope everyone has a Merry Christmas and Happy New Year!

God Bless,

Chris

December 17, 2007

Girl Power!!

I read an interesting article today about Women in Real Estate. It said that women control 91% of all home buying and remodeling decisions. Single women are the 2nd largest and fastest growing demographic of home buyers. It makes sense to me. If you are a woman thinking about buying a house on your own in OKC, Edmond, Deer Creek, Norman, etc..., don't be scared! All you need is a team of people on your side. A good buyer specialist, like myself, and an experienced lender can make your home buying transaction smooth and successful.
In 2002 I bought my home. I was not a Realtor at the time. My Realtor and Lender helped me being a young school teacher invest in a great home in The Village. I love my house, and am so glad I bought it!!

Novemer 28, 2007

Building a Home: Something to Think About
      Are you thinkg about moving, or buying a home? Well, another great option is to build a brand new home. If you think you might move in 6 months or so, but you are not quite ready right now, this would be a perfect opportunity to connect with a builder and custom build your own home! Sounds expensive, doesn't it? Not necessarily! More and more builders are allowing home buyers to customize their homes with flexible floor plans, more standard options and lots more. Right now is the perfect time to start building your home because many builders are running promotions and discounts such as paying for closing costs, throwing in a new fence, or even including blinds throughtout the home. I have seen homes that can be customized starting around $110,000, very affordable! Make sure that you find a local Realtor to work with so they can help you negotiate the most home for your money, and so that all of your transactions go smoothly.

November 16, 2007

Oklahoma City Real Estate is doing great! Statistics just came in today that we are in the top six states for reduction in foreclosures. We are also showing an increase in property values year-to-date from last year. Our team personally has seen the best fall market in the last five years. 50% of our listings are currently under contract. The key difference is pricing the property competitively and most importantly "Staging" your home. From the entry to the back, you need to take on the "minimalist" mindset and work to free up space so buyers can visualize living in your home. Updating counters, paint, light fixtures, carpet may be a necessity and are considering on a case-by-case situation. Our absorption rate (how long ti will take for the current inventory of houses to be purchased based on transaction rates over the last year) has increased from 2.5 months to 4 months. So it is taking just a bit longer for homes to turnover but a 4 month absorption is still indicative of a very healthy real estate market. New construction in Norman, Moore, Mustang, Yukon, Peidmont, Edmond, and Deer Creek is starting to balance a little more. All the rain that we saw earlier in the year delayed quite a few home starts. As a result, our new hom inventory is starting to come down a little more and by spring we should be at normal levels if our market continues to improve as it is. Interest rates remain very favorable around 6-6.25% which has spurred activity in our market. Historic neighborhoods remain very strong, especially Crown heights, Edgemere Park, Mesta Park, and Heritage Hills which are closer to the growth and activity near downtown, midtown, and Bricktown. "Contemporary" seems to be the new word on the street. If you have a contemporary home, take advantage of advertising this design and style!

All for now.....Cheers!

Chris

October 31, 2007

Ready to Hibernate for the Winter

I've owned my own home for over 5 years, and every fall I make big plans to get my house ready for winter. So far I've been all talk and no action. Now I have big plans to use these last few weekends of nice fall weather to accomplish some of my goals. I know using some of these tips not only protects my house, but saves my money in utitlies. Don't forget Global Warming. Al Gore says this also saves the planet. Here is a list of some of the things I know to do to make a house "winter ready". Let's face it; not all of these tasks will be accomplished. I will be making a personal improvement if I do about 5 of these things. I hope they will inspire you to do the same!

1. Throw some new insulation in your attic. If your house is old like mine, it probably needs it.
2.   Clean out gutters. Anyone have a ladder I can borrow?
3.   Trim any trees aaway from your roof. this goes year round. High winds plus tree branches equals damaged shingles.
4.   Storm windows instead of screens.
5.   Cut back shrubs on the south side of the house. Apparently this helps warm your house.
6.   Look for any leaks and repair.
7.   Unclog roof vents.
8.   Grade dirt away from the house to make sure water can't sit against the foundation.
9.   A little weatherstripping around doors and windows never hurts.
10. Replace batteries in smoke detectors and carbon monoxide detectors.
11. Replace filters.
12.  Cut back brush around the house and clean the garage. Only Cinderella welcomes the company of rodents and insects!
13. Store outdoor furniture.
14. Store water hoses.
15. Insulate the hot water heater.

Wow, I've got my work cut out for me....anyone free this weekend?

Natalie

October 6, 2007

For those relocating to Oklahoma City, Edmond, Moore, Norman, and the Greater OKC Metro, I'll like to say that our market has been and remains very strong overall; however, there are some deals to be found in a new construction and suburban areas. Since 2006, our new construction starts have decresaed slightly due to lower sales and has shifted from a seller market to more of a buyer's market. It's important to work with a Realtor who knows new construction since right now you can negotiate more concessions and structure a better contract for youself. IE...you'll get a better buy by having a Realtor who knows the new constructions neighborhoods and market activity negoitate a contract for you than going directly to a builder.

Downtown, Mid-town and Bricktown, Historic Neighborhoods such as Heritage Hills, Harndale, Mesta Park, Winans, Crown Heights, and Edgemere Park along with more established neighborhoods such as Nichols Hills remain in very strong demand. We are seeing homes sell within a few days of coming on the market and in some cases, are seeing multiple bids and selling homes above asking price. Land vlaues are on the rise South of the Oklahoma State Capitol near OU Medical Center, the Oklahoma Bombing Memorial, St. Anthony's and Bricktown due to extensive new construction of high-end contemporary urban homes. There has been some concern of these areas being overbuild. I'll dispel this and let you know that demand has been strong with very high numbers of these properties already sold. You'll soon see more restaurants, shops and a nice grocery store in the downtwon and mid-town areas.

All for now....Cheers!

Chris

October 4, 2007

Why a Condo?

There are several great perks in choosing a condominium over a single family dwelling. Most condo owners enjoy the benefits of rental life in a space they actually own. For example, most complexes have security, lawn maintenance, and a pool. Every condo owner I've ever known can tell me the names of their neighbors and how long they've lived there. In other words, there is a greater sense of community when you live close together. Condos are also great for people who leave for long periods of time. The condo owner can "lock and leave" withouth worrying about security or mowing the lawn! Owning a condo brings the buyer the same benefits of owning a single family home: pride of ownership, tax deductions, and resale profit potential. In most cases, condos are less expensive than single family homes. Living in a condo can provide you years of saving money, while not draining your funds into a landlord's pocket.

My only warning when preparing to buy a condo is to make sure you have all the information on the Homeowner's Association. Most associations cover all exterior maintenance, but some also cover some of the utilities. When determing what your future house payment will be, be sure add the HOA dues!

In Oklahoma the majority of condos are in NW OKC and Norman. With the development of downtown OKC and Brictown, many new condominium complexes are being built. They are expensive, but really cool! Imagine walking (instead of paying for gas) to work, and then Saturday night walking to your favoite restaurant. Now realize you are living in OKC! If you want to know more about the new developments, please give me a call. Ask for The Condo Queen. I'd be happy to talk to you about them.

Natalie

September 28, 2007

Real Estate Storm 2007

The way the media has been taling about the real estate market, I feel they should give their stories some sort of major title like they do here in Oklahoma when we have a storm...Market Scare 2007....something with bold print and 2007 after it.
Well for anyone in Oklahoma who is even considering the possibility of buying a home this year, please allow me you (your Accredited Buyer's Representative) to clear up any confusion.
One positive is it is definitely a buyer's market. Home sells are dripping; therefore, so are prices. Inventory is high. Buyer's have the opportunity to bargain with the sellers more than in previous years. If you plan to move into a rental, I would do it soon. I hear rent prices willb e going up this year. Since many people will not be able to qualify for loans, they will be renting from happy investors. If you are consiering buying rental property, this is good news for you!
However, the days of getting in a house without paying a dime are dwindling quickly. Lenders aren't handing out money to any old Joe anymore. Make sure you boost up your credit score by cancelling unused credit cards, and paying off any late bills. Instead of buything that new "it", save your money for a downpayment and closing costs. Don't get me wrong, 100% financing is still available; it's just more difficult to qualify. The fancy 80/20 loans where you don't have mortgage insurance are gone as well. A good lender will show you other good options to keep your mortgage insurance down. So Oklahomans, don't be scared! Just be educated and seek help from professionals.

Natalie