Real Estate Information

Thanks to the perfect storm of low prices, attractive inventory, and affordable interest rates, this continues to be a lucrative time to invest in a Tulsa area home, whether it be a first home, a move-up home, or a second home.

Choosing a home is no easy process, however, and many factors must be carefully weighed before making your selection. As a member of the Top 5 in Real Estate Network®, I, along with my team, advise our clients to pay careful attention to a few details in particular when considering a home—these important details will significantly impact your long-term happiness in the home as well as the home’s appreciation over time. So, as you begin to consider properties in our neighborhood, here are a few issues to think about that may help you find exactly the right home for you and your family:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. An existing home will have many of these things, but repairs or renovations that may need to be made will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, and the possible need for fencing. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. We can also provide you with up-to-date statistics on this information.

Economic stability: Whether an area is growing or not can affect its future property value—as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

We can help find the answers to the above concerns as well as provide more suggestions on what to look for in a new home—just e-mail our team. Also, please pass this article onto others who may benefit from this information.

Buying a Foreclosed Tulsa Home? Top Problem Areas to Look Out For

Today's Tulsa real estate landscape offers some great buys for savvy real estate consumers, especially when it comes to Tulsa foreclosure properties. Unfortunately, even though there are already a large number of foreclosures on the market, analysts are predicting that yet another wave of distressed properties will crop up in the coming months.

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have consulted with many clients seeking to capitalize on a foreclosure purchase. We always advise them, however, to weigh the pros and cons. While a foreclosure could represent your best chance to get a great deal, make sure you educate yourself about the potential pitfalls of purchasing a distressed property in advance - and what correcting those pitfalls might cost. In most cases, it's not so much about what damage occurred but rather the source of the damage and how long before the problem was addressed.

Here are the top 10 signs that may indicate trouble in a foreclosed home:

1. Unheated house in winter months. If the home has been properly winterized, there's no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.
2. Missing sinks, toilets and other fixtures. Make sure they've been properly removed and not ripped from walls and floors.
3. Peeling, bubbling and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms), or a musty odor all indicate water damage and, potentially, the presence of moisture and mold.
4. Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for the source above the mold.
5. Blocked drains or pipes will cause future problems and may have already created sewage backups.
6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.
7. An older home with extensive renovations. Check with the city for pulled permits in order to get remolding details. If asbestos is present and has been disturbed, be sure it's been remediated by a certified specialist.
8. Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.
9. Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.
10. Air quality. The air quality within a home tells a lot about the home's condition. Be sure to include air and surface testing in your home inspection. It's a few hundred dollars well spent.

There are indeed many great opportunities in today's Tulsa market, but proper education and preparation are essential to making the right investment. Please e-mail our team for further information and be sure to forward this article to others who might be considering a foreclosure purchase.

With historically low interest rates persevering and prices starting to creep back up, more and more renters are grappling with the question of whether to buy now or keep renting.

Based on the countless clients we have helped buy their first home, we can confidently tell you, yes! Now is a very opportune time to purchase your first home.

According to our colleagues in the Top 5 in Real Estate Network®, a national network of leading real estate agents, first-time home buyers across the country have taken advantage of today’s market conditions to go from renter to homeowner. That said, the ability to move into homeownership is very dependent upon the overall health of your finances. Buying a home not only takes having the necessary cash on hand for the deposit and closing costs, but also the financial wherewithal to convince a bank to lend you 80% or more of the purchase price in the form of a long-term mortgage.

Here are some other important points to be aware of before embarking on a home purchase:

1. Having good credit is all important , so put out the bucks to Fair Isaacs’ myFICO.com to get your current scores (about $16 each for reports from Equifax and TransUnion, another $15 at Experian.com). Don’t be surprised if the scores differ somewhat, and check them carefully for errors. Remember that errors must be reported to and corrected by the agencies themselves, which could take weeks or months.

2. Know what you can afford. Aim for a home that costs about two-and-a-half times your gross income – less if you have significant financial debt. In all, your monthly home payments should not exceed 36% of your gross monthly income. Getting pre-approved by a lender should be your signal to start home shopping.

3. Check your cash situation. Whether you are aiming to amass 20% of the home’s price for a conventional loan, or 3% or more for a loan from Fannie Mae, Freddie Mac, FHA or the Department of Veteran’s Affairs, you will also need to cover fees and closing costs, which can run up to 5% of the mortgage amount. First-time buyers may augment their cash by borrowing from an IRA or getting a cash gift from parents, but check with a financial advisor for amounts and tax consequences.

4. And speaking of tax consequences , remember that homeowners, unlike renters, must pay property taxes each year – and pay for any needed repairs or upgrades. Be sure to leave yourself a little financial wiggle room in order to meet these expected – and sometimes unexpected – expenses.


To buy a Tulsa, OK area home, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.



Wouldn't you love to have someone turn on the lights at a moments notice? What about the home theater system or even the security system? No need. With home automation, you can control all of these things in your Tulsa, OK area home and more with a remote. All from the comfort of your favorite chair.

What exactly is home automation? Home automation involves using a remote control or another device to control multiple parts of your house, which can include: lighting, security, telephone, temperature, sprinklers, windows, and more. Home automation systems can even allow you to change the temperature of your home from a cell phone while you are away!

Can you afford to have your Tulsa, OK area home installed with a home automation system? Find out by contacting Keegan Beck of KMB Enterprises at 918-527-1031 or www.KMBEnterprisesllc.com

For home maintenance professionals in the Broken Arrow, OK area, visit www.tulsahomecare.com.

In Oklahoma, it is not uncommon to see a Brown Recluse Spider. Many people call saying that they have seen one and need their property exterminated. Here are a couple of popular questions about Brown Recluse Spiders?

Are Brown Recluse Spiders the same as a Fiddleback Spider? Yes. A Fiddleback spider is the same thing as a Brown Recluse. They are also called the Violin spider.

Do Brown Recluse spiders come out during the daytime? Brown Recluse Spiders will rarely come out during the day unless they have been exterminated and have had their environment affected. Once extermination begins, you will actually see more spiders than you did before. This happens because their food supply is being killed and come out to find food.

Is it true that Brown Recluse spiders are attracted to wood? Yes, Brown Recluse spiders like wood. They are often found in wood piles. They do not like area inhabited by humans. They will usually inhabit wood piles, piles of rock or leaves, closets, basements, shoe boxes or shoes, etc.. If you have a wood roof, you are more likely to find Brown Recluse Spiders in your house. Having your attic dusted will help with the extra problem in these homes.

How do I know a Brown Recluse from another type of spider? Although the Brown Recluse is often called the Fiddleback, the violin (or fiddle) shape is actually more on its head than on its back. If your notice the picture below, you will see that there is an upside down shaped fiddle on the head and upper abdomen of the spider. In addition to this shape, a Brown Recluse will be tan to dark brown and have a body size of 1/4 to 1/2 inch.

To have your Tulsa, OK home exterminated for Brown Recluse spiders or other pests call Duane Montgomery, Montgomery Exterminating at 918-438-4885 or www.montogmeryexterminating.com

If you suspect you have been bitten by a Brown Recluse, visit the Emergency Room or your Doctor's office right away.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.