Quit Claim Deeds

Quit Claim Deeds

 

A lot of people that own land or Lots typically transfer ownership via a Quit Claim Deed. Which if done correctly is not a problem at all. However with the internet making form so readily available I am seeing more and more deeds that are completed incorrectly or not filed.

In the last 2 months I have run into these type problems in several forms. One person use commas (,) in the legal description of land instead of the word “of”  i.e. Northwest ¼ of the Northwest ¼ –NOT—Northwest 1/4,Northwest 1/4 . Another common mistake is the use of the owners names John Doe and Jane Doe need to have a further description behind the names. i.e. John Doe and Jane Doe Husband and Wife or John Doe and Jane Doe single persons.

Another common problem we have been seeing is a tract of land being deeded off to someone else after a bankruptcy of divorce has been filed. I don’t think these were done to hide anything from the bankruptcy or divorcing spouses at least not in the case of the one I have run into lately. But if the Quit Claim Deed transfer takes after the date of the bankruptcy or divorce filing it now has a cloud on the tile. In the case of a bankruptcy the bankruptcy will have to be reopened and the property dealt with. In the case of t a divorce the ex-spouse will have to sign a new quit claim deed.

And the final problem is someone give you a quit claim deed and you do not file it at the county court house in the county the land is located in you may or may not have legal ownership, I will leave that to the attorney’s.

The bottom line is have an attorney or title company review it for you and check to make sure no leans have been levied on the property before you take ownership. The small fee they would charge you will save you a big headache and possible legal fees in the future.

 

April Housing Market Tulsa, Oklahoma Metro Area is Booming. The following stats will give you an idea why you should list your home now IF you are thinking of selling it. Broken Arrow home Value from $100,000 – $200,000 has a 1.54 months supply, $200,000 – $300,000 has a 3.95 months supply in the April housing market. That means if your home should sell if priced properly within 1.54 months or 3.95 month respectfully April Housing Market , Wow you better be ready to move. Broken Arrow is not the only hot spot Jenks $100,000 – $200,000 has a 1.70 month supply, $200,000 – $300,000 has a 3.68 months supply. Bixby $100,000 – $200,000 has a 2.12 months supply, $200,000 – $300,000 has a 3.89 months supply. Lastly Owasso $100,00 – $200,000 has a 1.50 month supply and $200,000 – $300,000 has a 2.88 months supply of homes on the market April Housing Market . And all the other metro cities and Towns have similar numbers from Collinsville to Skiatook to Glenpool, Sapulpa, and Sand Springs.

Interest rates are still favorable, but remember as our economy keeps getting stronger the rate will keep rising which in reality is a good thing. So if you are thinking about buying or selling now is a really good time to get started. The Bigelow group would by happy to meet with you to go over this information or anything else to help you decide if now is the right time for you to put you home on the market. I also want to remind you we are never to busy for a referral – so if you know a Family member, Friend, Co- Worker or neighbor thinking of selling or buying please refer us to them our website www.jimbigelow.com of just have them call Jim Bigelow 918-640-4657 / Jim@jimbigelow.com or my daughter Lindsey Stucky 918-269-7652 / Lindsey@jimbigelow.com

 

Real Estate Market

Good morning Northeast Oklahoma. I have to remind everyone of the obvious … Tax filing deadline is April 15th which is only 13 days away.

But on a happier note good news for the housing market as the Fed’s Freddie Mac’s average interest rate has stayed at 4.06% for a 30 year mortgage last month it was 4.28% and 2018 end was 4.95%. this news is especially great news as nationwide the existing home market saw sales jump to 11.8% in February, which is the largest gain since 2016.

So if you are considering listing your home in the Tulsa metro area this would be the time to call me and discuss what your house may be worth on today’s market.

Spring Preperation

Okay, now that daylight savings time has come and gone we should all be acclimated and full of energy again. so it is time to prepare for spring by following these quick reminders.

Clean Gutters and down spouts before the spring rain comes.

Have your mower serviced as it wont be long until you need it.

Replace the batteries in your smoke detectors/fire alarms.

Have your air conditioner checked and serviced.

Run your lawn sprinkler system and check for defective heads and broken pipes.

call an exterminator to check for swarming termites.

Have your clothes dryer exhaust cleaned – leading cause of house fires.

Reseal & paint bare exterior wood/

Vacuum & Rotate your mattresses

Check your fire extinguisher to make sure it is fully charged.

Now once you have done all of these items enjoy the spring and summer months.

Okay Tulsa, Oklahoma the Federal Reserve announced that the Fed officials would take a (patient approach) to future interest rate moves. Jerome Powell Chairman of the Federal Reserve commented on economy by stating it is healthy, but did note some conflicting signals along the last several months.  Powell also commented inflation was not a concern with respect to Wage growth.

In addition president Trump decided postpone the 15% tariff increase on additional Chinese imports that were supposed to go into effect in March. Officials said the Tariffs are suspended until further notice.

With all of this good new the BAD news is the housing supply of home for sale in the Tulsa metro area are in short supply. In others word we need listing.

Tulsa county provides a Homestead Act provision that allows a homeowner to freeze the Taxable Fair Cash Value of their home if you meet certain qualifications.

First you must qualify for homestead exemption – which is  easy you must own your home and be living in it as of December 31, of the previous year.

You must also be the head of the household.

You also have to reach the age of 65 years old  on or before December 31

Household “GROSS” income cannot be greater than the H.U.D. qualifying income for the prior year. The 2018 H.U.D. median income was $67,100 so the qualifying income for 2019 property tax year is $67,100. to prove this you will be required to provide all w-2 forms and 1099 forms for everyone living in the home for the last calendar year when you apply.

To apply you may do it in person at the Tulsa County Assessor’s office between 8:00 am – 5:00 pm Monday thru Friday, OR by mail OR  in January at field offices for a great convenience.

 

For more information or a copy of the current Senior Valuation Limitation requirements and application please feel free to call me and i will provide copies.

Total Homes For Sale In Tulsa Metro

The following chart is a breakdown of all the homes for sale in the Tulsa Metropolitan area by price range. It show all the Homes listed which is the total of the Home pending (Sold but not Closed) plus  the Active homes (still available). in the listed school districts below.

Total Homes For Sale In Tulsa Metro Area = 3,663
              Price Demand Closed
                Range T.O.M. Supply Active Pending < 6 Monthes
$0 $49,999 100 2.73% 3.45 69 2.47% 31 3.55% 174 3.35%
$50,000 $74,999 124 3.39% 3.70 74 2.65% 50 7.80% 201 3.86%
$75,000 $99,999 148 4.04% 2.93 92 3.30% 56 6.41% 303 5.00%
$100,000 $199,999 1,214 33.14% 2.95 830 29.75% 384 43.99% 2,466 47.41%
$200,000 $349,999 1,160 31.67% 4.72 942 33.76% 218 24.97% 1,474 28.34%
$350,000 $499,999 492 13.43% 7.15 416 14.91% 76 8.71% 413 7.94%
$500,000 $999,999 326 8.90% 13.40 280 5.00% 46 5.27% 146 2.81%
$1,000,000 UP 99 2.70% 24.75 87 3.12% 12 52.00% 24 0.46%
3,663 100% 2,790 95% 873 153% 5,201 99%
-44.36% -35.29% -14.85%
Per NORES MLS system for school districts 1,2,3,4,5,6,7,9,,10,11,13,28,30,49,50
Market Status Information

Fell free to call me if you would like to discuss anything about this chart or any other real estate questions

 

Jim Bigelow

Coldwell Banker Select

Tulsa Oklahoma

918-640-4657

Jim@jimbigelow

Outstanding new Construction home by Casper Homes. Covered front Porch and Patio, Hardwood flooring in entry,living, kitchen and dining. Living room has a cathedral ceiling, mud-room features a built-in lockers & bench. Master suite has an amazing walk in closet. Upstairs has 3 bedrooms sitting & study area and a game room. Full sprinkler system and alarm. # house from the neighborhood pool. You have to see this house.

HOME SALES AND PRICES UP!

 

            As the chart below shows, during the first half of 2017 home sales and prices are up when compared to same period in 2016. In fact, both the number of home sales and average sales prices are on a record pace.

 

                                                                Avg.

                                                         # Closed                +/- %                        Sales Price                  +/- %

 

Entire MLS                              9126                +  4.3%            $175,581                     + 7.2%

5 County                                  6826                +  5.6%            $191,997                     + 8.0%

Tulsa Schools                           1814                +  3.7%            $167,869                     +11.9%

Broken Arrow Schools             1152                +  6.7%            $194,453                     +  9.2%

Jenks Schools                             590                +15.2%            $286,988                     +  4.3%

Owasso Schools                         528                +  6.0%            $227,072                     +  4.3%

Union Schools                            497                –  6.9%             $174,960                     +  5.3%

Bixby Schools                            417                + 7.2%             $292,251                     +  6.7%

Claremore Schools                    211                +27.9%            $139,781                     +  5.9%

Coweta Schools                         156                +28.9%            $181,039                     +11.7%

 

*Note: If your Home area is not in one of the school districts shown above, you

                         should call me so I can get the numbers for your school district and include them

                        for you. 

 

Jim Bigelow 918-640-4657

Broker Associate

Coldwell Banker Select

jim@jimbigelow.com

www.jimbigelow.com

 

What is a first response certificate? Well in Tulsa and Broken Arrow Oklahoma as well as other cities around the State it is a permit or fee to register your alarm system with the city’s emergency management system.

Instead of fining owners for excessive false alarms, the city now stops providing an immediate Police response unless certain conditions are met.

A first response certificate that is not renewed within ninety 90 days after its expiration shall not be renewed. CITY OF TULSA Application for First Response Certificate. Complete all sections of the application and submit it to City of Tulsa Business Licensing with the 30.

The costs of these vary by city but generally cost $30.00 per year.

Bottom line is that if you don’t have a certificate/Permit the Police are not responding to your next alarm. The bad thing is most people don’t know this even though alarm companies tell us about it when they install or activate a new system or user. It just seems to be one of those things that goes in one ear and out the other so to speak.

Take 5 minutes and google your city no matter what state you live in to see if you are required to have a First Response Certificate or similar permit. You will be glad you did some day.