Tulsa's Real Estate Market is Bright for Home Sales

Although now is a great time to buy a new home in Tulsa, prospective buyers are still wary. If low prices and record low interest rates aren’t enough to convince you to move to home ownership in the Tulsa area, here are two more reasons.



CNBC.com posted its list of “Best Cities for Starter Homes” in the U.S., and Tulsa was ranked third! With five consecutive months of home appreciation and year-over-year appreciation at 2.39%, Tulsa presents a strong market for the investment side of home ownership.

The CNBC.com rankings were based on studies of 125 local markets by the real estate organization Zillow.com. Researchers analyzed median home values, average mortgage payments as a percentage of household income, and improving trends in home prices. They also figured in the unemployment rate and overall cost of living.

MSNBC.com also recognizes the value of the Tulsa housing market. This site’s article, “Breathing room: Housing’s least underwater areas” ranked Tulsa as #2 on its list of those areas with the fewest number of homeowners who are behind on their mortgages—or “underwater”. Second only to Pittsburgh, with an underwater rate of 5.6%, Tulsa posts a 6.1% rate, well below the national average.

Tulsa represents stability in a market that has been marked by instability. For both quality of life and value of investment, Tulsa should be high on your list!

You can do better than the $8K homebuyer’s credit

If you missed the deadline to get up to $8,000 in tax relief by purchasing a home before April 30, 2010, stop kicking yourself. You can do better. In fact, a congratulations might be in order!

When that deadline was approaching, buyers were looking at mortgages with a fixed interest rate hovering around 5.5%. And coupled by the tax incentive, it looked like an unbeatable deal.
Until now.

In spite of industry estimates that interest rates couldn’t drop any lower, they have. Buyers at present can secure a fixed rate as low as 4.25%. That 1.25% difference can amount to savings that surpass the $8,000 credit from the federal government.

If you bought a new home in Tulsa for $160,000 in April, at 5.5% and with 3.5% down on a FHA loan, your monthly payment would be $876.00. But if you buy a $160,000 home today at the lower interest rate of 4.25% with the same down payment, your monthly mortgage would be $759.00. You save $117.00 every month, which equates to $42,120.00 in savings over the life of the loan.

How’s that little $8,000 one-time tax credit looking to you now?

Take it one step further, invest the new found monthly savings of $117 in an interest bearing account at a conservative 6% over life of your loan and it will turn into $117,657.00. How does that sound!

Weather you choose to save the difference or use that money to pay other bills, save for a vacation or other expense, your homebuying patience has paid off.

No one can ever tell you the best time to buy a home. But we can tell you when it is a great time. The clock is ticking. The home values and mortgage rates won’t stay this low forever. Our economy is rebounding, and when it does, the door to this opportunity will slam shut.

Sizzling Summer: Ways to Stay Cool in a Simmons Home

It's no secret that Oklahoma has been hit by a heatwave this summer.

First, Simmons Homes would like to thank all of our contractor and tradesman who are working hard in the heat building our homes. You guys are doing a great job. Keep up the hard work!

Secondly, we would like to highlight a few ways that Simmons Homeowners are staying cool in this exceptionally hot summer heat.

• Bring on the water! Most of our communities have a pool or splash pad where you can get wet and keep cool on these hot summer days. There is nothing better to keep the kids happy in the summer than frolicking in the water! We adults also like to relax by the pool with friends and cool off in the water!. We know that all our of neighborhood pools and splash pads are getting a lot of action this summer. Enjoy Simmons Homeowners!
  

• Keep it cool! Simmons Homes build Energy Star certified homes. What does that mean? We keep you cool in the summer without breaking the bank. Our high performance windows use advanced technologies and protective coatings to keep the heat out and the cool in. There are many features to our energy star homes and all of them help keep you cool where it matters...in your home.
  

We hope everyone is staying safe in this heat and enjoying their summer!

The "Woman Cave"

There are articles and statistics everywhere showing that women play a substantial role in not only the home buying process but also the overall money spending in a household.

That being said, with all the attention the "Man Cave" is getting from its show on the DIY Network we were intrigued to find out what the ideal "woman cave" would be.

So we reached out to our Facebook fans and asked them a question:

"With all the hype about the Man Cave...what about the Woman Cave? Tell us about your ideal "cave"? Scrapbook, workout, office, spa, library, media room or something else?"

The responses caught our attention. With 15 comments spanning 2 days it seems that women out there have a lot to say about having their own "cave".

Here is a highlight of some of the comments that were posted:

"Craft room with lots of storage, a workspace area, plenty of light, comfy chair for handwork, reading or maybe a nap..."- Barb Eaton

"I would love a big room with TONS of storage for WHATEVER! And a large, counter height island for crafting, sewing, scrapbooking, etc. Also a desk area for a "Mom Central" work station (computer, files, family paperwork, schedules). But mostly, LOTS of storage!!"- G.B.

"A room with lots of room for all my sewing machines and shelves, shelves and more shelves. A wall of drawers. Plenty of light. And lots of electrical plugs. "- A.W.

"Commenting for my mother,,, she said a craft/ scrapbook room,,, something with lots of shelves and electric plugs, and a "track" type lighting so she can move it where she is working." A.B.

"Perfect woman cave---a room big enough for office space, scrapbooking with a nice work table and room for sewing machine and room for a quilting machine. Lots of storage space for lots of other crafts." - M.M.

What we surmised from all of the comments were that our women fans want the following:

• Lighting- portable, changeable and adjustable to whatever the task at hand might be.
  
• Storage- drawers, shelves and islands.
  
• Plug ins- lots of them, portable and accessible from anywhere in the room.
• A space of their own to do what they want to do- organize, scrapbook, sew, be crafty, read, relax and work.

We enjoyed all of the comments! We always like to see what home buyers and home owners think is important in a house especially coming from the "decision maker" in the family!

Mortgage interest rates hit a record low

Last week mortgage interest rates hit an all time low. In fifty years of mortgage rate tracking they are now at the lowest they have ever been. An average rate on a 30 year mortgage dropped to 4.69 percent while a 15 year mortgage rate fell to 4.17 percent.

Now is the perfect time to take advantage of the falling interest rates and invest in a new home. You will be paying less for the home over the life of the loan and your payments will be insurmountably less than what they could be if you wait a few months or what they would have been even a year ago. The only way for interest rates to go now is up.

What's in an interest rate and why should you care? Your interest effects the monthly payment and overall balance paid on your home.
Let's do the math:
If interest rates were to go up to just 5 percent you would pay $15,000 more over the life of a $200,000 30 year mortgage. Essentially, buying now will save you $15,000 in interest paid. That is serious savings!

If you were to buy a new home today, your interest rates would be locked in at the lowest rate in half a century, your monthly payment would be set at a lower monthly payment than ever before and the overall amount that you pay for your home would be considerably less.

We all like to keep our hard earned money in our bank account and buying now will allow you to do just that.

New Green Homes in Tulsa Offer High Performance Windows

Like we’ve said before, our new green homes in Tulsa are built with today’s average buyer in mind; after all, we’re of the same mind as you when it comes to providing our families with safe, affordable, and comfortable homes. And, we’ve also told you that our Oklahoma green homes, which are ENERGY STAR qualified homes for your peace of mind and protection, can be personalized to your preference.

Last time, we noted that effective insulation is the first of these options. Today, we reveal another energy saving feature:

Green Home Feature#2: High-Performance Windows.

As anyone with a draft in their house knows, quality, weather proof windows are the key to keeping indoor temperatures comfortable. Our energy-efficient windows employ advanced technologies, such as protective coatings and improved frame assemblies, to help keep heat in during winter and out during summer. The windows of our new green homes in Tulsa also block the damaging ultraviolet sunlight that can discolor carpets and furnishings. Sound like your kind of windows?

2010 Greater Tulsa Parade of Homes June 19th-27th

The 2010 Greater Tulsa Parade of Homes Sponsored by the Home Builders Association of Greater Tulsa and Bank of Oklahoma will be held Saturday, June 19 through Sunday, June 27, 2010.

There are over 150 new homes in the parade this year. In addition to new homes there will also be free advice from home builders and real estate professionals on achieving the dream of owning or building a new home, the materials and technology in today's new homes and ideas on floor plans to fit your family and lifestyle.

There is something for everyone this year and Simmons Homes is excited to be a part of it! Official home guides will be available June 18th at local QuickTrip locations.

Simmons Homes will feature homes in the communities listed below so when you are out and about, be sure to stop by.

Broken Arrow:
Oak Ridge Park - Starting at $133,500

Jenks:
Southwoods - Starting at $167,650
Southern Reserve - Starting at $133,000
Providence Hills - Starting at $169,900

Bixby:
Southbridge - Starting at $159,900
The Territory - Starting at $125,500


Owasso:
Burberry Place - Starting at $170,150
Lake Valley - Starting at $127,500
Maple Glen - Starting at $123,500

NAHB Checklist for Hiring a Home Builder

The National Association of Home Builders recommends the following checklist to help you hire the right home builder:

* Does the builder have a permanent business location and a good reputation with local banks and suppliers?

* How long have they been in the building business? It usually takes three to five years to establish a financially sound business. Will they be around after the construction is complete to service any warranties?

* Have you called your local Better Business Bureau? They can alert you to any complaints.

* Does the builder have sufficient workers compensation and general liability insurance? If not, you may be liable for any construction-related accidents on your premises.

* Will the builder provide you with names of previous customers? Ask them if they would hire the builder again.

* Have you seen the builder work, both completed and in progress? Check for quality of workmanship and materials.

* Are you able to communicate with the builder? Remember you will be in close contact with them throughout the construction process and afterward as you live in your new home.

* Will the builder provide you with a complete and clearly written contract? The contract will benefit both of you. Review it carefully.

* Be cautious of unusually low-priced bids. If the builder is unable to pay for the materials and labor as the project proceeds, this may indicate a potential problem.

For more information you can visit www.nahb.org or your local Home Builders Association at www.tulsahba.com.

Tulsa and Owasso Top Home Starts for April

April proved to be another strong month for local home builders. The Home Builders Association of Greater Tulsa reports 271 new housing starts for the Tulsa Metro area in April. Tulsa and Owasso led the way in home starts.

April housing starts were 46 percent ahead of the monthly total from April 2009. Total home starts for the year are ahead by 35 percent of the same time last year According to New Orders Weekly.

Tulsa makes national ranks as it is predicted to be one of the first areas to bounce back from the home building “slowdown”. Chief Economist at the NAHB, David Crowe, attests that “The Tulsa market will be the driving force in Oklahoma’s housing market recovery”.

Local housing start figures reflect permit information for the entire Tulsa metro area, which includes Bartlesville, Bixby, Broken Arrow, Catoosa, Collinsville, Claremore, Coweta, Glenpool, Jenks, Kiefer, Muskogee, Owasso, Sand Springs, Sapulpa, Skiatook, Tulsa, Verdigris, and Wagoner along with Tulsa, Rogers and Wagoner Counties.

Tulsa Ranked No. 6 Best Place to Live

RelocateAmerica just released its Top 100 cities to live. Not surprisingly, Tulsa is listed as number 6! This is great news for the Tulsa Metro area. Relocate America says it "focused on communities poised for recovery and future growth”. The editorial team “discovered communities with strong local leadership, employment opportunities, thriving community commitment, improving real estate markets, growing green initiatives, plentiful recreational options and an overall high quality of life”. They cited Tulsa as being 3 points below the national unemployment average with a strong economy and growth in jobs.

In the article highlighting Tulsa it states that “Oklahoma is among the six states whose metropolitan areas have managed to avoid a recession”. It also focuses on the downtown revitalization with the success of the BOK Center bringing big name performers and sports teams to town, the OneOK baseball stadium and the arts and entertainment districts boosting cultural diversity. This is good news for current homeowners and future home buyers in Oklahoma and the Tulsa area. Living in “green country” is a win win with low unemployment rates, high home equity rates, low interest rates and a thriving sports, arts and entertainment base.
We agree it's a great place to call home!