https://sarahcolls.exprealty.com/

Sarah Colls - Realtor, 4312 N Classen Boulevard, Oklahoma City, OK (2026)

04/22/2023

Plot twist: You're nervous you won't be pre-approved to buy a home but end up being approved for a LOT more than you ever planned on spending. 🤯

This happens more often than you think. Because lenders consider more than just your credit score, it's not uncommon to find out you're pre-approved for thousands and thousands of dollars more than you ever dreamed of spending.

So what should you do?

It's tempting to throw caution to the wind and start looking at homes near your top dollar, but I always remind my clients to think about their lifestyle and spending priorities.

For example, do they go on an annual vacation with their family they need to save for throughout the year? Do they get their hair and nails done each month? Do they spend money on entertainment like going to the movies or trying new restaurants every weekend?

It may seem silly, but these "little" expenses add up every month, and if you really don't want to give them up anytime soon, you need to give yourself some margin in your budget so that you can keep up with your extra expenses.

Moving into a big, beautiful house becomes a lot less exciting when you can't afford to do anything outside of it. Your new home should bring FREEDOM, not make you feel captive to your monthly payment.

If you're planning on moving later this year, start making a list today where you track your expenses, both necessities and extras. This way, when you start the buying process, the budget YOU feel comfortable with is clear and you can buy a home with confidence (and keep up with your monthly balayage and blowouts!) 💇🏻‍♀️

DM me the word HOMEOWNER for my future homeowner guide!

01/10/2023

Everyone talks about how much buying a new home can cost you, but I'm here to tell you how to SAVE money when buying a new home! Like...big money.

There are four things you can do to help you save potentially thousands of dollars when buying a new home. (Number 3 is CRUCIAL)

1. Hire a team of professionals. Yes, this can cost money...but, if you hire the right professionals, you're sure to save a lot of money (and headaches!) because they know the red flags to watch for, they know what's standard for the local market, and they are experienced negotiators.

2. Do the prep work. Meeting with your lender early on in the process and assessing whether or not you need to do a few things to raise your credit score or pay off debt to get a better rate...these things can save you so much money! Leave being a "spur of the moment" kind of person for vacations and be a tedious planner when buying a home.

3. Home inspection. Pay to have your home inspected! This can save you thousands of dollars (and buyers remorse)! This doesn't mean things won't go wrong with the house (every house needs maintenance and an emergency fund is vital when you're a homeowner) but you can potentially uncover major defects that either the seller can repair (on their dime) or you can make negotiations in your best interest. Ask your agent for reputable home inspectors and show up to the appointment to ask questions!

4. File your homestead exemption. Some title companies do this for you and others require you to do it, but either way, after you purchase a home, always call to be sure the homestead exemption was filed before the clock strikes 12 at the New Year. This can save you thousands come tax time, so don't forget this!

Be sure to save this post for future reference to avoid buyer's remorse and financial distress as a homeowner!

06/23/2022

Looking for a reason to purchase a home?
Here are JUST 5 financial benefits of homeownership:

1. Home appreciation

The value of your home is likely to increase over time. When a property appreciates and gains value, you’ll be able to make more when you sell the home.

2. Tax benefits

One of the major benefits of owning a home are tax breaks! Homeownership tax breaks come in the form of deductions, with the most common types of tax deductions being real estate taxes, mortgage interest, profit from the sale of a home, private mortgage insurance, etc.

3. Financial stability

Rent is expensive, and rental prices are continuing to go up! If you purchase a home (with a fixed-rate mortgage), your monthly mortgage payment will stay the same, giving you more financial freedom, less stress, and an opportunity to save more money.

4. Builds your credit

Did you know that buying a home builds your credit? As a homeowner, you’ll be able to build your credit by making consistent, on time mortgage payments each month.

5. Long term savings

Building equity is one of the biggest benefits of being a homeowner. Your home becomes a valuable asset you can use down the road when you build equity. In a way, home equity is similar to a savings account. Your equity will build with each house payment you make (building up the value of your asset), just like building the value of your savings account by making deposits into your bank account. You can tap into your home equity through a cash-out refinance, home equity loan, or a home equity line of credit.

Looking to purchase a home this year? I'd love to work with you and guide you through the buying process! Send me a DM and let’s chat!

03/15/2022

If you are looking to do some home renovations and boost your ROI in 2022, here are four home improvements that are worth the investment!

1. Kitchen remodel

The kitchen is the heart of every home, and a kitchen remodel is known to be one of the home improvements with the highest ROI! If you don’t want to do a full remodel, painting the cabinets or changing out your hardware can completely transform your kitchen without breaking the bank!

2. Bathroom remodel

Along with kitchen remodels, bathroom remodels are also known to have a great return on investment! For a cost-friendly option, simply change out your builder-grade mirrors and light fixtures or upgrade the faucets and shower heads.

3. A fresh coat of paint

An easy way to give your home a new look and boost your ROI is to add a fresh coat of paint! Light, neutral colors (like a light beige, white, or grey) can create the feeling of a larger, warmer space. This is a cost-effective, simple way to breathe new life into your home!

4. Curb appeal

First impressions are everything! Upgrading the landscaping, taking care of your lawn, and giving your garage door a refresh is a great way to update the look of your home. Even something as simple as pressure washing your driveway can help to spruce up your curb appeal and give your home a facelift!

03/08/2022

Applying for a mortgage? Here are 10 terms you should know ahead of time:

1. Credit report

A credit report is a detailed summary that keeps record of your account balances, credit account history, credit inquiries, total debt, etc. Your mortgage lender will check your credit report to help them determine your credit risk.

2. Credit score

Your credit score is a huge factor when you purchase a home. The information on your credit report determines your credit score. Having a high credit score will help you to reflect a better credit history, make you eligible for lower interest rates, and will give you better loan options to choose from when you make your real estate purchase.

3. Mortgage lender

To get a mortgage, you’ll need to work with a mortgage lender. Your lender will work with you to determine your loan needs and help you to decide which loan would work best for you and your financial situation. They will walk you through the initial process, the pre-approval, applications, loan closing, etc!

4. Pre-approval

Pre-approval is an in-depth, thorough evaluation of your finances. During this process, your lender will assess your finances to determine how much money you can borrow, your loan type, interest rate, fees, etc. For a pre-approval, you’ll need to provide proof of assets and income, your credit report and credit score, employment history, tax documents, etc.

5. Pre-qualification

Pre-qualification is the less rigorous version of pre-approval. This step can help you to determine a rough estimate of the price range you can afford and gives you an idea on how large of a loan you’ll be able to qualify for. For a pre-qualification, you’ll need to give your lender basic information about your debt, credit, income, assets, and overall financial situation. Pre-qualification doesn’t require a credit check, and will only give you some basic estimate numbers!

6. Mortgage

A mortgage is a type of loan used to purchase a home. Your repay this loan, along with interest, over a set number of years (typically 15 or 30 years).

7. Interest rate

Interest rates are a percentage of the loan that the borrower is required to pay to the lender as the fee for borrowing. Your total interest rate is determined by your credit history, credit score, employment type, income, loan type, length of term, debt-to-income ratio, home location, home price, down payment, the real estate market, etc.

Have questions about applying for a mortgage or need a recommendation for a good mortgage lender? Send me a DM and I’d love to chat further with you!

02/25/2022

My biggest tip for saving for homeownership is to be aware of your spending and track your spending habits so you can save MORE money at a FASTER pace.

You can do this by sorting your monthly expenses into categories like “living expenses” (rent, utilities, car payments, etc), “memberships” (gym memberships, streaming services, etc), “food & household” (groceries, home decor, cleaning supplies), and more. You may not consider yourself a big spender, but little things add up, so it’s important to include everything.

Once you have a good idea of how much you spend each month, you’ll need to figure out where you can cut expenses to make homeownership/saving more of a priority. This might mean eating out less, making coffee from home (instead of going to Starbucks), or spending less money at Target. Trust me, I’m good at spending money at Target, I know it’s hard!😂

Once you have a monthly budget estimate, you’ll also need a tracker for your monthly spending. Every week, it’s important to plug all of your expenses into the spreadsheet. This will help you to be aware of how much you’ve spent during the month and if you’re on track with your budget. Tracking your spending in the moment is just as important as being aware of how much you’ve spent each month in the past!

Do this for 30 days and I promise, your savings account will thank you!

02/23/2022

Let’s jump right into it! Here are 5 tips for selling your home quick + for top dollar.

1. Work with the right agent

Working with an experienced, knowledgable real estate agent is key when you decide to sell your home. You’ll be working with your realtor through the entire selling process, so find someone who communicates well, has a good personality (someone you can connect with), and can walk you through every step of the way!

2. Make a good first impression

Your first impression = your homes exterior. The interior of your home may be beautiful, but how would a potential buyer know that if the exterior turned them off? Spruce up your homes exterior with shrubs and flowers, trim the lawn, add some new outdoor lights, and make your home feel welcoming. Curb appeal is important!

3. Use a professional photographer

Your listing photos need to be bright, crisp, and clear. These photos need to peak interest of potential buyers and show off the best features of your home. Use a professional photographer to take your listing photos for the MLS!

4. Clean, clean, clean!

Who wants to buy a dirty, unkept, cluttered home? Before showings, be sure to deep clean your entire house or hire a cleaning company to do it for you!

5. Choose the right price

If you price too high, you run the risk of your home sitting on the market for weeks. If you price too low, you may end up leaving some serious money on the table. Consult with your realtor to decide on the right listing price for your home!

Looking to sell your home in 2022? DM me and I’d love to chat more with you about the selling process!

02/15/2022

Of course, I would love to work with you and would love your business, but I could never live with myself knowing I rushed my clients into homeownership before they were ready.
Not being ready for homeownership doesn’t mean you’ll never be a homeowner. It just means you may need a little more time to prepare before you jump into purchasing a home,.

Here are a few signs you may not be ready for homeownership:

1. You have a lot of debt

Your mortgage lender will look at your DTI (debt-to-income ratio) when you go through the pre-approval process, and if you have too much debt, your mortgage application may be denied. Having some level of debt won’t stop you from getting approved for a mortgage, but if you have a lot of debt compared to your income, you may want to sit tight and pay some of it off before you add a mortgage payment to your monthly bills.

2. You have little to no emergency savings

At some point, you will need to invest some money into your home to keep up with routine maintenance and normal wear and tear. What happens if you lose your job and don’t have steady income for 3 months? Building an emergency savings fund ensures you have a strong safety net to fall back on, just in case something unexpected happens in your life or to your home.

3. You have bad credit

Your credit has a huge impact on whether or not you’re able to qualify for a mortgage, what kind of home loan you can qualify for, and what kind of interest rate you’ll have to pay. The minimum credit requirement to purchase a home is typically a 580 minimum FICO score. If you need to repair your credit, take the time to do so before looking into homeownership!

4. You don’t have a stable job

Without consistent income, it could be very difficult to pay your mortgage. If you don’t feel confident in the stability your job, you may want to wait until you feel more secure to purchase a home! Most lenders prefer that you have worked consistently in your current field for at least two years, as job stability is essential to get approved for a home loan.

Still not sure if you’re ready for homeownership? Send me a message and l’d love to answer all your questions!

02/04/2022

It feels like being a realtor is what I was born to do. Real estate is my THING!

I love my clients' reactions when they walk through the door of their dream home. I love the phone calls to my buyers with news that they are officially new homeowners. I love being able to tell my sellers that they have over 10+ offers on their home. I just LOVE what I do!

Many people do not know this but many years ago I held my real estate license in the great state of Arkansas. Shortly after receiving my license, my husband got transferred to Oklahoma. Kids came soon after and I decided I wanted to spend as much time with them as I could while they were young.

When I became a real estate agent, I felt like I was finally where I was meant to be. Everything works out in the end and I couldn’t be more grateful that my life lead me to a career in real estate!

02/04/2022

It’s common to want to sell your current home and purchase a new one around the same time. But how does the financing work?

Timing can be tricky in this kind of situation. You may own two houses at once for a short period of time, or you could end up without a home for a few weeks or months and need to find a temporary living situation. What are some options for a better transition?

One option is to borrow the down payment money from a family member or a close friend and pay them back after you close on your home sale. You could even write up a simple contract to make things official and state when you will pay back the money.

Another option is to take out a bridge loan. This is a short-term (up to one year), temporary financing option that allows homeowners to “bridge” the gap between buying a new home and selling their current one. A bridge loan is difficult to get approved for, but if you have a strong credit and stable finances, it’s a great option to look into!

A sales contingency is option for buying and selling at the same time. With a sales contingency added to your offer, you won’t have to close on your new home until your current one sells. This type of contingency may make it harder to get an offer accepted, but if you can make it work, it’s a great way to smooth the transition into your new home!

If you sell your home before you purchase a new one, you could also draft a rent back agreement. This works great for sellers who want or need to take more time to move. A rent back (or lease back) agreement typically cannot extend beyond 30-60 days after closing.

02/03/2022

Mimosas, eggs, bacon, heart shaped waffles topped with strawberries & whip cream... 🧇🍓🍾 Getting hungry yet?

If you want to take your boo or a bunch of girlfriends out to Valentines Day brunch, consider booking a table now! Spots fill up quick for VDAY brunch!

Here are 4 of my favorite local brunch spots in Oklahoma City!

1. Sunnyside

What to order: Bacon Avocado Omelet.

2. Hatch

What to order: The French Toast... Absolutely the best around.

3. Neighborhood Jam

What to order: ALL the biscuits! 😋

4. Waffle Champion

What to order: Chicken and Waffles... duh!

Did I miss your favorite brunch place in Oklahoma City? Share yours below!

Sarah Colls - Realtor

04/22/2023

01/10/2023

06/23/2022

03/15/2022

03/08/2022

02/25/2022

02/23/2022

02/15/2022

02/04/2022

02/04/2022

02/03/2022

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