Take the wind industry, for example. Once on track to be the number one source of wind-generated energy by 2030, according to the Department of Commerce, Oklahoma decided instead to cut the industrys last tax incentive in 2017 in House Bill 2298. Meanwhile, oil and gas production tax rates have plummeted, from an average seven percent to two percent for new wells for the first three years, according to the Oklahoma Policy Institute.

At 7 percent, Oklahomas tax rate is well below that of other major energy states, says the OPI, compared to 8.3 percent in Texas and North Dakota, 13.3 percent in Louisiana, and 13.4 percent in Wyoming, according to a 2017 report by the Covenant Group.

According to forecasts from the Oklahoma Tax Commission the new subsidy will cost Oklahoma 333 million in lost gross production tax revenue, says the OPI. Are oil companies going to refuse to drill if they have to pay 7 percent? And if its causing such a shortfall that teachers have to march to get lawmakers attention, isnt that a good enough reason to review the governors budget?

And that brings us back to the teachers. According to The Guardian, Oklahoma ranks 49th in state teacher pay. The state offered teachers a raise just in time to stop the strike, but the teachers soldiered on because they are striking for the children. State spending per pupil has dropped by 26.9 percent since 2008 and is also the last time teachers got a raise. Students are making do in many areas with outdated and duct-taped schoolbooks, four-day school weeks and school closings.

Legislaters fight back with a Catch-22 - the budget shortfall doesnt allow the state to meet the teachers demands. What the lawmakers fail to realize is that catering to the oil and gas industry is preventing other jobs from coming to Oklahoma, which is starving the mostly rural state.

One of the three busiest trucking highways in the nation goes smack through the middle of the state, I-40, coming east from Memphis, Federal Expresss hub, and west from Barstow, California, outside of Los Angeles and a major highway intersection of I-15, California State Route 58, U.S. Route 66 and I-40. Intersecting with I-75 at Henryetta, Oklahoma, and I-35 in Oklahoma City, 1-40 creates a nice triangle to and from Dallas, home to DFW international airport. Yet, when one drives through Henryetta, theres little commerce, just fast food restaurants and a duck decoy manufacturer. Nearly equidistant to Tulsa and Oklahoma City, it just doesnt make sense why Henryetta isnt a huge town, teeming with manufacturing, packaging and shipping jobs, but to date, its only claim to fame is as the birthplace of Troy Aikman.

The trickle down of poo continues with the housing industry. According to Zillow, the median home value in Oklahoma is 116,900, less than half the national median and the median list price per square foot in Oklahoma is 99. And yet, nearly 12 percent of OK homeowners are underwater on their mortgages.

Californians, foreign investors and retirees smell the blood in the water. You can buy property cheaply, pay almost nothing in property taxes another problem and live like its 1970. Just dont expect any updates.
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Get The Home You Want, Millennials: Smart Strategies For First-Time Homebuyers

Hey, Millennials. Come on into the real estate market We really need you to buy some homes so we can keep chugging along. Oh, wait. Prices are rising and so are interest rates, plus inventory is scary low. Hmmm. Well, come on in anyway, wontcha?

Its not easy to buy a home in a hot market where inventory remains at historic lows - and that covers a lot of areas across the country at a wide range of different price points. But its especially hard right now for Millennials, who arent exactly getting a warm welcome from the market that has been begging them to participate.

"I think its fair to say this is the most competitive housing market weve seen in recorded history," Danielle Hale, chief economist for Realtor.com, told Curbed. "Theresrecord low inventoryand strong interest from buyers in getting into the housing market. Millennials are reaching prime homebuying age - in 2020, the greatest proportion of that generation will be turn 30 - just as baby boomers are looking todownsize. This has created especially fierce competition for smaller homes, the type of starter homes that mostfirst-time buyersdesire. This dynamic can be especially frustrating for young adults because they may be bidding for the same smaller home as someone from an older generation who can lean on the accumulated wealth of decades of homeownership."

But that doesnt make buying impossible - just a bit more challenging. Get a leg up by following a few smart strategies.

Work with the right REALTORreg;

This is not the right time to give your brother-in-laws cousins neighbor who just got his license a shot. Having a competitive edge is more important than ever, and you need a savvy, experienced, and well-connected real estate agent to help you buy a home.

Work on your down payment

You may be competing against buyers who are coming in with an all-cash offer, which youre going to have a hard time standing up to. But, there are ways you can make your offer look better. Remember that if it comes down to a multiple-offer situation for your home, sellers wont just compare the offer prices. Theyll look at your down payment and the terms, and you need to have better terms than the next guy. You may only have 3.5 down, and that may be all you need to qualify for your FHA loan, but that doesnt mean the seller will embrace you.

"Your down payment is a key part ofthe offer you present to the seller," said Money Crashers."The general rule of thumb is simple: the larger the down payment, the stronger the offer. More precisely: the greater the down payments share of the total purchase price, the more likely the seller is to accept."

If youre ready to buy and theres no time to get a second job or go into hyper-savings mode, you can always take advantage of down payment assistance programs like the National Homebuyers Fundor hit up a >Be flexible on the closing

If another potential buyer is insistent on a 30-day close, but you could close earlier, later, and even rent back to the seller if need be, you just might end up with the house you want. Flexibility is key to submitting a winning offer, so make sure you have a Plan B - a place to stay for a few days or longer if youre going to be between houses, and a mover/storage option squared away.

Look in adjacent neighborhoods

Yeah, you have your heart set on a specific neighborhood. But if its just not happening, consider the next neighborhood over. Experts say they have great potential upside.

Consider the worst house on the block

Buying the ugly duckling is a top strategy for investors, and one that can get buyers in the door literally if theyre having trouble purchasing move-in-ready homes. "When your budget as a first-time buyer doesnt stretch to a house in perfect condition in a neighborhood you adore, you might consider buying a home that needs work. Or maybe youve watched fixer-upper TV shows and think you could handle sweat equity. Either way, real estate experts say buying a house that needs renovating can make sense as long as you are realistic about the process," said the Washington Post. "A fixer-upper can be a smart investment, particularly if you can buy a property under market value and then increase its value with the right projects. While some home buyers prefer move-in-ready homes, they are stuck with the choices the previous homeowner or builder picked for their countertops, fixtures and floors. Not only do buyers of fixer-uppers get to select their finishes, they also can make sure the work is done the way they want."

If youre worried about how youre going to pay for all those renovations, ask your real estate agent or lender about a 203k loan, which rolls renovation funds into your mortgage. "An FHA 203k loan, sometimes called a Rehab Loan or FHA Construction loanallows you to finance not one, but two major items 1 the house itself, and; 2 needed/wanted repairs," said The Mortgage Reports. "Because the lender tracks and verifies repairs, it is willing to approve a loan on a home it wouldnt otherwise consider."

The loan addresses a common problem when buying a fixer home: lenders often dont approve loans for homes in need of major repairs."

Waive contingencies before you submit your offer?

Note the question mark. Your real estate professional may caution you against this strategy. But, lenders like Better Mortgage are making it work with a program that "allows buyers in select markets to not only underwrite their finances, but also get the appraised value of their home before they submit an offer. That means they have the option to waive both financing and appraisal contingencies to make their offer as competitive as cash."
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Property Survey Always Wise, Often Required

Question: At our settlement recently, a lawyer charged us 150 for a survey. When we questioned this charge, we were told it was a lenders requirement and we could do nothing about it. Just what is a survey?

Answer: I hope the lawyer at least gave you a copy of the survey and fully explained it to you.

It is important to distinguish between a survey and an appraisal -- both of which are usually charged to the buyer. An appraisal assists the mortgage lender in assessing the value of the house so as to determine whether a mortgage should be made and in what amount. Generally, the appraisal will analyze the condition of the house, its location, structural soundness and comparable sales in the area.

A survey, on the other hand, goes to the question of the marketability of the house. There are, however, several kinds of surveys: 1 location, 2 boundary, 3 if involving a commercial property, an American Land Title Survey, commonly referred to as an ALTA survey.

The typical survey that the homebuyer gets at the settlement escrow is the location survey. Oversimplified, all it does it show where the improvements the house, fence, shed are located as they >It does not, however, show you where the actual boundaries are. To do this, you will need to order the Boundary Survey. Here, the survey will -- in addition to showing the location of improvements -- determine where the property corners are, and then prepare a more detailed presentation. Often, however, it is very difficult to locate the corners of a piece of property. Years ago, great-grandma Smith told her attorney "the end of my property is where the oak tree stands." And thats what her deed -- and all successor deeds read. However, the old oak tree was demolished years ago. To be precise, the survey will have to do a lot of research, legwork and measurements. So such a survey will be more expensive.

The location surveyor determines whether the house is within the property borders, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title.

Lenders always insist on obtaining a clear "lenders" title insurance policy covering the face value of the mortgage. Title companies will issue an exception to title unless a survey has been ordered, and thus surveys are usually required.

My own belief is that everyone buying a house should obtain a survey whether or not the lender requires it. You can at least start with the location type. It is a good idea to learn, for example, whether there are any building restrictions affecting your right to add a porch or a fence. Equally important, does the next door neighbor have any possible claims of adverse possession? If the survey shows an encroachment -- one way or the other -- on a next door property, a potential buyer must investigate very carefully before taking title.

But, here are some suggestions involving the survey process.

First, location survey prices vary considerably. Ive seen them as low as 130 and as high as 300, for the same single-family house. Ask your settlement attorney for an estimate. If it seems too high, arrange for your own survey and make sure a copy of the survey gets to your lender well in advance of settlement. It must be done by a qualified, licensed surveyor.

Next, ask your sellers who did their survey. Unfortunately, most lenders will not honor a survey if it is more than six months old. But inquire from the prior surveyor whether the old survey can be updated and whether this will save you some money. Some of the more reputable surveyors are happy to get your business and will give you a break in the price.

Additionally, if you are refinancing your existing home, some lenders and title insurance companies are willing to accept a survey affidavit instead of a new survey. You will have to sign an affidavit that no improvements have been made to the property since you originally purchased it. These affidavits are available at a minimum cost.

You should also go to the local government surveyor in the land records office where your property is located. They are quite helpful and may be able to assist you with boundary questions, easement issues and such.

If you are buying a condominium unit, you will not have to obtain -- or pay for -- a separate survey of your unit. That survey has already been done as part of the plans which were recorded with the condominium documents. But that does not excuse you from carefully reviewing the condo plats and plans. For example, are there limited common elements that impede your access to the roof? Do you have a limited common element?

Finally, if you are considering installing a fence -- or even a swimming pool -- in the future, you will want stakes posted, it will cost you additional dollars. You should make the necessary arrangements for stakes at the time you order the survey.

And dont forget to get a copy of the survey from your settlement attorney.
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Ask the HOA Expert: Admendments To Governing Documents

Question: Recently, our HOA members approved substantial amendments to the governing documents which include:

1. Sidewalks are now deemed common area even though the subdivision plat indicates that the sidewalks are located within a utility-and-sidewalk easement located on private lots.

2. An HOA landscape easement was created over the front yard of the privately owned lots.

3. The HOA claims authority to enter lots to inspect for compliance with architectural design restrictions.

Can the HOA legitimately claim these rights?

Answer: The HOA cannot vote itself ownership of property belonging to private owners without their consent. In this case, all lot owners would need to agree to >The third item is different. As long as the HOA has the right to dictate architectural design standards, it has the right to inspect for compliance.

Question: Ive heard that special assessments have to be kept in an escrow account and cannot be used until all owners have paid. Is this true?

Answer: It depends. Special assessments should be kept in a designated account if they are to be used for a specific purpose, like repairing roofs. If the special assessment is simply to build reserves, the funds can be put in the general reserve fund. There is no requirement that an entire special assessment has to be collected before its spent, however, if all the money is needed to pay for a specific project, the board needs to be careful about starting a project without the money to pay for it.

Question: One of our board member is pursuing a personal agenda. He performs unauthorized maintenance and pesters unit owner about minor rule infractions. What can we do?

Answer: Communicate with him directly, clearly and specifically. Explain that performing unauthorized maintenance undermines the budget and the system for addressing maintenance. Provide him details about specific complaints by owners. Explain that his independent actions undermine board authority.

For more Ask the HOA Expert, see www.Regenesis.net
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Buyer Love Letters Often Work; But They Can Backfire Too

In many areas of the country, housing inventory is low and competition among buyers is intense. When that happens, many buyers agents will encourage their clients to submit a cover letter - frequently referred to as a "love letter" -- along with their offer to purchase. Sometimes such letters are submitted -- in any kind of market -- in order to take the "sting" out of a below-list-price offer. In the tight inventory market, their purpose generally is to induce the seller to find some reason to favor the offer of the letter-writer rather than that of some other buyer.

While such letters are not yet standard practice, they are certainly not uncommon. A recent Google inquiry for "letters from buyers to sellers" turned up more than 1.5 million hits in a matter of seconds. In 2015, a Redfin report revealed that 43 of successful offers had included a buyer-to-seller letter.

An internet search shows not only that such letters are popular, but also that there is no shortage of people and organizations who will show you how to write one. Templates for these letters abound. They range from a standard letter format to slick marketing pieces complete with graphics and places for pictures.

Advice as to the content and emphasis of buyer letters varies. Some focus on the characteristics of the property. They suggest that the buyer focus on aspects of the property that it is assumed the seller enjoyed as well. "I know that our collies will love romping in that backyard meadow just as your Labradors do." Others will call attention to aspects of the property to which it is assumed -- possibly known -- that the seller had an emotional attachment. "We will give that rose garden the same loving attention that you did."

Others advocate that the buyers letter should seek to highlight some personal similarities between the buyers and sellers. This is based on the premise that people like to interact and do business with people like themselves. So, if "our little Susie loves the Girl Scouts just as your daughter does" or "if we are both dyed-in -the -wool Raider fans, mention it. Call attention to your similarities and differentiate yourselves from your competition.

Of course, there can be downsides to buyer love letters as well. In 2016, attorney Jon Goodman caused a bit of a stir when he presented on the topic at the annual meeting of the National Association of REALTORSreg;. Goodman developed a scenario in which a buyers offer was rejected. The offer had been accompanied by a letter that contained a photograph of his family. The buyer was, as Andrea Brambila, writing in Inman News put it, "a visible member of a historically oppressed minority." Subsequently, the buyer who was rejected learned that the house had sold for a considerably lower price than his offer. Quoting Goldman, Brambila wrote, " If we had had his life experiences, we might have perceived what he perceived -- that his offer was rejected because he was a member of this minority, in violation of the Fair Housing Act"

Not in all, but certainly in some, buyer-to-seller letters there may lurk the potential for a Fair Housing Violation. This has led some attorneys to advise that sellers and their agents make it known that such letters will not be accepted. That is extreme caution. Others have simply suggested that, if they think there is a potential problem, sellers and their agents should be careful to document the business reasons for taking another offer.

A more likely reason for exercising caution with buyer letters is discussed in a 2015 Realtorreg; Magazine article, "Dont Write Me a Love Song", written by Christine Smith. Smith points out that buyers who reveal their emotional connections to the property are likely weakening their future negotiating positions. Their offer may be accepted, but there is almost always another negotiation or two down the road -- after the property inspections. If a seller believes the buyers have truly fallen in love with the property, he or she is less likely to give in when those future negotiations arise.
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Rising Land Values Threaten Viability Of Canadian Farms, Says Senate Report

Rising farmland prices are putting the family farm in Canada at risk, as good farmland is being converted for residential and commercial development. A report by the Senate Committee on Agriculture and Forestry says the purchase of farmland by non-agricultural interests, along with environmental issues and policies, demographic pressures and an aging population are combining to drive up farmland values to the point that the family farm is no longer viable.

"Economic conditions are conspiring against farmers, who already encounter more adversity than they need," says Diane Griffin, chair of the committee. "We need the government to help counter the market forces that are stacked against Canadian farmers, which make it harder for them to buy the land they need to run successful farming enterprises."

Nearly seven per cent of Canadas total area -- about 65 million hectares -- is used for farming. The average price of an acre of farmland rose by 10 per cent in 2015, with Alberta, Manitoba and Quebec showing double-digit increases. The growth rate has slowed since then because of a decline in commodity prices, but the committee says this decline in the growth rate does not mean theres been a decline in value.

Several factors are contributing to the increase in values. Farmers told the committee that foreign investors have been competing with farmers for land, along with other non-agricultural interests including financial institutions, pension funds, private investment firms and private companies.

The average age of farmers was estimated to be 54 in 2011. Selling land is a way for farmers nearing retirement to create their own pension plan.

"If youre an entrant farmer, basically land rental is the only way to get in and actually start if you are going to crop farm," Paul Glenn, chair of Canadian Young Farmers Forum, told the committee. An increasing number of retired farmers are hanging on to their land and renting it to their neighbours or a young farmer. Total farmland area rented or leased by private interests increased from two per cent in 1986 to 27 per cent in 2011.

"Stakeholders are concerned about this increase since this type of ownership makes farmers employees rather than owners and exposes them to additional risks because of rising rents," the committee report says. "They are also concerned about potential changes to the production structure resulting from the loss of family farms and the shift to large-scale farms."

The committee says that farmers close to retirement sometimes divide their land to distribute various parcels to their children, reducing the cost of land ownership for the new farmers. "However, this requires good planning and a desire on the part of the younger generation to get into farming. Several witnesses said that this desire is tied to the sectors profitability."

Some organizations such as Ducks Unlimited Canada may also be driving up farmland values by acquiring land for conservation purposes.

The committee heard from the Canadian Federation of Agriculture that other environmental policies, such as provincial regulations on manure management, require farmers to acquire more land to comply with the regulations, putting more pressure on land values.

The provinces have jurisdiction over the ownership of farmland, but the committee says the federal government has a role to play in helping farmers. It is recommending that the lifetime capital gains exemption be increased for farmers to make it easier for new farmers to acquire land. Tax exemption and property tax deferral programs, which are offered in some provinces, should also be considered, it says.

Its also calling for common land-use planning policies to be established. In provinces like B.C., its up to the local municipalities to come up with these policies. Metro Vancouver, for example, is considering a proposal that would restrict house sizes and residential footprints on agricultural land. Both Ontario and British Columbia are currently studying land-use policies >Ontario loses 175 acres of farmland a day, according to the Ontario Farmland Trust OFT, citing Statistics Canada figures from 2016. The trust says, "There is increasing concern that productive agricultural land is being lost to land-grabbing, large-scale development and investor acquisition. These issues disrupt the integrity and viability of agricultural communities, the farm economy and agricultural ecosystems. Land-use planning can do more to protect this critical resource."

For owners who want to make sure their land remains a farm forever, the trust offers an easement agreement. It is a permanent legal contract between the property owner and the OFT. It is registered on the land title in perpetuity and can include provisions to protect the farmland and maintain uses on the property that are compatible with agriculture, says the OFT. Each agreement is tailored to the needs of the farmer and can be applied to the entire property or part of it. The OFT currently has about a dozen such agreements in place.

"The easement agreement ensures that the property owner maintains ownership and the right to sell the land," says the OFT. The easements can impact the property value, so an appraisal is conducted to measure any reduction in market value. If there is a negative impact on land value, the farm owner is compensated with a charitable tax receipt for the difference in value.
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Small Renovation, Big Hassle: How To Prepare For The Unknown When Buying A Home

"You never know whats behind the walls." This renovation mantra is so important and should be tattooed on the forearm of everyone about to embark on renovation or even small updates to their home.

The horrific discovery of knob-and-tube electrical wiring masquerading as updated electrical in a 100-year-old home is a great plot point on House Hunters Renovation - but a brutal, and not inexpensive, setback in real life. But, its hardly the only issue you can come across when doing renovations, and youre not immune because your home was built 20 or even 10 years ago or youre just doing a few little things here and there to freshen up the place. Before you get started on these renovations, protect yourself by taking a few key steps.

Load-bearing walls

Many a renovation has gone off the rails because a load-bearing wall made it difficult and expensive, or darn near impossible, to move. While you may not be able to eliminate every potential surprise, you can give yourself a leg up by hiring a professional to take a look before you buy, and certainly before you swing the hammer.

"An experienced general contractor can do an initial consultation and assess your wall for as little as 100," buildernbsp;Jeff Andreson told Houzz. Annbsp;architectnbsp;is another possibility because they may approach the situation differently, which could save you money. "A structural engineer may also be required," and is often your best bet for achieving peace of mind.

Plumbing

"Homebuyer inspections are the rule these days," said Angies List. "Sometimes plumbers are called in to do a more thorough follow up inspection. Unfortunately, this often happens after the home has already been purchased."

And the issues can be costly. Hiring a plumber to check everything out before you purchase could uncover problems throughout the house, from the main sewer line to water heaters that could cause extensive damage if they leak or burst, to leaky toilets. "One problem homeowners often neglect to have fixed is a leak at the base of anbsp;toilet," they said. "The leak often appears small or insignificant, but over time the water will begin to rot the subfloor and even get between the subfloor and the finished floor. Someone unaware of the damage this kind of problem can create, may try to seal this themselves, sometimes making it worse."

Foundation

If you have a home inspection, which you obviously should ALWAYS do, your inspector will look for signs of foundation damage. But, there are things you can look for ahead of the inspection that may impact your decision to purchase, such as: cracks in exterior and interior walls, cracks in floors, gaps around windows and doors, and doors that stick. Foundation issues can arise regardless of the age of the home, and could be indicative of a serious problem in places that are prone to earthquakes. But you also want to take them seriously in areas with known soil issues, like Texas.

"All foundation problems are not equal," said RE/MAX real estate agent Bill Gasset. "A few settlement cracks may be normal and safe, but you need an inspector to tell you one way or the other. Foundation repair can be expensive, something to keep in mind when you consider the price of the home."

Electrical

Back to the old knob-and-tube situation. If someone has deliberately tried to hide illegal or dangerous wiring, thats obviously a huge issue, both ethically and financially. And, its one you likely wont find out about until you get inside the walls. Also, you may or may not have recourse against the seller since it will be difficult to prove there was knowledge that necessitated disclosure.

Even in a newer home, issues with the way electrical fixtures were installed could make what you thought was a quick and easy update into a larger undertaking. This is what it looks like under the bathroom light fixture we just had removed. It lacks the support and structure to properly install the new fixture we purchased, so we would either need to spend a bunch of money to shore up the situation inside the wall or get a different fixture that can be installed directly into the studs We chose option B.. While not a huge problem, it was an unexpected one, and one that required us to spend more money, extend our installation timeline, and depend on our contractor to redo his schedule to accommodate us - not an easy feat. Ultimately, it was a good lesson for how to prepare for any type of renovation.

• Add time to any job - You just never know whats going to come up
• Research potential issues so youre better prepared to roll with whatever comes your way
• Have a Plan B - See first bullet point
• Set aside extra money - Ditto

Establish a good >
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Trend Alert: Big, Bold Floral Walls

If theres one thing you can count on, its that some type of floral pattern will always be in >