Thursday, June 28, 2012

C&C Call Me Maybe

At Chinowth and Cohen, we take our day-to-day work seriously, giving our clientsthe very best service in Oklahoma! That's why we are known as Oklahoma's "Elite" Realtors.  We had a blast last week creating the video below   Take a look, let us know what you think and pass it on to a friend! 

Harvard Baseball Team's video to Carly Rae Jepson "Call Me Maybe" inspires Realtors with Chinowth & Cohen in Tulsa, Oklahoma during a sales meeting. This is great!!
Copyrights of the song playing in the background belong to Carly Rae Jepson and her record labe

Linda  Smalley, Sales Associate, South Tulsa Office
Personal Cell 918.630.8431
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Monday, June 11, 2012

Is it a Gift or Inheritance?

Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.

When a person inherits property, the basis is “stepped-up” to fair market value at the time of the decedent’s death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.

As an example, let’s say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the property eventually. In an effort to settle things early, unnecessary income tax may be incurred.

If the home was purchased for $20,000 and worth $100,000 at the time of transfer, there is a possible gain of $80,000. However, if the adult child inherited the property at the time of the parent’s death, their new basis would be $100,000 or the fair market value at the time of death and the possible gain would be zero.

This is meant to be an example and many other variables could be involved. If you’re concerned about a situation, you should seek specific advice from a tax professional and your attorney.

As always, I’m here to help you as your real estate professional. If you find you are in a situation where you wish to sell the property, I can guide you through the process of getting the home ready to sell.  I have a team of reliable, reputable and reasonable resources from cleaning, staging, hauling, repairs and estate sales that can help you through what is sometimes an overwhelming process. 

I am always available to answer your real estate questions. 

Linda Smalley, Tulsa Real Estate Agent    918.630.8431
Chinowth & Cohen Realtors, Tulsa

Visit my website for more real estate topics at Linda Smalley Homes

Tulsa Area Real Estate Specialist - Tulsa Roots. Tulsa Knowledge. Tulsa Experience.

Tuesday, June 5, 2012

Area home sales continue upward trend

April's numbers are up 12.4 percent from the same month last year.

Tulsa-area home sales rose yet again in April, continuing 2012's strong improvement over last year.
The Greater Tulsa Association of Realtors reports that 1,028 homes were sold in April, up 3.6 percent from March and an increase of 12.4 percent from April 2011.
The 3,748 homes that were sold in the first four months of 2012 represent a 20.1 percent increase from the same period last year.
Rodger Erker, president of GTAR, said people shopping for homes are getting more enthusiastic.
"If buyers are seeing things they like, they're jumping on it," he said. "They're not delaying their decisions. We haven't had that in a long time."
Erker said his personal sales at McGraw Realtors are up 62 percent this year.
The month was the third-highest April in the past five years, behind the 1,060 homes that sold in April 2008 before the market began to collapse, and the 1,170 in April 2010 during the final days of a federal tax credit for first-time home buyers.
Erker said the improvement is due to a combination of low interest rates, a relatively low local unemployment rate, reasonable prices and improved consumer confidence.
Pending listings, which indicate purchases that are under contract, rose to 1,299 this April from 951 a year earlier. That was the second-highest month for pending listings in five years, below the 1,479 logged for April 2010.
At the same time, the April 2012 inventory declined 7.2 percent to 9,161, giving the month the second-lowest level since 2009.
Erker said the drop in inventory and the increase in pending sales are helping to change the face of the market.
"We're starting to see homes for sale getting multiple offers," he said. "That's definitely a good sign for sellers."
Additionally, the average sale price of $159,509 is 15.5 percent higher than the same point in April 2011, and the median of $125,000 is 4.25 ahead of last year.
Erker said the increases stem from sellers gaining strength.
At this point, the improvements should continue through the summer, he said.
"There's not any reason for things to go the other way, unless we have a major crisis." By ROBERT EVATT World Staff Writer Published: 6/5/2012  2:24 AM Last Modified: 6/5/2012  4:00 AM
Read more from this Tulsa World article at

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