Steve Mangus

When you are out of town, how many times have you stopped in a real estate office to introduce yourself? I have to say more often than not I get busy and it doesn't get done but just think of the possibilities! There is a chance to make a face-to-face contact with someone and get a idea of what they're like--a lot more than is possible from a phone call or email. I make at least 3 trips a year to the Phoenix area. What a great way to cultivate some relationships. There are probably more opportunities for me to refer someone to Phoenix but who knows when they may have someone moving to the Oklahoma City area.

And there are potential tax implications too. By making an office visit, wouldn't that make the trip tax deductible? I think so, but some of you accountants out there, what about it?

I know one thing......tax deductible or not, I'm going to make a stop in a real estate office on my next trip to wherever and if nothing else, hopefully make a new friend.

Friday it started. I got an email from a lender informing us that their FHA rates had dropped to 6.00%, a drop of .50%. Yesterday more emails and phone calls as other lenders followed suit. That alone should get some buyers of the fence. Now add in the $7500 tax credit and if that doesn't get your buyer motivated then I would question whether you really have a buyer.

Is the tax credit a good deal? At first I wasn't sure but the more I think about it more I think it is. It's not the best thing Congress could have done, but it's what we have so let's make the most of it. Lets look at some of the features of this program.

1. You do get to take the $7500 credit when you file your 2008 taxes--That's a good thing.

2. It's for qualified first time home buyers--That's a good thing and you're a first time home buyer if you have not owned a home in the last 3 years.

3. Isn't it an interest free loan? Yes, but that's a good thing--you get the $7500 to use now and you have 15 years to pay it back interest free? I'd take a deal like that in a heartbeat.

4. What happens when I sell my home? When you sell, any outstanding balance has to be repaid, if there is sufficient profit--if their is not sufficient profit, THE REMAINING AMOUNT OF THE CREDIT IS FORGIVEN.

These are a few of the programs highlights. For more information check out this website-- www.federalhousingtaxcredit.com and click on frequently asked questions. Good luck.

My mom turns 80 this week and it reminded me of the birthday cards that tell what happened and how much things cost in a persons birth year. Do you remember when candy bars were a nickel, and a bottle of pop was a dime? Soft serve ice cream cones were a nickel or a dime, bubble gum was a penny. My high school grocery store job paid $1.65 per hour and as a college student in 1970 I remember paying $.29 per gallon for gas.

What's it going to be like for my kids? When they're my age (57) are they going to be saying they remember the good old days in Oklahoma City when gas was $3.50 per gallon? When it only cost $8.50 to get in the theatre to watch a movie? I guess it's all in a person's perspective, isn't it?

So let me ask you this.......what's the most ridiculous?

1. Gas at $3.50 per gallon

2. Milk at $3.50 per gallon or

3. Bread at $3.00 per loaf

My vote is for the bread at $3.00 although I bought a less expensivive loaf. By the way the first home I sold was in 1975 for $30,000 and that was pricey! I sold several in the $15,000 to $20,000 range.

Now it's official. Oklahoma City's NBA team is nicknamed the Thunder. I like it--for one thing it's unique among team nicknames. The only other team I know of that makes use of "thunder" in a nickname happens to be connected to a school I attended, the Marshall University Thundering Herd" which I think is one of the all-time great team names (except when your team stinks--when I was at Marshall we were known as the blundering herd and that was one of the nicer names we were called).

I'm still trying to figure out what a Thunder mascot looks like but there are lots of great possibilities with this name---the team will play Thunderball in the Thunderdome and the fans will all be wearing their Thunderwear. Don't laugh, I've already seen their apparel referred to as that. Now the only problem with this is if the team isn't any good just substitute "blunder" for "thunder." Remember, I've already had practice doing that.

One thing y'all need to know--Oklahoma City is on a roll. The Thunder is our first major league sports team (OU is in Norman, not OKC--the players don't get paid but the team is definitely major league), the Bricktown entertainment district is going great, Devon Energy has announced plans to build OKC's largest building with construction set to start next year, the downtown area is thriving and new downtown housing is hot. Oklahoma City is also home not only to Devon, but Chesapeake Energy, Sand Ridge Energy, and Sonic Drive-ins are headquartered here as well. Our housing and job market is good--this is truly a great time for this city.

Thanks for letting me brag a bit and "Let the Thunder roll!"

Acouple of days ago in one of my posts, I lamented the fact that some people don't like us very well. In response to that, here are 10 reasons sellers should show us some us some love.

10. You don't buy the sign, we provide it.

9. We take the phone calls.

8. We work with pre-qualified clients--sometimes we may already know of a buyer for your home.

7. We help your buyers get their loan.

6. We help bring the buyer and seller to a meeting of the minds.

5. You get to do something fun while we hold your "open house."

4. We know how to get your house on youtube and zillow (and a whole bunch more).

3. We do the paperwork.

2. It's true. Your house typically sells for more $ when we sell it.

1. YOU ONLY PAY US IF WE SELL IT!

I'm sure there are a whole lot more--lets hear some of your ideas.