On the following video Paul provides a state of the market update. Click the link below to view the video.
Plunging Rates Put Optimism Back into Housing
Paul Wheeler is quoted in a very informative article which discusses the current effect of interest rates on the housing market.
Increasing Your Credit Score Saves You Money
These quick tips will help increase your overall credit score.
First, never cancel a credit card that is more than two years old. Having a “seasoned” account – one that is more than two years old is a big plus for you. Next, consider increasing your maximum allowable credit limit. In other words, if you have a credit card that is close to its maximum balance, call the credit card company and ask them to increase the credit limit. The credit bureaus don’t like to see maxed out credit. Tell them you would like them to do this without pulling your credit. You should also spread out your balances among your cards. trying to keep the ratio between card balances and credit limit to 30% or less.
If you are considering buying a new home or refinancing, see if you need to do some work to get your credit score up to highest possible points. Since lower scores mean higher interest rates, even a few lost points on your credit score could cost you tens of thousands of dollars in additional interest payments.
One of our preferred reputable lenders can help you review your current credit situation. Don’t hesitate, improve the your credit score and to save hard earned money.
Special Fannie Mae HomePath Buyer INcentive Offer
There’s great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.
To be eligible for this incentive, the following qualifications must be met:
- Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
- The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
- The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
- Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Buyers must sign an Owner Occupant Certification Rider to the real estate purchase addendum.
- If the buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Dont hesitate – offers submitted after September 15, 2011 may be difficult to close by the October 31, 2011 deadline.
Contact us for specific details on this incentive offer and for all of your Fannie Mae HomePath financing questions.
Accent Ranked #1 Team in Tulsa 6th Year In a Row
Tulsa Business Journal
Top Real Estate Teams
Ranked by 2010 Sales
Market Update
I want to take a moment to share with you my perception of the current real estate market. I have been in the real estate business for almost two decades now and have never seen a market quite like this. The Tulsa area has seen a five year decline in sales. We are still selling a lot of homes, but we are seeing a decline in value of those homes by anywhere from10 to 30%. This decline in value is attributable to the increase in foreclosures and distressed sellers – many who have sold homes through the short sale process. With all of that said it is truly a great time to buy. The interest rates remain low and inventory high. There are always swings in the real estate market, so I expect values to go back up, but don’t expect it to happen quickly. So in this market a home is like a fine wine or a good stock – classified as a BUY and HOLD.
If you have to sell or really want to take advantage of the buyer’s market by selling your current home, it is more important than ever to hire an experienced and productive realtor.
Accent’s Guaranteed Sale Program
Everyday we get questions about our Guaranteed Sale Program.
Is it for real? How does it work? Is it too good to be true?
Is it for real? Yes, it is definitely for real and is one of the best tools in the real estate business for eliminating the fear of owning two homes at the same time. Everything is agreed upon upfront so the seller has a timeline he can use to plan by. There is comfort in knowing that his home WILL be sold. How does it work? In a nutshell, Accent and the Seller agree upon a current market value for the home being sold. The home is then placed on the market for 90 days. This gives Accent a chance to aggressively market the home. If the home is not sold by the end of the 90 days, Accent will buy the home for up to 95% of the agreed upon market value. Is it too good to be true? Well it is not for everyone. There are certain situations where it simply will not work. For example, if someone owes more for a home than it is currently worth, it is just not financially feasible. Also, if the home is very unique, the programis not meant to get a whit elephant of someones back. If you would like more information on this unique and successful program give us a call 918-665-8559.
The Real IQ By Jim Stoval
My university degree is in psychology/sociology. While making my way through my academic career, I remember studying an inordinate amount about the I.Q. (Intelligence Quotient). While a measurement of intelligence may have some validity in psychological or sociological circles, I can think of few things less meaningful in the real world.
We all know people with great technical or academic intelligence who can barely survive, much less thrive, in the world in which we live. Any successful leader or CEO will tell you that they strive to surround themselves with people who are more intelligent than they are. Whatever value intelligence may have, it is a readily-available commodity in the marketplace that is not highly rewarded or compensated. There is a much more valuable but far less known I.Q. known as Implementation Quotient.
Every month or two for the last several years, I have had a working lunch with my friend Paul Wheeler. If you ask Paul, he would probably tell you that I mentor him, but in reality, I receive far more from our regular exchanges in personal and professional terms than Paul does. Paul Wheeler is one of those rare individuals that I like to spend time with as often as possible because Paul is simply the best at what he does.
Whether it’s Steve Forbes, B.B. King, Albert Pujols, Brian Dennehy, or Louis Gossett Jr., I love observing, studying, and interacting with people who pursue their passion at the highest possible level. Paul Wheeler is a realtor. Paul and his company Accent Realtors are consistently among the very top performers in our city, region, and state. Paul Wheeler sells more houses in a few days than the average realtor sells in a year.
I’ve had the privilege of observing Paul over a long period of time, and even though he’s my friend, I would have to state for the record that Paul is not smarter, better trained, or more talented than the hundreds of people whose performance he eclipses.
If you met Paul, you would find him to be very pleasant and unassuming. But the thing most people overlook about Paul Wheeler is the fact that he has an extremely high I.Q. (Implementation Quotient). At every one of our luncheon meetings over several years, Paul arrives with a notebook that describes the action items we discussed in our last meeting and how he has implemented them. Then during the course of our lunch meeting as we discuss various ideas, Paul writes down the thoughts that he believes to have merit.
Everyone has great ideas of their own or great ideas that are presented to them. What makes Paul Wheeler a superstar among a field of mediocre performers is simply the fact that Paul implements.
When it’s all said and done in our world today, there’s a lot said and very little done. We don’t receive rewards for what we think, know, believe, or study. We are rewarded for what we do.
As you go through your day today, think great thoughts, focus on new ideas, but be sure to implement them all.
Today’s the day!
Jim Stovall is the president of Narrative Television Network, as well as a published author of many books including The Ultimate Gift. He is also a columnist and motivational speaker. He may be reached at 5840 South Memorial Drive, Suite 312, Tulsa, OK 74145-9082; by e-mail at Jim@JimStovall.com; or on Facebook atwww.facebook.com/jimstovallauthor.
10 Tips Sellers Should Know Before Hiring Realtor
- All Realtors are NOT the same. Make sure you hire someone who is experienced in the local market, is a seasoned negotiator and has a track record of bringing transactions to a close. Many things can happen from the time you place your home on the market until the day you sit at a closing table. A qualified Realtor will help navigate these waters. And quite frankly, some real estate agents simply work harder than others. Hire one that will work hard for you. You should know how long on average it takes a realtor to sell a listing. This information is readily available from the Real Estate Board. This performance measurement will help you predict how long your home will be on the market before it sells. Finally, ask for references. A real estate professional has plenty.
- Know what is going on in your local market and in your own neighborhood. Real Estate prices are based on what is going on locally. Trends in the market are simply based on supply and demand. With this said, realize that an increase of foreclosure in the market, increases the inventory, which drives down home prices. It would be wise to ask your prospective realtor about current foreclosure inventories.
- How much do you need to net on your home? Make sure you know your current mortgage balance (to be paid off at closing) and all of the costs involved in selling your home. An experienced realtor will have no problem helping you understand these costs before you hire them.
- The seller pays the real estate sales commission, not the buyer. There is very little exception to this rule.
- Condition of the home matters significantly, especially when inventories are high and buyers have lots of homes to choose from. Take a hard look at your home and make those necessary repairs – mechanical and cosmetic.
- Your home may not be priced at the amount you feel it is worth, especially in today’s marketplace. Therefore the projected price of your home may not cover what you currently owe on your house. You may have to concede on what you think your home is worth based on the agent’s best estimate of your home’s value. Ultimately the market will determine the value of a home. If it is less than you owe and you need to sell, you may want to consider a short sale. Be aware of a questionable sales practice called “buying a listing.” This is when an agent is willing to start your listing out at “your price” not market value and agrees to drop price later. By suggesting that you might get a higher sales price than other agents recommend, this agent is buying the listing. Most likely, he is quite doubtful that your home will actually sell at the listed price. The intention from the beginning is to eventually talk you into lowering the price. Why do some agents “buy” listings this way? There are basically two reasons. A well-meaning and hard working agent can feel pressure from a homeowner who has an inflated perception of his home’s value. On the other hand, there are some agents who engage in this sales practice routinely.
- Understand that you’re only legally obligated to an agent if that agent fulfills his legal and contractual obligation to you. If at any time an agent violates your confidence, continually does nothing to promote your home or in any other way violates your agreement, then you can legally fire him. It is best, however, if you and your agent can jointly agree to dissolve the contract.
- Know how your home will be marketed. Most buyers today access the internet as their first stop for home shopping. How much time, energy and money does the realtor allocate to internet marketing? Assure that the realtor you choose has a diverse arsenal of marketing strategies that have been proven to be effective in your market. Look for special ideas, consistency and persistence in their marketing plan. Also make sure that there is a system for tracking and follow-up with all parties who show interest in your home.
- Make sure that the realtor that you entrust the sale of your home to can also be a resource for the entire process.You will likely need referrals for reputable companies that work in the real estate industry, such as: a closing company, lender, appraiser, contractor, mortgage lender, banker or real estate attorney. A reputable agent will have on-going relationships with other reputable companies in the industry and happily give you referrals.
- Smart realtors guarantee their services. They do this for two reasons. First they are confident that they can perform for you because of their experience, commitment, and work ethic. Second it is smart marketing for an agent to guarantee his/her services. These days, nearly everyone offers a guarantee – television manufacturers, car dealerships, even banks offer guarantees. Real Estate Agents on the cutting edge of marketing guarantee their services.
How Property Tax Rates Work
It’s that time of year again, and some of you may have already received your property tax bill calculation for 2011. If that’s the case, you’re probably be wondering just how the government calculated the property tax rates and why your bill changes every year. Well, the following will answer some of your questions.
First, there is a difference between property tax rates and a property tax assessment. The rate is an overall percentage at which your property is taxed. The assessment is a value of your property, so that the government can determine how much money it is taxing. States have different rules for conducting a property tax assessment, but the goal is to get an accurate value for the taxable property. This is usually determined by the replacement cost of structures and property, or the market value of the property calculated via comparison to similar properties.
Keep in mind that reassessment happens every few years, directly impacting property tax rates. Once a property tax assessment has been conducted for an entire region, the local taxing entity then determines property tax rates. Tax rates are determined in one of two ways, but are subject to percentage caps imposed by the law. The taxing authority can choose to divide its yearly projected expenditures by the assessed value of all property in the region, assigning a portion to each property. It may also choose to estimate its budgetary needs based on different tax rates until it finds a reasonable rate.
Though no one enjoys fluctuating property tax rates—or taxes in general—they serve an important function. Taxes pay for local services, such as police and the fire department, as well as maintenance of infrastructure. They also pay for schools. So complain all you want, but please pay your property tax bill.
For more information visit www.findlaw.com.