Spring Gardening Tips

As the days get longer and the weather gets nicer, we tend to spend more time outdoors as we begin to clean up our flower beds and work in the yard.

People this time of year can be heard saying “you know if I’d planted that tree when I first moved here it would be 5 (or 10) years old and pretty big by now.” Transforming a boring yard into a beautiful landscape can be a challenge in Oklahoma, but it can also be very rewarding. Whether you buy a new home or an older home with old, overgrown shrubs, the landscaping can make a world of difference in the appearance of your home and in your pride of ownership.

Some people love to work in the yard, some people don’t really like to, but are willing to do it for the sake of their home’s appearance, and others just plain hate it.  Whatever category you fit into, attractive landscaping can be yours. Check out your local garden center to help you plan a nearly maintenance free yard or botanical wonder.

If you are considering purchasing a new home, give some thought to the kind of landscaping that fits you best. If you are updating, getting your home ready to sell, or starting brand new, remember what a difference proper landscaping can do for your home. Money may be tight when you first move into your home, but a small tree will grow and in five years will look good compared to the price of a five-year-old tree from the nursery.

Real Estate Market Is Booming In Edmond, Oklahoma

Over the last few years we've heard a lot about the struggling housing market across the country, but it seems there is good news here in Edmond, Oklahoma.  Edmond and the greater Oklahoma City area, has weathered the storm and has not been hurt like other parts of the nation.  Last year things were good and this year things appear to be even better.   The number of homes that closed in January, in Edmond and Deer Creek, were up 26 percent from January of 2011.  This is amazing as January is typically not a strong month.  All indications show that these numbers should continue, and are not just a fluke. 

Homes under contract are at a six-year high and the numbers of homes on the market are at a six-year low.  Supply is going down while demand is rising.  We are currently seeing multiple offers on houses as inventory starts to become a bit scarce.  Property values should start going back up because of this.  It is a great time to sell! 

Newly-built homes are selling better now too.   With low interest rates and good home prices, anyone considering a new home should be excited!  It is a great time to buy!

Purchasing their first home is a dream for most people. Besides the intangible benefits, home ownership lets you build equity, and is the single biggest tax break available to most consumers. Below are some smart financial strategies to get you started on your journey to home ownership.

Pay Off Your Debt

Use extra cash to eliminate credit-card and other high-interest consumer debt even if that means you can put down less on your future home rather than saving first.

Credit-card debt is expensive and limits your ability to save. The average interest rate on credit cards is typically more than double the national average for a 30-year fixed-rate mortgage. Also, credit-card debt will limit how much you can borrow. Lenders often won't allow your total monthly debt service to exceed roughly 40% of your gross income.

How Much Can You Afford?

The answer to that is a function of two things: How much you can borrow and how much of a down payment you can muster. As a rule of thumb, your annual mortgage payment, taxes and home owner's insurance shouldn't exceed 28% of your gross income. Then determine how much cash you have for a down payment, leaving yourself enough left over to pay those pesky closing costs, which can add up to 3% to 5% of your total home's value (plus a little something extra for emergency repairs once you move into your new home).

Types of Loans

Now you're ready to start shopping around for the right loan. A first-time home buyer with a steady job and good credit can buy a home with less than a 20% down payment. But the more money you can muster for a down payment, the more options you will have. And, if you put down less than 20%, you will have to pay for private mortgage insurance. Your premiums will depend on a variety of factors, including how much you put down and the type of loan product you secure.

Questionable Credit

You may qualify for a loan insured by the Federal Housing Administration, or FHA. These government-insured loans are issued with even more lenient credit criteria. You can also put down as little as 3.5% for an FHA loan. A portion of closing costs may be used to meet the 3.5% cash requirement. The seller may pay the closing costs for the borrower and the lender may also charge a premium interest rate, also known as rebate pricing, to fund the closing costs. Depending on the lender, interest rates are typically a quarter to half a point higher than those in the conventional market. To get a government-insured loan, make sure you find a HUD-approved lender or a mortgage broker who works with one.

Since these loans are geared toward helping first-time home buyers and low- to moderate-income families, there's a limit to how much you can borrow.

Getting Help

Finally, find a trained real estate professional. Real estate agents are trained in the laws for their state and have a good understanding of the market and what is available. They also typically work with other real estate professionals and thus have great net-working resources. A real estate agent can make the process much less scary and overwhelming as well as saving you time and money.