Free Tax Prep from the Tulsa Community Action Project

There is great news for Tulsa, Oklahoma families who have an annual income of $50,000 or less and single tax payers who have an annual income of $40,000 or less.  The Tulsa Community Action Project will be offering FREE tax preparation assistance.

In tough times like these, you just can’t get better than this.  The Tulsa Community Action Project tax preparation services are completely FREE!  They are trying to lend a helping hand by eliminating the additional expense of commercial tax preparation that can burden lower income families.  Their free service also helps tax payers avoid the high-interest loans that some commercial tax preparers are now charging for “refund anticipation loans.”

There are a lot of new additions to tax preparation this year, so these services will definitely benefit many Tulsa, Oklahoma residents and even those in surrounding areas.  It’s great to have to have service providers like these who dedicate their time and efforts to the people of the community who need them the most.

If you would like more information about the Tulsa Community Action Project tax preparation assistance, you can call 382-3333.

Tulsa’s 2010 Census Coming in March with Job Opportunities

Tulsa, Oklahomaresidents will be given the opportunity to be counted in on the 2010 US Census.  Along with the opportunity to be counted in, there also comes an opportunity for temporary employment.  Census workers are needed and interested applicants can inquire at the local Tulsa Census office at 1411 North 105^th East Avenue.  The positions are for temporary full-time and part-time jobs, which pay $10.50 to $16.75 per hour.  Positions available are supervisors, crew leaders and enumerators.  Night and weekend hours are available and workers will be paid weekly.  For more information about employment with the Tulsa Census, call (918) 877-3420 or (866) 816-2010.

For residents, census questionnaires will be going out in March by mail.  Tulsa residents should complete their questionnaire.  The questionnaire only takes 10 minutes to fill out 10 questions.  The census will be asking questions such as how many people live in your household, what are their names, what relationship, what age, what gender, dates of birth, race, ethnicity, do you rent or own your home, etc.   Your answers are completely safe and will provide statistical data that can help both private, public and nonprofit organizations better serve the citizens of the community. 

Beginning in April, Tulsa Census workers will begin visiting Tulsa residents who have not returned their questionnaire by mail.  The results of the 2010 Census are important and affect many aspects of the daily lives, the future and the well being if the community.  Therefore, any unreturned Census forms will be collected in person.

So, make sure you, your loved ones and your community get the representation you deserve in local, state and federal governments by completing the Census questionnaire and sending it back in.

Things to Know About the Home Affordable Foreclosure Alternative Program

Recently, the Treasury Department released the forms and guidelines for its new Home Affordable Foreclosure Alternatives program and there are some things about the program that you should know.

The Home Affordable Foreclosure Alternatives (HAFA) program is part of the Home Affordable Modification Program (HAMP).  It will provide incentives in connection with a deed-in-lieu of foreclosure or a short sale used to help avoid foreclosure on loans that are eligible for modifications under the Home Affordable Modification Program.

Guidelines have been put into place to help mortgage companies expedite the process of short sales and other home loan modification alternatives to halt foreclosures.

Any servicers participating in the Home Affordable Modification Program must also comply with the Home Affordable Foreclosure Alternatives program.  You can find a list of servicers who are participating in the programs at www.makinghomeaffordable.gov.

An important note for homeowners who are interested in this program is that the Home Affordable Foreclosure Alternative program does not apply to loans owned by Freddie Mac or Fannie Mae.  They will soon issue their own versions of this program.

More information about the HAFA program:

* Will use financial and hardship information that has already been collected in connection with consideration of any loan modification.

* HAFA actually compliments HAMP by supplying a practical alternative for homeowners who are HAMP eligible and want to keep their home.

* Will prohibit the servicers from demanding a reduction in the real estate commission that was agreed upon in the original listing agreement, up to 6%.

* Allows the borrower to receive and pre-approve the terms of the short-sale before listing the property.

The program will not go into effect until April 5, 2010.  However, some servicers may go ahead and implement it before then if they see fit.  And the program will end on December 31, 2012.

Consider These Potential Problems When Buying a Foreclosure

Many Tulsa homebuyers are purchasing real bargains in foreclosures these days.  However, they are not without problems.  You will need to consider these possible problems when buying a foreclosure:

1. Winterized Home - If the Tulsa home is not properly winterized, you could face bursting pipes and water damage in the winter.

2. Fixtures and Appliances - Many foreclosed homes include missing sinks, toilets, light fixtures, etc.  Make sure that they have been properly removed instead of merely ripped from the walls.  This could cause problems and cost you further down the line.

3. Walls and Ceilings - Has the paint peeled or bubbled?  Can you see swelling in the walls?  Are there dark spots on the ceilings?  Does the house have a musty smell?  All these indicate possible water damage and even mold.

4. Cabinets, Built-ins, Drawers - If there are fungi anywhere inside the house, this can also indicate water damage.

5. Drains and Pipes - If the drains or pipes are blocked, there will be future costs involved from a sewage backup.

6. Cobwebs and/or Greasy Walls - If you see black cobwebs or a grey greasy film on the walls or if you smell a strong oil smell, the home may have soot damage or the furnace is not working properly.

7. Home Remodeling – If you are looking at purchasing an older Tulsa home that has been remodeled, you may want to check with the city to make sure the updates/additions have been properly permitted and see if any asbestos or lead-based paint was found.  If so, make sure they were remediated correctly to make sure the home is safe to inhabit.

8. Excessive Paint – While a simple coat of paint can make a house look nice, beware of the excessive use of paint in every nook and crannie.  This could indicate that the previous owner may be trying to cover up mold.

9. Subflooring – When in the basement, look at the subflooring to see if there is any discoloration or small holes.  These could indicate mold and could cost serious money to fix.

10. Air Quality – Often overlooked, the quality of the air inside a home can tell alot about the condition of the home.  Include testing of the air as well as all surfaces in the home inspection.

Tulsa foreclosures can be great bargains.  But you will want to consider these potential problems when buying a foreclosure to make sure the bargain isn’t really a headache in disguise.

Tom and Bev Herring, your Tulsa real estate experts

America’s Most Affordable Cities to Call Home

Settling down to a desirable spot that you can call home means something different to many people today than it did a few years ago.  Americans once flocked to Sun Belt and coastal cities like Vegas and Orlando where they could easily buy homes in areas where home values were expected to noticeably appreciate.  However, nowadays, most Americans are seeking solid housing markets, desirable cost of living, stable employment and quick commutes in the community they call home.  Forbes Magazine has recently released a new list of America’s most affordable cities to live.

They compiled the list from cities that offer the most bang for your buck by looking at America’s 100 largest metro cities and measuring important statistics such as foreclosures, vacancies, unemployment rates, a three year home-price forecast, median commute time and median real estate taxes. 

Omaha, NE topped the list with the biggest bang for the buck city and was joined by several other Great Plains metro cities, one of which we proudly serve.  Below, we have listed 20 of America’s most affordable cities to call home.

* Omaha, NE

* Little Rock-North Little Rock-Conway, AR

* Jackson, MS

* Des Moines- West Des Moines, IA

* August, GA

* Wichita, KS

* McAllen-Edinburg-Mission, TX

* Chattanooga, TN

* Colorado Springs, CO

* Ogden-Clearfield, UT

* Scranton-Wilkes-Barre, PA

* Columbia, SC

* Harrisburg-Carlisle, PA

* Provo-Orem, UT

* Syracuse, NY

* Baton Rouge, LA

* Buffalo-Niagara Falls, NY

* Palm Bay-Melbourne-Titusville, FL

* Tulsa, OK

* Greenville-Mauldin-Easley, SC

Here is the full list of all 100 cities.

Realtors® Tom & Bev Herring – Helping You With Your Tulsa Real Estate Needs

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Tulsa’s Huge Vehicle Auction Just in Time for Christmas

The City of Tulsa, Oklahoma will be having a huge vehicle auction just in time for Christmas.  This is part of the City of Tulsa’s High Performance Government initiative and cost reduction measurements.

On December 12^th, the city will be selling 200 vehicles to reduce its fleet size at the City’s surplus property facility at 108 N. Trenton.  Vehicles that you can expect to see on the auction block will include police cruisers, full and mini vans, sport utility and pickup trucks, flat-bed trucks, tractors, dump trucks and other rolling vehicles.  Here’s a vehicle catalog.

All vehicles are allowed to be inspected on Friday, December 11^th from 10:00 a.m. to 4:00 p.m.  The auction will open its doors at 8:00 a.m. and begin at 10:00 a.m. on December 12^th.

Only the vehicles that have not been efficiently used are being sold to help reduce expenses and streamline processes for better efficiency.  Selling these vehicles will also not impact the services that the Tulsa residents will continue to receive.  The end result will be a better operation with reduced maintenance costs and lower fuel usages.

If you are interested in getting in on this great auction, cash, mastercards and visa cards will be accepted.  They will only accept checks if it is backed-up by a letter of guaranty from the financial institution the check was drawn on.  And, payment is required in full with one hour after the auction ends.

Good luck to everyone attending the auction.  We hope you win exactly what you are bidding on.

Discover the Difference – Realtors® Tom and Bev Herring

Tulsa, Oklahoma Real Estate

Thanksgiving Decorations the Oklahoma Way

There are many holidays during the year that are perfect for decorating your home.  Thanksgiving is another great holiday for decorating your home with things from both nature and items from the craft store.  Therefore, if you are wanting to make your home look and feel festive this Thanksgiving holiday, we have some tips on how to make Thanksgiving decorations the Oklahoma way.

 * Table Centerpiece – Everyone loves a beautiful centerpiece on their Thanksgiving table and it’s very easy to make one.  You can easily take a beautiful basket or bowl and fill it with mini pumpkins, fall flowers, herbs or pieces of beaded fruit.

* Autumn Wreath – These wreaths give a warm welcome feel to every home.  You can simply start with a plain grapevine wreath and use a glue gun to attach fake fall flowers, mini pumpkins, berries and other fall foliage.  To make your wreath really pop, you can hot-glue a Thanksgiving themed bow to it.

* Place Cards – For a more formal Thanksgiving setting, you can add place cards to your table.  To make your place cards, you will need to cut pieces of card stock to the desired size you are wanting and fold them in half so the cards will stand up on the table.  You can use Thanksgiving themed stickers or stamps to decorate your cards.  The name of each dinner guest needs to be on the front of each card.  You can use a marker, letter stickers or templates to do your writing.

* Napkin Rings – Napkin rings really help give off a festive feel.  A simple way to make napkin rings is to use items from nature, such as acorns.  Or make them out of card stock by cutting a piece of colored card stock into 2” wide x 6” long strips.  Loop each strip and staple them.  Using a hot glue gun to glue acorns or other fall décor to the napkin rings.  Be sure to allow your napkin rings to dry completely before using.

If you are pressed for time and still want to decorate for Thanksgiving, no worries.  You can still do it.  Simply write your guests’ names on napkins or mini pumpkins and use those for your place cards.  Use fake fall leaves and throw them around your table or group a bunch of mini pumpkins together for a festive feel.

We hope you enjoy these Thanksgiving holiday decorating tips the Oklahoma way.  For more ideas, visit the DIY website.

Happy Thanksgiving to you all from Realtors® Tom & Bev Herring

Home Sales Bouncing Back Strong

Home sales bounced back strongly in September with the help of the first-time buyer’s tax credit driving much of the activity.  This marks five gains in the past six months, making sales activity its highest in over two years, according to an article released on Realtor.org.   

Existing home sales include single-family homes, condominiums, townhomes and co-ops.  Each one jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in the month of September from 5.10 million in August.  

Since the tax credit has recently been extended for first-time home buyers and there has been an addition to the tax credit for repeat buyers, many are feeling hopeful to see even more strong home sales activity because it’s what’s needed for a few additional quarters to help us reach a point of a self-sustaining recovery.

Since September, housing inventory has fallen 7.5% to 3.63 million existing homes for sale.  Now, unsold inventory totals are 15.0% below a year ago.  The current housing supply is the lowest it has been in over two years.  If this could continue, home prices could return to normal by next year.

In the Northeast, existing home sales were 11.8% higher than September 2008.  The Northeast’s median home price was $234.700, which is down 7.0% from one year ago.

In the Midwest, existing home sales jumped up 9.6% in September, making them 7.8% higher than they were that same month one year earlier.  The median home price in the Midwest was $147,600 in September, which was down by 1.0% from one year ago.

The South’s existing home sales rose 9.0% in September, which is 10.0% higher than sales of September 2008.  The South’s median home price in September was $153,500, which is down 7.6% from one year ago.

The West saw a surge of 13.0% in their existing home sales in September, which was up 5.7% from September 2008.  The West’s median home price was $219,000 in September, which was below what they were one year ago.

Discover the Difference…Realtors® Tom & Bev Herring

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Tulsa’s ONEOK Field – A Definite Benefit to the Community

There’s a lot of talk about ONEOK Field around Tulsa, Oklahoma and its benefits to the entire metro area.  So, we wanted to talk about some of those benefits in our blog this week. 

The creation of ONEOK Field will create new jobs, bring visitors and visitor dollars and help increase property values.  The benefits will result in increased property tax revenues and sales tax revenues, 1.417% of which goes to the county.  Tulsa is continuing to do their best to rank among the best in the nation by continuing to invest in improving in economic development.

The ONEOK Field will benefit Tulsa most by providing around 1,400 temporary construction jobs and 200 permanent positions.  The field is expected to bring in an estimated 400,000 new visitors each year to downtown Tulsa, resulting in an estimated $160,000 in annual sales tax revenue for Tulsa, which will significantly help improve city’s development activity.

Tulsa, Oklahoma residents throughout the region will benefit from the new jobs, the visitors’ dollars, the increase in property values and sales tax revenues.  They will also have the opportunity to enjoy more activities and entertainment in the downtown area. 

The ONEOK Field will be a great addition to Tulsa, Oklahoma and we hope to see more like it that will be just as much of a benefit.

Discover the Difference with Realtors® Tom & Bev Herring

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Real Estate Investing is Still a Good Investment

Real estate investing is still a good investment, as the majority of Americans plan to work as long as they possibly can during their retirement age.  Therefore, if you want to enjoy your retirement, we have some advice about real estate investing to help you along your way.

Recently, Bankrate, Inc. released a study that showed that most working Americans are planning to work well into their retirement age.  This will definitely redefine the view of traditional retirement.  Bankrate’s study found that 75% of working Americans plan to keep working during retirement age.  One-third of those plan to keep working because they will need the money and 30% plan to keep working because they enjoy it.

From these findings, it is important to be financially ready for retirement so you can enjoy it.  And, real estate investing is still a great way to do that.  No matter how much value properties have lost over the last few months, we must remember the fundamental reasons of investing in property: equity building and long-term investment.  Real estate should be a long-term investment, not a get-rich quick scheme.  Therefore, here are some fundamental things to look for when searching for a property to invest your future in.

* Income Production: When buying the property, you want one that will be a good rental or lease property.  The payments you receive will be income you can use to pay the mortgage and other expenses associated with the property.  Ideally, you want to collect enough in rent to cover the mortgage payment, expenses and have a little extra left over to put in savings.

* Equity Build-Up: When receiving payments from your tenants for rent, a portion of each payment goes to the principal and interest of the loan.  To pay down the principal faster and save on your interest payments, add as much extra as you can to your payments.

* Control: You can have control of part of the property without having to pay for the whole thing upfront.  This is done by using “Other People’s Money.”  It allows you to use the income gained to pay off the mortgage and gain more equity.

* Tax Advantages: Your rental property can be considered a business.  You can get great tax deductions with the property.  A good accountant will help you take every advantage of these tax laws.

* Buying Property at the Right Time: Now is the perfect time to find great properties at below market value.  This is also a great time to build equity in the property you purchase.  The market will be turning around soon and your property will have instant equity.

* Picking the Right Time to Sell: Once each one of your properties has a considerable amount of equity in them, you can then sell each one.  Contact a real estate professional to seek their advice on when is a good time in the real estate market to sell.

Discover the Difference with Realtors® Tom & Bev Herring

Tulsa, Oklahoma Real Estate