Friday, October 29, 2010

The 5 Best Ways To Use QR Codes For Real Estate | Tech Savvy Agent

The 5 Best Ways To Use QR Codes For Real Estate

by Chris on Oct 11th, 2010
in Tags: , , , , , , , ,
Posted in Google, Mobile Apps, Product Reviews, Random, Software, Text

It seems every now and then a new technology comes along and gets everyone in real estate excited.  Right now that technology is QR Codes.QR Codes for real estate

The problem I have is that while everyone and their brother is telling you that you need to be using QR codes, very few resources are specifically showing you the best ways to use QR codes for real estate.

It is actually why we exist, innovation is rewarded, execution is worshiped.

Just like with Facebook, Twitter, Blogging, Mobile, Video and any other buzz worthy platform or new technology some will adapt it quickly and pick up market share, most will fail and simply use it because the other agents in their office are.  So below you will find what in my opinion are the 5 best ways to use QR codes for real estate right now.  I would never assume these are the only ways and would love you to add your own creative ideas in the comments below.

Quick note before we get started with the list.  A QR Code is simply a bridge to a website that when scanned with a mobile device takes a consumer on a journey beyond the paper it is printed on.  One of the major perks is that all of the scans are tracked and thus the ROI is fairly easy to detect, critical to any high level marketer.  I also think there are 2 key things to consider when using QR codes:

1.  The web page that you direct the consumer to MUST be optimized for viewing on a mobile device.  Due to this I am recommending 3 sites that will cover all 5 strategies. The first is Vyoo.it which will create a mobile friendly landing page with all of the details of the property of your choosing including price, photos and of course your contact info.QR Codes for real estate

The second site is Goo.gl which allows you to turn any URL into a QR Code in seconds, again all scans are being tracked. The third is YouTube which is not only optimized well for mobile but will allow you to bring a video element to your QR code marketing.Goo.gl QR Codes

To make a long story short when I recommend a video be used as the destination simply go to YouTube and grab the URL of the video and then visit Goo.gl to generate the QR Code.

2.  This is a new, rapidly evolving technology (visit Best Buy, public transit, hospitals, etc lately?) that requires further explanation than just slapping a weird looking icon on your print marketing.  Anytime you use a QR Code be sure to in small text explain that it requires a QR Code Reader which can be downloaded for FREE to their phone NOW by visiting their app store.  It is also critical that you provide a tiny URL as an additional option below the QR Code so that those who just can not figure out the whole scanning thing can type the shortened URL directly into their mobile browser and end up in the same place anyways.  Both Vyoo.it and Goo.gl provide a tiny URL along with the QR Code making this very easy to execute.

On to the top 5 ways to use QR Codes for Real Estate:

1.  Lawn Signs – This would be the most obvious usage in my opinion and this is where Vyoo.it will come into play handily.  QR Codes for sign riders

Consumers like to get as much information as humanly possible before calling a sales person (you BTW).  By placing the QR Code on your sign riders you will be providing potentially the hottest leads, those driving around looking for homes to buy, with all of the information needed about that property instantly.  Price, interior photos and community info are typically things that a lawn sign does not provide and by leveraging a QR Code you are really giving the consumer what they want when they want it.  I know some Realtors would argue that there is no longer a need to call you if you give away all of that info through the QR Code on the sign.  I would argue there is already no need to call you to get that information (think online portals like Realtor.com, Zillow and Trulia all of whom have mobile apps that provide those details).  People work with people they like, they will like you more if you give them more of a reason to and stop holding back data that is easily obtained without you.  Again, follow the guidelines I mentioned above by further explaining the technology and providing a URL alternative on the sign rider.

2.  Business Cards – Another no brainer in my opinion but I can envision agents screwing this up royally.  If I had to guess most agents will put a QR Code on their business card that will lead to a website where the exact same information on the business card is then regurgitated.QR Codes for business cards

NO VALUE there beyond maybe the web visitor but again is your website even mobile friendly yet?  So here is the strategy.  Record a video that you upload to YouTube that is 100% specific to the fact that they got your business card and scanned it.  Then use Goo.gl to generate the QR Code.  So for example the beginning of the video should say “Thanks so much for taking the time to scan the QR Code on the back of my business card it was great meeting you in person…”  I would also then offer them up any other resources like your Facebook Page, Blog or Twitter account letting them know that you want to connect where THEY want to connect.  In the video be sure to layover text with all of the other URL’s that would be relevant and mention that when it gets closer to the time for them to buy or sell hopefully they will remember that you leverage the latest technology both off line and online!

3.  Direct Mail – Tracking ROI through the mail is now actually very easy using QR Codes.  If you do just listed cards use Vyoo.it to send them to the mobile optimized site for that new listing.  If you are looking to generate leads and new business you may also consider doing a video unique to the mail campaign similar to the above business card strategy.  So for example you are mailing to Cypress Creek…start the video with “One of the things I love about working in the Cypress Creek area are the people…” Then obviously let them know that when the time comes to list they deserve to work with a Realtor who leverages the latest online and offline marketing.  QR Codes for direct mail

Even include images and video of the neighborhood to really give it that hyper local touch.  Again offer up all of your contact info and social media URL’s in the video and on the mail itself.

4.  Property Flyers – Considering all of the information about the listing is on the flyer right there in front of them I think that this is another opportunity to leverage video.  If you have a full video tour of the home on YouTube link to that.  If not create an Animoto video or something slideshow esque, upload to YouTube and link to that.  If you are uncomfortable with video then link to a Vyoo.it listing page where they can then see additional photos and information that would not fit into a single page flyer.  I have walked past 1000′s of real estate offices and have seen none of them leveraging this idea which again seems to fall into the no brainer category.

5.  Your Vehicle – Hear me out on this one.  I polled our Facebook fans a while back to see how many of them were leveraging their contact info and domain name on their ride.  Seemed to be the majority.  That being said how many agents have taken it to the next level and actually placed a QR Code on their car?  My guess is zero, but hey I could be wrong.  The strategy with this QR Code should be similar to the business card.  Again, address in the video that you link to that you appreciate them taking the time to scan the QR Code on your vehicle and that if they are looking for a tech savvy agent to help them with their buying or selling needs you are the one they should contact when they are ready.QR Codes on cars

An additional bonus is that if it replaces the current headshot you have on the window of your Camry I have made the world a better place!

So there you have it.  If you agree and learned something let me know in the comments below.  Again I am confident there are many other uses for QR Codes in real estate and would love to hear them but I feel that this is the most specific and strategy focused list on the web created with Realtors in mind.

Related posts:

  1. Earth Hour – Let’s All Turn Everything Off!
  2. QR Codes for Real Estate – Qonnect
  3. 8 Ways You Should Be Using A Real Estate Virtual Assistant
  4. Full HD Real Estate Video Tours Using the iTouch or iPhone 4
  5. Best Real Estate Productivity and Task Management tool |’Remember The Milk’| Review

Interested in what you readers think of this technology. Is this a good idea for use in real estate?

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/the-5-best-ways-to-use-qr-codes-for-real-esta

Foreclosure Activity By Metro Area, Q3 2010

Foreclosures by Metro Area, Q3 2010

Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.

But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter's foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.

A "foreclosure filing" is defined as a default notice, scheduled auction, or bank repossession.

On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.

The RealtyTrac report features other interesting figures, too:


  • California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures

  • Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL

  • Foreclosure activity dropped 1 percent from Q3 2009 in the nation's 20 most-populated cities


And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation -- 1 for every 8,003 households.  The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.

Foreclosures, like everything in real estate, are local. And buying them is "different" from buying a typical home resale. If you're planning to buy a foreclosed home, speak with a real estate agent with specific experience with homes in foreclosure. Professional advice is helpful.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/foreclosure-activity-by-metro-area-q3-2010

New Home Housing Stock Drops To A 5-Month Low

New Home Sales (September 2009-2010)In the same week that the National Association of REALTORS reported home resales up 10 percent in September, the U.S. Census Bureau reported similarly strong results for the new construction market.

After improving 1 percent in August, New Home Sales popped another 7 percent in September.

It's no wonder homebuilder confidence is at a 5-month high.


  • Sales volume is higher in 4 of the last 5 months

  • New home supply is at a 5-month low

  • Buyer foot traffic is on the rise


For home buyers in Edmond , September's New Home Sales data may foreshadow a shift in builder sales strategies and it's something worth watching.

Recall that in April, the month that the federal homebuyer tax credit contract deadline passed for non-military citizens, sales of new homes was strong as buyers rushed to meet the April 30 cut-off date.

When the month ended, there were 216,000 new homes for sale -- an inventory that would have taken 6 months to sell off in full, given April's sales pace.

In May, however, the month after the tax credit deadline, buyers vanished. As a consequence, total units sold dropped 31 percent to their lowest level in recorded history. Coincidentally, at the end of May, there were still 216,000 units for sale.

By contrast, though, at May's sale pace, the inventory would have needed nine months to sell out.

This is why builders are optimistic. The market for new construction is improving so buyers may have a harder time trying to negotiate for items like free upgrades or sales price reductions. So long as New Home Sales improve, home buyers may find themselves paying more money for less house.

Therefore, if you're in the market for a newly-built home, you may want to move up your time frame. The longer you wait, the more it may cost you.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/new-home-housing-stock-drops-to-a-5-month-low

Wednesday, October 27, 2010

Home Values Up 0.4 Percent In August, On Average

Home Price Index from April 2007 peak

Consistent with the most recent Case-Shiller Index, the government's Home Price Index said home prices rose between July and August.

The Federal Home Finance Agency's data showed values up 0.4 percent nationwide, on average. Region-by-region, however, the results were scattered. Coastal states tended to perform poorly. Plains states tended to perform well.

A brief look at the regional disparity:

  • West South Central : +1.5%
  • East North Central : +1.2%
  • Pacific : -0.2%
  • South Atlantic : -0.2%

Breakdowns like this are important because they highlight the fundamental problem with national real estate data and that's that home buyers in Oklahoma City don't buy real estate in a national market, or even a regional one.

Buyers buy local.

When we look at national figures like the Home Price Index, it's important to remember that real estate is a collection of tiny markets which, when lumped together, form small markets which, in turn, lump together into larger markets and so forth.

To illustrate this point, a deeper look at August's Home Price Index data shows that, within the aforementioned Pacific Region, in which home values fell 0.2%, the state of California posted a 2.9% increase. You can be sure that within the state of California, there are cities that performed better than the 2.9 percent, and within those cities, there are neighborhoods that did the same.

Real estate is most definitely local.

That said, we can't discount the national report entirely. Broader housing statistics like the Home Price Index reflect on the economy and are often used to help shape policy in the nation's capital. When you need to know what's happening in your hometown, though, your best source of data is a knowledgeable real estate professional.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/home-values-up-04-percent-in-august-on-averag

Tuesday, October 26, 2010

Existing Home Sales Jump; Housing Market Shows Spark

Existing Home Sales (Sept 2009-Sept 2010)Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.

Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It's no surprise, therefore, September's data is strong.

Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.

"Deals" were in ample supply this summer and eager home buyers snatched them up.

Some of these deals included "distressed properties", a categorization that includes homes in various stages of foreclosure or short sale, accounted for 35 percent of all sales, an uptick of 1 percent from August.

According to the National Association of Realtors®, home resales split as follows:


  • First-time buyers : 32 percent of all buyers

  • Repeat home buyers : 50 percent of all buyers

  • Investors : 18 percent of all buyers


By contrast, in November 2009, first-timers accounted for more than half of all resales.

For home buyers, September's Existing Home Sales report foreshadows a more competitive housing market through the New Year. In addition to rising sales volume, home supplies are down by nearly 2 months from July.

At the current pace of sales, the complete housing stock would be depleted in 10.7 months.

The above represents national data. Locally, we're still hurting. September 2010 stats are in and solds were down 27% over September 2009 and September 2008 and September 2007. This September was also down nearly 35% over September 2006 - our last 'good' year.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/existing-home-sales-jump-housing-market-shows

Monday, October 25, 2010

How To Clean Window Blinds

31 percent of homeowners say "cleaning window blinds" is their least favorite household chore. Perhaps that's because they haven't seen how simple blind-cleaning can be.

In this 2-minute video from HowCast, you'll learn the basics of blind-cleaning with nothing more than a dust cloth and towel, a sponge and all-purpose cleaner, and ordinary dryer sheets.

The steps are basic:

  1. Get the dust off with the dryer sheet
  2. Remove the blinds from the window
  3. Go outside, or find a bathtub
  4. Wash, rinse, and dry with the towel
  5. Re-attach the blinds

Cleaning window blinds is a monthly activity, but with regular dusting, you could push that schedule to quarterly, depending on your home's airborne particles and overall cleanliness.  The trick is that when you do wash your blinds, you wash them properly.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/how-to-clean-window-blinds

Friday, October 22, 2010

Time To Refinance? Mortgage Rates Down 1.00 Percent Since April.

Freddie Mac mortgage rates (January - October 2010)

30-year fixed mortgage rates rose last week, marking the first time in a month that rates failed to fall week-to-week.

The data sources from Freddie Mac, one of the government's major mortgage securitizers and a sister entity to Fannie Mae. Each week, Freddie Mac collects mortgage rate data from more than 120 lenders nationwide and publishes the results in a report called the Primary Mortgage Market Survey.

According to this week's PMMS, the 30-year fixed rate rose 0.02% and now averages 4.21% nationally. The average accompanying cost is 0.8 points.

1 point is equal to 1 percent of the loan size.

Note, though, that these are just averages. Just as real estate markets are local, mortgage rates can be, too. As an illustration, look how this week's rates break down by region:


  • Northeast : 4.22 with 0.8 points

  • Southeast : 4.30 with 0.8 points

  • N. Central : 4.19 with 0.8 points

  • Southeast : 4.23 with 0.7 points

  • West : 4.17 with 1.0 points


The rate-and-fee combination you'd get in your home state of Oklahoma , in other words, is different from the rate-and-fee combination you'd get if you lived somewhere else. In the West, rates are low and fees are high; in the Southeast, it's the opposite.

The good news is that, as a rate shopper, you can have it whichever way you prefer. If getting the absolute lowest mortgage rate is worth the extra cost to you, have your loan officer structure to structure your loan as such. Or, if you prefer higher rates and lower costs, you can go that route, too.

Banks offer multiple mortgage set-ups to meet every type of budget and, with rates down 1.00% since April 8, there's good cause to call your loan officer about a mortgage refinance. See what set-up will work best for you.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/time-to-refinance-mortgage-rates-down-100-per

Thursday, October 21, 2010

See How Credit Missteps Lower Your Credit Score

The FICO Recipe

The company behind the popular FICO scoring model has published a "What If?" series for common, specific credit missteps.

If you've ever wondered how your credit score would be affected by a missed payment or a maxed-out credit card, now you can use a look-up guide to assess the probable damage.

As published by myFICO.com, here's a few common financial difficulties and how they affect FICO scores.

Max-Out A Credit Card


  • Starting score of 780 : 25-45 point drop

  • Starting score of 680 : 10-30 point drop


30-Day Delinquency


  • Starting score of 780 : 90-110 point drop

  • Starting score of 680 : 60-80 point drop


Foreclosure

  • Starting score of 780 : 140-160 point drop

  • Starting score of 680 : 85-105 point drop


Not surprisingly, the higher your starting score, the more each given difficulty can drop your FICO.  This is because credit scores are meant to predict the likelihood of a loan default. People with lower FICOs are already reflecting the effects of risky credit behavior.

Also worth noting that the above is just a guide -- your scores may fall by more -- or less -- depending on your individuak credit profile.  The number and type of credit accounts you hold, plus their respective payments and balances make up your complete credit history.

Read the complete report at myFICO.com.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/see-how-credit-missteps-lower-your-credit-sco

Wednesday, October 20, 2010

Housing Starts Jump In September, Buoyed By Homebuilder Confidence

Housing starts Oct 2008-Sept 2010According to the Commerce Department, the number of single-family Housing Starts increased to 452,000 units in September, a 19,000 improvement over August.

A "housing start" is a new home on which construction has started.

Housing Starts data is surveyed and broken-down by housing type:


  1. Single-Family Housing Starts

  2. Multi-Unit Housing Starts (2-4 Units)

  3. Apartment Building Housing Starts (5 or more units)


The government logs each type separately, but also lumps them into a single, comprehensive figure within its reports. For this reason, headlines surrounding the story seem contradictory.

For example:


  • Marketwatch : Housing starts rise for 3rd straight month, up 0.3%

  • CNN : Housing starts jump to 5-month high


It's single-family homes that most Americans purchase, though, and that's why single-family starts are the numbers worth watching. As 75% of the market, it's more relevant than the joint numbers most commonly reported by the press.

In September, single-family starts did move to a 5-month high but buyers and sellers in Edmond should keep the figures in perspective. Just because starts are rising doesn't mean the housing sector has turned around for good.

The first reason why is because, in September, starts were 75 percent less as compared to 5 years ago at the peak of housing. And if you feel that's an unfair comparison, even as compared to the last 12 months, September's data was tens of thousands below average.

Second, September's Margin of Error happened to exceed its actual measurement. This means that the 4 percent in starts may actually turn out to be a loss of 4 percent (or more!) once the data is collected in full.

If there's a reason to think the New Homes market is coming back, though, it's that home builder confidence is also at a 5-month high. Foot traffic is rising and builders are optimistic about the next six months.  This could mean higher sales prices and less chance for negotiation.

Buyers in search of new homes may find it tougher to make a deal the closer we get to 2011.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/housing-starts-jump-in-september-buoyed-by-ho

Tuesday, October 19, 2010

Ramsey Building | First National Bank Building Oklahoma City OK Historical Postcards

 Ramsey Building Oklahoma City First National Bank Oklahoma City

From my Oklahoma City postcard collection…

In 1930 the ‘great race’ began. Construction began on both the Ramsey Tower and the First National Bank Building. Two buildings to change the Oklahoma City skyline. The race was to see which building could be completed first. The Ramsey Building barely won. Both buildings have the same number of stories but the First National Bank Building became the signature building on the skyline. It is similar architecturally to the Empire State Building.

Today, the Ramsey Building is called City Place. The First National Bank went bankrupt in 1985.

The First National Center is an art deco masterpiece. The Grand Hall which was the bank lobby is full of marble and was just gorgeous.

The partnership that purchased the First National Center in 2006 for $20 million, filed bankruptcy this month.

Originally posted on okchomesellers.com

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/ramsey-building-first-national-bank-building

As Buyer Foot Traffic Rises, So Does Homebuilder Confidence

NAHB Housing Market Index October 2008-2010

As the "pulse of the single-family housing market", the Housing Market Index is a monthly product of the National Association of Homebuilders. Its scores range from 1-100, with a reading a 50 or better suggesting "favorable conditions" for builders.

Because of its methodology, the Housing Market Index can offer excellent insight into the Edmond market for newly-built homes. This is because its value is a composite of three survey questions:


  1. How are market conditions today?

  2. How do market conditions look 6 months from now?

  3. How is the prospective traffic of new buyers for new homes?


Builder responses are collected, weighted, then presented as the Housing Market Index.

According to the NAHB, October's HMI reading of 16 is its highest value in 5 months. The uptick hints that the market for newly-built homes may rebound more quickly that this summer's weak new homes sales figures would otherwise suggest.

You'll remember that, between April and August, the number of new homes sold per month fell by 30 percent and the available, new home inventory climbed 2.3 months.

This month, though, builders report much better foot traffic and, as a result, have raised their expectations for the next six months of sales. Low mortgage rates are likely aiding the optimism, too.

As compared to 1 year ago, average, 30-year fixed mortgage rates are lower by 0.75 percent, a payment savings of $45 per $100,000 borrowed.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/as-buyer-foot-traffic-rises-so-does-homebuild

Monday, October 18, 2010

Tools For Design : Visualize Your Home In Different Colors

Exterior Home DesignIn home design, the exterior is as important as the interior. The exterior are your home's first impression while performing the double-duty of protecting living space from damage and Mother Nature.

And, occasionally, you may want to make upgrades.

For some people, visualizing changes to a home's exterior is easy. For others, though, there's the Better Homes and Gardens Color-a-Home tool.

Color-a-Home is a website via which homeowners can test different exterior home designs and color combinations.  Using a series of drop-down menus and mix-and-match swatch colors, homeowners can build home exterior mock-ups featuring:

  • New roofing
  • New siding
  • New windows
  • New shutters and doors

 

Better than a mental picture of your home -- get an actual picture.

The Better Homes and Gardens site requires basic site registration to use its Color This! product suite. Color This! is also available for home interiors and window treatments.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/tools-for-design-visualize-your-home-in-diffe

Friday, October 15, 2010

Top Gun 2 - The Sequel!

109237652_4f0edd0565_m I’m really excited now! It was announced today that a sequel to Top Gun is in the works. Sounds like many of the original characters ( including Tom Cruise ) will be brought back in some limited roles.

Top Gun is arguably one of the best fighter pilot movies made. Not so much for the story line, but the flying sequences filmed.

No dates announced, but I’m sure looking forward to it!

 

Photo Credit: Flickr/hive

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/top-gun-2-the-sequel

Avoiding Common Mortgage Scams

Despite tougher mortgage guidelines and better loan disclosures for consumers, mortgage fraud is on the rise, according to the FBI.

Fraud has many varieties and it's estimated cost to the nation is between $4-6 billion annually.  Today, common mortgage fraud scams target homeowners behind in their mortgage payments and/or facing foreclosure. And, despite the hordes of legitimate organizations that dedicate themselves to helping consumers, mortgage fraudsters proliferate.

In this 3-minute piece from NBC's The Today Show, you'll learn to spot common frauds, and to avoid them.

Some of the frauds highlighted include:


  1. The Rent-to-Buy arrangement

  2. The Bait-and-Switch

  3. The "Phantom fees"


With respect to mortgage paperwork, it's always wise to read what you're signing, and to take time to understand what it means. If you're uncomfortable reading mortgage documents, ask for an attorney's help. And don't worry if you don't have the budget -- many states offer free or discounted help via advocacy groups.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/avoiding-common-mortgage-scams

Thursday, October 14, 2010

Bank Reposessions Top 100,000 In A Month For The First Time Ever

Foreclosure concentration, by state (September 2010)The number of foreclosure filings rose 3 percent in September, according to foreclosure-tracking firm RealtyTrac. The term "foreclosure filing" is a catch-all word for housing, comprising default notices, scheduled auctions, and bank repossessions.

September marked the 19th straight month that the number of filings topped 300,000, and the first month in which 100,000 repossessions were logged.

As usual, a small number of states dominated the national foreclosure figures, accounting for more than half of all repossessions.


  1. California : 17% of all repossessions

  2. Florida : 13% of all repossessions

  3. Michigan : 7% of all repossessions

  4. Arizona : 7% of all repossessions

  5. Texas : 5% of all repossessions

  6. Georgia : 5% of all repossessions


Thankfully for home sellers, mortgage servicers appear to be metering the pace at these newly bank-owned homes are made available to the public. RealtyTrac notes that, in doing so, servicers prevent "the further erosion of home prices".

That said, distressed properties still sell at a steep discount.

In the second quarter of 2010, the average sale price of homes in the foreclosure process was 26 percent lower than the average sale price of homes not in the foreclosure process. It's no surprise, therefore, that, based on RealtyTrac's preliminary data, 31 percent of all homes sold in September were "distressed".

There's lot of good deals out there, in other words, but they come with certain risks.

Buying a foreclosed home is not the same as buying a non-foreclosed home. Specifically, you're buying from a corporation and not from a "person". Contracts may vary, and so may terms.

Therefore, Oklahoma City home buyers -- even experienced ones -- should talk with a real estate agent before making an offer. It's important to understand the foreclosure-buying process.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/bank-reposessions-top-100000-in-a-month-for-t

Wednesday, October 13, 2010

Fed Minutes Edge Mortgage Rates Higher

FOMC September 2010 MinutesThe Federal Reserve released its September 21, 2010 meeting minutes Tuesday afternoon. Mortgage rates in Oklahoma are slightly higher today.

It's unwelcome news for this season's home buyers, and existing homeowners with plans to grab lower rates. Mortgage rates made new lows last week and may have reached a turn-around point.

The "Fed Minutes" is published 8 times annually, and is the official meeting recap for the Federal Open Market Committee. Similar to the meeting minutes released after a corporate conference or condo association gathering, the Fed Minutes details the conversation and debate between meeting attendees.

Minutes are the lengthy companion to the Fed's brief, post-meeting press release.

Because of its content, the Fed Minutes is closely read by Wall Street and economists. It's insight into the talk that shapes our nation's monetary policy and, within the text, there's often clues about the Fed's next move.

Here's some of what the Fed discussed last month:


  • On inflation : It's running at lower-than-optimal levels

  • On housing : Post-tax credit, housing stalled in July

  • On stimulus : The Fed may intervene in open markets within the next few months


The over-riding theme within the minutes was that the U.S. economy is growing a steady pace, albeit slower than what's optimal. The Fed is prepared to push things along if the economy slows further and news like that is helping stock markets.

Bond markets are losing. Rates are rising.

For now, mortgage rates hover near all-time lows.  If you haven't locked a mortgage rate yet, your window may be closing.  Once the economy turns around for certain, mortgage rates will be among the first of the casualties.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/fed-minutes-edge-mortgage-rates-higher

Tuesday, October 12, 2010

Homeowner Maintenance : Twice-Annual Gutter Cleaning

Clean your gutters twice annuallyGutters are designed to funnel rainwater away from a home. Properly working gutters help keep a home's basement from filling with water, and protect a home's foundation from long-term, structural damage, and keep a roof in tip-top shape.

In other words, keeping clean gutters is essential for homeowners. Thankfully, gutter maintenance can be a do-it-yourself job.

There are four main steps in gutter cleaning, summarized cleanly in this 4-minute video from Lowe's.


  1. Gather your tools. You'll need a ladder, a bucket, a hose, and a trowel.

  2. Scoop large debris from the gutter, using the trowel for hard-to-reach places smaller sticks and leaves

  3. Flush the gutters using a garden hose and spray attachment

  4. Remove clogs in the downspout and check for proper sloping


Gutter maintenance is a twice a year task and the Lowe's video offers helpful safety tips, too.  Of course, if you're uncomfortable on a ladder, or prefer to hire a professional, reach out to me anytime.

I'm happy to make a local gutter-cleaning recommendation.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/homeowner-maintenance-twice-annual-gutter-cle

Friday, October 8, 2010

2010 Oklahoma City Parade of Homes

2010 Oklahoma City Parade of HomesThe 2010 Central Oklahoma Homebuilders Association Parade of Homes begins this Saturday, October 9th and runs for 9 days, through October 17th. Times are 1:00 to 7:00 pm daily. Admission is free.

iPhone App Available

Parade books are available at Lowe’s stores. New this year, the Parade has its’ own iPhone app which allows visitors to view maps, pictures and details of homes on the parade! I’ve downloaded and tried it and it is nice. A lot handier than trying to fool around with the book.

Muirfield Village does not have a home featured in the Parade this year, but we will keep the gates open with our 4 available homes open for you to view.

Since I don’t have a Parade house to sit on this year, I plan to get out and visit many of the parade homes and I will be reporting with my findings through next week.

6 Featured Neighborhoods

Six feature neighborhoods and feature garages also are new additions to this year’s event. The feature neighborhoods will give potential buyers the opportunity to tour six neighborhoods instead of four compared to 2009, while the feature garages will give local companies a chance to showcase their products.

Originally posted on okchomesellers.com

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/2010-oklahoma-city-parade-of-homes

Jobs Data Shows Private Sector Growth, Hints At Lower Mortgage Rates

Net Job Gains Oct 2008 - Sept 2010On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report from the month prior.  This month, though, because the first Friday of the month was also the first day of the month, the report was delayed one week.

The report hit the wires at 8:30 AM ET this morning.

More commonly called "the jobs report", the government's non-farm payrolls data influences stock and bond markets, and, in the process, swings a big stick with home affordability figures in Oklahoma City and nationwide.

Especially in today's economic climate.

Although the recession has been deemed over, Wall Street remains unconvinced. Data fails to show the economy moving strongly in one direction or the other and, absent job creation, economists believe growth to be illusionary.

Consider:


  1. With job creation comes more income, and more spending.

  2. With more spending comes growth in business

  3. With growth in business comes more job creation


And the cycle continues.

The prevailing thought is that, without jobs, consumer spending can't sustain and consumer spending accounts for two-thirds of the economy. No job growth, no economy recovery.

But there's another angle to the jobs report, too; one that connects to the housing market. As the jobs market recovers, today's renters are more likely to become tomorrow's homeowners, and today's homeowners are more likely to "move-up" to bigger homes. This means more competition for homes at all price points and, therefore, higher home values.

And that brings us to today's jobs data.

According to the government, 95,000 jobs were lost in September. Economists expected a net loss of 5,000.  However, if public sector jobs are excluded from the final figures, jobs grew by 64,000.  This is a positive for the private-sector, but still trailed expectations.

Wall Street is voting with its dollars right now and mortgage bonds are gaining, improving mortgage pricing.

So, although the September 2010 jobs report doesn't reflect well on the economy overall, home affordability in Oklahoma and around the country should improve as a result.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/jobs-data-shows-private-sector-growth-hints-a

Thursday, October 7, 2010

Fannie Mae Rolls Out New Lending Rules December 13, 2010

Fannie Mae changes mortgage guidelinesStarting Monday, December 13, 2010, Fannie Mae is changing its mortgage lending guidelines.

For some mortgage applicants of Oklahoma , the loan approval process will simplify. For others, it will toughen. How you'll be affected personally will depend on your credit profile and your loan characteristics.

Among the biggest changes from Fannie Mae is a new set of guidelines for gift funds. When the new rules roll out, accepting cash gifts for downpayment will be easier.

Undetr the new guidelines, buyers of owner-occupied, 1-unit properties (i.e. single-family homes, condos, townhomes) can forgo Fannie Mae's typical, minimum 5% personal downpayment contribution. Downpayments on homes meeting the above criteria can be comprised of 100% gifted and/or granted funds.

Buyers of second homes and multi-unit properties, however, are not exempt.

There's also two changes pending with respect to revolving debt.


  1. Debt with less than 10 payments remaining may no longer be waived in debt-to-income ratio calculations

  2. Debt lacking a monthly payment on credit must be assigned a payment equal to 5% of the outstanding balance


Both of the above should increase the number of loan denials in 2011.

And, lastly, Fannie Mae changes some of its documentation requirements, the most noticeable of which will be with respect to income verification. Salaried workers and applicants whose commission/bonus accounts for less than a quarter of their income will have fewer paystubs to produce for underwriting.

Loan applications taken prior to December 13, 2010 are exempt from the new rules.

Fannie Mae's complete guideline changes are available online at http://efanniemae.com.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/fannie-mae-rolls-out-new-lending-rules-decemb

Wednesday, October 6, 2010

Rose Creek Neighborhood | Edmond OK 73012

dmond

RoseCreek-1 Rose Creek is a beautiful community just north of Quail Springs Mall on North May Avenue. It’s a large community, nearly one square mile, built around a golf course. It is gated with a security guard gate.

There are approximately 600 homes in the area. Homes range in size from 2,000 square feet to over 6,000 square feet. The average size is 3,600 square feet. Home values range from $300,000 to well over $1 million. The average price over the last year has been $512,000, $144/ft.

Amenities include a fitness center, aquatic center as well as the golf course. The aquatic center is a facility with water slides, 10,000 square feet of water surface, lap swimming and play and lounge areas. The fitness center is a 4,200 square ft. facility offering a wide variety of weight & cardio equipment, strength training options, fitness classes, and Personal Trainers. Soon the clubhouse will be complete. There’s a real community feel with lots of activities including a 4th of July parade and Trick or Treating at Halloween. Many of the residents have either an electric vehicle or golf cart to get to the pool or visit their neighbors.

Rose Creek is split north and south on schools. The north half is in Deer Creek Schools and the south half is in Edmond Schools.

Community website

Rose Creek Photos

Rose Creek Location


View Rose Creek Edmond OK in a larger map

Homes for Sale In Rose Creek

Showing properties 1 - 5 of 25. See more Currently Available - Rose Creek.
(all data current as of 10/6/2010)

  1. 4 beds, 3 full baths
    Size: 4,553 sq ft
    Lot size: n/a
  2. 4 beds, 3 full baths
    Size: 3,208 sq ft
    Lot size: 13,500 sq ft
  3. 4 beds, 3 full baths
    Size: 4,410 sq ft
    Lot size: 17,500 sq ft
  4. 4 beds, 4 full baths
    Size: 6,336 sq ft
    Lot size: 18,060 sq ft
  5. 4 beds, 2 full baths
    Size: 3,905 sq ft
    Lot size: 9,028 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/rose-creek-neighborhood-edmond-ok-73012

2011 Conforming Loan Limits : No Change From 2010

Conforming loan limits 2011

Conforming mortgages is so named because, literally, they conform to the mortgage guidelines set forth by Fannie Mae and Freddie Mac.

Of the many traits of a conforming mortgage, one is "loan size" and loan sizes have limits. Mortgages exceeding this loan size limit cannot be securitized as a conforming mortgage and, therefore, are ineligible for conforming mortgage rates.

Conforming mortgage rates are often the cheapest source of mortgage money for residents of Oklahoma , all things equal.

Each year, the government re-evaluates its maximum allowable loan size based on "typical" housing costs nationwide. Loans in excess of this amount are often called "jumbo".

Between 1980 and 2006, as home prices increased, so did conforming loan limits -- from $93,750 to $417,000.  Since 2006, however, home prices have retreated but the conforming loan limit has not.

In 2011, for the 6th consecutive year, $417,000 will be the country's conforming mortgage loan limit.

Conforming loan limits very by property type. The complete breakdown is as follows:


  • 1-unit properties : $417,000

  • 2-unit properties : $533,850

  • 3-unit properties : $645,300

  • 4-unit properties : $801,950


Despite the limits, some parts of the country get "loan limit exceptions". In areas considered "high cost", conforming loan limits range from $417,001 to $729,750. High-cost is defined by the median sales price of a region.

Los Angeles County, for example, is a high-cost region, along with a lot of California. There are less than 200 such areas nationwide, though.

Oklahoma's conforming loan limit is also $417,000. A complete county-by-county list is published online.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/2011-conforming-loan-limits-no-change-from-20

Tuesday, October 5, 2010

Pending Home Sales Data Points To Higher Home Prices This Fall

Pending Home Sales (Feb 2009 - August 2010)Consistent with calls of a housing rebound, the Pending Home Sales Index rose again in August. It marks the second straight month of improvement after May's post-tax credit drop-off.

A "pending home" is an existing home under contract to sell, but not yet closed.

According to the National Association of REALTORS®, 4 out of 5 pending homes close within 60 days, and many more close within 90 days. For this reason, the Pending Home Sales Index is an excellent forward-indicator for housing.

As a real-life illustration, after July's 27% plunge to an 11-year low, Existing Home Sales recovered 8 percent in August. This was not a surprise, though, because July's Pending Home Sales Index predicted it.

Region-by-region, the Pending Home Sales Index varied in August, suggesting better sales levels in the South and West markets:


  • Northeast : -2.9% from July

  • Midwest : +2.1% from July

  • South : +6.7% from July

  • West : + 6.4% from July


That said, real estate markets aren't "regional" -- they're local. Just as there are improving markets within the Northeast Region, there's worsening markets in the West. And cities like Edmond have their own market traits, too.

Overall, buyers are being drawn into housing by low mortgage rates, affordable homes, and ample supply. If the August Pending Home Sales Index is foreshadowing the fall housing market, home prices appear slated to rise.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/pending-home-sales-data-points-to-higher-home

Monday, October 4, 2010

With The Start Of Autumn, An Easy Way To Save On Energy Bills

Ceiling fans lower energy costsWith the start of autumn comes a chill in the Quail Creek air, plus a simple way to drop your home's energy bill. For homeowners with ceiling fans, it's as simple as moving a button.

In this vintage video from The Weather Channel, you'll learn how the blades of ceiling fan are meant to work, and how they amplify a home's heating and cooling systems. You'll also learn the optimal settings for blade rotation, and how to reverse your room's air flow to take advantage.

A quick "cheat sheet":


  • When a home's heating system is on, rotate fan blades clockwise

  • When a home's cooling system is on, rotate fan blades counter-clockwise


Running a ceiling fan consumes a nominal amount of energy as compared to adjusting your home's overall temperature. On a warm day, for example, running a ceiling fan creates a "windchill effect", reducing a room's effective temperature by 4 degrees -- all with the equivalent power of a 100-watt light bulb.

On a cold day, the fan pushes hot air back from the ceiling where it tends to collect.

If your home is without ceiling fans, installing them is inexpensive and easy.  There's videos online to walk you through the steps, or you can call a qualified electrician. Need an electricians name? Call or email me -- I'm happy to offer a referral in Edmond.

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/with-the-start-of-autumn-an-easy-way-to-save

Sunday, October 3, 2010

Friday, October 1, 2010

Open House This Weekend, October 2nd & 3rd 2010 | Muirfield Village Edmond OK

Muirfield Village Open House Saturday October 2nd & Sunday September 3rd, 2010

You are cordially invited to the OKCHomeSellers Team weekend open house in Muirfield Village Edmond OK this Saturday and Sunday.

Time: 1:00 – 5:00

Oklahoma       City & Edmond Open Houses

Three homes are open in Muirfield Village Tuesday’s through Sunday’s from 1:00 to 5:00 along with a furnished model home. Muirfield Village is at NW 162nd and May Avenue, just behind the Paradigm AdvantEdge offices. Addresses are  16256, 16260, and 16316 Morningside Drive.

Location


View Muirfield Village Open House in a larger map

Muirfield Village Photos

 

Hosted this weekend by Charlene Wilson.

Originally posted on okchomesellers.com

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/open-house-this-weekend-october-2nd-3rd-2010

Oklahoma City Market Update

Real Estate Market Chart by Altos Research <a href=www.altosresearch.com" />

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/oklahoma-city-market-update-12

America's Most Expensive ZIP Codes (2010 Edition)

Expensive ZIP codesThe value of a home is based on the basic economic principle of Supply and Demand. When the number of buyers exceeds the number of sellers, home prices rise. Conversely, when sellers outnumber buyers, home prices fall.

There's always a opening price point for negotiation and that figure often factors in specifics like square footage, number of rooms, and finishes and amenities. Location matters, too.

On a ZIP code-by-ZIP code basis, prices can vary wildly and it's tiny, tony 91008 -- located in Duarte, California -- that tops the 2010 Forbes list of America's Most Expensive ZIP Codes. Home to fewer than 1,400 residents of Los Angeles County, the ZIP code's median home cost is $4,276,462.

By contrast, the median home cost across all of Duarte's ZIP codes is just $358,454.

As listed by Forbes, America's 10 most expensive ZIP codes are:


  1. Duarte, CA (91008) : $4,276,462

  2. Atherton, CA (94027) : $4,010,200

  3. Rolling Hills, CA (92074) : $3,892,456

  4. Alpine, NJ (07620) : $3,814,885

  5. New York, NY (10014) : $3,785,445

  6. Beverly Hills, CA (90210) : $3,684,150

  7. New York, NY (10065) : $3,626,001

  8. Belvedere (94920) : $3,283,269

  9. New York, NY (10012) : $3,221,371

  10. Santa Barbara (93108) : $3,151,220


The real estate market is a local one, as evidenced by the Forbes list. Even within large cities like New York, there are areas that stand out from the pack in terms of cost and affordability and the same is true for all cities.

Therefore, when you need local market data for Quail Creek, for example , look past the "national statistics".  Talk to a real estate agent with local market knowledge instead. It's the most reliable way to get data that matters.

After the first of the year, I'll make my 'Most Expensive List' for Oklahoma City as well!

Originally posted at Oklahoma City Real Estate Blog

Submitted by OKCHomeSeller's Posterous via email from http://okchomeseller.posterous.com/americas-most-expensive-zip-codes-2010-editio