Central Oklahoma Real Estate Blog

Lead Base Paint and Older Home Purchase

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 23 Apr 2010 16:42:00 +0000

Lead Base Paint is in all homes built before 1978. That is what I tell my customers when they are looking to purchase a home built in prior to "78". My job is to help the consumer to understand about defects and disclosures. So, I explain to consumers that even though a seller may say there's no reports or knowledge of lead base paint... it could be there.

Lead exposure can affect any adult, but is a high concern for pregnant women and children, because toxins effect a developing brain and absorption by the bone at high levels. Knowledge and education is key. But... lets put this in perspective.

People deal with lead in our lives. Fishing weights are made of lead, there's leaded gasoline in older vehicles... copper pipes were soldered with lead for connections for plumbing. Toys that come from foreign countries still use lead to paint toys and dishes. Primarily, the problem lies when children eat paint chips, (lead taste sweet), off in the floor or window seals, or... when sanded paint becomes inhaled in dust form. When working on, or with lead... lead particles gets on clothes and can be brought into your own home.

As of April, 2010... the EPA has introduced new regulations for the housing industry. Renovations, repair and painting contractors must be certified and use lead-safe work practices when working in homes built before 1978. These regulations may cause work on these old houses too expensive to repair, and buyers need to re-think the purchase. Consumers can opt out working on their own homes or occupants can sign a statement stating there are no pregnant women or children residing in the home for the contractor to do the work.

What about the roof?

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 05 Mar 2010 14:52:00 +0000

Helping buyers with information about the roofing materials and it's condition should be directed to a roofing expert for inspection.

I have found that composite shingles are the most commonly material used. The lower-end, three tab shingle vary in life ranges of 15 to 20 years, where heavier and more expensive architectural shingles give a textured, three dimensional look. The life expectancy is 30 plus years for the higher grade shingle.

Clay,tile and slate are stylish and more unusual. The cost is also expensive and takes longer to install by a experienced seasoned contractor. These type of materials heat up slowly which provides a more moderate effect on hot temperatures. Tiles are lighter than concrete, but more fragile. Both these materials can weather years beyond the life expectancy of traditional asphalt/composition shingles. An estimate maybe of 50 plus years.

Metal roofs are becoming more popular. They come in a variety of textures, shapes and thicknesses. Composites can look like wood shakes to slate and can be pricey. Life spans can reach 50 plus years.

The Average Size of Homes are Declining

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 11 Feb 2010 15:23:00 +0000

According to the U.S. Census Bureau... the average square footage of a new house has decreased slightly to 2215 square feet from it's high of 2277 sq. ft. in 2008. This is the first drop since the recession of the early 1980's. Americans are starting to embrace the idea that less is more when it comes to living space... perhaps due to the 2007 economic down cline again.

What is interesting is current housing standards are double the average home of the 1960's.

Land for Sale in Central McClain County just South of Norman, Oklahoma

deborah@deborahallisonrealestate.com (Deborah Allison) — Mon, 08 Feb 2010 22:12:00 +0000

Are you needing land to build your new home... or set up a mobile home? I have several tracts available with or without building and livestock restrictions. If you have questions on what kind of down payment needed for a land purchase, call me.

Land is not a 30 year mortgage but a bank loan is needed... you may be best qualified to apply for a construction loan to obtain your land/home purchase. I have the answers to your questions!

Can I Afford a Home?

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 04 Feb 2010 17:26:00 +0000

A computer program called Desktop Underwriting states that a consumer should expect 28% of gross income spent on housing expense and could not exceed 36%.

Other than government lending programs, (and rules change all the time), the borrower also needs equity in the form of a downpayment.... not to mention being credit worthy.

Price Your Home Listing Right!

deborah@deborahallisonrealestate.com (Deborah Allison) — Mon, 25 Jan 2010 21:28:00 +0000

Getting your property priced correctly at the listing with your Realtor is "key" to having a quick sale.

My job, as your Realtor... is to assist you the buyer, with comparable sales of property and provide information as to what your listing is worth today. Sometimes, I might suggest having a professional appraisal in hand, to back up my opinion... since I am the listing Realtor.

The correct pricing will produce urgency with buyers in the early days of your listing. Don't be surprised when buyers make an offer in the first two weeks of a listing... when it is not overpriced. A common mistake is a seller thinking the listing is under-valued and not accept the offer because it happens so fast. This simply means that a majority of the buyers who are currently searching in a neighborhood are interested in your property. These buyers are looking... a sign goes up... it's on a web site they have been watching and, it's priced right, then BINGO, they make an offer!

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 24 Sep 2009 15:04:00 +0000

Property inspections are a must. Even in hot markets or in foreclosure situations, buyers shouldn't skip inspections. Buyers should be scheduling them as soon as possible to avoid delaying the closing. It's in everyone's best interest to have all the property defects revealed and addressed before closing.

Get repair quotes. The next step is for buyers to obtain estimates, or quotes for the repair of major defects. Quotes should be specific as to what will be done, the materials that will be used, the cost, effective dates of the quote, and whether any warranties will be provided. Ask that all repair quotes and repairs themselves come from licensed contractors or subcontractors when state building code requires it. In most states, a home owner can make repairs on his own home.

Negotiate repair expenditures or credits. Once buyers have received and reviewed all repair quotes, they should prepare a request to the sellers for those repairs, or reductions of the sales price in lieu of repairs. Attach inspection reports and quotes to the request. Sometimes the seller may believe that a quote from a contractor is too high. In such cases, the seller may call in another contractor to quote on the identical repair. Any difference between the quotes can then be negotiated between the parties. Buyers should submit all repair requests in writing, sign and date them. Likewise, sellers should sign and date any counter to a repair request.

Credit of repairs or a reduced sales price is generally recommended rather than making repairs. There are several reasons for this. Sellers are busy packing for their own move and don’t have time to do repairs or to work with contractors. When sellers do the work themselves, they notoriously underestimate the time required to make repairs. Contractors may not be available to do the work in time for the closing, thus causing delays. And buyers are rarely satisfied with the quality of repairs done by sellers. Once buyers and sellers have reached a consensus on repairs, credits, and price reductions... the final terms of the agreement should be in writing.

Repeat Calls on Folks in Trouble with their Mortgages

deborah@deborahallisonrealestate.com (Deborah Allison) — Mon, 14 Sep 2009 13:09:00 +0000

Trouble with your Mortgage? Please re-visit the March 12th, 2009 post titled Short Sell, Refinance, Bankruptcy...

Homeowners are in need of short sell and refinancing information and need re-posted. The March 12th Blog addresses these issues in these tough situations.

The links below will get you to the information you may need for help. This post is not intended to replace the advice from your attorney, C.P.A, or realtor... but a place for the consumer to find information among the maze of Internet sites.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
http://www.treas.gov/press/releases/reports/guidelines_summary.pdf
http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf
http://makinghomeaffordable.gov/

Termites And What You Might Need To Know About Them

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 28 Aug 2009 01:49:00 +0000

Termites are Silent Destroyers. You won't notice them until the damage is extensive. Realtors pass along stories of home owners leaning against walls that suddenly caves in... or toilets that plummet through floorboards.

I personally see more damage near the back door where firewood has been stacked for easy access when stoking the fireplace. Termites can enter a home by slipping through cracks in concrete foundations. My son had termites enter through the AC ventilation boots poured in the foundation.
Tips for protecting your investment...

Keep foundations from moving or cracking. Moisture on one side of your home and dry on the other, may cause foundation movements.

Take water away from your home's foundation by using gutters and downspouts.

Keep firewood, mulch and wood chips away from the house.

Ventilate crawl spaces to reduce humidity.

A home owner's best defense is to schedule regular inspections with a Pest Management Specialist. When purchasing a home, it's always wise decision to do an inspection for wood destroying organisms. If the home is 5 years old or newer, it should have been "pre-treated" for termites. Ask the builder or owner for the paperwork.

Post Cards Just Went Out!

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 28 Aug 2009 01:16:00 +0000

I hope that my post card found you... I work really hard to let people, friends and acquaintances know I'm still here and actively doing real estate. Providing service and knowledge about one of the biggest purchases and life events one will make. I hope you will use me for you next purchase or your decision to sell.

Home For Sale Downtown Washington

deborah@deborahallisonrealestate.com (Deborah Allison) — Wed, 12 Aug 2009 22:22:00 +0000

201 S. Main, Washington, OK 73093

Got to see this total remodel! Really, Really cute and clean. Three bedrooms, one bath and inside utility room, with fenced in yard, new side walk and a storage shed. Follow the home tour at:

OpenHouseOK.com

8 Ways to Help Improve your Opprotunity to Sale

deborah@deborahallisonrealestate.com (Deborah Allison) — Sun, 19 Jul 2009 16:09:00 +0000

There are many homes on the market and you need to get yours sold as fast and as quick as possible. I find that some of my seller's resist my list of tips to help sell your home quickly. Of course number one is to list your home with a Realtor, and price it right. But, after that you need to...

Move it
Plant it
Paint it
Organize it
Hide it
Replace it
Light it and...
Clean it

Those wonderful customers that listen to my suggestions are usually blessed with the gift of a sale! You may not get a chance for a second showing to make a first impression. Follow these 8 tips now when you list with me, or any other real estate professional.

Just Sold Land in Two Counties!

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 26 Jun 2009 20:51:00 +0000

On State Highway 39, between 168th and 180th, Lexington, Oklahoma, in Cleveland County... just sold a 6.63 acre tract that had been on the real estate market since 2006! My customer, that bought it, said he'd been looking for sometime and this tract was exactly what he and his wife were looking for! $20,000.

The other tract was just off State Highway 39 on Crestview Road, Purcell, Oklahoma, in McClain County. Washington school districts was the big draw for this customer. He he going to build a mini horse ranch. A bargain at $39,000.

I'm always so excited when I put a buyer and seller together!

New Listing at 202 E Carter in Washington

deborah@deborahallisonrealestate.com (Deborah Allison) — Mon, 22 Jun 2009 19:46:00 +0000

Cute, 3 bedroom starter home for sale in Washington
OK...
Asking only $80,000, but make offer ! Don't forget about the $8000.00 new home buyer tax credit! Call for appointment today, I'd love to show it to you...

http//www.deborahallisonrealestate.com/homeforsale_19.htm

Home Inspection Finds Unwanted Resident

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 19 Jun 2009 15:17:00 +0000

Local home inspector, Gary Allen, with Premier Home Inspections, shared this great report. Detailed information is documented and photographed when a buyer is purchasing a home, and has hired a home inspector to "look over" the house for the buyers behalf.

In this case, a cute bandit raccoon has made his way into the interior of the walls and made a home for himself. Needless to say... the seller's will have to hire a wildlife wrangler to remove the raccoon and repair the damage made by him... or her.

Home Purchase Continue To Be Stable in Oklahoma

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 11 Jun 2009 21:24:00 +0000

According the statistics gleaned from the National Association of Realtors... Oklahoma City area markets continue to be stable and show increase in sales compared to:

Grand Rapids, Michigan
Cleveland, Ohio
Sacramento, California
Miami, Florida
Phoenix, Arizona
Akron, Ohio

It's not a great time to sell but a wonderful time for buyers with the tax incentives and current 6% to 6.5% interest rates! Interest rates are anticipated to go up... so don't wait.

Recycle Fluorescent Light Bulbs

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 11 Jun 2009 12:47:00 +0000

When a CFL bulb burns out... make sure to dispose of it properly, because the contain a very small amount of mercury sealed within the glass tubing. The Enviromental Protection Agency recommends that consumers recycle these bulbs.

Local recyclig options are listed at http://wwwepa.gove/bulbrecycling or http://www.earth911.org/. Home Depot also accepts intact light bulbs for recycling.

You should build here!

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 22 May 2009 12:26:00 +0000

"You should build here", sounds like a positive remark, but actually you should listen to your realtor, neighbor or relative when deciding to build or move to a new location. These stories are repeated to me on occasions, and are worth sharing on this blog. One buyers investigation went like this...

A couple lived in another county in Eastern, Oklahoma. The couples land had shallow soils with a rocky content, that became a problem when they were digging the footing to their new home, but they worked around it. The couple also had to install an aerobic septic system with sprinklers, due to the compact, tight soils which prevented normal peculation like a conventional septic system. Trees were another problem... they could not plant the trees they chose due to the soil formation. A new job opportunity finds them looking to build another home, and they are careful to avoid their earlier mistakes when looking for land to build on again.

People can fall in love with a place they have found to purchase for their new home. The views of a rolling meadow with trees and creeks on a new tract of land may be scenic but... don't overlook important factors. Every home will need water. Does this tract of land have a drinking water source? Will it perk for a conventional septic system? Will this property be in a flood plain? Other questions are to ask are about:

Access and Easements

Land Surveys

School Districts

These are great questions to ask on every plot of land in rural areas. Even a lot in a town that is last to sell, is probably still available because it was too small for a traditional house plan. Take time to check it out. A Realtor will get the answers to your questions for you. Your needs are unique and your house plans may be different than other conventional plans. Investigations before you purchase will help you find the right place!

Brokers Price Opinion and Comparative Price Analysis

deborah@deborahallisonrealestate.com (Deborah Allison) — Fri, 15 May 2009 08:55:00 +0000

Free Brokers Price Opinion

A Broker Price Opinion, (BPO), is a letter stating an estimated value of property, using only a few indicators taken from sales of comparable properties. Indicators for analysis are price per square foot for similar age homes in similar areas.

A Comparative Market Analysis, (CMA), is a report with documentation of 3 or more sales that compare with the subject property. Sales must be within one year so that they fall in line with the current economy. Charges range from $50 to $75 for a BPO and $175 and up for a CMA. A CMA or BPO are not an appraisal. The appraisal is an in-depth, detailed report which is normally required by lending institution when making a loan and is prepared by a licenced appraiser.

For a FREE BPO for your property or information on contacting a Certified Appraiser in your area, please contact me.

Home Renovation Costs Rolled into a Mortgage

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 30 Apr 2009 19:03:00 +0000

My son is buying his first home and asked a good question. How can he build on a room addition when making the purchase?

Well, just like getting the qualified for the loan, you have to talk to your lender about your intentions and the affordablitly of those renovation payments. There are loan packages out there for those types of repairs.

The Federal Housing Administration's (FHA), 203(k) loan is one of the most popular renovation loans generally used to update or improve homes or condominiums that need a minimum of $5000 in essential repairs, like new wiring, plumbing, roof repair an structural damage.

You may choose a 2nd mortgage on present home to do some repairs. It's also called a "Equity Loan". A USDA loan may work to get some repairs done before you actually purchase the home... providing the home appraises for more than the purchase price.

Your lender will need to qualify you for these types of loans. Each of these loan programs have restrictions and may not be suitable to your needs. A good realtor, lender and tax advisor can help you make the right decision with you. Call me if you have questions or need to get qualified with a great lender!

California Association of Realtors 2008 Home Survey is in.

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 16 Apr 2009 15:27:00 +0000

Survey Says... Realtors Suck, I don't think so.

"The public perception of the real estate professional is amongst the lowest of any on record"... I have fought this stigma since the day I took my first real estate phone call. There's a joke I was told while contemplating a real estate career. It starts like this... "There's a lawyer, a car salesman and a realtor..." I don't need to go any further, you get the picture.

This post is based on The California Association of Realtors 2008 Home Seller Survey released in July 2008, but the statistics are just as relevant today. You can read the entire survey here.

The survey gives my consumers an idea of what questions to ask when listing and selling a home or property. So many factors apply when selling a home that it would be improbable that it was all the Realtors fault. But, never the less. Use this survey to help make the right decisions for yourself... then I hope you will call me with your questions, trust and your listing.

I'd love to hear your comments. Especially here in McClain, Cleveland, Grady, Garvin and Pottawatomie counties, Oklahoma.

Thank you to Jeffery Corbett in Seattle, Washington for lending his insights from his ActiveRain Blog.

Why are Prices of Homes Dropping?

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 09 Apr 2009 23:48:00 +0000

Prices are dropping because of the anomaly that occurred during the market boom. Price are now adjusting to the inconsistent and unsustainable growth that occurred during the first six years of this decade. In other words, the market is not on the decline... Rather, it is moving toward stability, which will mean a healthier markets in the future.

Excerpt from Realtor Magazine, April 2009 Issue, written by Professor Karl Case of Wellesley College and contributing author of the Case-Schiller Home Prices Indices, a quarterly nominal housing price report.

Is Now a Good Time to Purchase?

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 09 Apr 2009 23:26:00 +0000

The Facts on Home Purchase

Customers and friends are always asking me why aren't people buying if it's such a "good time" to purchase? Following is just "my take" on this market and economy today.

Fear. People are afraid to make the home purchase, and are waiting for fear of:

Fear of change... new president
Fear of the slowing economy
Fear of job security
Fear of rising fuel and groceries cost

That's fine to be cautious. It's wise to be prepared... if your concerned over your job security or have no money after you pay your current bills... this might not be the time for you to buy. But, if your meeting your obligations and your tired of renting or need a larger home... lets get you to a lender to see how much home you can qualify for. If you can't afford the numbers it takes to make the move you desire, then lets wait.

If your financials meet the criteria needed to make your purchase for the type and size of home your wanting... then now is a good time to buy! There should be no fear with interest rates in the 5.75% range, (with your good credit scores), and a building inventory of homes on the market. Another great tip is, traditionally... the sales price of a home is two-and-a-half times the the household income. This is not always true, but it a good rule of thumb!

Here is a short list of the necessities on purchasing a home:

A good Realtor and a good Lender!
Two years of work history, (College grads with new job counts as 2 years).
Two years of tax returns.
Three months of bank statements.

Email or call if you have any questions about how to purchase a home, or need a lender.

Need a Realtor for a Home, Land or Commerical?

deborah@deborahallisonrealestate.com (Deborah Allison) — Thu, 02 Apr 2009 12:36:00 +0000

I have listings available, (of land, homes and commercial), ready to show my customers in six counties including McClain, Cleveland, Oklahoma, Grady, Garvin and Pottawatomie. I drive regularly to show property in many small towns, such as Purcell, Washington, Goldsby, Wayne, Dibble, Blanchard, Newcastle, Lexington, Noble, Wanette, and Maysville as well as Oklahoma City, Moore and Norman, Oklahoma.

Let Deborah Allison Real Estate look for your property for you! Whether it's 80 acres with a ranch home on it, 160 acres of pasture land or a home in town... I can help you find it. Lets discuss your needs to get you where your going. If you need to sell before you can purchase... I am here for that too.

Everyday real estate needs is the service I provide for my customers. I am waiting to hear from you!

It's a Good Thing your in Oklahoma!

deborah@deborahallisonrealestate.com (Deborah Allison) — Mon, 30 Mar 2009 20:39:00 +0000

Money Magazine, Forbes and Forturne Magazine voted Oklahoma number one as the most recession-proof state in the country, in 2008. "Good Thing You're in Oklahoma" campaign is making sure buyers and sellers know about not missing this opportunity to buy or sell here in our great state.

The Oklahoma Association of Realtors felt the national media was drowning the public with depressing news of the housing market. "Real estate is local". Could one person in the U.S. tell another person, that the temperature across the entire country is 92 degrees in every state? No, they can't... It's going to be different temperatures, in different states and cities across the Country. So, the OAR came up with a logo... "Good Thing You're in Oklahoma".

In a nutshell, the Oklahoma housing market remains stable. So call the office today if your thinking of buying or selling. I can prepare a brokers opinion for your real estate information that fits your local market.