Darryl & Stan review the importance of understanding the purpose of an appraisal and how you can start the conversation to find the right Realtor® for you.
We have a short sale listing which has been on the market for quite awhile. While the Tulsa real estate market is a good one, sometimes homes take longer to sell. The reasons can be many. With a Realtor® on your side, should you find yourself as a Tulsa home seller in a situation where your property hasn’t sold as quickly as you imagined, you have a good chance at finding out why and how best to adjust and find a solution.
For our listing at 6718 S. Atlanta Ave., one of my team members, Stan, had some updated information which has shed light on why this home hasn’t yet sold. The appraisal given for this property appears to be out-of-line with specific features applicable to the home. This property was appraised at $240,000 yet has not sold at the list price of $200,000.
If an appraisal is supposed to reflect what the market value is, and what Tulsa homebuyers are likely willing to pay, how could a significantly higher appraisal be accurate? Chances are it’s not. This isn’t to say the appraiser did a poor job, but rather to point out the specific aspects of this property were likely not taken into consideration when comparing other nearby properties.
$240,000 is a solid value for homes in the general area, about 2 blocks away from where the listing is, which happens to also have an apartment complex behind it and other neighborhood aspects which would call for a lower appraisal. Now my job as the listing agent is to review with the seller, and a buyer whom has made an offer, to ensure we come up with an equitable sale price all parties can agree upon.
When you’re ready to buy or sell your home you want to have an agent who is a good match for you. This can be a challenge to determine, and why I encourage everyone looking at residential real estate in Tulsa, Broken Arrow, Sand Springs, or any other part of the region, and across the nation, to check out the 20 Questions I have compiled which can help you start the conversation with potential agents.
One question to ask is whether an agent has a personal staff and how many of them are licensed themselves. If you work with an agent who has a support team, where more than one person is able to take care of different aspects of a real estate transaction, you will have that whole team working for you. This will help keep the process efficient, and you won’t be faced with a one-man show where your agent may not be able to help you when you need it, or get tasks done in a timely manner. Stan and his in-depth review of our short-sale listing was integral in my being able to provide insight and options to my client. We are a team and help support each other as much as our clients.
You may not know all the questions to ask, but with this guide you will have an in-depth resource to assist you through the hiring process. Download my FREE home seller and home buyer report, “20 Questions You Absolutely Must Ask Your Next Agent Before You Sign on the Dotted Line for a complete list of questions to ask your real estate agent before listing your home for sale.
940 E. College St. Very affordable condo ideal for convenient living. $68,000. 2-bedroom, 1.5-baths, 2 level unit in Broken Arrow, close to downtown, recreation center across the street. Great for active lifestyle.
2748 E. Admiral Blvd. Reduced Price $109,500. 4-bedroom, 2-bath. Value-priced property.
For a complete list of active listings, visit homeguidetulsa.com
For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com.
Our discussion with Steve from Murray Electric sheds light on current electrical codes and home DIY projects.
Are you a Tulsa homeowner who loves taking on a DIY challenge? Have you made any electrical updates in your home recently? Just last year our electrical code was changed, requiring power to run differently for lighting fixtures. It used to be power would be run to a fixture, then back down to a switch, but this is not so anymore; now power needs to be fed directly into the switch. Now that you know of this change, what does it mean and why should you care?
Darryl shared a great story with Steve about his trials and tribulations over installing a new dimmer switch at home; not knowing about the change in how wires are fed kept Darryl in the dark when a dimmer switch didn’t work right. After the switch was installed, it came to light that the toggle was actually reversed, up was off and down was on. Darryl attempted to correct this, but it was only a partial success; the toggle worked but the dimmer slide switch itself was now opposite what it should be. Darryl was at a loss, so naturally he turned to Steve from Murray Electric, a trusted Tulsa resource.
Steve explained the issue readily. There were wires in the new dimmer switch which were for features Darryl’s fixture didn’t have; chances were, he was using them for the wrong application. With new products having more capabilities, and standards being different from one manufacturer to another, it pays to read instructions closely on a DIY project such as this, and to know that it’s not always necessary for all the wires to be used. With the change in the electrical code, matching the color-coded wires is no longer enough. The instructions will make a big difference in the functionality of your updated light fixtures.
While many of us enjoy working on DIY projects, sometimes is takes a helping hand, and expert advice. Having Steve’s number nearby is like having directory assistance at your fingertips. Whether you have a question about a project you want to complete yourself, or are ready to call in a professional, the folks at Murray Electric are one of the best resources when it comes to Tulsa electric repair. The same applies for anyone looking to sell or buy a home in the Tulsa area. Having access to a network of local resources, including electricians for home updates and repairs, can make the process a lot easier.
As Steve says, “There’s no dumb questions” when it comes to all things electrical, all questions are encouraged; they are truly happy to help. One way to get the help you need, is to have a conversation with Steve at Murray Electric yourself. This is one local service where there is a live person on the other end of the phone. With two locations in Tulsa (918-835-9605) and Broken Arrow (918-254-9771), help is just a phone call away. Find more information at their website: www.murrayelectric.com.
Darryl Discusses one of the Right Questions to ask a Real Estate Agent Before you hire them to help you sell or buy a home.
When it comes to dealing with something important, which you don’t have extensive personal experience in, it pays to hire a professional. This can be said of hiring an attorney for a court case, going to a specialist for a medical concern, and, for when it’s time to sell or buy a home. The process to sell a property or buy a house is a complex one, not because it’s difficult to understand the basic steps, but because there are so many different aspects involved in the process; it’s not as simple as signing on the dotted line.
In addition to the lengthy process, which, when all lines up well with a quick offer, can be at least a 30-day process, laws, taxes, regulations and the market can change quickly; and often they do. Instead of stressing yourself over what you may miss or not understand, hire a professional who has your best interests in mind, and the expertise to help you.
Before you call the first agent listed in an online search however, you need to take some time to find the right partner for you in this endeavor. There’s also a difference in education between a real estate agent and a Realtor® which is important to be aware of. An agent with the Realtor® designation has met certain criteria in professionalism, education and experience in the real estate market, beyond just gaining a real estate license which is really just the first step towards becoming an expert in this field.
We all have different needs, personalities and experiences, which is why it’s important to interview several agents before you make a decision. Asking any prospective real estate agent the right questions can help you narrow down the choices to determine who is the best match for you.
One key question to ask is, “How many homes have you sold in the past 6-12 months?” The answer will give you insight not only into how successful a prospective agent has been, but also help confirm if they are up on current rules and regulations. An agent who hasn’t sold any properties in the last 6 months or so may not be up-to-date and as informed as you would want them to be. To help you ask the right questions, download my FREE home seller report “20 Questions You Must Ask Your Next Realtor® Before You Sign on the Dotted Line” for a complete list of questions to ask your real estate agent before listing your home for sale.
1013 S. Cypress Ave – 5 Bedroom, 3-car garage in Broken Arrow and part of Union Schools. $279,900
For a complete list of active listings, visit homeguidetulsa.com
For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com
Join “The Future of Real Estate” to hear more about prohibited dealings to avoid in real estate.
The Oklahoma Real Estate License Code and Rules provides a list of 23 prohibited dealings. These standards are important for all people to know. As a consumer looking to buy, or sell real estate in Oklahoma, you should be aware of the commission rules. These are established to protect you from a potentially negative outcome. Licensed real estate agents are expected to adhere to a certain standard. If they don’t follow these rules, they can be held accountable by the licensing commission and the law.
One prohibited dealing listed by the Oklahoma Real Estate Commission is “The making of a brokerage service contract without a date of termination”. In other words, it’s an open-ended contract. As a consumer, you don’t want to sign a contract that doesn’t list a termination date. It’s too ambiguous and creates conflict.
A second prohibited dealing is “Purchasing of property by a licensee for himself or herself or another entity in which the licensee has an interest as defined in 605:10-15-1 (c), if such property is listed with the broker or the broker’s firm, without first making full disclosure thereof and obtaining the approval of the owner, or the failure by the licensee to exert the licensee’s best effort in order to later purchase or acquire the property for themself or another entity in which they have an interest as defined in 605:10-15-1 (c)”. It’s not wrong for a Realtor to sell a property in which they have an interest; however, they must make it known.
These are 2 of the 23 prohibited dealings. Visit the Oklahoma Real Estate Commission for a complete list of prohibited dealings in Oklahoma. Check out the License Code and Rules (effective November 1, 2017) document.
For additional real estate questions, or to schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.
Click here for more information on the Pearl District in Tulsa, OK
If you’re shopping for residential property in the Pearl District, you may have missed your opportunity for the best buys. Some segments of the market have stalled; however this is a great time for other sectors.
Kevin Anderson, Commercial Real Estate Broker in the Pearl District, said the Pearl District has experienced incredible appreciation. A paired analysis shows appreciation has been in the area of 20% per year for commercial properties. (A paired analysis is a study comparing a property which sold, and then sold again a couple years later, with no work done.) In regards to residential properties, we have seen more than a 20% increase.
The formal designation of the Pearl District is 11th Street to 244, and from the downtown area to Utica Ave. We also try to include the businesses around the Pearl District.
An exciting development in the area, is the City of Tulsa funding for the Peoria Avenue bus rapid transit system. This will provide buses along Peoria, every 15 minutes, in each direction. Service is expected to continue into the evening and on weekends. The Peoria route will be operational in August 2019, according to Tulsa Transit, and the 11th Street – 66 Route will be operation in 2021.
The addition of public transportation in the Pearl District will make a significant contribution to the development of the area. Reliable transportation is a necessity to meet the demands of people living in the community and visitors alike. If you live on Peoria, you’ll be able to take the bus downtown and save money on parking. In addition, when you own property along this corridor, it becomes transformed into more diverse use and higher demand.
To further re-invent and develop the area, a second Pearl District pond will go in, north of the VFW club. The pond will cover 3-4 blocks and will have a boardwalk around it. New housing developments are being built and are expected to open in March 2018. There are two restaurants coming in as well, and there are 130 businesses in the Pearl area.
If you are interested in buying and fixing up a home, TTCU Credit Union offers a home loan program which allows you to buy, and make home repairs. TTCU provides a home renovation loan, in which you can borrow up to $40,000 in a signature loan to make updates to your house, including light fixtures, kitchen, carpet, and/or bathroom. The home renovation loan allows you to do the work without having to get a traditional construction loan. The appraisal may be an issue on some types of repairs, however TTCU has addressed this. They do the appraisal on the purchase price only and don’t take into consideration the improvements on the $40,000 signature loan. However, if your expenses are going to exceed $40,000, and you need to get a contractor involved to do more strenuous work, then you’re going to want to get a construction loan. On a construction loan, TTCU will provide the appraisal on the completed house, not on the current condition. Visit ttcu.com to fill out an application online, or get more information.
If you’re interested in commercial property in the Pearl District, contact Kevin Anderson, commercial real estate broker at Kevin Anderson and Associates via email: firstname.lastname@example.org or phone 918-406-3197.
Schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.
- 7201 W Edison St – Beautiful setting, less than 12 minutes from downtown Tulsa, 6BR, updated Kosher kitchen, 24-stall barn with many possibilities. Listed at $1,750,000
- 1013 S Cypress Ave – Located in Broken Arrow, 5BR, 3-car garage, Union Schools, over 3,000 SF, downstairs master suite. Listed at $279,900
- 3510 E 104th Place – Located in Tulsa, nearly 1 acre, 1-level home, 3,400 SF, private master suite, updated kitchen, and new roof. Listed at $299,000
- 30961 E 65th Street – Emerald Falls, new construction, backs up to former golf course. $40,000
- 6708 S Atlanta Pl – Amazing buy! 5 bedrooms – 2 bedrooms on 1st level! Office with separate entry. New hardwood floor and plenty of closet space! Listed at $294,000
For a complete list of active listings, visit homeguidetulsa.com.
Photo Credit – tulsapearl.org
Map image – Google maps
Click here to learn more about your home financing options in Tulsa
TTCU Federal Credit Union, in Tulsa, has a selection of financing options available for home buyers. They offer two conventional type loans which allow for no money down. These options include:
- 100% Financing – You can buy a home without a down payment. This 100% single loan requires a 720 credit score, with adequate credit history, plus closing costs.
- 80/20 Combo Loan – This loan breaks up the costs, 80% is applied to a first mortgage and 20% is applied to a second mortgage. This loan requires a 680 credit score. and some established credit history, plus closing costs.
Keep in mind, down payments and closing costs are separate. The down payment is the amount being paid towards the home. With the financing options mentioned above, no down payment is needed; however, the buyer is responsible for closing costs. Closing costs include all the “extras”, such as taxes, insurance, escrow, and lender fees. When you purchase a home, you’re required to pay 1 year of insurance upfront. Also, money has to be put into a monthly escrow account so when insurance and taxes are due, the money is available.
There are options available to help with closing costs as well. Most programs will allow the seller to pay up to 3% of the sales price towards your closing costs and “pre-pay” items. Take the time to investigate all your options and see how they fit in with your budget. Often, when closing costs are quoted, they don’t include the escrow, so be sure to ask about all fees. Be vigilant when choosing a lender. There have been instances in which buyers received a pre-approval letter, yet they weren’t actually pre-approved! As a Realtor®, when Darryl Baskin sees a pre-approval letter from TTCU, he knows he can trust it.
If the financing options listed above don’t meet your needs, TTCU offers additional programs, such as VA, bridge, home equity, and home improvement loans. Also, TTCU Federal Credit Union will take 0.125 off your interest rate when you close with them; the loan must be a purchase transaction and close at Integrity Title and Closing. TTCU offers some of the lowest closing costs in Tulsa! Visit ttcu.com to fill out an application online, or get more information.
Taking the time to research financing options is part of the “18 Essential Steps” suggested by Baskin Realty Specialists. Buying a home can be a challenge, but when done correctly, it’s a smooth process.
For more information on interest rates, or to complete a loan application online, contact Dan Newbury at TTCU Federal credit Union or visit ttcu.com.
To schedule an appointment with Baskin RE Specialists, with no obligation, visit askinforbaskin.com.
- 7957 S 78th East Ave – 4BR, 3 baths, 2-car garage, outside entrance office, pergola. $225,000
- 8954 W 51 St – 5 acres, 9042 SF welcoming, beautiful family home with classic colonial style entry. The 8-car garage offers room for a workshop or storage. $999,999
- 6708 S Atlanta Pl – 5BR, 3 full baths, office w/separate entrance, new hardwood floor, 2 bedrooms downstairs and optional 2nd master upstairs with private staircase $296,000