Out and About Yukon and OKC : January 2009

A few months ago I wrote a post Get fit with your FICO score explaining what it is and what needs to be done to make it a higher score. Just today I was contacted by a reader of the post and she was asking me why the mortgage industry goes by the mid score and what is it? I thought that this was an interesting question and it would be a good time to add this information to my post so more people will learn about it.

Well, the mid score is an average score taken from three major credit bureaus - Experian, Trans-Union and Equifax. Majority of the lenders use this mid score to determine what rate you qualify for.

If you plan to purchase a home in the near future - it is critical to start with your credit report. Find out if you are ready or need more time to repair it. Plese contact me: Bo@Okla-OK.com and I will put you in touch with reputable mortgage lender who will guide you through the process.

I would also recommend you read the Jason Sardi's excellent post about the credit report It's Free, It's Fun, It's Your Credit Report?

Good luck to all of you with your home quest!

With smiles,

Bo

I was present when this little sweet thing was born...what a miracle! He was so akward and a bit tired but really tried hard to stand up on his legs...Since he was born he was always a pure joy to have, however, he is capable of showing some temper and "who is the boss" attitude. He comes from an excellent bloodline and my friends hope for a "good bump" in their retirement...LOL...Enjoy!

While driving to the city yesterday and was listening to the music but then swiitched the station to learn about new happenings in our beautiful Friday world....Talk radio never disappoints....especially few minutes with Paul Harvey!

I couldn't believe what I was hearing...and then I thought I have to share this little jewel of information with all of you guys.

Well, picture a high school in South Dakota which is hard pressed by PITA (People for the Ethical Treatment of Animals) to change its team's name from Spearfish High School to ..... SEA KITTEN HIGH SCHOOL!!!

PETA wants the public to change the image of the sea creatures to more lovable, gentler and kinder I suppose...

PETA campaign coordinator Ashley Byrne explains: "Fish not only have the same ability to feel pain as a dog or a cat, but they also communicate with one another," she says. "They have complex social interactions; they form bonds; they express affection by gently rubbing against one another...

No more spreafish, stingrays or just simple fish anymore! I wonder what about sharks, eh?

The best solution to this problem is not only school's name change but also stop eating fish altogether...LOL

I can already hear the cheerleaders Friday night chanting....PUSH THEM BACK, PUSH THEM BACK, PUSH THEM WAAAAAY BACK! GO SEA KITTENS! GO!!

Have to go and check on my pink sea kitten frying in the pan!

With smiles,

Bo

For the last few days it looks like the "staleness" started getting some life. And what do I mean by that? My phone started ringing to schedule showings and few buyers want to know more information about the properties and financing...Is this just because of the weather being kissed by few sunshiny days or we are getting into a prelude of change?

This kind of action looks really promising. And I believe a lot of us are ready to start being Realtors in the full sense of this title.

What about other markets? Have you noticed any change?

There is so many great things going for the consumer - rates, lowest in decades, great tax credit from Uncle Sam and of course so many houses to choose from...

It is called BUYER'S MARKET for a reason! Hopefully consumers will start taking advantage of it!

Wishing you all the best, Bo

This is a pic which I took last spring on the outskirts of Yukon, Oklahoma. Heading North on Frisco Road to preview a listing for my client - my attention turned toward this fantastic scene. I just took one look and thought - this scene is so expressive of Oklahoma. Oil and cattle - great tradition and industry. That is what made Oklahoma and to this day still does!

Are you a homeowner who bought a house in 2008? Great, because I bet you would not like to forget few of the tax deductions which you are entitled to claim on your tax return before April 15th.

POINTS - Mortgages have costs and one of those costs is the loan origination fee. This fee is usually a percentage of the loan amount, generally expressed as POINTS. The loan origination fee must be expressed as points in order for it to be tax deductible. They are deductible in the year they are paid. The points must be clearly stated on the HUD1 Settlement Statement (a document you receive after closing that clearly lays out all the costs involved in buying a home).

PRO-RATED PROPERTY TAXES-  when you buy a home you many close on any day of the month. For example: if you close on the 20th, you prepay ten days of interest as part of your closing costs. Since interest is a deductible expense, prepaid interest is also deductible.

PROPERTY TAXES- the seller's last property tax payment may have covered part of the time where you will actually be the owner of the home. The settlement agent will calculate how much of that last bill you should pay and charge it to you as a closing cost called "pro-rated property taxes." This is also deductible.

NEW HOME CONSTRUCTION LOAN INTEREST - if your new home is build as your primary residence, you may deduct the interest for this new construction loan.

As always, please contact your accountant if in doubt or to learn what other deductions you are eligible for.

TAX CREDIT OFFERED TO NEW HOMEBUYERS

Expires June 30, 2009

1. Who is eleigible?

First-time homebuyers or any homebuyers who have not owned a principal residence in the last three years

2. How does it work?

Eligible purchasers can claim the $7500 credit on their annual tax return form. Amount of credit:10% of cost of home or a maximum of $7500

3. Repayment:

Two years after the credit is claimed, the homebuyer will have to start paying it back. 15 equal annual installments will have to be paid back to the IRS every year. 6.67% of the borrowed amount or a maximum of $502. If home is sold before 15years, the remainder of the loan will have to be repaid to he IRS upon the sale. Part of the liability can be forgiven if the gain on the sale is less than the amount of the loan.

4. Restrictions

Homes purchase time limit: homes purchased on or after April 9, 2008 and before July 1, 2009. Home must be a single family residence (including condos, coops) that will be used as a principal residence. Home must be located in the United States. Home cannot be financed through mortghage revenue bonds. Income restrictions: to qualify for full $7500 credit, the taxpayer must make no more than a. $75,000 for single returns, b. $150,000 for joint returns. To qualify for credit but a at a lesser amount , the following income caps apply: a. $95,000, b. $170,000 joint returns

For more information on the tax credit: www.federalhousingtaxcredit.com/faq.php

Whether you are buying or selling property in Greater Oklahoma City Metro, Yukon or Mustang I will help you have a stress free transaction. I am looking forward to working with you.

Bo

Welcome 2009!

Or perhaps shall I say WELCOME 2$$9!!

We all have new year resolutions, promises to do better, improvements, business plans etc...lots of hope. And this is great - because hope is motivating and inspiring. It gives us another chance at trying .... It is just like a spring - renews and sprouts new life which we  see waking up in front of our eyes.

Most of us appreciate the fact that 2008 is a history with a huge relief.  Quite an eventful year it was and all of it's turbulent months gave us a substantial amount of scare, a lot to think about and prompted us to take some actions. Real estate market, instability of our biggest investments - home and 401k's, stock market diving to below 8000, presidential election, bail outs, political scandals and the list goes on, and on...

But I am hopeful that this is going to be an absolutely "rebounding" year! There is a lot of speculation as all of us hear but from what I can conclude listening to economists and financial experts it is definitely "on the mend". Since the 80's we had two huge bear markets and historically we are due for a "good market". Real estate values balanced out from the price craziness of the last few years. They came back to historical 4% value appreciation. The mortgage rates are at their lowest ever. Consumers are refinancing and getting new loans. In November 2008, the U.S. personal savings rate had increased to 2.8% from negative savings rate. And judging from what was happenig in the malls all around the nation during December - Christmas shopping spree I and others can be pretty sure that we are getting out of economic doom.

Times are tougher for all of us, of course but we can sense a definite confidence among people that we are pulling through and getting smarter by learning from our mistakes. We are reevaluating our spending habits, yes...and we are cautious about making a big financial commitments. But these are wise and valuable lessons which will bring prosperity again...

Welcome 2009 with a big smile!

As you read the stats below - notice that our market is strong, no significant changes in prices what has changed is the amount of units sold and a longer time on the market. It is important to remembe that we are in the "slow months" for real estate sales during holiday and winter months.

To see III quarter of 2008 stats click here.