MEETING YOUR REAL ESTATE NEEDS!
FROM THE OSAGE HILLS - TO LAKE KEYSTONE!
 Randy Johnson
(918) 633-2437
randyjohnson@tulsarealtors.com

FOR YOUR INFORMATION

 

U.S. Department of Energy - Click Here For There Home Page!

Keeping cool indoors when it is hot outdoors is a problem. The sun beating down on our homes causes indoor temperatures to rise to uncomfortable levels. Air conditioning provides some relief. But the initial costs of installing an air conditioner and the electricity costs to run it can be high. In addition, conventional air conditioners use refrigerants made of chlorine compounds, suspected contributors to the depletion of the ozone layer and global warming.

But there are alternatives to air conditioning. This publication provides some common sense suggestions and low-cost retrofit options to help you "keep your cool"—and save electricity.

 

The Oklahoma Department of Environmental Quality operates a customer complaint program designed to quick response to environmental concerns.

Complaints can be filed through a toll-free phone call or by visiting the department online.  The department receives an average of 6,200 complaints per year.  Since December 1996 all complaints have been either resolved or under an enforcement action within 90 days, the department claims.

The environmental complaint hotline is manned 24 hours a day, seven days a week.  Its number is 800-522-0206.

Oklahomans can also visit the DEQ Web site to file a complaint.  The site is   www.deq.state.ok.us

Taken from Tulsa World

 

One of the best and least expensive ways to improve the showability of your home is to open up as much space as possible.  Openness stimulates positive feelings in buyers.  Overstuffed rooms or closets give the impression of being smaller than they really are.  You can't change the size of your home, but you can try to present in in a pleasing way.

Closets and storage areas - One of the most frequently voiced requirements of buyers is for more closet and storage space.  Open up your storage areas by getting rid of items you aren't using.

Counters and Cabinets - The same principle used for closets applies here; Overcrowding gives the impression of inadequacy.  This applies to bathrooms and kitchens with the kitchen being the most important.  Store infrequently used countertop appliances.

Garage - Buyers will pay a premium for a garage if they can visualize it being of value to them, but it's hard to sell the virtues of a garage when it's filled to overflowing.  If your garage has become a two-car attic, move the excess to a mini-warehouse.

Taken from Tulsa World

 

 

Buying a new home is one of the smartest purchases you can make.  Because of changes to the tax code passed in 1997, these tax implications are more favorable for most homeowners today than in the past.

According to the law, married homeowners do not have to pay taxes on up to $500,000 in capital gains realized on the sale of their homes.  The $500,000 provision applies to married homeowners filing joint returns and is restricted to homes sold on or after May 7, 1997.  To qualify, the home would have to have been used as a principal residence for at least two of the previous five years.

Taxpayers who file individual returns may claim up to $250,000.  In 1997, Congress also passed a new provision allowing first-time buyers to withdraw up   to $10,000 from their IRA accounts if the money is for a down payment on a home.  The penalty-free provision can be applied to IRAs owned by the buyers, their parents or their grandparents.  Early withdrawals from an IRA incur a 10 percent penalty.

Taken from World of Homes article
 

Thinking of buying a home?  Avoid getting a money pit by having the home professionally inspected from foundation to roof.  This process will expose needed repairs.  Look for a home inspector with building experience, like a general contractor, architect or engineer.  Check the inspector's references, and establish how detailed his report will be.  Avoid an inspector who offers to perform the work himself or who recommends someone who can.  The American Society of Home Inspectors is a nonprofit association that helps consumers find a reliable home inspector.  For more information, log on to   www.ashi.com   .   

 

 

 

Banking on a new home
What to know before buying and selling a house

THE TODAY SHOW
Oct 26 — Careful financial planning is not the only preparation necessary before buying a new home. Neighborhood research as well as preparation to sell your old home is also necessary. “Today” contributor Janice Lieberman has tips to help you prepare for this important purchase.
 
     
       IF YOU are looking to buy a house the first thing you need to do is know the area where you want to buy. With such a hot housing market it is more important than ever to be prepared to act fast.
       Open houses are a great way to get to know the types of places available in a neighborhood and what they cost. They are usually held on Sundays and can be a fun way to get to know the market.
       You can also talk to several realtors and get recommendations from friends.
       Find a realtor you feel comfortable with, and one who knows the neighborhood well. Good realtors can help you by letting you know of new listings before they are actually on the market, help you decide what a house is worth and give you the background on many properties.
       Neighbors in the area where you want to live are a good resource on learning about the neighborhood and can give you an idea of what the houses there are really worth.
       The key is to know the market very well so that when you see a house you like you can jump on it. In many hot housing markets, sellers are getting several offers in the first few days when a house goes on the market. It is not always possible to go back for a second look so you need to know if the house is a good deal.
       
THE MONEY ISSUE
       It is very important to set a maximum for yourself before you start looking because many of the people involved will want you to spend more than you may want to spend.
       Don’t forget that the more you spend, the more the realtor, bank and mortgage broker will make.
       One good trick is to do what the banks do to figure out what you can afford for a mortgage. They look at your P-I-T-I, that’s the amount of principle, interest, taxes, and insurance you will have to pay every month on the house. Most banks will not lend you money if the PITI is more than 40 percent of your monthly income. 		 
   
 

       But many experts say you really should try to keep the PITI closer to 30 percent.
       Of course everyone is different and can spend a different percentage of their income. Young people who expect their income to rise quickly may be able to stretch a bit more.
       Also, don’t forget the extras you will need to buy. You may also have to pay for private mortgage insurance and condo fees, and don’t forget about utilities. Ask to know what the average cost of utilities are each month. And don’t forget you may want to make some improvements and buy new furniture.
       
PREPARING FOR A MORTGAGE
       Start getting ready for a mortgage by getting your financial documents together —pay stubs, bank statements, everything that shows what you own and what you owe.
       Another key thing to do is to make sure you don’t have any problems with your credit. You might be amazed to find how many mistakes regularly show up in credit reports. The staff at Consumer Reports recently requested their credit reports and more than half of them found mistakes in the report.
       You can get your reports from the main credit reporting services. It costs between $8 and $15 to get a credit report and you can do it online. Most experts recommend that you get a credit report once a year.
       You can get your credit reports on line by going to the credit reporting agencies’ websites.
* Experian (TRW) www.experian.com. (888) 397-3742
* Equifax www.equifax.com. (800) 685-1111
* Trans Union www.transunion.com. (800) 888-4213
       
TIPS FOR SELLING A HOUSE
       Let’s talk about some tips for people who want to sell their houses.
       Remodeling can add value to a house but it’s important to remember that you often will not get back all the money you spend on a renovation.
       The main rule on remodeling is that it is important for a house’s value to keep it at roughly the same standard as the other homes in the neighborhood. If most of the houses in the area have modern, high-end kitchens and you don’t it might make sense to put one in. But if you are going to have the best kitchen on the block, there is no way your house’s value will go up enough to cover the cost of renovating it. Over-improvements rarely pay off.

 
   
 

       One thing that many old houses do not have but many new houses do have is a master suite. If you have an old house in a neighborhood with a lot of new houses in it, you might want to put in a nice master bedroom and bathroom so that your house will remain competitive.
       For a kitchen the average cost that is recovered by a higher sale price is between 50 and 75 percent. The same is true for a bathroom. These two rooms tend to be the ones that potential buyers pay the most attention to. They like to see a modern kitchen. But even here, most people don’t make back what they put in.
       If you live in a very hot market like in much of the Northeast, you are much more likely to get your money back than if you live in an area where housing prices are not going up very quickly.
       Adding a family room can be questionable. If most houses in the neighborhood have one it can be a good idea but otherwise it can be hard to make it pay off. One thing that rarely adds much value is a home office. Most people are not really too concerned about having an office and if they are, they want to customize it so only build an office if you are planning to live there for a while and use it.
       Luxury type improvements rarely pay off as they are expensive and don’t raise the value of a house by very much. In fact, many people see swimming pools as a negative thing since they can be expensive to keep up and also can create liability risks. The exception though is people who live in warm climates where most people have pools.
       
SETTING A PRICE
       Studies have shown it is much better to set a good price and stick to it than to set a price that is too high and then have to lower it. Remember the longer a house stays on the market the less desirable it becomes to buyers.
       Just like people looking to buy, if you are looking to sell it’s important to know the market.
       Study listings in the newspaper and on the Internet.
       Go to open houses at other houses for sale in the neighborhood.
       Talk to several real estate agents before you decide on one.
       And you may want to pay an accredited appraiser to tell you what the house is worth.
       
AFFORDING THE MOVE
       Even if you sell your house and make a lot of money on it you still have to buy a new one that may be very expensive. With interest rates at historic lows, if you sell your house and make a big profit on it, you can use that for a down payment and then get a much bigger mortgage than you might have had before when interest rates were higher.
       The National Association of Realtors reports that most people who sell stay in the neighborhood and many upgrade to bigger houses, but a growing number of baby boomers are selling the houses where they raised their children and moving into smaller condominiums. Many are also buying a vacation home as well.

 

 

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