Tips for Purchasing Your First Home

Tips for Purchasing Your First Home

Before purchasing your first home, you’ll want to focus on a few very important steps of the home buying process. After stabilizing your credit, determining what you can afford, and researching all costs, you’ll be ready to get into the more exciting aspects of choosing your first home.

Stabilize Your Credit

Your credit score is going to either negatively or positively influence which houses you are able to buy. Get your credit report as soon as possible and start making changes to improve it.  In order to make the most of your credit score, avoid moving your money around in drastic ways for a few months before you plan on applying.

Don’t apply for new credit cards. Don’t take out new loans.

Banks and lenders are looking for consistency. This clues them in that you are reliable and a satisfactory candidate for a mortgage. Providing them a complete trail of where your money has been for the recent past can only help your credibility as a mortgage applicant.

Determine Your Budget

In all likeliness, a home will be the biggest purchase you ever make. Many people get into trouble when they try to buy too much house when they cannot afford it. It can leave you with less money for other financial goals you may have such as buying a new car or paying for college. Avoid this by maximizing your monthly mortgage payment at 28% of your monthly income. For example, if you are making $1,000 per month, you should only be spending $280 per month on your mortgage. Staying within this budget will free up your leftover income for things like paying other bills, taking vacations, and buying new cars.

Be Aware of Sleeper Costs

Naturally, the most important number to pay attention to is your monthly mortgage payment. However, you also shouldn’t minimize the importance of extraneous costs such as taxes, maintenance, and repairs.

Costs like taxes, routine maintenance, and unexpected repairs arise all the time, be sure to purchase a home that you can maintain.

Smith & Co. Auction delivers hundreds of live auctions every year to Northwest Oklahoma, selling everything from residential real estate to industrial equipment. If you are interested in purchasing a home or other property, check out our list of upcoming auctions to stay up-to-date on our forthcoming listings.

How Technology Has Changed Auctions

The history of auctions dates back to 500 B.C. The Roman Empire used auctions to liquidate and estate goods. The earliest records of auctions can be found in the 1595 Oxford English Dictionary. As times have changed the face of auctions has transformed to accommodate the digital age.

When most people think of online auctions, they think of the bidding website, Ebay. This platform has revolutionized the way in which auctions are operated. There are many differences between live auctions and online auctions the main one is accessibility.

Benefits of Online Auctions

The best part about online auctions is the fact that they can be accessed from anywhere you can gain internet access. Many auctions are moving towards using mobile phones ass the best way to access them. Because most people have a smartphone it is the easiest way to connect bidders and buyers.

Depending on how the auction is set-up, you can possibly bid on something with the “max bid” option. This allows you to outbid all other buyers and complete purchase the item in one step.

Another benefit of online auctions is that you can view the items in advance of the auction. Most live auctions that take place in-person only let you view the auction items just moments before the items become available to bid on. This allows the buyer more time to view the items and have a chance to decide what amount they feel comfortable paying for.

Smith & Co Auction always allows items to be viewed for several days prior to the auction!

If you are interested in purchasing real estate, farm machinery, or land visit Smith & Co Auction.

Our dedicated staff of experienced real estate agents has conducted all types of sales.

With intricate knowledge of our local market, we help individuals and families find their dream property. Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975

Tips for First Time Auction Buyers

Auctions are a great way to purchase real estate, antiques, and rare items.

If you are new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible:

Arrive Early

Most auctions have 90 minutes of preview time before the event gets started. This gives you time to inspect and measure any item that catches your fancy. Be sure to thoroughly check any items that you want to bid on, ensure there are no defects unless otherwise noted.

Stay Focused

After doing your research on what items you will be bidding on, make sure to stay focused on your bidding items.

Learn the lingo

There are a few key terms that you may not understand if you are attending your first auction.  Terms like provenance, hammer price, and absentee bids can help you have better success at the auction. If you don’t know what they mean, make sure to familiarize yourself with these terms before the action starts.

Establish Your Limit

Auctions can be very exciting, but it is important to remember to stick to a budget. It is easy to get swept up in the excitement of bidding but be sure to stop once you have reached your spending limit.

Choose wisely

Items at an auction are sold as-is. Remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You will be expected to pay for the items you’ve purchased in a timely manner, even if you want to change your mind.

If you’re interested in attending your first auction, check out Smith & Co. Auction & Realty, Inc. We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!  Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975 to find out more!

Auction Terms You Should Learn

At auctions, you can expect auctioneers to be talking a mile a minute and buyers quickly waving their paddles in the air. Although the process is fairly simple there are many terms that an inexperienced bidder wouldn’t know.  

Knowledge of these  common auctioneer terms can be the key to success:

Auction Terms You Should Learn

Auction chant                                

Known as “the chant,” auctioneers’ fast-talking styles date back to the 1920s. The chant consists of three parts: the statement (“I’m bid ten dollars”), the suggestion (“Ten dollars, twenty dollars”), and the question (“Do I hear 30?”).

Filler words

Filler words are any words used between bids to keep the rhythm of the chant going. Each auctioneer uses words differently to create their own unique style. The use of filler words also gives buyers a brief moment to think about their bids.

Provenance

If you watch shows like Antiques Roadshow, you may be familiar with the term “provenance.” Provenance refers to the item’s ownership history, tracing back to its creation. A long and well-documented provenance can increase the value of an object up for auction.

Estate Auction:

The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.

Competing bid:

During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to):

  • bids from an in-house audience
  • telephone bids
  • book bids
  • absentee bids
  • other bidding platforms

Hammer price

The hammer price is the final, winning bid. The word “hammer” is a reference to the bang of the auctioneer’s gravel or hammer that seals this final bid.

When you’re planning your next auction, contact us at Smith & Co. Auction & Realty, Inc. and let us help you make it a success! We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!

­­­­­­­Benefits of Real Estate Auctions

Trying to buy or sell a home or property on your own can become a headache and a hassle. What if few, if any, people are interested in it? How are do you find the right buyers?  

An auction, on the other hand, is about bringing like-minded people together for a purpose, and auctions help draw attention to things.

Smith & Company, for instance, has an intricate knowledge of the local market, helping individuals and families find their dream home. In addition, Smith & Company helps sellers set the best price for their land, so it’s a win-win for both buyers and sellers.

Why Auction?

One of the main benefits of a real estate auction is that it involves excellent marketing so people who are interested in buying or selling real estate in Oklahoma know the key details about what’s available, where and when, etc. This is especially important when selling specialty real estate because you will need to find the right buyers for your property.

Finding Buyers

A real estate auction is beneficial because it involves only qualified buyers. They’re the type of people you want vying for your property– they have the necessary means to afford what you’re selling. The highest bidder wins. Buyers ultimately have the final say in what price they’ll pay, purchasing real estate at its true market value.

For over 30 years Smith & Co. Auction Realty has been committed to providing

exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

‘Grease’ Costumes to Be Auctioned for Cancer Research

This iconic musical debuted in 1978 and became the highest-grossing musical film at that time. Grease is well known for its 1950’s style costumes and choregraphed dance numbers. Now, 41 years from its premiere, Olivia Newton-John’s classic looks will be up for auction the public. A portion of the proceeds from the auction will go directly to cancer research.   

Olivia Newton-John partnered with Austin health to create the Olivia Newton-John Cancer Wellness & Research Centre (ONJ Centre). The ONJ Center is dedicated to treating and researching many different types of cancer. The ONJ Centre offers a wide variety of treatment services and therapy for patients.

Olivia Newton-John was first diagnosed with breast cancer in 1992. This sparked her advocacy for cancer awareness and research.

The collection will feature over 200 costumes, gowns, accessories, and other personal items from the actress.

Her most highly anticipated pieces are her iconic leather jacket and tight black pants which she wore for her role as Sandy in Grease.

There will be a pre-auction exhibition displaying her pieces at the Museum of Style Icons. The Museum of Style Icons at the Newbridge Silverware Visitor Centre is located in Newbridge, Co. Kildare in Ireland. The exhibition will be on display from July 22nd until August 18th. The auction will then take place in November of 2019 in the US. The official auction will then take place in Beverly Hills and online on November 2.

Stay up-to-date F on upcoming auctions by frequently checking our blog at Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

900-Year-Old Chess Piece to be Auctioned in London

lewis chessman models

Purchased for just a few dollars five decades earlier, this medieval chess piece is set to go on auction for over $1 million dollars.

This item was discovered when a Scottish family took the game piece to Sotheby’s, a British American company specializing in decorative art, real estate, and jewelry auctions.

Sotheby determined that this was no ordinary chess piece, but a part of a set of 93 pieces carved from walrus ivory. The set was first found in 1832 on the Isle of Lewis in Scotland’s Outer Hebrides. Of the original 93 pieces, 11 are housed at the National Museum of Scotland and 82 are in the British Museum in London.

This piece is a 3.5-inch figure of a bearded man wielding a sword. It is said that this is the equivalent to a rook in chess.

These chess pieces are estimated to be over 900 years old and originating from the Viking era.

Before it’s recent discovery, the Lewis Chessman was housed with an antique dealing family in Scotland. The piece was purchased by the family in 1965 for 6 dollars. It remained in their family for generations, until it was recently taken to be evaluated by Alex Kader, head of the European Sculpture and Works of Art Department at Sotheby’s.  The family admired the Chessman as a piece of history, although they did not know the true past of this piece. The grandson of the antique dealer was shocked to learn the real value of this item

The Chessman is set to go on auction on July 2nd– it is projected that the piece will make up to $1.3 million dollars.

For more exciting news on upcoming auctions, be sure to check Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

Apollo 11 Lunar Module Timeline Book to Go On Auction

On July 20, 1969 Neil Armstrong and Edwin Aldrin became the first humans to land on the moon. The journey to space was a long road which is rooted in tensions between America and the Soviet Union called the Cold War. On October 4, 1957 the Soviets launched Sputnik, an intercontinental ballistic missile and the world’s first artificial satellite to be place into the Earth’s orbit. This furthered tensions between the Soviet Union and America. After the launch of Sputnik the U.S launched the Explorer I. Despite American efforts to lead the way in space exploration, the Soviet Union appeared to be one step ahead. The Soviets launched the first man into space in 1961. That same year president John F. Kennedy announced The Apollo 11 mission, which ultimately won the Space Race when Neil Armstrong walked on the moon.

The moon landing is a very important part of both world history and American history. This iconic mission sparked the beginning of a complete change in the way we view space.

Apollo 11 Lunar Module Timeline Book to Go On Auction

It has been 50 years since the very first man walked on the moon. Since that that time there have only been 11 other people to walk on the moon.

Now, half a century later, the historic Apollo 11 Lunar Module Timeline Book is set to go on auction. This book contains details of the complete Eagle voyage from inspection, undocking, lunar surface descent and ascent. It is also rumored to contain traces of lunar dust within the pages. The Apollo 11 Lunar Module Timeline Book will be on view at Christie’s in New York until May 15. It is set to go on auction July 18th.

Stay up-to-date on current auction details with Smith Co. Auction & Realty. For over 30 years Smith & Co. Auction Realty has been committed to providing exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

The Gun That Killed Vincent Van Gogh Is Up For Auction

Most famous for The Starry Night Vincent Van Gogh became a very influential figure in Western art. Although he was a very accomplished artist, he did not gain notoriety until his death in 1890. Van Gogh suffered from mental illness and died due to gunshot wounds from a  7mm pocket revolver.

In 1888, after a mental breakdown, Van Gogh mutilated himself by cutting off his own ear. After cutting off his ear things began to spiral out of control, and he was admitted to a mental institution. It was during his time in the mental institution where he created Starry Night and a number of other notable paintings.

Issues Surrounding His Death

There are some conflicting elements surrounding Van Gogh’s death which have led historians to question whether he committed suicide or was murdered. Some historians believe he did not commit suicide but, was shot by a group of teenage bullies. Van Gogh as shot in the midsection which isn’t typically a place that someone would shoot themselves. Van Gogh also had a letter in his pocket, at the time of his death, which was addressed to his brother. The letter was not a suicide note but a casual letter to send to a sibling.

This revolver was discovered in the 1960s in the northern French village of Auvers-sur-Oise, the same place he was shot. It is believed to be the gun that killed Van Gogh because it is the same caliber as the bullet that was retrieved from his body.

Auction Details

The gun is set to be put up for auction, by Paris auction house AuctionArt, this coming June 19th.

The revolver is projected to be auctioned at around 67,000 dollars.

For more information on upcoming auctions check the Smith & Co. Auction & Realty blog.

George Michael’s Art Collection Hit the Auction Block for Charity

Blurred art galleryArt exists in many forms, and the colliding world of music and visual art creates something truly magical.

No one understood this quite like legendary singer George Michael, who spent much of his life supporting charities and talented up-and-coming visual artists.

The world may have lost the legendary George Michael back in 2016, but the singing sensation’s philanthropic work continues into this year with a special auction that featured works from his private art collection.

The auction raised $15 million

Auction house Christie’s had over 200 pieces from the private collection of the British singing phenomenon in an auction this month. With a dedication to supporting upcoming visual artists, Michael’s collection included works from artists that created the Young British Art (YBA) movement, such as Damien Hirst, Tracey Emin, Sarah Lucas, Michael Craig-Martin, and Marc Quinn.

With his collection, Michael supported young and emerging artistic talent, and this auction was meant to continue this work with the sale of these iconic creations.

Standout pieces from the collection

Key pieces in the auction included Tracey Emin’s “Drunk to the Bottom of My Soul,” a large applique blanket featuring poetry. Another sought-after piece was Damien Hirst’s “The Incomplete Truth” featuring formaldehyde-suspended animals and organs.

The proceeds from this auction will go towards continuing George Michael’s philanthropic work.

Check back on the Smith & Co. Auction & Realty blog for more auction updates and news! And when you’re ready to start bidding closer to home, we have plenty of upcoming auctions to try your hand at. Give us a call at 580-254-3975 to learn more!