Merry Christmas!

I hope that each and every one of you has a wonderful Christmas! If you are traveling this year be safe!

More Internet Exposure

In an effort to provide to maximum possible exposure for the homes we have been hired to market, Coldwell Banker Select Realtors is expanding our presence on three of the most visited real estate websites. In addition to Realtor.com, cbtulsa.com, and 10+ other websites, Coldwell Banker Select listings will be featured on Craigslist.org, trulia.com, and zillow.com. On trulia.com Coldwell Banker listings will be classified as “featured” listings, and Trulia reports those listings capture 70% plus of their traffic/inquires.
For more information on Coldwell Banker Select’s upgraded internet marketing program, contact me at slaunchbaugh@cbtulsa.com. It is just another reason Coldwell Banker Select associates have SOLD more homes in the greater Tulsa area for 11 consecutive years.

Thanksgiving

I hope that you all had a wonderful Thanksgiving Holiday with your friends and family. I know that I have so many things to be thankful for!

Tax Credit Extended and Expanded

During November the $8000 Tax Credit for home buyers was extended until April 30, 2010. Consumers who have not owned a home for the past three years can receive the Tax Credit if they purchase a home before April 30th and close that sale by June 30, 2010.
In addition, the program was expanded to include homeowners who have owned their home for at least 5 of the past 8 years and want to purchase another home before the deadline. Buyers in that category can receive a $6500 Tax Credit. Furthermore, the income limits for purchases in both categories were raised significantly.
If you have been thinking of selling your home and buying another one or buying your first home, the next few months may be the best time ever to do so. Interest rates are low, prices in our area are very affordable and you can earn a $6500-$8000 tax credit. Contact me for more details!
Note: If you want to sell your home and buy another one to take advantage of the Tax Credit, you may want to start the process immediately! April 30, 2010 will be here quickly.

For more information contact me at slaunchbaugh@cbtulsa.com

A Cold Weather Tip

It is time once again to prepare our homes for winter weather. During the colder winter months, one problem encountered by homeowners is frozen pipes. When temperatures dip well below freezing, water pipes, especially those located near exterior walls, can freeze. The water expands, causing pipes to break, resulting in water damage throughout a large portion of the property. Below are some recommendations for preventing frozen pipes during extremely cold temperatures.

1. Keep the heating thermostat set above 60 degrees, even if you are away from the home for a period of time.
2. Where possible, leave interior cabinet doors near water pipes OPEN, allowing the warmer air to circulate around pipes.
3. Leave inside faucets dripping slightly.
4. Disconnect all exterior hoses.
5. DO NOT leave outside water dripping.

For more information contact me at slaunchbaugh@cbtulsa.com

UNIQUE OPPORUNITY!

Buy low-sell high! That is a successful investment strategy! On the other hand, many of us often do just the opposite. We wait until prices go up before we buy and only sell when prices are low. Unfortunately, many people do the same when it comes to real estate. Buyers often wait until the market is hot before they either sell and/or buy.
Currently, the residential real estate market in the greater Tulsa area is good, but not as active as it was a few years ago. According to statistics prepared by NORES, INC (MLS) the number of homes SOLD through September 2009 is down 9.9% and the average sales price is off 3.0%. Yet, this is a really good time to sell a home and buy another one.
Home prices in the Tulsa area remain among the most affordable in the country. Interest rates are hovering near record lows and the $8,000 tax credit continues. This combination of circumstances provides a unique opportunity for home buyers at this time. Even home buyers who need to sell a home and might have to take a little less than they desired for it can more than make up the difference in today’s market.
So, if you would like to have a new home, but have thought it is the wrong time, THINK AGAIN! Contact me at slaunchbaugh@cbtulsa.com to learn how you can benefit from today’s real estate market.

WHAT A VALUE!

The 2009 Coldwell Banker Home Price Comparison Index (HPCI) was released on September 23, 2009. In the annual comparison of similar 2,200-square foot, 4 bedrooms, 2 ½ bath homes in 310 U.S. housing markets. La Jolla, California was the most expensive at $2,125,000 while Grayling, Michigan was the least expensive at $112,675.
Tulsa continues to place among the most affordable housing markets in the country, ranking 17th with an Index price of $154,800. The overall national average price of homes in the 2009 Coldwell Banker HPCI was $363,401, and only 84 cities in the study has sample home prices below $200,000.
To view the entire 2009 HPCI go to coldwellbanker.com. Some other neighboring cities in the study are listed below.

Tulsa $154,800
Oklahoma City $164,250
Ft. Worth $153,450
Wichita $144, 625
Houston $159,847
Kansas City $217,366
Dallas $333,375
Fayetteville $216,125

For more information contact me at slaunchbaugh@cbtulsa.com

UNIQUE OPPORUNITY!

Buy low-sell high! That is a successful investment strategy! On the other hand, many of us often do just the opposite. We wait until prices go up before we buy and only sell when prices are low. Unfortunately, many people do the same when it comes to real estate. Buyers often wait until the market is hot before they either sell and/or buy.
Currently, the residential real estate market in the greater Tulsa area is good, but not as active as it was a few years ago. According to statistics prepared by NORES, INC (MLS) the number of homes SOLD through September 2009 is down 9.9% and the average sales price is off 3.0%. Yet, this is a really good time to sell a home and buy another one.
Home prices in the Tulsa area remain among the most affordable in the country. Interest rates are hovering near record lows and the $8,000 tax credit continues through the end of November. This combination of circumstances provides a unique opportunity for home buyers at this time. Even home buyers who need to sell a home and might have to take a little less than they desired for it can more than make up the difference in today’s market.
So, if you would like to have a new home, but have thought it is the wrong time, THINK AGAIN! Contact me at slaunchbaugh@cbtulsa.com to learn how you can benefit from today’s real estate market.

BooHaHa Parade

Coldwell Banker Select is the primary sponsor of this year's 19th Annual BooHaHa Parade and Halloween celebration on Brookside. The event will be held October 31st and features a pancake breakfast by the Lions Club, kid zones, children's and pet's costume contests, and of course trick or treating. The parade line up includes vintage cars, antique fire truck, smart car, and cycles from the Harley Davidson Motorcycle Club. We promise to have something for everyone, so please plan to join us!

For more information contact me at slaunchbaugh@cbtulsa.com

COLDWELL BANKER RANKS 1ST

Recently, J.D. Power and Associates released their 2009 Home Buyer/Seller Study. The Study, now in its second year, measures the customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction was determined by examining four factors related to the home selling experience: agent (34%); marketing (34%); office (17%); and packages of additional services (15%). Among home sellers, Coldwell Banker ranked highest and performs particularly well in all four categories.
If you are considering selling your home, make sure you talk to the company which ranks highest among home sellers across the country. Contact me at slaunchbaugh@cbtulsa.com for a no-obligation presentation of the seller services we provide.

TAKE PRECAUTIONS NOW!

The week of October 4-10, 2009, has been designated as National Fire Prevention Week. During that time period attention will be focused on the steps homeowners can take to minimize the possibility of an in-home fire. As real estate professionals, we at Coldwell Banker want to do everything we can to help homeowners be aware of fire prevention safety tips. Please read the tips listed below and implement them in your home.

Fire Safety Checklist:

· Install and maintain a working smoke alarm outside of every sleep area and remember to
change the batteries at least once a year.
· Designate two escape routes from each bedroom and practice them regularly.
· Teach everyone the “Stop, Drop, and Roll” technique in case clothing catches on fire.
· Avoid storing old mattresses in the home or garage.
· Teach kids that matches, lighters and candles are tools, not toys. If you suspect that a child
is playing with fire, check under beds and in closets for telltale signs like burned matches.
Matches and lighters should be stored in a secure drawer or cabinet.

For more information contact me at slaunchbaugh@cbtulsa.com

WHO WINS, WHO LOSES?

In today’s competitive real estate market, one of the most critical factors in the successful sale of a home is proper pricing. Of course, all home sellers want to maximize the price they can get for their home. Yet, the pricing decision should be based on a detailed market analysis provided by a real estate professional. The market analysis should include both the current active listings and similar recently SOLD homes in the immediate area. It can also contain the effects inflation or deflation in home prices would have on the current value of the home. As a Coldwell Banker sales associate, I am prepared to provide prospective sellers with such information. Of course, the final pricing decision is always the homeowners.
Beware of real estate practitioners who encourage an unrealistic asking price based on emotion or inadequate information. Why would a real estate professional unfairly lead you to believe you could receive a price much higher than either the market or an appraisal would allow? The simple truth is your listing can be valuable to a Realtor even if it does not sell. A sales associate can use your listing to generate buyer prospects through sign calls, ad calls and open houses. If your home does not meet all of a prospect’s desired features or, more significantly, is overpriced, then the prospect generated by your listing can be SOLD another home. When a prospect generated by an overpriced home buys another home, the sales associate benefits, but the sellers do not!
MORAL: Make sure you select a Realtor to sell your home based on the associate’s and company’s marketing programs, sales accomplishments and a detailed market analysis rather than the highest recommended asking price. In that way, both you and your Realtor will win!

For more information contact me at slaunchbaugh@cbtulsa.com

Home Buyers Tip

Avoid making large purchases. Increased debt reduces the amount of monthly income available.

For more information contact me at slaunchbaugh@cbtulsa.com

Happy Labor Day!

I hope that you and your family have a safe and relaxing holiday weekend!

For more information contact me at slaunchbaugh@cbtulsa.com

A COMMITMENT!

As real estate professionals, Coldwell Banker and I realize we have a responsibility to provide the best possible services for our customers. For example, when homeowners select us to sell their home, we must do much more than put it in MLS, place a sign in the yard and wait for a call. Listed below are just some of the ways we work to help sellers obtain the maximum value for their home. They are just some of the reasons we sell more homes in the greater Tulsa area than anyone!

1. Cbtulsa.com The most visited local real estate website
2. Select Living Magazine features every home we have for sale
3. Virtual Tours and/or 12+photographs on every residential listing
4. Internet Marketing Our listings are featured on 15 + national real estate websites.
5. Homefacts Our exclusive buyer capture system
6. Complimentary Home Staging services
7. Mobile website access to all listings via your pc or phone
8. Realtor.com All of our listings are enhanced.
9. ColdwellBanker.com
10. Tulsa World of Homes
11. Cartus Relocation Services
12. More than 450 Associates selling homes in the greater Tulsa area

For more information contact me at slaunchbaugh@cbtulsa.com

OKLAHOMA’S BEST

Coldwell Banker Select Realtors was recently recognized as “The Best of the Best” among residential real estate companies by Oklahoma Magazine. This honor was announced in the July 2009 issue and was based on voting by the Magazine’s readers.
Our company appreciates this award, and we value our many customers and friends who make it possible. We will never forget that such success comes one satisfied customer at a time. Thank you!

For more information contact me at slaunchbaugh@cbtulsa.com

BE CAREFUL!

Many of the national real estate websites now offer a programs which purport to give a current market value for a home. Most often using data from tax records, these AVM’s (Automated Valuation Model) calculate a statistical value based on reported sales from the area. Unfortunately, such programs usually ignore differences between neighborhoods and specific features of comparable homes. As a result, the values derived from these programs are often grossly inaccurate.
If you would like to know the real market value of your home, you would be well-served to ask a real estate professional to prepare a Comparative Market Analysis (CMA) for your home. There is no charge for such a service.
Of course, I would be happy to provide you an up-to-date CMA. Since I specialize in home sales in the area, my knowledge of the local market allows me to provide a more accurate analysis of your home’s value than a computer model.
So, please don’t make a decision about selling your home without determining its real market value! Contact me at slaunchbaugh@cbtulsa.com for your free market analysis.

MID-YEAR REPORT

During the first six months of 2009, the number of homes SOLD in the greater Tulsa area (Tulsa, Creek, Osage, Rogers, and Wagoner Counties) fell 9.9%. Yet according to statistics compiled from NORES, INC (MLS), the average sales prices have remained relatively steady.
At Coldwell Banker Select Realtors, we are pleased to report we have successfully marketed more than 1100 homes, which is 22.6% of the homes SOLD in the five county metro area. In addition, we have participated in 500+ transaction sides more than our nearest competitor.
If you are thinking of selling your home, it just makes sense to contact Sarah, the associate with the company, Coldwell Banker Select, which sells the most homes in the greater Tulsa area by far.

For more information contact me at slaunchbaugh@cbtulsa.com

WATCH OUT FOR CHILDREN!

School will be starting here in the Tulsa School District on August 20, 2009. Along with a significant change in the students daily routine, it will mean many children will be walking to and standing near bus stops. Please slow your driving speed and watch out for the children! Thank You!


For more information contact me at slaunchbaugh@cbtulsa.com

ANOTHER REASON!

Coldwell Banker Select has now implemented the HELP Program (Homeowner Education and Loan Protection), which includes job loss protection for homebuyers. Coldwell Banker Select has teamed up with Creative Alliances, LLC (Enhanced Marketing) and the Rainy Day Foundation (a non-profit organization), to offer this to area homebuyers.
The Job Loss Protection portion of HELP will assist buyers who purchase a Coldwell Banker Select enrolled property. In the event of an involuntary job loss within the first 24 months of the loan, the program covers mortgage payments up to $1,800 per month for up to 6 months. HELP also offers six months of telephone counseling and monthly educational e-newsletters. Job Loss Protection is an important and timely service which gives sellers a way to differentiate their properties and provide buyers the confidence to purchase.
If you would like more information about the HELP Program and how it could help you sell your home, contact me at slaunchbaugh@cbtulsa.com

Tulsa Ranked High Again!

Tulsa received high marks in fDi magazine’s recently released list of the top “North American Cities of the Future”. The magazine, which focuses on foreign direct investment and business globalization, looked at nearly 400 North American cities of various sizes, ranging from fewer than 100,000 to more than 1 million in population.

In the small city category, Tulsa ranked number 8 out of communities with a population of between 100,000 to 500,000.

Top small cities of the Future 2009-10.

1. Tampa, Fla 6. Sacremento, Calif.
2. Minneapolis 7. Louisville, Ky
3. Raleigh, NC 8. Tulsa, OK
4. St. Louis 9. Richmond, Va
5. Irvine, Calif 10. Salt Lake City

For more information contact me at slaunchbaugh@cbtulsa.com

Truth Versus Perception

If you want to sell your home, it is important to “select” the company and the associate who gives you the best opportunity to sell it for the best price. When making that decision, it is critical to rely on the facts rather than a perception.
For example, some companies use a name which might lead you to believe they are better at selling homes than other companies. Other brokers run big ads in the newspaper leading you to believe they sell lots of homes. Finally, a few sales associates have a pretty picture and fancy logo which they hope will cause you to think they sell lots of homes.
On the other hand, associates at Coldwell Banker Select Realtors have SOLD the most homes in the greater Tulsa area for the past 12 years. So far in 2009 Coldwell Banker Select associates have been involved in 400 homes sale sides more than our nearest competitor. That’s the truth!
Want to sell your home? It just makes sense to contact the associate, Sarah Launchbaugh, with the company, Coldwell Banker Select, which sells the most homes in the Tulsa area – by far.

*Statistics compiled from NORES, INC (MLS) for 5-county Tulsa area. Deemed reliable, but not guaranteed.

For more information contact me at slaunchbaugh@cbtulsa.com

Happy 4th of July!

I hope that you and your families had a wonderful and safe 4th of July!! Let us all enjoy celebrating our freedoms! God bless!

A New Look!

For many years, Coldwell Banker has published and distributed our exclusive Buyer’s Guide magazine. We feature every one of the homes we have listed for sale in every issue.
Now we are pleased to announce our new Select Living Magazine. We will continue to advertise every one of our active listings. However, our new look will also include articles on home decorating, remodeling and other home enhancement ideas.
Pick up a copy of our new Select Living magazine at a retail outlet near you. Of course, if you are thinking of selling your home, contact me at slaunchbaugh@cbtulsa.com to get your home featured in the next issue of our beautiful new publication.

Home Sellers Tip

Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walk.

For more information contact me at slaunchbaugh@cbtulsa.com

Only Six Months Left

The $8,000 tax credit available to people who have not owned a home during the past 3 years is currently set to expire on November 30, 2009. To take advantage of the $8,000 credit, the purchasers must close the sale before the end of November. With today’s low interest rates and the tax credit deadline rapidly approaching, qualified buyers should not delay the process of buying a home.
Contact me at slaunchbaugh@cbtulsa.com to learn how you can take advantage of this once-in-a-lifetime opportunity.

Unbelievably Low!

During May the nation’s benchmark mortgage rate tied a record low. Average rates on 30-year, fixed rate mortgages, the most popular loan among home buyers, slid to 4.78 percent which tied the all-time low record since Freddie Mac’s annual survey began in 1971. As the table below shows, intrest rates this low make homeownership more affordable than ever.
If you would like more information about the current low interest rates, contact your lender or me at slaunchbaugh@cbtulsa.com

Monthly principle and interest payment on a $100,000 30-year fixed rate mortgage.

Interest Rate 5.25% 5.00% 4.75%
Monthly P & I Payment $552.20 $536.82 $521.65

Happy Memorial Day!

Happy Memorial Day! May you and your family enjoy a safe and relaxing holiday weekend!

For more information contact me at slaunchbaugh@cbtulsa.com

Rain, Rain, Go Away

The rain has finally stopped in Tulsa! The sun is shining and the weather is perfect for finding a home. If you are thinking about buying or selling now is a great time!

For more information contact me at slaunchbaugh@cbtulsa.com

Happy Mother's Day!

Happy Mother's Day! I hope that all Mother's have a special and blessed day with their families!

More To Serve

Coldwell Banker Select Realtors is pleased to announce that the associates of what was formerly Classic Realty & Associates in Broken Arrow have merged with our company. The staff of 20+ real estate professionals has a history of integrity and quality service within our industry. We found their business philosophy to be a great match with Coldwell Banker Select.
We look forward to working with the new members of our sales staff as we work to provide the best in real estate services to our customers in Broken Arrow and throughout the metro area. Welcome!

For more information contact me at slaunchbaugh@cbtulsa.com

Thanks Again!

Coldwell Banker Select Realtors was recently recognized by RLS Media’s 2009 Power Broker Report as the 52nd largest real estate company in the U.S. and #1 in Oklahoma. While we are always pleased with such recognition, we never forget that such achievements are accomplished one customer at a time. We understand that the sale of your home and/or the purchase of another home are the ones that matter to you.
We will continue to strive to provide the best possible, professional real estate services on every real estate transaction. We appreciate your business and your loyalty!

For more information contact me at slaunchbaugh@cbtulsa.com

Happy Easter!

I hope you and your family have a wonderful and safe Easter Holiday!

Advertising Which?

If you look closely at real estate advertising in the local market, you will find two distinct approaches. One concept emphasizes the associate and the company. The other places the primary focus on the homes the company has for sale. You can identify the companies placing the emphasis on themselves and their associates by the amount of advertising space devoted to the company name and associates versus homes for sale.
At Coldwell Banker Select Realtors, we believe the advertising emphasis should be on the homes our customers have hired us to sell. That is why we publish and distribute our Buyers Guide Magazine. Each issue features ads on every one of the properties we currently have on the market. Most of the ads include a color picture of the home, a written description and a small photograph of the listings associate. The emphasis is clearly on the homes we have for sale.
Our goal is to provide maximum exposure for our seller’s homes, not our associates. Maybe it is just one of the reasons Coldwell Banker Select sales associates have SOLD more homes in the Greater Tulsa are for twelve consecutive years. Contact me at slaunchbaugh@cbtulsa.com to get your home featured in the next issue of our Buyers Guide.

cbTulsa.com is now on your PC or on your Phone

Coldwell Banker Select has launched CBTulsa.com Mobile. Just type “cbTulsa.com” into your phone’s browser and you will be automatically redirected to our new CBTulsa Mobile Site. With this mobile-friendly site, buyers in the Greater Tulsa Area now have easy-to-use tools to search the most up-to-date MLS listings, as well as Coldwell Banker featured properties, all from the CBTulsa Mobile Site with Coldwell Banker agent contact information.

The CBTulsa Mobile Site:

· Displays all pictures and content from all MLS listings in a mobile-friendly format.

· Lets buyers search for properties & open houses based on price, bedrooms, & more.

· Gives buyers the ability to save properties.

· The Address Quick Find allows you to pull up any MLS listing by property address.

For more information contact me at slaunchbaugh@cbtulsa.com

Be On The Lookout!

One of the greatest hazards any homeowner faces is termites, which do more damage than fires, storms, and earthquakes combined. The damage these intruders cause occurs when they eat, and they survive by eating wood, paper, fiberboard, cotton fabrics and other cellulose products. In the worst cases, they can actually threaten the structural integrity of a home, and that is where the danger lies.
There are several clear indications of termite infestations. In spring, reproductive swarmers emerge in great numbers. Their wings break off after flight, so piles of wings are proof that termites are present. Other signs are damage to wood, visible mud tubes, and live termites.
There is good news for those homeowners who have termites. Today, homeowners have options for treatment from chemical barriers to inground and above ground bait systems which attract termites at their mud tubes. If you want more information, contact your pest control professional, or contact me at slaunchbaugh@cbtulsa.com for the name of a local pest control company.

Still So Low!

Despite some reports to the contrary, the “economic stimulus bill” does not contain any interest rate subsidy provisions. So, those who are waiting to take advantage of those lower rates should wait no longer. At the time of this writing, home mortgage interest rates continued to stay in the upper 4% to lower 5% range. Such rates are among the lowest available during the past 35+ years. As the table below indicates, now is the time to save money on the purchase of your next home.

For a $100,000, 30-year, fixed rate mortgage

Interest Rates 6.5% 6.0% 5.5% 5.0% 4.5%
Monthly P & I Payment $632.07 $599.55 $567.79 $536.82 $506.69

For more information contact me at slaunchbaugh@cbtulsa.com

If it is on the market, it’s on...

cbTulsa.com

ANY HOME ANY TIME ON LINE

For more information contact me at slaunchbaugh@cbtulsa.com

Stimulus For Housing

Congress has passed and the President has signed the American Recovery and Reinvestment Act. Since the bill itself is more than 1000 pages long, it would be ludicrous to attempt to summarize it here. However, as it relates to residential real estate, the bill seems to have two primary benefits.
First, there is a true $8000 tax credit for homebuyers who have not owned a home during the past three years. While the previous $7500 tax credit had to be repaid over 15 years, this $8000 tax credit does not have to be repaid. Also, this tax credit program has been extended until December 1, 2009. The provisions related to income limits remain the same.
The second real estate element of the bill reinstates the higher loan limits for FHA, Fannie Mae and Freddie Mac. In the greater Tulsa market the FHA loan limit is $271,050 and for both Fannie Mae and Freddie Mac the maximum loan is $417,000. The reinstatement of these loan limits is designed “to make mortgages affordable regardless of where you live.”
For more information regarding the real estate provisions of the American Recovery and Reinvestment Act, contact me at slaunchbaugh@cbtulsa.com

What a Celebration!

It is time once again for Coldwell Banker’s 2009 Spring Open House Celebration. This annual event has been held for a number of years and signals the beginning of the spring and summer home buying season.
This year the Spring Open House Celebration will be held over four weekends beginning March 14th-15th and continuing through April 4th-5th. Throughout the Celebration, Coldwell Banker Select sales associates will be holding hundreds of homes open and meeting lots of prospective buyers. Many homes will be SOLD as a result of this promotion.
If you are wanting to sell your home and would like to take advantage of this great marketing campaign, contact me at slaunchbaugh@cbtulsa.com as soon as possible so your home can be included in the open house schedule. If you are looking to buy a home, be watching for homes being held open in your preferred area.
In either case, it should be a great Celebration!

Home Buyers Tip

Familiarize yourself with mortgage loans. Find a lender you are comfortable with.

For more information contact me at slaunchbaugh@cbtulsa.com

FILING FOR THE HOMESTEAD EXEMPTION

Homeowners who were living in their homes on January 1, 2009 and have not filed for their Homestead exemption, have until March 15, 2009 to file. Residents who have filed previously for their current home do not need to file again.
To learn more about the Homestead Exemption and how to file, contact me at slaunchbaugh@cbtulsa.com

AN EVEN DOZEN

2008 marked the 12th consecutive year Coldwell Banker Select has SOLD more homes in the greater Tulsa area than any other real estate company. In fact, according to statistics compiled from NORES, INC (MLS) data Coldwell Banker Select closed 1100+ more transaction sides than our nearest competitor.
We are grateful to our many loyal customers who trust us to be their real estate professionals. We are committed to providing even higher levels of service and leading-edge marketing programs during 2009.

For more information contact me at slaunchbaugh@cbtulsa.com

Home Sellers Tip

Put higher wattage bulbs in light sockets to make rooms appear brighter and larger.
For more information contact me at slaunchbaugh@cbtulsa.com

NOW IS THE TIME!

During recent weeks mortgage interest rates have dropped to near record lows. At the time of this publication, interest rates on home loans were in the lower 5% to the upper 4% range. On a $150,000, 30-year, fixed rate mortgage at 5%, the principle and interest payment would be only $805.23.
If you are thinking of buying a home in the foreseeable future, now may be the time. While some are saying mortgage rates my go lower, no one knows for sure. They have very rarely been lower than they are now. This is an especially good time to move up to a larger, more expensive home. You can save on the price and on the financing.
Should you plan to stay in your current home for several years and have an interest rate in the upper 6% or higher range, you should consult a mortgage professional to discuss the benefits of refinancing.
Contact me at slaunchbaugh@cbtulsa.com to learn how much you can save if you purchase a home now or to get the name of a good mortgage lender if you prefer to refinance.

$7500 Clarification

Some information has been disseminated regarding the Economic Recovery Act of 2008 and the $7500 Tax Credit, which is included in its provisions. However, there has been some misinformation presented and additional misunderstanding on the part of many people. Hopefully, the points presented here will clarify some of the confusion.
First, the $7500 Tax Credit is dollar-for-dollar reduction in either the 2008 or 2009 income tax for first-time homebuyers who purchase a home before July 1, 2009. First-time buyers include anyone who has not owned a home during the past 3 years. There are income limits and some other restrictions, but, many people are eligible for the $7500.
Also, the Tax Credit must be repaid over the next 15 years, but, the mortgage interest deduction will almost always more than offset the repayment amount.

To learn more about this valuable opportunity, contact your tax advisor or Sarah at slaunchbaugh@cbtulsa.com

Mortgage Rates Plummet!

During December, mortgage interest rates on home loans dropped significantly. In fact, they fell to levels not seen for several years. For 30-year, fixed-rate loans, the interest rates fell into the low-to-mid 5% range, depending on the specific type of loan and borrowers credit worthiness. Some shorter-term loans had rates as low as the upper 4% range. At 5.25%, the principle and interest on a $100,000, 30-year, fixed loan would be only $552.20.
Of course, mortgage rates can vary on a day-to-day basis, so potential borrowers should check with their mortgage lender to see what rates are currently available. If you do not have a lender, contact Sarah at slaunchbaugh@cbtulsa.com and I can give the name of a lending professional or two you can contact.
With these low rates and the affordability of housing in this area of the country, this could be the best time in years to purchase a home!