Happy New Year everyone!  It is 2010 and I believe it is going to be a good year in the real estate world.  I have made my New Year’s resolutions and one of them is to write a real estate tip every week this year.  This is the first week of January and my first tip is for real estate buyers. 

TIP #1:  STOP!  Stop - do not pick up your phone and call a real estate person you don’t know just because they have a particular property listed for sale.  Just because you drive by a sign or see a name on a property - do not assume you have to call this person to see the property. If you are serious about buying a home, FIRST shop for your REALTOR.  Not all REALTORS are the same.  Do you know what MLS means?  MLS stands for “Multiple Listing Service.” The MLS is a means by which real estate agents are informed of the properties offered for sale by other agents.  It is also a current and comprehensive listing system for relaying property information to REALTORS. This service offers the widest exposure to properties listed for sale.  REALTORS pool their information on properties and then share their fees/commissions.  The first thing to do once you know you want to buy a piece of real estate is to shop for your REALTOR.  Once you find the REALTOR you are comfortable with and who you believe will work for your best interests, then start looking for properties.  Most REALTORS are members of MLS programs.  Therefore, pick your REALTOR first.  Then s/he will help you research for the best property.  Don’t make the most common mistake in real estate of calling the first name you see off of a real estate sign and then feel stuck with this agent regardless of their skill level.  Worse yet, don’t call five different REALTORS to show you five different properties.  REALTORS know who is bouncing around from REALTOR to REALTOR and their trust level will soon be as low as your initial trust level of REALTORS.  (52 Weeks of Tips will be posted to the Eufaula Lakeshore Reatly website. If you miss one week you will be able to find the tip under the buyer and seller section of our website.)

I hope everyone had a very special Christmas this year.  I was in Dallas and had a white Christmas!  With Christmas over and as we begin to wind down 2009, there is still time to take advantage of the tax credits for first time home buyers and for those of you who have owned a home for 5 years.  We, at Eufaula Lakeshore Realty, will be open Monday, December 28 - December 30th and will be glad to show you property.  Just give us a call at 918-452-3184.  Need help finding out about property on the Multiple Listing Service?  We can help you with that, too.  We look forward to hearing from you and seeing you soon.

During the Holiday Season our thoughts turn to those who make our business possible. A sincere thank you for trusting us with your real estate needs.  May the joys of Christmas fill your home with many happy memories. 

We bring you smiles and laughter with our Christmas song.  We hope you enjoy. (click on the picture to the left)

Merry Christmas from all of us at Eufaula Lakeshore Realty:

Karen Weldin, Broker/Owner, MA, GRI, ABR, e-Pro, AHWD

Susanne Bain, REALTOR/Owner

Stephanie Fine, REALTOR, ABR

Priscilla Bradley, Broker-Associate

Donna McRee, Accredited Home-Staging Specialist

For those of you who like to look at statistics - here is a glimpse of the housing market in Southeastern Oklahoma comparing 1st and 2nd Qtr data of 2009 with the past several years.  I think you will find it interesting.  Take a look:  southeasternok.pdf  While the number of houses sold is down 13% and the average price is down 3.2% all in all I believe Southeastern Oklahoma has done well considering the state of the overall economy.  So, if you are looking for a “steal” in real estate in Southeastern, Oklahoma you might have to look elsewhere.  Real estate remains a great investment here!

I was on an appointment today meeting with a buyer and going over inspections at the house he has made an offer on.  When the inspector was through and gave his report to the buyer, the buyer started asking questions about how long certain systems and appliances should last.  When looking to buy or sell a home it is important to think about the life span expectancy of home systems and appliances.  This will greatly affect the listing or purchase price.  It should also make a big difference whether or not a seller or buyer purchases a home warranty on the property.    Below is a summary of life expectancies of certain systems and appliances.  Check it out and take the list with you when you are looking to purchase a home.  This might also make a difference to you about wanting a home warranty on the home you are about to sell or purchase.According to the National Association of Builders the life span of home systems and appliances is as follows:

Item                               Life Expectancy

Central A/C                                 15+

Window A/C                          10

A/C Compressor                     15

Electric Water Heater             14

Gas Water Heater                  11-13

Forced Air Furnace                15

Gas or Oil Furnace                 18

Trash Compactor                   10

Dishwasher                           10

Exhaust Fan                          20

Dryer                                   14

Disposal                               10

Freezer                                16

Microwave                            11

Electric Range                       17

Gas Range                            19

Gas Oven                             14

Refrigerator                          17

Clothes Washer                     13

I just received this information from Arvest Bank Loan Officer, Gayla Major about the new Oklahoma Tax Advance Credit loan. The program has a 1st mortgage of 6.10% and a 2nd mortgage of 2.00%. The first time home buyer can pay off the second loan with their tax credit, at any time; however, if they pay it off within the first year of origination, OHFA will credit the customer $200 on the payoff. OHFA created this program for the First time home buyer who could be in need of additional funds for closing costs and prepaid expenses, in conjunction with the new mortgage letter 2009-15 and the new ARRA law in February. FHA Only.  I will pass on more information as I receive it.

The clock is ticking - don’t miss out on the Tax Credit.  You need to find a home and get it closed by December 1, 2009.  Find a home on our company listings or property search page and then give us a call - we can help!

One question many buyers ask me as we look for real estate at Lake Eufaula is “What are the taxes on the property?”  People need to know the answer to this question in order to budget monthly and/or annually for things like taxes and insurance.  For some people the difference of $50 to $100 a month can be a big deal.  Many people ask what the taxes are and real estate agents answer with the current tax assessor’s information.  This usually is very deceiving and just plain inaccurate.  If the property in question has not been assessed lately, or the current owner’s taxes have been frozen, then the amount shared with the buyer can be way off.  Every area has a different tax levy and formula used to figure taxes.  This formula can be obtained from the County Assessor’s office.  I have a chart of the communities around the lake with each of their individual tax levies and the formula to figure the taxes on the listed price or the contract price.  It is important to me to provide this information to my clients so they can know and plan their expenses.  If a real estate agent does not know the formula or is unable to perform the math, they should call the County Assessor’s office and find out for their customer what the anticipated taxes will be.  The buyer will be grateful.  If you need to find out what your taxes are on a piece of property you are looking at - just contact me, I will figure them for you.  Karen@EufaulaLakeshoreRealty.com or 918-605-7405

Just Four Months Left For First Time Buyers to Close on a Principal Residence:

Tax Credit Up to $8,000 for First Time Home Buyers Who Qualify and Close the Transaction by December 1, 2009. 

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers closing on a principal residence before December 1, 2009.

A first time home buyer is defined as a buyer who has not owned a principal residence during the last three years.  Buyers must not have a modified adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

The tax credit is equal to 10% of the home purchase price up to a maximum of $8000.

Buyers will claim the tax credit on their federal tax return.  It is a dollar-to-dollar reduction in what the tax payer owes. 

To learn more go to www.federalhousingtaxcredit.com

I stopped today and took a look at the statistics for real estate in Southeastern Oklahoma.  The numbers tell the story.  As of today, July 19, 2009 the number of homes sold are down 15% from this time last year.  61 fewer homes have sold.  The average price of a home sold is also down.  The average price of a home sold for 2009 thus far is $108,423.  The average price in 2008 was $114,518.  However, if you are a seller or a buyer, you might be interested in knowing how my stats match up with the overall statistics.  To date this year my sales volume is up 270% from this time in 2008!  The average priced home I have sold this year is $131,703 above the overall association price of $108,423.  My listing/sold ratio is 97% compared to the overall ratio of 94%.  This means my sold properties are averaging 97% of the listing price.  If you are looking for a REALTOR who’s business is up this year - give me a call.  Obviously I am doing something right building business in a down market!  I need listings.  Give me a call 918-605-7405.  Check out my website at www.EufaulaLakeshoreRealty.com

My real estate company, Eufaula Lakeshore Realty is located at Lake Eufaula, Okalahoma.  As at most lake areas, there are many manufactured homes in the region.  This includes modular homes, doublewides and singlewides.  The most difficult homes to resell are the singlewide mobiles.  First, it is difficult to place a value on the mobile and then it is difficult to find a lender to loan on them.  I have been researching resources for both buyers and sellers for manufactured homes and have come up with some resources for your consideration and review.  Click here to go to the “Buying” page on the Eufaula Lakeshore Realty website.  There I have listed some links you might find helpful.  I hope you will take a look.