Laci Jo Littleton-Gomez, a realtor with I Sell Houses, describing the situation said even with a limited number of properties on the market, and a larger number of people interested in buying the real estate market in Southern Oklahoma has been booming.
she says there are a lot of shoppers but not many buyers, so it’s definitely a wonderful time to sell, if you have a property to list, you can make lots of money.
And if you need to sell your home to purchase another home to move into, she says one needs to plan well and strategize.
Tyler Mikrot, a realtor with I Sell Houses, noticed that the market for land is more competitive than the market for housing.
Mikrot said that the major reason for the land prices going up is because of the cannabis farms coming in.
Many people loaded with cash from out of state come in to grow cannabis. these people are able to pay the above list price.
So localities who are looking to buy land but do not have that kind of finance, get pushed out of the market.
If someone is looking to buy a home Mikrot advises them to get in touch with a local agent, who knows the market, what is going to get listed soon, and also knows what’s currently under contract.
Just like the buyers market the rental market is too is busy said Littleton-Gomez who has a property management company with over 90 properties, and most of the time there are zero vacancies, and the market is so tight that as soon as one gets vacant it gets rented immediately.
Reference Source: Ardmoreite
https://www.compareclosing.com/mortgagenews/southern-oklahoma-housing-market-experiencing-boom/
What are Mortgage credit certificates?A mortgage lender gives a document to the borrower which converts a portion of the mortgage interest paid by the borrower into a non-refundable tax credit this document is known as a mortgage credit certificate or MCC.A mortgage credit certificate (MCC) program can be used by low- or moderate-income homebuyers to help them purchase a home.Either loan brokers or the lenders themselves can issue, mortgage credit certificates but they are not a loan product.The working of mortgage credit certificatesWhen first-time homebuyers qualify for a home loan a mortgage credit certificate helps them by reducing their tax liabilities below what they would otherwise have to pay.Sometimes the term “mortgage credit certificate” is used to refer to the tax credit that an eligible borrower receives.For a portion of the mortgage interest, they pay each year the borrowers can receive a dollar-for-dollar tax credit.Every year the borrowers can get a maximum tax credit of $2,000.A formula is used to calculate the exact amount of the tax credit a borrower will receive by taking into account the mortgage amount, the mortgage interest rate, and the mortgage credit certificate percentage.Depending on the amount of the original mortgage loan the credit rate percentage is calculated.The process of mortgage credit certificateAfter the purchase, the contract has been signed, but before the time of closing, borrowers apply for mortgage credit certificates with the originating lender.A non-refundable fee is charged for the service of the mortgage certificate program by the party administering it.There is a validity of up to 120 days for the state or local approval and it can be transferred to another property in case the current loan does not close.Homebuyers must qualify for income and purchase price criteria to take advantage of the mortgage credit certificate program.A portion of the monthly mortgage payment can be balanced and saved by reducing the buyer’s federal tax liability, with the help of a mortgage credit certificate and tax breaks.Borrowers now with this reduced tax liability can qualify for a loan during the initial approval process.Once they obtain a mortgage credit certificate, and as long as the borrower remains in the home and occupies it as his principal residence he can take advantage of the tax credit every year.In most cases, the mortgage credit certificate can be reissued if the borrower refinances the loan.How to qualify for a mortgage credit certificate?A borrower must contact an eligible Participating Lender, to see if they are eligible for an MCC.Advantages and disadvantages of mortgage credit certificateLike every program MCC too have there pros and cons.The advantages of MCC are: All the states offer a mortgage credit certificate program.Every state offers a tax credit for first-time homebuyers or people who are purchasing a home in an economically distressed area through access to the federal program.
there is a cap at a maximum of $2,000 for their savings and this credit is available to the homeowner for every year.So a homeowner can save $10,000 on their taxes after spending five years in the home.
If he stays there for 10 years, then the saving is $20,000.
One can still qualify for this program even if they are divorced or are renting out another home.
Till the borrowers, the financial situation can stabilize there may also be opportunities for grants, low-interest loans, or defer payments for a specific period.No need for a perfect credit score to qualify.Most states will let a borrower qualify for a mortgage credit certificate with a credit score of less than 700.
And if a borrower makes more than $86,000 for a family of four, then they may not qualify for a mortgage credit certificate.The property must qualify to specific health and safety stipulations as a mortgage credit certificate is usually treated as a first-time home buyer arrangement program.
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The amount of overall cost of repair, workload, damage and replacement materials are reduced by identifying the problem early.
So to check your house okc roofing makes it a habit for any necessary improvements needed.And when it comes to letting you enjoy your roofing for decades and preventing the problem they know bet and don't be afraid to ask help from the professionals.So most homeowners encounter the roofing problems and know how to deal with them.Moisture and Leaks DamageTo the fact that the greatest portion of roofing problems is as a result of moisture damage and leaks, Roofer companies will attest.
As a result of excess snow, rainfall, hail, ice or and such weather phenomenon, the moisture often accumulates.Over time, the water affects the Oklahoma City roofing structure and starts to leaks if left uninspected, which safety of the homeowner and compromises the structural soundness.Poor Installation, Repair, and MaintenanceOne of the most common roofing problems is presented by this and the hidden cause for most other roofing problems.
Repair, maintenance, and Poor installation often increase the chances of the occurrence of other roofing problems such as pooling water, leaks and so on.On the severity of the low standard of repair, maintenance or installation, the extent of consequential damage is dependent.This is why to hire only the best roofers in your area, it's every important.
The installation, first and foremost, should be done as thorough as possible, seeing to it that the roof's quality and position will stay for a long period of time.To conduct a regular maintenance check on their property's Oklahoma roofing, it is the homeowner’s job when it comes to maintenance.
So as to prevent little problems become bigger, this is best done annually.
