Just Listed in Little Oaks – 8024 NE 139th ST, Edmond, OK 73013

February 24th, 2017

A HIDDEN GEM! Enjoy the peace of the country with easy access to I-35! Walk to Lake Arcadia from your beautiful home located on a wooded acre lot! One owner custom built home! You will love the updated cook’s kitchen with new granite counters, appliances, fixtures, painted cabinets!! Floor plan w/ formal living & dining, spacious den that opens to kitchen /breakfast area plus two powder baths downstairs. Tons of windows to enjoy the wooded lot! The upstairs master suite w/ large walk in closet and remodeled bath w/ new shower, granite counters, double sinks, fixtures and a view of private backyard. The 2nd/3rd beds share a true Jack & Jill bath and the 4th bedroom has its own private bath. The screened in porch is perfect for having morning coffee and just relaxing anytime of day! Extremely well built home w/ many extra building features that are shared on an attachment. Don’t miss your opportunity to live in a wonderful home in very a desirable neighborhood! A rare find!!

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How to use your cash when buying a home!

February 16th, 2017

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With mortgage interest rates still as low as they are, paying cash for a house should not be first on your list of financial priorities. Saving for retirement, building adequate emergency savings and paying off higher interest debt almost always take precedence.

That said, if you have the means to pay cash for a home, there are situations when buying your house outright is the way to go.

Reasons to keep your cash

The two big reasons to take out a mortgage even if you can afford to pay cash are maintaining liquidity and maximizing returns.

Paying all cash, while commendable, isn’t a good idea if it means committing too much of your savings to an asset that is inherently illiquid. “You don’t want to get into a situation where you are forced to sell the house or other investments at the worst time possible,” says Neil Krishnaswamy, a certified financial planner with Exencial Wealth Advisors in Plano, Texas.

Meanwhile, with rates at incredible lows – and mortgage interest deductible – paying cash is the equivalent of locking in an investment that returns roughly 3% to 4% a year. Investors who feel they can earn more than that in the stock and bond market will often choose to get a mortgage and keep their cash invested.

There is a middle ground, and for many buyers this may be the best option of all. Take out a mortgage and lock in today’s historically-low rates, but make more than the minimum payment whenever you can.

Reasons to pay all cash

On paper, locking in low rates on a mortgage and investing that money instead certainly seems like the better deal right now. Yet, what that equation doesn’t account for is the enormous sense of satisfaction that comes with owning your home outright. Yes, odds are that you will make more over the long run investing those funds, but what you save on interest over the life of the loan – tens of thousands, if not hundreds of thousands of dollars – isn’t vulnerable to market ups and downs.

In the most competitive housing markets, moreover, cash buyers have the upper hand in bidding wars and also have a better shot at negotiating for a lower price. Add to that savings on closing costs and time spent shopping for a loan, and the deal is even sweeter.

Assuming you’ve paid off higher interest debt, are maxing out on tax-advantaged retirement plans and have more than enough money in your rainy day fund, paying for a house with cash isn’t such a bad move, says Krishnaswamy. Just make sure that doing so doesn’t put the rest of your financial house in jeopardy.

The case for title insurance!

February 9th, 2017

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Here are some reasons why title insurance is important:

Fraud Protection

Title insurance will protect home owners from claims made against their property, whether they are responsible for it or not. This includes mortgage balances that are unpaid, improper foreclosures, and any fraud made by the home’s seller.

Fraud is more accessible to people now more than ever, and real estate isn’t safe from many fraud strategies as well. Forgeries have become easier in this techy era and criminals are more free to sell homes that they don’t actually own. Getting a title insurance will protect you from many frauds like these.

Insurer’s Services

Title insurers are pros when it comes to discovering everything that is suspicious with a property. They do exhaustive research to ensure that your transaction is a legitimate one. And in case it isn’t, the insurance would still cover the buyer for any loss.

One Time Payment

Although the title insurance may require a large drop of money, the payment is made just once. Unlike other policies that require regular payments, title insurance just needs a one time payment made at closing. Mortgage lenders usually require borrowers to pay for their title insurance, so it won’t exactly be a big jump if you get your own policy as well.

These are just few of the advantages getting a home insurance can bring you. And in general, anything that can steer you away from future problems in home ownership is probably worth a shot. Speak with a professional to get better understanding as how you can protect your home from any future dilemmas.

Just Listed in Summit Place – 7237 NW 121st ST, Oklahoma City, OK 73162

February 8th, 2017

Must see home in Summit Place with so much to offer! HANDICAPPED ACCESSIBLE with tile floors throughout and above ground storm shelter. Spacious living room with vaulted ceiling and fireplace. The kitchen features lots of counter space, breakfast bar and informal dining area overlooking the backyard. The formal dining is great for family dinners or could be used as a sitting area. The large master features a walk in closet and master bath with tub/shower and double sinks. The third bedroom is currently being used as an office and has a private powder bath. Freshly painted interior plus newer roof, AC unit, fence and more! Oversized garage with work bench! Located in the popular Summit Place neighborhood with green belts, park and two swimming pools! Priced to SELL so you can add your cosmetic updates!

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Three definitive reasons why you need to buy a home in 2017!

January 26th, 2017

Justice-hammer

1. Rates are rising

In 1981, when mortgage rates hit 18% and seemed to rise every day, single-digit rates seemed like an impossible dream.

Last August, however, rates on 30-year mortgages bottomed out at 3.55%. Now that the Federal Reserve finally decided to raise its key interest rate, mortgage rates have been climbing slowly. Today, the average rate is just above 4%; by 2019 or 2020, rates could easily climb to 6%.

“All signs point to this trend continuing,” says Richard DeNapoli, managing director for Coral Gables Trust and a former Florida real estate commissioner.

Before you freak out, take heart: Rising rates aren’t necessarily a deal breaker for buyers. The National Association of Realtors® calculated that a rise from 4.2% to 5% would increase average monthly mortgage payments by $90—not nothing, but not a catastrophe, either. And if you take the long view, those higher rates are still historically low.

“For buyers there still is opportunity,” says Danielle Hale, managing director of housing research for the NAR. “For those who are still able to get into the market, these low rates continue to be helpful.”

Another upside: When rates go up, competition and prices often go down.

“I’d tell buyers not to panic, because higher mortgage rates eventually cause sellers to be more flexible on pricing,” DeNapoli says.

2. Inventory is shrinking

In November 2016, there were only 1.85 million homes for sale. That’s a nearly 10% drop from the year before. And it continues a trend of steady decline since just before the housing crash, when inventory peaked.

Real estate experts predict that inventory will continue to shrink, at least for the foreseeable future. That means that in most areas of the country, buyers have more homes to choose from today than they will next year.

Or even next month. If you get moving now (during the winter, which is largely considered to be real estate’s off-season), you’ll have less competition for those homes than you will in the peak spring and summer months.

Bottom line: Every day you wait to start looking for a new home, you face stiffer competition for fewer homes.

“If you think it’s bad right now, wait until April to August,” Smoke says.

3. Home prices are still rising

The bad news for buyers is that home prices now stand higher than before the 2007 crash, increasing 5% from 2015 to 2016. And housing experts expect an additional 2% to 3% jump in 2017, DeNapoli says.

“Prices continue to go up; we have yet to see that ceiling,” says Trevor Levin, a real estate agent with Nourmand & Associates in Los Angeles. “I think they have room to grow.”

How high prices will rise and how long they’ll remain high is anyone’s guess. Rising mortgage rates and the new Trump administration have introduced “uncertainty” into the real estate market, Levin says.

“And uncertainty is never ideal,” he says.

The good news? If you jump into the market pronto, you just might make it before those doors close.