The Difference Between an Inspection and an Appraisal

 
 

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with.

While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:

A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”

If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.

Home Appraisal

While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:

“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”

Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth.

And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap.

Bottom Line

The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Connect with an agent today so you have expert guidance from start to finish.

Read more at KeepingCurrentMatters.com

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Where to Watch Fireworks in OKC

 
 

Who doesn’t love a great fireworks show?

We may be biased (we are) but we think Oklahoma’s gorgeous, wide-open skies give any fireworks show a little extra pop. See what we did there? We’ve rounded up some of the best fireworks shows in Oklahoma City, and we’ve come up with some terrific, out-of-the-box spots to watch them. Fireworks fun starts in late June and runs through the 4th of July and later!  

Looking for Oohs and Aahs? Here’s where to see the best fireworks in OKC. 

 Firework Shows

STARS & STRIPES RIVER FESTIVAL

After an exciting day in OKC’s Boathouse District, you’ll be ready to relax and enjoy one of the city’s best fireworks shows almost two weeks before the 4th of July. Head over early and watch rafting, rowing, kayaking and dragon boat racing at Oklahoma City’s annual Stars & Stripes River Festival. When you’re not watching the action, enjoy hands-on fun including RIVERSPORT adventures – surfing, rafting, climbing, tubing and more – plus great food and yard games. The fun ends with fireworks Saturday, which are extra reflected on the Oklahoma River. Admission to the festival is free; parking is $10.   

 

RED, WHITE & BOOM

Join the OKCPHIL and Maestro Alexander Mickelthwate for a Red, White & Boom at Scissortail Park in downtown OKC. Bring your blankets, lawn chairs and the whole family to enjoy a lovely evening outside with beautiful, inspiring music, followed by fireworks! 

 

FIREWORKS AT THE FLAGPOLE

Gather at the Bricktown Flagpole Plaza for a free night of festivities! Special performances by The Oklahoma Opry Band and other special guests will make this the perfect place to watch the Red, White & Boom fireworks display. Food & Drink will be available at Oklahoma Craft and throughout Bricktown.

 

SIX FLAGS FRONTIER CITY JULY 4TH FESTIVAL

What do we love even more than roller coasters? Fireworks! Celebrate the independence of our beautiful country, and experience the thrill of freedom at Frontier City's July 4th Festival. The park will stay open extra late - until 10 p.m. – on July 4, 5 and 6 so you’ll have plenty of time to ride all the rides, enjoy all the snacks and then catch great fireworks show! 

 

OKLAHOMA CITY BASEBALL CLUB (FORMERLY OKC DODGERS)

While you can certainly catch a great fireworks show after the OKC vs. Las Vegas Aviators game on July 5, you definitely don’t have to wait that long. Fireworks fans can enjoy post-game fireworks shows every Friday during the season! 

 Insiders’ scoop: if you love grabbing a blanket and watching fireworks from ‘ground zero,’ that’s terrific. If you’d rather enjoy, say, a rooftop martini while oohing and ahhing, here are a few spots to try. 
 

Vast

For the ‘glamping’ version of fireworks watching, this special, fine dining spot perched at the very top of Downtown OKC’s Devon Tower cannot be topped. Patrons can enjoy panoramic views of the city. Call ahead and ask for a table with a view of the fireworks show you’re interested in, sit back and enjoy! 

O Bar

At the top of Midtown’s Ambassador Hotel is a sophisticated little bar with outstanding cocktails, delectable bites and a wrap-around outdoor space so you can see fireworks from the north, south, east or west. 

Social Capital

Their rooftop deck is a phenomenal spot to catch the fireworks show at Scissortail Park. Located on the west side of the park, with excellent views and 110 mostly-local craft beers, great cocktails and delicious nachos, salads, tacos and wraps, Social Capital is a capital idea indeed.   

Enjoy! 

 Discover more Fourth of July inspiration.

Read more at VisitOKC.com

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5 Confidence-Building Strategies to Empower First-Time Homebuyers

 
 

Are you a first-time homebuyer feeling overwhelmed and unsure about the home buying process?

Don't worry, you're not alone. Buying your first home can be an intimidating experience, but it's also an exciting milestone in your life. We want to help build your confidence as you embark on this journey towards homeownership. In this guide, we'll share five strategies that will empower you as a first-time homebuyer, so you can approach this process with knowledge and confidence. 

Educate Yourself
One of the most important things you can do as a first-time homebuyer is to educate yourself on the home buying process. This includes understanding the different types of mortgages, knowing what costs to expect, and familiarizing yourself with real estate terminology. By educating yourself, you'll be able to make informed decisions and avoid any surprises along the way. There are plenty of resources available, such as online articles, books, and workshops, that can help you learn about the home buying process.

Buying a home can be a fun and exciting experience, especially when you do it as a team. If you're buying with a partner or spouse, involve them in the process from the beginning. This not only allows for equal decision-making but also ensures that everyone is on the same page. When both parties are involved and working together, it can make the homebuying experience more enjoyable and less stressful.

Set a Budget
Before you start looking at homes, it's essential to know how much you can afford to spend. This will help narrow down your search and prevent any disappointment or financial strain later on. Take the time to sit down and calculate your monthly income, expenses, and savings. This will give you a clear idea of how much you can comfortably spend on a home and the associated costs.

When setting your budget, be sure to be realistic. Don't forget to factor in additional expenses such as property taxes, insurance, and maintenance costs. It's also crucial to consider your future plans and potential changes in income or expenses. While it may be tempting to stretch your budget for a dream home, remember that being financially comfortable is more important in the long run.

Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage is an essential step in building confidence as a first-time homebuyer. It involves meeting with a lender and providing them with your financial information to determine how much they are willing to lend you. Pre-approval will give you a clear understanding of your budget, making it easier to shop for homes within your price range.

It's recommended to get pre-approved for a mortgage at least three to six months before you plan on purchasing a home. This will give you enough time to shop around for different lenders, compare interest rates and terms, and make an informed decision. Plus, having a pre-approval letter in hand will show sellers that you are a serious buyer and can potentially give you an advantage in a competitive market.

Work With a Real Estate Agent
As a first-time homebuyer, working with a real estate agent can be incredibly beneficial. They have the knowledge and experience to guide you through the home buying process and provide valuable insights into the local market. A good real estate attorney or agent will also advocate for your best interests and help you find the right home for your needs and budget.

However, not all real estate agents are created equal. It's essential to do your research and find an agent who has experience working with first-time homebuyers and comes highly recommended. Look for someone who is transparent, responsive, and willing to answer any questions you may have. Don't be afraid to interview multiple agents before making a decision, as it's crucial to find someone you feel comfortable working with.

Trust Your Instincts
At the end of the day, remember that this is your home, and it's essential to trust your instincts. Don't feel pressured to make a decision that you're not comfortable with, and don't be afraid to walk away from a deal if it doesn't feel right. Trust yourself and the knowledge you have gained throughout this process.

While you should trust your instincts, it's also essential to be aware of any warning signs during the home buying process. Some red flags to look out for include overly pushy real estate agents or sellers, homes with a history of major repairs or issues, and properties that are priced significantly higher than similar ones in the area. It's also crucial to thoroughly inspect a home and do your due diligence before making an offer to avoid any unexpected surprises. If something doesn't feel right, don't be afraid to step back and reassess the situation before moving forward. Though you may not have the experience, your instincts are a valuable tool in the home buying process, so don't ignore them.

Buying your first home is an exciting and significant milestone in your life. It's normal to feel overwhelmed or unsure, but by following these five strategies and staying informed and confident, you can successfully navigate the home buying process. Remember to educate yourself, set a budget, get pre-approved for a mortgage, work with a real estate agent, and trust your instincts. With these tools in hand, you'll be well on your way to becoming a confident first-time homebuyer! 

Read more at Rismedia.com

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Is White Boxing Really the Best Way to Prepare a Home for Sale?

 
 

For years, the general rule of thumb when prepping a home for sale that requires improvements has always been to just "white box" – essentially, paint everything white – from the walls and ceilings to the kitchen cabinets and built-ins.

The purpose is to clean the slate so the original condition no longer risks offending prospective buyers. White walls, cabinetry, doors, simple hardware and clean floors leave room for the imagination to run wild and attention to focus on the home's potential rather than the objectionable condition. However, many fail to realize this is not a one-size-fits-all approach. So often, white boxing a kitchen will draw unwanted attention to its flaws when an alternative color palate could easily mask the defects we aim to disguise.

Furthermore, buyers have grown somewhat tired of the stark and cool impact all-white spaces can have on the senses. Expectations and preferences are changing, and it's critical to be conscious of these changes. What was once a seamlessly reliable and failsafe system now risks coming across as profoundly ordinary and potentially undesirable altogether.

The Case for White Boxing 

While the white box approach may not be suitable for all homes, it still has its merits, particularly for those in poor condition that lack meaningful charm or character. Conceptually, whites are often synonymous with freshness and newness.

For homes that lack unique or special attributes, such as crown molding and wainscoting, arches, oversized windows or soaring ceilings, it is important to represent a blank canvas worthy of a buyer's artistry and personality. The intention is to avert deleterious first impressions so prospective buyers won't have to waste time struggling to see past neglect and dereliction.

Brutalized kitchens and bathrooms, paint peeling from the walls and ceilings, and lacerated floors are impossible to ignore and distract from the positive. Often, negative first impressions will linger and interfere with one's ability to consider a home's latent potential, ultimately leading to apathetic interest and lack of appreciation for the home's more resounding attributes.

Think About Buyer Preferences and Market Trends 

Most buyers today are focused on turnkey properties, unwilling to consider homes requiring even the most straightforward modifications. The goal for preparing a home for sale should focus on producing the best possible presentation for the smallest feasible investment.

In some cases, embracing the purity of white boxing offers a tantalizing blank canvas for eager buyers. However, for homes of distinguished pedigree that have not been maintained, a fervent dedication to restoration and revelation is imperative. It's not solely about the home's condition, but also about understanding current buyer preferences and market trends specific to certain style homes. Understanding when to restore timeless original parquet flooring in lieu of installing 7-inch wide oak planks or when to choose antique brass finishes versus polished chrome or nickel is paramount. By doing so, we can ensure that our strategies align with the needs and wants of potential buyers, increasing the chances of a successful sale.

Traditional Homes: Know What to Preserve 

Traditional homes, imbued with history, often require the most careful attention to detail. Making the appropriate selections to modify and improve the home's presentation properly will deeply influence how buyers respond. Knowing what to preserve and how to preserve it is critical. From crown moldings to wainscoting to parquet flooring to ornate doorknobs and gilded chandeliers, there are so many elements to a traditional home that must be gently safeguarded. Given that today's buyers seek the extraordinary, skillfully blending tradition with modernity can be transformative. Implementing rich jewel tones and contemporary wallpapers in kitchens, bathrooms and accent walls can achieve this dramatic effect. Jewel tones, such as emerald green, sapphire blue and ruby red, bring depth and richness, creating vibrant and alluring atmospheres. When paired with contemporary wallpapers featuring bold or textured designs, these colors can enhance any room's visual interest and character.

Using rich jewel tones for your kitchen cabinetry, or even just for the lower cabinets, can bring elegance. In bathrooms, these tones can add spa-like or hotel qualities, transforming a mundane area into an exciting retreat. Accent walls in living areas and bedrooms can serve as focal points, drawing attention and adding a touch of drama. Rich jewel tones and modern wallpapers can achieve a striking effect, blending traditional charm with contemporary flair.

Bring Out the Kitchen's Full Potential 

Let's consider a traditional rundown kitchen: Typically, you'll find dark and heavy but solid wood upper and lower cabinets in desperate need of sanding and restaining, with dark-speckled granite countertops sandwiched in between. Maybe you'll come across cracked tile flooring, worn kitchen taps and broken cabinet pulls and knobs. If we used the white box method, we would simply paint all the cabinetry white and replace the existing taps, basins and any other hardware with builder-grade polished chrome substitutions. While this would provide a necessary refresh, it may fail to highlight the kitchen's full potential and its most unique features.

Instead, by embracing the spirit of the home and leaning into its origins, we can offer something refreshingly different for buyers to consider. White uppers coupled with rich lowers will not only brighten the existing countertops but also facilitate the necessary fashion buyers are searching for. Choosing the simple yet sophisticated antique brass hardware for your taps and pulls will instantly tie everything together. Rather than installing your average run-of-the-mill flush mount ceiling fixture, opt for something with a touch of panache that complements your hardware selections.

Rich Hues in the Bathroom 

In bathrooms, similar principles apply. Instead of opting for a stark, all-white look, consider rich hues in the navy blue or hunter green families for accent walls or vanities paired with modern, patterned wallpapers to create a spa-like retreat. Updated brushed gold or antique bronze fixtures can complete the look, making the space feel current yet everlastingly luxurious. In bathrooms, more so than any other room in a home, light fixtures act as jewelry; it's the finishing touch. Carefully selecting the right jewelry is imperative; it can easily make just the right bold statement to intrigue buyers.

Consider Each Property’s Unique Characteristics

White boxing has long been a standard practice in preparing homes for sale. However, it's essential to recognize its limitations in today's evolving market. While it may work well for some properties, particularly those lacking in distinct charm or character, it's not a one-size-fits-all solution. Buyers' preferences are changing, and they often seek homes with personality and uniqueness.

For traditional homes with historical significance, preserving and enhancing their distinctive features is crucial. By incorporating rich hues, bold finishes and thoughtful design details, you can showcase the full potential of any space and leave a lasting impression on potential buyers.

Ultimately, the key to preparing a home for sale lies in understanding its unique qualities and aligning your approach with current market trends and buyer preferences. By carefully considering each property's individual characteristics and making strategic design choices, you can maximize its appeal and increase the likelihood of a successful sale.

Read more at RealEstate.USNews.com

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Do Elections Impact the Housing Market?

 
 

The 2024 Presidential election is just months away.

As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.

It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a major event might impact your plans.

Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.

Home Sales

During the month of November, in years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains:

“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal.

This is mostly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s important to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year.

In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the next year (see graph below): 

 
 

The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.

Home Prices

What about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst Ryan Lundquist puts it:

“An election year doesn’t alter the price trend that is already happening in the market.”

Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below): 

 
 

Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.

All the green bars represent when prices rose the following year. So, if you’re worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.

Mortgage Rates

Mortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below): 

 
 

Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.

What This Means for You

So, what’s the big takeaway? While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:

“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”

For most buyers and sellers, elections don’t have a major impact on their plans.

Bottom Line

While it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have questions, reach out to a local real estate agent. They’re here to help you navigate the market, election year or not.

Read more at KeepingCurrentMatters.com

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