Chinese Drywall Problems
July 9, 2009
Drywall imported from China has been blamed for fast metal corrosion, the odor of rotten eggs, and even health problems for new homeowners. The drywall imported from China contains sulfur along with other materials that are not in drywall made in the United Sates found in federal preliminary tests.
The drywall was used in 100,000 homes nationwide as reported by United States Senator Bill Nelson. Many of his constituents complained about the problems found with the drywall in their homes, thus the senator went to work to learn more.
36,000 homes in Florida alone were constructed with Chinese drywall along with several homes spread out across the United States in states such as Louisiana and Virginia, Alabama, Mississippi and California. Recently the drywall was discovered to be different than drywall created in the United States.
The U.S. Consumer Product Safety Commission began looking into complaints and with preliminary research from the U.S. Environmental Protection Agency found the drywall to contain sulfur. Sulfur is not used in the production of drywall in the United States but is used around the world to make such products as matches, black gunpowder, fungicides, and insecticides.
The U.S. Environmental Protection Agency tests showed strontium in the Chinese drywall as well. Strontium is a metallic element that is extremely reactive chemically which if in a fine powdered state can spontaneous ignition at room temperature. The levels of Strontium found in the Chinese drywall was at levels 10 times higher than drywall produced in the United States.
Other organic compounds found by the U.S. Environmental Protection Agency U.S. Environmental Protection Agency that are usually found in acrylic paint include propanoic acid, 2-methyl-, 2,2-dimethyl-1-(2-hydroxy-1-methylethyl) propyl ester • propanoic acid, 2-methyl-, and 3-hydroxy-2,4,4-trimethylpentyl ester.
The tests were only used to find the differences between the Chinese drywall and drywall produced in the United States after homeowners complained of unusual odors, corroding wiring, metal, jewelry and mirrors, and respiratory health problems.
More testing will be done to learn if the Chinese drywall could be the root problem found in the complaints of homeowners across the United States.
Home Staging Basics
September 20, 2008
The new trend in Tulsa home sales is Home Staging, which is an awesome way in which to entice homebuyers and help real estates make a sale quickly. The answer to what home staging is and how it works are listed below. Just by using these easy tips, you will be able to sell your home faster and have satisfied homebuyers.
The number one reason home staging is so appealing is that you will be using techniques that will in fact make your property more attractive to home buyers. Begin with the first thing potential buyers will see when they drive up – the outside of the home and the property. Make it look attractive.
A list of what you should look at and improve on the exterior of your home and property include:
- Trim foliage
- Lay new sod if needed
- Paint the gutter
- Clean the gutters
- Remove clutter from the patios
- Paint the exterior of the home if needed
- Clean the exterior of the windows
- Clean window frames
- Weed the garden area
- Be sure all weed are gone from walkways
- Do not leave dead or dying hanging plants in plain view
- Wash the bricks if needed (in some cases, you might find moss or even mold growing on the exterior of your home)
- Clean the driveway – remove oil stains
- Change burned out light bulbs
Walk out in the street. Is the outside of your home more appealing? Does it look nice day and night? If not, notice what things stand out that make your home unappealing.
Now, on to the interior of your home. As you walk through the front door, look around as if this is the first time you have seen the home. You have to put yourself in the shoes of the homebuyer.
Things you should look at and improve or repair on the interior of your home include:
- Move furniture to be inviting – open feeling
- Paint areas that need painting – preferably neutral colors
- Remove all clutter from tables, bookshelves, and even in your cabinets – Women love to look in cabinets to see how much room is in there
- Check baseboards for chipped paint
- Check doorframes and trim for scuffs – Old English is a big help here
- Change light bulbs if necessary
If you are not sure how to make your home appealing there is a wonderful way to learn these tricks and tips. Many homebuilders use home staging for their model homes. Visit a few to get ideas of how you want your home to look. You will see that the exterior is clean and debris free and the interior will be open without clutter.
These little tips will allow homebuyers to envision their furniture in your home instead of seeing the lived in look.
Tulsa Condo Market
September 18, 2008
The rest of the country may be seeing a soft market, and yes, Tulsa real estate is seeing a soft market as well, however, condos are still selling.
We all realize that there is a nationwide housing slump; however, in Tulsa the new construction and quick sales are bringing about a change in the homes that Tulsans are purchasing. A rise in Tulsa condo sales.
Even though overall the number of Tulsa condos sold last year is just a tad higher than the same time this year, condos are not staying on the market as long as single family homes. As a matter of fact, over the last six months, instead of selling one or two condos in a month the average has escalated to six sold in a month for some properties.
In a few of the communities, we are also seeing less rentals and more owner occupied with at least 70% of the units being in this group. The majority of the condo communities are not seeing any rentals available or very few and as soon as one is up for sale it is gone rather quickly.
Mike Cotril, chief operating officer of Northeast Oklahoma Real Estate Services stated that 201 condos were sold during the month of July whereas only 241 were sold during the first seven months of 2007.
In June, the average Tulsa area condo sold for $97,791 and single-family homes sold for an average of $135,000.
In the Tulsa area, the condo communities have been considered a niche market with what is known as tenant owned interiors and manager owned exteriors. The Tulsa County Assessor’s Office has estimated the number of condos in Tulsa County to be at 6,823 at this time.
Tulsa may be a bit behind the times with these types of communities and many moving here from other large cities are looking for condo communities. Tulsa has not seen the construction of the condo communities since the 1980’s and does have a smaller ratio than most other metropolitan areas.
The majority of homebuyers seeking to purchase condos in the Tulsa area are younger professionals that desire a home but like the idea of a cheaper home with all the amenities and older citizens that like the idea of less maintenance.
Along with the attention condos are getting for many reasons, the tighter mortgage market is a key factor. The price of condos are so much less than single-family homes, homebuyers enjoy paying less even if they have a higher interest rate. A low monthly mortgage payment is a huge determining factor for many that wish to stay in a budget while purchasing a home.
New construction is underway in various locations around Tulsa converting, renovating older buildings, or building from the ground up for new condo communities throughout the Tulsa area.
First Time Homebuyers Questions Answered Part 2
September 2, 2008
Finding a Lender
Finding a lender may be the hardest or most confusing part of purchasing a home. The various establishments that offer home mortgage loans include banks, credit unions, savings and loan companies, private mortgage companies, and state government lenders.
Remember, if you were shopping for a new car, you would shop around and find the best deal for the car you desire. The same goes for finding a lender. All lenders have different criteria, offer different type of mortgage loans, offer different interest rates, and loan fees.
You can find a lender in a variety of ways. You can talk with you own bank, check through the yellow pages, search online, or talk with your real estate agent. In most cases, your real estate will be able to give you ideas of lending companies they normally work with that might be able to provide you with the type of mortgage loan you desire.
What other costs will I incur besides the monthly mortgage payment?
Of course, you will have to pay your utilities such as waters, sewage, gas, electric, and telephone. If these were included when you were renting you should be aware that now that you own a home, you will be responsible for these payments as well. In most cases, you can talk with your real estate agent to learn the average costs from the previous owner or if it is a new home, what others might be paying in the area for the same size home.
If you are moving into a community such that has a homeowners association, you will be required to pay dues for upkeep of the community. Some of these dues pay for upkeep of a community swimming pool, lawn care, and even storage facilities on the property.
Property taxes and insurance are other payments, but in most cases, these are included in with the mortgage payments. You should talk with your lender to ensure these are included and if not to learn how much the payments are and when they are due.
What the mortgage payment covers
Your mortgage payment will include:
- The principal – the amount that you borrowed to purchase your home.
- Interest – this is the payment to the lending company for the money you borrowed to buy the home.
- Insurance – to insure the home and property against fire and other hazards.
- Taxes – These property taxes are paid to the city and county.
What to take when you apply for a mortgage loan
- Social security numbers for yourself and spouse if they will be on the loan.
- Checking and saving account information for the last 6 months.
- Information of all other assets such as bonds or stocks.
- Paycheck stubs for proof of income.
- Credit card information.
- Outstanding loan information.
- 2 years income tax statements.
- References for employment.
In some cases, you may need more information, but these are the basics that you should bring with you when you apply for a mortgage loan.
Tulsa Real Estate Market
August 28, 2008
During the second quarter, median home prices fell across the United States, however, in the Tulsa real estate market, as reported by the Greater Tulsa Association of Realtors prices went higher.
The report showed that in June, the Tulsa area median home price was at $135,000 which was a .7% higher than May at $134,900 and was higher than one year ago in June 2007 of 2.3% increase. In June of 2007, the median home price was $132,000.
What does this say for the Tulsa area? What makes Tulsa different than the rest of the country? Well, to be honest, homes throughout Oklahoma are not as expensive as other states and are more affordable for the working class. Not to say that there are not million dollar homes in the state, as there is a wide range of homes for all walk of life in the state of Oklahoma. Overall, Oklahoma did not feel the major real estate bubble burst as was felt across America.
Tulsa Homes Are A Good Buy
Tulsa, Oklahoma has fought the good fight and is now reaping the rewards in the Tulsa real estate market. There are condos, single family homes, golf homes, and any other type of home you can think of in the area all at reasonable prices. If you look at the median price of a home in the Tulsa area and compare it to lets say Atlanta Georgia you will soon realize that you can get more for your money in Oklahoma. The same size home and features would be triple the cost in Atlanta over Tulsa.
If the real estate bubble has burst, keep it quiet. Oklahoma and especially Tulsa is not feeling the full effect as of yet. Home sales may be a bit slow and they may stay on the market a tad longer than normal, however, homes are selling and sellers are getting their asking price.
Other states are noticing more home sales; however, this is due to the dramatic drop in the median price and the amount of foreclosures. Many sellers are selling their homes for far less than what their home is worth.
Summary
A look ahead for Tulsa. With housing prices going up and a strong economy in Oklahoma, means that overall Oklahoma is battling this market crisis pretty well considering what is happening around the country. Maybe others should look into what is different in Tulsa and learn how to make it through this crisis and come out winners.