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• Jul. 15, 2007 - July Market Statistics for Tulsa

The following schedule shows the current supply of homes and average marketing times in the Tulsa and surrounding areas.

(TULSA School District) 1 Active Listings as of 7/15/2007 Supply of homes  Type of Market DOM
Total Market 1520 5 months Sellers 64
Under $100,000 875 5 months Sellers 64
$100,001 to $150,000 311 4 months Sellers 57
$150,001 to $200,000 115 5 months Sellers 68
$200,001 to $300,000 81 5 months Sellers 64
Over $300,001 138 6 months Balanced 70
(JENKS School District) 5 Active Listings as of 7/15/2007 Supply of homes  Type of Market DOM
Total Market 502 6 months Balanced 70
Under $100,000 2 1 month Sellers 7
$100,001 to $150,000 45 3 months Sellers 56
$150,001 to $200,000 92 5 months Sellers 57
$200,001 to $300,000 119 5 months Sellers 65
Over $300,001 244 9 months Extreme Buyers 81
(BIXBY School District) 4 Active Listings as of 7/15/2007 Supply of homes  Type of Market DOM
Total Market 290 6 months Balanced 75
Under $100,000 5 3 months Sellers 27
$100,001 to $150,000 28 3 months Sellers 56
$150,001 to $200,000 46 3 months Sellers 69
$200,001 to $300,000 71 7 months Buyers 73
Over $300,001 140 12 months Extreme Buyers 83
(BROKEN ARROW School District) 3 Active Listings as of 7/15/2007 Supply of homes  Type of Market DOM
Total Market 680 4 months Sellers 60
Under $100,000 42 2 months Sellers 44
$100,001 to $150,000 175 3 months Sellers 51
$150,001 to $200,000 194 5 months Sellers 53
$200,001 to $300,000 174 7 months Buyers 71
Over $300,001 95 18 months Extreme Buyers 75
(Owasso School District) 11 Active Listings as of 7/15/2007 Supply of homes  Type of Market DOM
Total Market 309 4 months Sellers 60
Under $100,000 12 3 months Sellers 46
$100,001 to $150,000 73 3 months Sellers 53
$150,001 to $200,000 72 3 months Sellers 55
$200,001 to $300,000 109 6 months Balanced 63
Over $300,001 43 6 months Balanced 74
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• Jun. 8, 2007 - Factors Influencing Buyers

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• Jun. 7, 2007 - What Your Home is / is not Worth

The Market Value Of Your Home is NOT:
1. What you have in it.
2. What you need out of it.
3. What you want.
4. What it appraised for.
5. What you heard your neighbors house sold for.
6. What the tax office says it’s worth.
7. How much it is insured for.
8. Based on memories and treasures.
9. Based on properties of homes where you are moving.
 
The True Value of Your Home is What a Buyer is Willing to Pay:
1. Based on today’s market.
2. Based on today’s competition.
3. Based on today’s financing.
4. Based on today’s economic condition.
5. Based on the buyer’s perception of the condition.
6. Based on location.
7. Based on normal marketing time.
8. Based on showing accessibility
 
The Homes That Sell in Today’s Market: On A Scale from 1-10, The “10’s” Are The One’s That Are Selling. 
How Can Your Property Be a “10”?
1. By improving the condition dramatically.
2. By offering good terms.
3. By improving the way the home shows.
4. By adjusting the price
As a Seller You Control:
1. The price you ask.
2. The condition of the property.
3. Access to the property.
As a Seller You Do Not Control:
1. Market conditions.
2. The motivation of your competition.
3. Value. 
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• Jun. 6, 2007 - Need to Sell Before You Can Buy?

Success Means Planning Ahead

If you're thinking of making an offer contingent on selling your current property, don't wait until you've found your "dream home" before putting your house on the market.

Most everyone who sells a house to buy another one faces this dilemma: How do you buy a new home before you've sold the one you live in?

When you make an offer with a sale contingency, escrow doesn't close until your current house is sold, so a sale contingency can be an appealing way to handle the transition between homes.

But sale-contingent offers are unpopular with sellers, because accepting one means taking on risk. While waiting for your house to sell, a seller can miss out on other, possibly better, offers. And if your house doesn't sell within a reasonable time, a seller may have to start from scratch finding a new buyer.

Here are some options for handling the financial transition from one home to the next — with and without contingencies.

Strategies for Making a Sale-Contingent Offer

Find a buyer for your home. This is the most common strategy. Generally, a seller will be more willing to accept a sale-contingent offer if your current home is already in escrow, or if it's at least listed for sale and priced competitively so that it will sell quickly. 

Include a release clause. Sellers who are willing to consider a sale-contingent offer usually want the purchase contract to include a release clause, which allows the seller to keep the house on the market. If another buyer makes an acceptable offer, you'll be notified to remove the sale contingency — usually within 72 hours — or lose the house to the second buyer. If you choose to back out of the contract rather than release the contingency, you'll lose any money you spent investigating the property, such as fees for inspections.

Offer more. Some sellers may be willing to take on the extra risk of a sale contingency in exchange for a higher offer.

List your current home with a purchase contingency. With a purchase contingency, you find a new home before closing on any offers you receive on your current one. If you don't find a new home by an agreed-upon date, you (or the buyer) can cancel the contract without penalty. Some buyers, though, won't be willing to assume the risk of an open-ended closing date and a revocable contract.

Contingency-Free Strategies for Selling and Buying

Putting a contingency on your offer to buy may seem safer than selling first and buying later. But you're in a much better bargaining position if your offer is free of contingencies. Here are two common options.

Sell with a rent-back provision. Sell your house first, and negotiate for a provision that after closing you can rent it back for a time while you find and buy your new home. You'll be able to buy at a more competitive price because the seller of your new home will assume no extra risk. This is also the safest option financially — and most likely the least costly. However, many buyers won't have the flexibility to offer a rent-back provision, so it limits the pool of buyers for your home.

Apply for a bridge loan. If you qualify for a bridge loan, it will cover the transition for you. Drawbacks include risk — a bridge loan is essentially another mortgage — and higher interest rates. When you complete the sale of your home, the proceeds pay off the bridge loan.

If you're thinking of buying and need to sell your current home first, don't wait until you find a new home to discuss your options with your real estate agent. At that point, it's often too late, and you'll lose out on the home you'd like to buy.

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• Jun. 5, 2007 - Tulsa Market Statistics

The following statistics are based on single family homes is specific school districts. 

TULSA School District

The market in Tulsa would appear to be in a SELLERS market because there is only a 5 month supply of homes on the market.  This means at the current rate of sale it would take 5 months to sell all of the homes that are currently on the market if no more homes came up for sale.  This is pretty consistent through most of the different price ranges.  Homes priced under $100,000 have a 5 month supply and remain in a SELLERS market. Homes priced from $100,001 to $150,000 have a 4 month supply.  Homes priced from $150,001 to $200,000 the supply jumps to 6 months and moves to a BALANCED market. Above this price range homes waver between from being in a weak BUYERS market to a BALANCED market.  With the majority of homes being priced below $150,000 Tulsa's whole market is considered a SELLERS Market.

(TULSA School District) 1 Active Listings as of 6/1/2007 Supply of homes  Type of Market DOM
Total Market 1445 5 months Sellers 65
Under $100,000 821 5 months Sellers 70
$100,001 to $150,000 287 4 months Sellers 60
$150,001 to $200,000 117 6 months Balanced 55
$200,001 to $300,000 81 6 months Balanced 55
Over $300,001 139 7 months Weak Buyers 58

JENKS School District

The market in Jenks would appear to be in a BALANCED market with a 6 month supply of homes on the market.  This means at the current rate of sale it would take 6 months to sell all of the homes that are currently on the market.  However, after taking a closer look and breaking up the price ranges there is a very different picture.  Homes priced under $100,000 only have a 1 month supply so this price range is a SELLERS market.  Also homes priced from $100,001 to $150,000 only have a 2 month supply keeping this price range in a SELLERS market.  Homes priced from $150,001 to $200,000 have a 5 month supply and remain in a SELLERS market. The majority of homes in the Jenks market are priced above $200,000 and the market balances out until the price reaches $300,000 or more thenn it switches to a BUYERS market with a 10 month supply of homes available. 

(JENKS School District) 5 Active Listings as of 6/1/2007 Supply of homes  Type of Market DOM
Total Market 471 6 months Balanced 60
Under $100,000 3 1 month Sellers 39
$100,001 to $150,000 35 2 months Sellers 46
$150,001 to $200,000 84 5 months Sellers 45
$200,001 to $300,000 122 6 months Balanced 56
Over $300,001 227 10 months Extreme Buyers 69

BIXBY School District

The market in Bixby would appear to be in a SLIGHT BUYERS market because there is an 7 month supply of homes on the market.  This means at the current rate of sale it would take 8 months to sell all of the homes that are currently on the market.  However, after taking a closer look and breaking up the price ranges there is a very different picture.  Homes priced under $100,000 only have a 2 month supply and sell in average 39 days so this price range is a SELLERS market.  For homes priceed from $100,001 to $150,000 there is also a 2 month supply keeping this price range in a SELLERS market.  Homes priced from $150,001 to $200,000 have a 4 month supply and remain in a SELLERS market. Above this price range all homes are in a BUYERS market with homes priced from $200,001 to $300,000 haveing a 8 month supply homes above $300,001 with a 17 month supply.

(BIXBY School District) 4 Active Listings as of 6/1/2007 Supply of homes  Type of Market DOM
Total Market 291 7 months Buyers 63
Under $100,000 4 2 months Sellers 39
$100,001 to $150,000 17 2 months Sellers 52
$150,001 to $200,000 41 4 months Sellers 63
$200,001 to $300,000 77 8 months Buyers 59
Over $300,001 152 17 months Extreme Buyers 67

BROKEN ARROW School District

The market in Broken Arrow would appear to be in a SELLERS market because there is an 5 month supply of homes on the market.  This means at the current rate of sale it would take 5 months to sell all of the homes that are currently on the market.  However, after taking a closer look and breaking up the price ranges there is a slightly different picture.  Homes priced under $100,000 only have a 1 month supply so this price range is a SELLERS market.  Also homes priced from $100,001 to $150,000 only have a 2 month supply keeping this price range in a SELLERS market.  Homes priced from $150,001 to $200,000 have a 6 month supply and move to a BALANCED market.  Above this price range all homes are in a BUYERS market with homes priced from $200,001 to $300,000 having a 9 month supply and homes above $300,001 with a 19 month supply.

(BROKEN ARROW School District) 3 Active Listings as of 6/1/2007 Supply of homes  Type of Market DOM
Total Market 664 5 months Sellers 58
Under $100,000 36 1 months Sellers 48
$100,001 to $150,000 158 2 months Sellers 47
$150,001 to $200,000 187 6 months Balanced 58
$200,001 to $300,000 190 9 months Buyers 66
Over $300,001 93 19 months Extreme Buyers 66

OWASSO School District

The market in Owasso appears to be in a SELLERS market because there is an 4 month supply of homes on the market.  This means at the current rate of sale it would take 4 months to sell all of the homes that are currently on the market.  However, after taking a closer look and breaking up the price ranges there is a slightly different picture.  Homes priced under $100,000 only have a 2 month supply so this price range is a EXTREME SELLERS market.  Homes priced from $100,001 to $150,000 only have a 3 month supply keeping this price range in a SELLERS market.  Homes priced from $150,001 to $200,000 have a 4 month supply and remain in a SELLERS market, these homes are selling in an average of 51 days while homes priced from $200,001 to $300,000 also only have a 6 month supply, are in a Balanced market but they are selling in an average of 55 days.  Above $300,001 there is a 8 month supply and this price range moves to a BUYERS market.

(Owasso School District) 11 Active Listings as of 4/7/2007 Supply of homes  Type of Market DOM
Total Market 311 4 months Sellers 54
Under $100,000 11 2 months Sellers 37
$100,001 to $150,000 75 3 months Sellers 42
$150,001 to $200,000 77 4 months Sellers 51
$200,001 to $300,000 102 6 months Balanced 55
Over $300,001 46 8 months Buyers 80

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• Jan. 16, 2007 - Mortgage Insurance (MI) will be Tax Deductible for Select Income Brackets

Congress recently passed legislation allowing MI payments to be tax deductible for mortgages closed in 2007.
The Mortgage Insurance Fairness Act will allow homeowners with adjusted household incomes of $109,000 or less to deduct some or all of the cost of their MI premiums from their annual income on their 2007 federal tax returns.
 
Eligibility Parameters
• Loans closing in 2007 (January 1st – December 31st) that are required to pay private mortgage insurance, FHA Mortgage Insurance Premium (MIP) or the VA Funding Fee. Note: The legislation will be evaluated for extension into future years by Congress towards the end of 2007.
• All MI payment options are eligible for deduction under the new law. In the case of the Financed/Single Premium option, a portion of the up front premium may be deductible in the first year. If the law is extended, the remaining portion may be deductible in subsequent years. A tax advisor should be consulted to determine the actual deduction amount.
• Purchase and refinance transactions are eligible
• Eligible primary residence and second homes are permissible. Additional restrictions for investment properties apply and should be discussed with a tax advisor.
 
Tax benefit
• Mortgage insurance premiums will be 100% deductible for households whose adjusted gross income is $100,000 or less
• The tax benefit for households with adjusted gross income between $100,001 and $109,000 is based on the following declining scale:
 
Adjusted Gross Income
Percent of Deductible MI
$100,000 or less
100%
$100,001 - $101,000
90%
$101,001 - $102,000
80%
$102,001 - $103,000
70%
$103,001 - $104,000
60%
$104,001 - $105,000
50%
$105,001 - $106,000
40%
$106,001 - $107,000
30%
$107,001 - $108,000
20%
$108,001 - $109,000
10%
$109,001 or more
0%

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