Tulsa Real Estate Prices

This show originally aired February 27, 2010
Listen to the Show HERE!
The topics of this show include:  Tom Allen talk about What is happening to home values; Dr Keith Ballard discusses the new bond issue; Duane Montgomery talks about exterminating soldier termites; Mike Tedford talks about insurance coverage for catastrophe’s and unexpected events.

What is really happening with Tulsa Real Estate Prices?-  (Appraiser Tom Allen talking here) Price is the actual number a property might bring in a contract.  A value is a matter of an estimation, such as by an appraiser.  We will be discussing.  How can a property’s value not meet the price a buyer is willing to pay.  There may be a reason why the buyer is willing to pay even though there is not sufficient data to support that price. If there is just one low or high price, it is not a trend.  A trend is multiple properties selling around the same price.  The appraiser works for the lender or bank to ensure that the bank can recover the money they have lent on a property should it default.

Are we ahead or behind last year?  The median and the average is down somewhat but not much.  the seven county price for single family homes was 124,000 versus 119,000.  In the lasts months although it has been level.  Median is the very middle number.   The average is the total number divided by the total number counted.  When a lot of luxury properties sell it can affect the average price.

Absorption Rate versus months of supply?  Are we up or down on the amount of homes available in Tulsa? On the 2 year supply we average 6.5.  On March to October it was 5.2 months supplies.  We had a bad October of 2008.  Right now we have more supply.

How can you ensure that your insurance will cover unexpected events and catastrophes?  Be prepared.  Don’t wait until something happens.  When you are off your property what kind of coverage from your homeowners policy goes with you.  The liability coverage will follow you.  The property coverage is your property.  You usually have about 10% of the content amount of your home that can be at another temporary location, such as your college student’s dorm or lost luggage.  Most policies include this.  Make sure you ask your agent.

For more information about insurance for catastrophes and unexpected events contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

What is in the Tulsa School Bond issue coming March 2, 2010?  (Tulsa Public Schools Superintendent Keith Ballard talking) This is the biggest bond issue for Tulsa Public Schools.  It is spread out over 6 years.  The previous annual costs were around 50  million.  This one is 59 million so it is not very far off for the past bonds.  Bond issues can only go for certain things by law.  They can’t be moved around.  They have nothing to do with general revenue where teacher salaries come from.  This bond is for facility renovation, small amount of new construction due to population increases.  Sometimes bond issues can actually impact growth in the city in future years.  In many times, when  cities don’t take care of the schools, the city will die off in areas. This bond issue will not raise taxes.  There has not been a tax increase sinc the 90’s.  Tulsa citizens created this bond and said that they didn’t want to raise taxes.  It is a continuation.  We only get $49 per textbook from the state.  This bond issue gives us $44 extra per textbook.  We also get money for technology, library book, furniture, curriculum materials, things to help reverse the obesity problems.

For those that oppose tax in general and the way money is being spent?  There is a citizens group that is overseeing the money with this bond issue.  We must go to them with information.  They can ask any question they want to ensure that the money is being spent properly.  $354,000,000 is the total amount for the bond.

How do you handle soldier termites?  Soldier termites help protect the colony when their mud tunnels are destroyed.  They have forceps where worker termites don’t.  The Sentricon Baiting system is guaranteed to eliminate termite colonies.