Happy Thanksgiviung from Ken, Terry and the girls.Thursday, November 26, 2009
Saturday, November 7, 2009
President Obama Signs the Housing Bill
Top Stories
Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?
President Barack Obama signed into law this morning legislation extending the $8,000 tax credit beyond its current November 30 expiration date. The bill... -
Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective?
President Barack Obama signed into law this morning legislation extending the $8,000 tax credit beyond its current November 30 expiration date. The bill... -
Go shout it on the mountains to paraphrase an old gospel lyric. We have an extension from on high. Tell your friends, relatives, casual acquaintances, and all people you meet on the street that this is the time to buy or sell a home in the greater Tulsa metropolitan area. Interest rates are phenominal. The government will subsidize closing costs up to $8,000 fort first time home buyers and up to $6,500 for those who have owned a home 5 of the last 8 years. Call a Realtor associate today for details.
KenSellsHomes
KenRutherford, CRS
918-260-9932
Thursday, November 5, 2009
BREAKING NEWS: Congress Passes Homebuyer Tax Credit Expansion
By Steve Cook
RISMEDIA, November 6, 2009—After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow. The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less. The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties. In the House debate, Speaker Nancy Pelosi (D-Calif.) took the floor to say the homebuyer tax credit was helping a new generation of Americans live out their dream of homeownership and financial independence. Debate on the homebuyer credit was overwhelmingly positive and the legislation passed 403 to 12. However, several leading economists have voiced concern about the $16.7 billion cost of the credit and the wisdom of spending up to $400,000 per homebuyer to stimulate real estate sales and White House support for extending the credit has been lukewarm at best. However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes. In the Senate, the homebuyer tax credit was amended to a bill expanding unemployment benefits by 20 weeks for those who have exhausted their benefit. The latest unemployment numbers are due out tomorrow and Congressional leaders are rushing the unemployment bill to the White House so that the President can show compassion by signing on the same day more job losses are announced. The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit. The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off. For more information, visit http://www.realestateeconomywatch.com/.
KenSellsHomes
Ken Rutherford
918-260-9932
Thursday, October 29, 2009
BREAKING NEWS: Senate Plans to Extend and Expand Tax Credit
RISMEDIA, October 29, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market."Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.(c) 2009, The Philadelphia Inquirer.Distributed by McClatchy-Tribune Information Services.
RISMEDIA, October 29, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market."Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.(c) 2009, The Philadelphia Inquirer.Distributed by McClatchy-Tribune Information Services.
Friday, September 4, 2009
Pre-Move Check List
Two Months prior to Moving Day Get estimates from 2 to 3 moving companies. Create a floor plan of your new home for furniture and appliance placement. Make an inventory of your household goods and begin to remove clutter. Start with the storage areas. Plan a garage sale for your less valuable items or donate them and have them picked up. Prepare your current home for sale-upgrade light and plumbing fixtures, paint and landscaping Arrange to transfer school records Choose your mover from your quotes Contact vendors to give bids for any necessary work on your new home.
Six Weeks prior to Moving Day
Subscribe to the newspaper in your new community Open a bank account you plan to transfer your money to before moving day. Make arrangements for storage if necessary Ask your doctor or health plan provider for referrals, and obtain all medical records Start using food and cleanig supplies that cannot be moved.
Four Weeks prior to Moving Day
Schedule disconnection of your utility services at your old home, and connection of them at your new home. Disconnect existing services the day after you leave and connect new services the day before you arrive. Request refunds on your current utility deposits. Reserve a rental truck if you are moving yourself. Obtain packing materials and start packing things you won't need until you arrive at your new home. Arrange for repair and cleaing of furniture, drapes and carpeting Check with your insurance company to see how your posessions are covered in transit. Collect your important records including medical and dental, vetinary and school records; legal and financial documents; birth certificates, passports and insurance documents.
Two to Three Weeks prior to Moving Day
Arrange for donation or disposal of anything not sold at your moving sale. Service your car in preparation for the move. Cancel newspaper delivery. Notify any creditords of your move. Transfer prescriptions and be sure you have an adequate supply of medication on hand. Assemble a file folder of information to leave for the new owner of your home.Hold your moving sale. Donate anything that does not sale Dispose of items that should not be moved such as flammables. Make child-care arrangements for moving day Change the address of you current magazine subscriptions. Change your address. One week before you move, send a change of address card to everyone who will need to contact you. Pack a travel kit: Put aside critical items like a check book, credit cards, personal phone book, ID, flashlight, keys, toiletries, paper plates, cups, towels, travel alarm clock, aspirin, bandages, and games for the kids. Also, pack a suitcase with closing and other personal items.
One day prior to Moving
Transfer your current bank account to your new bank account. Close and empty your safe-deposit box. Settle any bills with local businesses. Drain power equipment of oil and gas. Confirm any travel reservations. Defrost refrigerator and freezer proping doors open. Disconnect and prepare major appliances for the move. Set aside anything that will travel in your car so that it will not be loaded in the truck.
Moving Day
Note all utility meter readings. Read your bill of lading and inventory carefully before signing. Keep this paperwork in a safe place.
Pre-Move Check list from the The Premover Savings Guide. Provided by Coldwell Banker Select.
KenSellsHomes 918-260-9932 kensellshomes@aol.com
Thursday, August 6, 2009
$8,000.00 Credit
How to Get the First-Time Home Buyer Tax Credit
You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:
Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.
Breaking News: Tax Credit Can Be Used on Closing Costs (REALTOR® Magazine).
Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible:
You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
If you anticipate a drop in income next year:
You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).
Your Next Steps
Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:
Fill out Form 5405 to determine the amount of your available credit, and
File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.
Determining Your Home Buyer Tax Credit Amount: Form 5405Applying the Home Buyer Tax Credit to Your 2008 Tax ReturnApplying the Home Buyer Tax Credit to Your 2009 Tax Return
Bridge Loans: Using the Home Buyer Tax Credit Up-Front
You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:
Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.
Breaking News: Tax Credit Can Be Used on Closing Costs (REALTOR® Magazine).
Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible:
You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
If you anticipate a drop in income next year:
You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).
Your Next Steps
Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:
Fill out Form 5405 to determine the amount of your available credit, and
File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.
Determining Your Home Buyer Tax Credit Amount: Form 5405Applying the Home Buyer Tax Credit to Your 2008 Tax ReturnApplying the Home Buyer Tax Credit to Your 2009 Tax Return
Bridge Loans: Using the Home Buyer Tax Credit Up-Front
article provided by the , (NAR) National Association of Realtors. Realtor.org
KenSellsHomes
918-260-9932
Thursday, July 23, 2009
Recovery on the horizon?
This July has been the busiest real estate July I've experienced in years. Buyers are finally beginning to get it. Interest rates are phenominal and the market is slanted toward buyers.
The $8000.00 tax incentive is making an impact and the national press
has toned down their misguided rhetoric regarding the real estate market as a whole. We are not Las Vegas, Phoenix or Florida. Real estate in Oklahoma and particularly eastern Oklahoma is doing just fine.
Sellers with attractive well maintained homes, properly presented and priced competitively, are finding that the competition is not all that stiff. Homes are selling and the good ones are selling quickly.
I listed a home yesterday that sold today. Showings are picking up.
The National Association of Realtors reported that sales of previously occupied homes rose for the third month in a row in June. Sales were up in all four regions of the country.
Another encouraging sign is that nationaly the foreclosure market is shrinking. We are certainly not out of the woods but there appears to be a glimmer of light at the end of the tunnel.
I'm encouraged and I recommend anyone that is considering a real estate move to go for it. Seek wise consul. Hire a FULL TIME real estate professional and take advantage of a real estate market presenting wonderful opportunities.
KenSellsHomes
918-260-9932
Thursday, June 18, 2009
Obeo | Leading Virtual Home Tours Provider
Monday, June 15, 2009
Coldwell Banker Select Living
We are very proud of our new "Select Living" Home Buyers Guide. With a bold new look and a rich new feel, it stands apart as the premier magazine for home buyers and sellers in the greater tulsa metropolitan area. Pick one up at your local grocery store or favorite restaurant. Over 30,000 are distributed each month.
If you see a home that interests you be sure to give me a call!
KenSellsHomes
http://www.kensellshomes.mobi/ (CURBSIDE TOURS)
918-260-9932
Ken Rutherford, CRS
Thursday, June 4, 2009
Saturday, May 16, 2009
The 9 Steps to Home Ownership
Step - 1 Make the Decision to Buy
It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. FHA loans allow higher loan to value ratios.
Step 2 - Seek Professional Guidance
I'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. I am an expert listener. We'll talk about neighborhoods, schools, economic factors most likely to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.
Step 3 - Begin the Hunt
After our initial meeting, I'll search all my resources for houses on the market that fit your criteria. I'll preview these houses to eliminate the duds. Then, I'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.
Step 4 - Know the Market
My knowledge of the Greater Tulsa market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, I'll let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge the Greater Tulsa Area will keep you a step ahead of the "house hunting competition".
In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.
Step 5 - Find Your Dream House
I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 - Get a Loan
During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.
Step 8 - Close the Deal
You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.
Step 9 - Move In
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.
It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. FHA loans allow higher loan to value ratios.
Step 2 - Seek Professional Guidance
I'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. I am an expert listener. We'll talk about neighborhoods, schools, economic factors most likely to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.
Step 3 - Begin the Hunt
After our initial meeting, I'll search all my resources for houses on the market that fit your criteria. I'll preview these houses to eliminate the duds. Then, I'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.
Step 4 - Know the Market
My knowledge of the Greater Tulsa market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, I'll let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge the Greater Tulsa Area will keep you a step ahead of the "house hunting competition".
In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.
Step 5 - Find Your Dream House
I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 - Get a Loan
During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.
Step 8 - Close the Deal
You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.
Step 9 - Move In
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.
918-260-9932
kensellshomes
Sunday, May 10, 2009
Seven Selling Mistakes You Don't Want to Make!
Seven Selling Mistakes You Don't Want to Make!
Mistake #1 -- Pricing Your Property Too High Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your Realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Forgetting to "Showcase Your Home"In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 -- Trying to "Hard Sell" While Showing Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 -- Trying to Sell to "Looky-Loos"A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a Realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your Realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your Realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new Realtor.
Mistake #6 -- Not Knowing Your Rights & Responsibilities. It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws will affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising of the Property.Your Realtor should employ a wide variety of marketing techniques. Your Realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your Realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.
email Ken: KenSellsHomes@aol.com
918-260-9932
kensellshomes
Thursday, May 7, 2009
Tulsa is # 1
Relocate-America's™ Top 10 Best Places to Live in 2009 Glad we live in Tulsa? We're #1
Durham, NC
Raleigh, NC
Huntsville, AL
Houston, TX
Albuquerque, NM
Lexington, KY
Little Rock, AR
Oklahoma City, OK
Relocate-America's™ Top 100 Places to Live in 2009
Enterprise, ALHuntsville, ALVestavia Hills, ALConway, ARHarrison, ARHot Springs Village, ARLittle Rock, ARRogers, AR
Goodyear, AZRiverside, CATemecula, CAVacaville, CACastle Rock, COGrand Junction, COHighlands Ranch, COSteamboat Springs, COTrumbull, CTLakewood Ranch, FLOviedo, FLAugusta, GA
Gainesville, GAPeachtree City, GASavannah, GASuwanee, GAValdosta, GADubuque, IAEmmetsburg, IAWest Des Moines, IABoise, IDIdaho Falls, IDBloomington, ILChicago, ILLombard, ILColumbus, INFishers, INNoblesville, INManhattan, KSOlathe, KSLexington, KYBossier City, LAMandeville, LAMetairie, LAWestford, MAPortland, MEHudsonville, MIPlymouth, MI
Rochester Hills, MIEden Prairie, MNO'Fallon, MOClinton, MSGreat Falls, MTApex, NCDurham, NCFayetteville, NCHolly Springs, NCRaleigh, NCBismarck, NDLincoln, NELebanon, NHAlbuquerque, NMIthaca, NYPittsford, NYColumbus, OHCuyahoga Falls, OHOberlin, OHJenks, OKOklahoma City, OKTulsa, OKPortland, ORHarrisburg, PAPittsburgh, PAGreenville, SC
Spartanburg, SCSioux Falls, SDBartlett, TNChattanooga, TN
Kingsport, TNKnoxville, TNDallas, TXEl Paso, TXFort Worth, TXHouston, TXKaty, TXPflugerville, TXPlano, TXSan Antonio, TXAmerican Fork, UTSt. George, UTArlington, VAChesapeake, VAChesterfield, VAMontpelier, VTSeattle, WASnohomish, WASpokane, WAAppleton, WIMadison, WIStevens Point, WIWheeling, WVCasper, WY
Raleigh, NC
Huntsville, AL
Houston, TX
Albuquerque, NM
Lexington, KY
Little Rock, AR
Oklahoma City, OK
Relocate-America's™ Top 100 Places to Live in 2009
Enterprise, ALHuntsville, ALVestavia Hills, ALConway, ARHarrison, ARHot Springs Village, ARLittle Rock, ARRogers, AR
Goodyear, AZRiverside, CATemecula, CAVacaville, CACastle Rock, COGrand Junction, COHighlands Ranch, COSteamboat Springs, COTrumbull, CTLakewood Ranch, FLOviedo, FLAugusta, GA
Gainesville, GAPeachtree City, GASavannah, GASuwanee, GAValdosta, GADubuque, IAEmmetsburg, IAWest Des Moines, IABoise, IDIdaho Falls, IDBloomington, ILChicago, ILLombard, ILColumbus, INFishers, INNoblesville, INManhattan, KSOlathe, KSLexington, KYBossier City, LAMandeville, LAMetairie, LAWestford, MAPortland, MEHudsonville, MIPlymouth, MI
Rochester Hills, MIEden Prairie, MNO'Fallon, MOClinton, MSGreat Falls, MTApex, NCDurham, NCFayetteville, NCHolly Springs, NCRaleigh, NCBismarck, NDLincoln, NELebanon, NHAlbuquerque, NMIthaca, NYPittsford, NYColumbus, OHCuyahoga Falls, OHOberlin, OHJenks, OKOklahoma City, OKTulsa, OKPortland, ORHarrisburg, PAPittsburgh, PAGreenville, SC
Spartanburg, SCSioux Falls, SDBartlett, TNChattanooga, TN
Kingsport, TNKnoxville, TNDallas, TXEl Paso, TXFort Worth, TXHouston, TXKaty, TXPflugerville, TXPlano, TXSan Antonio, TXAmerican Fork, UTSt. George, UTArlington, VAChesapeake, VAChesterfield, VAMontpelier, VTSeattle, WASnohomish, WASpokane, WAAppleton, WIMadison, WIStevens Point, WIWheeling, WVCasper, WY
918-260-9932
Tuesday, April 21, 2009
Interesting Tax info from my CPA
Ken,
April 15 has come and gone. If you're like most clients, your return feels like an exercise in confusion and red tape. Have you ever wondered just how the system got so complicated? Was it always this hard just playing by the IRS rules?The IRS published the first Form 1040 back in 1913. (Click here to see a copy for yourself.) It weighed in at a whopping 3 pages, plus a fourth for instructions.You didn't have to file a return unless you had a net income of $3,000 or more. That doesn't sound like much today. But it works out to about $65,000 in today's dollars. So someone back in Washington was taking "middle class tax relief" seriously!The tax itself started at a whopping 1% on income up to $20,000. It climbed to 2% on the next $30,000, 3% of the next $25,000, and rose all the way to 7% of income above $500,000. Those of you earning today's equivalent (roughly $10,870,000) would probably love to pay just 7%!Your "net income" included your salary or wages, business income, interest and dividends, rents, partnership proceeds, fiduciary proceeds, plus "income derived from any source whatever, not specified or entered elsewhere" on the form. The IRS very quickly established that everything was taxable, unless specifically excluded.Of course, you could deduct all sorts of expenses, including "necessary expenses actually paid in carrying on business," any interest you paid, any state or local taxes you paid, and even "losses actually sustained during the year incurred in trade or arising from fires, storms, or shipwreck." (That last deduction survives to this day, although the Somali pirates may be the only ones deducting shipwreck losses.)There were no deductions for "personal, living, or family expenses." But you could take a "specific exemption" of $3,000 if you were single or $4,000 if you were married. There was no head-of-household status, no earned income or child tax credit, and no stimulus package to consider. This was long before the Tax Code had become so complicated that Jimmy Carter would call it "a disgrace to the human race."Once you were done, you signed your return, had it notarized, and filed it with the Collector of Internal Revenue for the state where you lived or had your principal place of business. The due date was March 1, and the penalty for failing to file ranged from $20 to $1,000.Oh, and you didn't have to worry about including your Social Security number because Social Security numbers hadn't been invented yet!The tax system has certainly changed since 1913. You can count on it to change more as we move forward -- and you can count on us to help you make the most of every opportunity to save. Be sure to call us with any questions!
William T Zumwalt CPA, PLLC5416 South Yale AveSuite 120Tulsa, OK 74135918-583-1040
http://www.teamzumwalt.com/
April 15 has come and gone. If you're like most clients, your return feels like an exercise in confusion and red tape. Have you ever wondered just how the system got so complicated? Was it always this hard just playing by the IRS rules?The IRS published the first Form 1040 back in 1913. (Click here to see a copy for yourself.) It weighed in at a whopping 3 pages, plus a fourth for instructions.You didn't have to file a return unless you had a net income of $3,000 or more. That doesn't sound like much today. But it works out to about $65,000 in today's dollars. So someone back in Washington was taking "middle class tax relief" seriously!The tax itself started at a whopping 1% on income up to $20,000. It climbed to 2% on the next $30,000, 3% of the next $25,000, and rose all the way to 7% of income above $500,000. Those of you earning today's equivalent (roughly $10,870,000) would probably love to pay just 7%!Your "net income" included your salary or wages, business income, interest and dividends, rents, partnership proceeds, fiduciary proceeds, plus "income derived from any source whatever, not specified or entered elsewhere" on the form. The IRS very quickly established that everything was taxable, unless specifically excluded.Of course, you could deduct all sorts of expenses, including "necessary expenses actually paid in carrying on business," any interest you paid, any state or local taxes you paid, and even "losses actually sustained during the year incurred in trade or arising from fires, storms, or shipwreck." (That last deduction survives to this day, although the Somali pirates may be the only ones deducting shipwreck losses.)There were no deductions for "personal, living, or family expenses." But you could take a "specific exemption" of $3,000 if you were single or $4,000 if you were married. There was no head-of-household status, no earned income or child tax credit, and no stimulus package to consider. This was long before the Tax Code had become so complicated that Jimmy Carter would call it "a disgrace to the human race."Once you were done, you signed your return, had it notarized, and filed it with the Collector of Internal Revenue for the state where you lived or had your principal place of business. The due date was March 1, and the penalty for failing to file ranged from $20 to $1,000.Oh, and you didn't have to worry about including your Social Security number because Social Security numbers hadn't been invented yet!The tax system has certainly changed since 1913. You can count on it to change more as we move forward -- and you can count on us to help you make the most of every opportunity to save. Be sure to call us with any questions!
William T Zumwalt CPA, PLLC5416 South Yale AveSuite 120Tulsa, OK 74135918-583-1040
http://www.teamzumwalt.com/
Ken Rutherford,CRS
kensellshomes
Wednesday, April 8, 2009
Wednesday, April 08, 2009
TBJ Article
With Affordability Up, Home Buyers Return to MarketTulsa Business Staff4/8/2009 Thanks to record low mortgage rates and declining home prices, 55 million families — or half of all U.S. households — can afford today's $200,000 median-priced new home, according to figures released by the National Association of Home Builders.
“That's an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years,” said NAHB Chairman Joe Robson, a Tulsa home builder. “We are now seeing the first signs that buyers are returning to the marketplace.”
Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.
Single-family permits were up 11 percent in February, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority – 78 percent – said that now is a good time to buy a home. Of those responding to the online poll, 68 percent said that now is a better time to buy than six months ago.
Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March, 1.5 million visitors logged on to NAHB's consumer Web site, www.federalhousingtaxcredit.com, to learn more about the tax credit. Further, a new survey commissioned by Move, Inc. found that nearly 20 percent of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.
Article from the Tulsa Business Journal
918-260-9932
Saturday, April 4, 2009
New Listing $289,900 Click here and take a tour.
I have a new listing . Tell eveyone you know that a beautiful home in The Villages of Highland Park is now available. A 4 bedroom 3.5 bath home with a 3 car garage. Formals, Master Down, 3 up plus a bonus/office and a game room up. Call for details.
918-260-9932
kensellshomes
Friday, April 3, 2009
We never stop moving video
Coldwell Banker Click Here Video or
There are two new videos. Click either link above
918-260-9933
Kensellshomes
Tuesday, March 10, 2009
Fabulous New Listing
364,900
7939 S. 92nd E. Ct.
5/3/2 in Fabulous Gated Community
KenSellsHomes
918-260-9932
kensellshomes@aol.com
Thursday, March 5, 2009
Mobile Solution to your home search
Did you know that when you drive by a house that has a real estate FOR SALE sign in front of it you can get all of the details from your internet capable mobile phone. If your phone has Internet access, then enter the URL http://kensellshomes.mobi/ Once you have gained access to kensellshomes mobile site you can enter the first few numbers of the address. The home will be displayed on your mobile phone. You can view the interior pictures, price and all of the amenities. You can even map it.
Be sure and register the first time you save a home that you are interested in. The homes will be E-maled to me so that I can arrange for you to see them.
Be sure and register the first time you save a home that you are interested in. The homes will be E-maled to me so that I can arrange for you to see them.
Terry and I continue to search for ways to make your home buying or selling experience less stressful and more profitable. Give is a call. KenSellsHomes.
Ken Rutherford,CRS
Ken Rutherford,CRS
918-260-9932
Wednesday, February 25, 2009
I wanted to share an E-mail I received from my tax accountant. It is an overview of the recent stimilus bill and how each of us may benefit. KenSellsHomes :>)- You don't live "off the grid," so you know that last week President Obama signed the "American Recovery and Reinvestment Act." While much of the news focuses on the spending provisions, it also includes $287 billion in tax cuts.
Here are the highlights: - A new refundable "Making Work Pay" credit for 2009-2010 to offset the first $400 of Social Security tax you pay ($800 for joint filers). It phases out as your "adjusted gross income" (AGI) tops $75,000 ($150,000 for joint filers).
- A new "American Opportunity" tax credit for college costs equal to 100% of your first $2,000 in expenses and 25% of your next $2,000 in expenses ($2,500 total). The credit phases out as your AGI tops $80,000 ($160,000 joint). You can also use Section 529 plan funds for computer-related expenses, including software and online access (2009-2010 only).
- A new above-the-line deduction for state and local sales and excise tax you pay on a new (but not used) car, light truck, RV or motorcycle bought between January 1 and November 30, 2009. The deduction is limited to purchases up to $49,500 and phases out as your AGI tops $125,000 ($250,000 joint).
- An enhanced "first-time homebuyer" credit (now $8,000) for purchases through November 30, 2009 -- with no requirement to repay the credit for homes purchased in 2009! (You have to use the home as your primary residence for at least 36 months to avoid repayment.) This credit phases out as your AGI tops $75,000 ($150,000 joint).
The act extends the current $250,000 first-year expensing limit and 50% bonus depreciation provisions for purchases through 2009. - Finally, the bill "patches" the Alternative Minimum Tax to protect 24 million mostly middle-income filers from the AMT's bite.
Congress passed the new rules with less deliberation than usual, so there's bound to be confusion.
Kensellshomes@aol.com KenSellsHomes 918-260-9932 http://www.tulsaareahomesales.com
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