Tulsa, OK. Area Home for Sale

Tulsa, OK. Home for Sale

5821 East 101 Place
Forest Meadows Addition in Tulsa, OK.

$317,000

4 Bedrooms
2 Full 1 Half Bathrooms
2 Car Garage
3 Living Areas

For more information on this Tulsa, OK. Home for Sale or for all your Broken Arrow residential real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Lawmakers Fight Over 20% Downpayment Requirement

Currently, a proposed law would require a 20% downpayment for all Qualified Residential Mortgages. There are concerns by many lawmakers and real estate professionals that this requirement would hinder the recovery of the real estate market. Read on for more details about this proposed law and how lawmakers are attempting to change the federal regulators minds...

More Lawmakers Fight 20% Down Payment

A proposed 20 percent down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives.

Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same.

"The resultant reduction in demand for housing, due to an overly burdensome government dictate, would only add to the challenges the housing market faces, and could threaten a full-fledged economic recovery from years to come," the most recent letter reads.

The 20 percent down payment rule arises from an effort of several federal agencies that have been trying to urge more responsible lending and borrowing. The agencies created a proposed risk-retention regulation under the Dodd-Frank Wall Street reform law, which requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is considered a safe mortgage or a “qualified residential mortgage.” (FHA and VA mortgages would be exempt.)

QRMs would be exempt from the 5 percent credit requirement but would have to meet certain guidelines, such as the proposed 20 percent down payment requirement. Borrowers with less than 20 percent down could then be forced to pay higher fees and interest rates.

A 20 percent down payment requirement would cause more first-time buyers to flee from the already fragile housing market, analysts at Capital Economics say.

The National Association of REALTORS® also has been an outspoken critic of the proposal, saying that a 20 percent down payment requirement would jeopardize a housing recovery.

Source: “More Lawmakers Join Major Push to Reduce QRM Down Payment,” HousingWire (June 20, 2011)

To read the original article in Realtor Magazine, "More Lawmakers Fight 20% Down Payment", visit the link.

For Broken Arrow, OK. real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Summer Cleaning Tips!

Now that Summer is officially in full swing, many homeowners are cleaning out their home. When cleaning out your home, remember these tips to make the decisions even easier:

1. Have I used the item within the last year? Will I use the item within the next year?- If the item hasn't been used in the last year, it is unlikely that you won't use it this coming year, so consider getting rid of that item.
2. Is this a sentimental item?- If the item has sentimental value and you have the space to store it, then keep it if you want. Remember though, some of us think that everything has sentimental value, so limit your sentiment or you will be overflowing!
   
3. Does this item hold monetary value?- If you don't use or can't store the item, consider selling it or giving it to someone who would appreciate it.
   
4. Do I have room for this item?- If the answer is no, then store it or get rid of it.
   
5. Is this item usable?- If the item is broken, too old, or unusable, consider recycling it.
   

For all your Broken Arrow, OK. Junk Removal, contact David, I-Haul of Tulsa, 918-852-2146 or www.ihaulusa.com.

For Broken Arrow, OK. Storage and Moving Solutions, contact Mike Ellingson, Relocation LLC, 918-459-6683 or www.relocationllc.net

Why do I need a survey when I build a new home or addition?

When you decide to build an addition or a new home in Broken Arrow, you will need a survey. A survey shows where the property lines are as well as any buildings, easements, driveways, or encroachments on the property such as a neighbor’s driveway. You might say, “I don’t need a survey, I have a plat map”. A plat map only shows the property boundaries, it doesn’t show easements or encroachments which can cause a problem with a legal title. A survey will ensure that anything you are building is not on someone else’s property or easement. It will also help if you have acreage and decide to sell some of it later.

For more information on Broken Arrow, OK. land surveys, titles, and the closing process, contact JJ Pierce at Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.

For real estate in the Broken Arrow, Oklahoma area contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Spectacular Luxury Home For Sale...

Tulsa, OK. Luxury Home For Sale

1714 East 35th Street
Adams Estates in Tulsa, OK.

$749,900

5 Bedrooms
5 Full, 2 Half Bathrooms
4 Living Areas
2 Car Garage

For more information on this spectacular Tulsa, OK. luxury home for sale or to buy or sell Broken Arrow, OK. real estate, contact Kelly Howard, Tulsa Luxury Property Group at McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

What is Required in a Home Inspection?

When we purchase a Broken Arrow home, many homeowners choose or are required by their mortgage, to have their home inspected. Each inspector has their own way to inspect the property and some do more than others. There are requirements, however, by the Oklahoma Home Inspection Industry (OAC 310:276) that gives minimum requirements for a General Home Inspection. Those requirements include:

The inspector shall inspect and describe the condition of the following items:

1. Structural System Inspection Requirement
a. Foundation Components
b. Framing Components
c. Method of Inspection
2. Exterior Inspection Requirements
a. Exterior Wall Coverings
b. Flashing, trim, fascia and soffits
c. Doors and windows
d. Balconies, decks, and railings
e. Steps, porches, walkways, patios, and driveways
f. Site, grading, surface drainage, and retaining walls
3. Roof System Inspection
a. Roof covering, penetrations, and flashings
b. Skylights
c. Chimneys
d. Method of inspection
4. Plumbing System Inspection
a. Fixtures, faucets, drain and vent systems
b. Water heaters, flues, energy source, and safety relief valve
c. Fuel storage and distribution systems and location of main fuel shut off
d. Water supply and location of main water shut off
5. Electrical System Inspection
a. Service drop, service entrance conductors, cables and raceways
b. Main disconnects, distributions panels, sub-panels, and grounding
c. Describe the amperage and voltage of the source
d. Conductors (including presence of aluminum branch wiring)
e. Readily accessible lighting fixtures, switches, ceiling fans, receptacles, ground fault
circuit interrupters, accessible wiring and splicing
f. Absence of smoke detectors
6. Heating System Inspection
a. Installed heating equipment, vents, flues, and chimneys
b. Energy source and distribution method
7. Cooling System Inspection
a. Central and through the wall cooling equipment
b. Energy source and distribution method
8. Interior Inspection
a. Interior walls, ceilings, and floors
b. Steps, stairways and railings
c. Cabinets and countertops
d. Doors and windows
e. Garage doors and automatic openers
f. Built-in kitchen appliances (garbage disposal, cook top, oven, dishwasher, vent hood)
9. Insulation and Ventilation Inspection
a. Insulation and vapor barriers in attic and crawlspace areas (or absence of)
b. Ventilation of attic and crawlspace areas
c. Mechanical ventilation systems
10. Fireplaces and Solid Fuel Burning Appliances Inspection
a. Firebox, damper, flue and solid fuel burning appliances

Need Broken Arrow Home Maintenance repairs after your home inspection? Contact these professionals...

Broken Arrow, OK. Roofing Repairs- A-Best Roofing, Judy Smith, 918-587-1426 or www.abestroofing.com

Plumbing Repairs in Broken Arrow, OK.- Mullin Plumbing, Markwayne Mullin, 918-258-6636 or www.mullinplumbing.com.

General Repairs, Remodeling and Building in Broken Arrow, OK.- US Building Systems, Rick Oberlender, 918-518-5913.

Broken Arrow, OK. Electrical Repairs- Murray Electric, Larry Murray, 918-557-3020 or www.murrayelectric.com.

Heating and Cooling Repairs in Broken Arrow, OK.- Stephen Taylor, Air Assurance, 918-258-COOL or www.airassurance.com.

What's Going on in the Real Estate Market?

The article, "Home Inventories Grow, Prices Fall" found at RealtorMag.com (Daily Real Estate News-June 16, 2011) cited some interesting real estate market statistics. Check them out below or follow the link above.

The inventory of for-sale homes grew in May by 3.5 percent, which marks the biggest monthly increase of the year, according to the latest housing data from Realtor.com. However, overall inventories dropped 14.3 percent compared to a year ago at this time.

Median asking prices for homes were down last month, falling 1.6 percent which follows two months of increases, the data shows.

Some of the largest declines were seen in Chicago and Tampa, Fla, where asking prices were down 5.7 percent from April, and in Phoenix prices were down 5.4 percent.

Listing prices increased in only 10 of the 146 markets tracked by Realtor.com. Denver and Washington, D.C., posted some of the largest listing price increases.

The National Association of REALTORS® will release next week its report on sales and inventory of existing homes.

For your Broken Arrow, OK. residential real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Homes for Sale in the South Tulsa Area

Jenks, OK. Luxury Home

11808 South New Haven
Scissortail at Wind River in Jenks, OK.

$785,000

4 Bedrooms
4 Full, 1 Half Bathrooms
3 Car Garage
Jenks School District
----------------------------------------------------------------------

Bixby, OK. Home for Sale

14493 South Lakewood Ave.
The Ridge at South County in Bixby, OK.
$339,990

4 Bedrooms
3 Full, 1 Half Bathrooms
3 Car Garage
Bixby School District
----------------------------------------------------------------------

Broken Arrow, OK. Home For Sale

2500 South 15 Street
Washington Lane III in Broken Arrow, OK.
$299,000

4 Bedrooms
3 Full, 1 Half Bathrooms
2 Car Garage
Broken Arrow School District



For information on these South Tulsa Homes for Sale or to buy or sell Broken Arrow, OK. area real estate, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Homeownership Survey- What do Americans Think?

According to a recent survey, "Despite the ups and downs of the housing market, home owners and non-owners alike consider owning a home essential to the American Dream." (RISMedia, June 10, 2011). Part of the survey information is found in an article, "Owning a Home Essential to the American Dream, Survey Shows" posted recently by RISMedia.

Americans are looking further than what the housing market is doing currently. Survey shows that Americans are looking into the future and seeing the value of owning a home long term. What are some other survey results?

• "Homeownership and a retirement savings program are considered by voters to be their best investments."
• "80 percent of home owners would advise a close friend or family member just starting out to buy a home."
• "Saving for a downpayment and closing costs is the biggest barrier to homeownership."
• "Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education."

To read the entire article, "Owning a Home Essential to the American Dream, Survey Shows" posted recently by RISMedia visit the link.

For Broken Arrow, OK. real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Condos For Sale in the Tulsa, OK. Area

Tulsa, Oklahoma Condominiums for Sale

Enjoy the View from these Charming Spacious Condo's just Steps Away from the River Parks. Downtown and major interstates are only minutes away.

3731 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$172,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage

______________________

3727 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$169,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage
________________________

3729 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$169,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage


To sell your Broken Arrow, OK area Condo or to find condominiums for sale in Broken Arrow, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com

Tulsa, OK. Area Luxury Home for Sale

Elegant Luxury Home For Sale in Bixby, OK.

13420 S. Lewis Ave.
$999,000

13420 South Lewis Avenue in Bixby, OK
The Estates of Hampton Hills Addition

5 Bedrooms
5 Full, 1 Half Bathrooms
3 Car Garage



For more information on this Tulsa, OK area luxury home for sale or to buy or sell real estate in the Broken Arrow, OK area, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

Is Broken Arrow, OK Home Ownership Still a Good Investment?

After home values dropped the last couple of years, some are asking, "Is Broken Arrow, OK. home ownership still a good investment?" In a recent article posted in Realtor Magazine, entitled "Americans: Home Ownership Still a Great Investment", Americans surveyed agreed that home ownership was still a great long term investment. This group surveyed included homeowners who were underwater in their mortgages. For more interesting information included in this article, read on:

Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.

Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.

Source: “The Cook Report: The Home Front,” National Journal (June 2, 2011)

For Broken Arrow, OK residential real estate, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Tulsa, OK. Area Homes for Sale

New Construction in Bixby, OK!

14558 South Urbana Court
The Auberge in Bixby, OK.

$214,900

2 Bedrooms
2 Full 1 Half Bathrooms
2 Car Garage


________________________________________

Gated and Secluded Luxury Estate in Bixby, OK

1724 East 151 Street
in Bixby, OK.

$2,675,000

5 Bedrooms
6.5 Bathrooms
4 Car Garage


_________________________________________________

Gorgeous Luxury Estate on Over 1/2 Acre in Bixby, OK.

11707 South Fulton Avenue
Forest Hills Estates in Bixby, OK.

$725,000

4 Bedrooms
3 Full 2 Half Bathrooms
3 Car Garage

____________________________________________

Charming Old World Home in Jenks, OK!

6338 East 111th Place
Woodfield Village in Tulsa, OK.

$325,000

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Garage

For more information on these Tulsa, OK area homes for sale or to buy or sell your Broken Arrow, OK area real estate contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.