Buying a Home near Salt Lake City, Utah? CLICK HERE! - Exclusive Buyers Agent Blog

Salt Lake City Utah Population Explosion Predicted

2008-11-21T00:41:51Z

The Salt Lake City Board of Realtors published a press release on November 13, 2008 suggesting that the population of the Wasatch Front (Salt Lake Included) is expected to double by the year 2040.

The prognosis was made by Arthur C. Nelson, presidential professor of city and metropolitan planning at the University of Utah.

He suggests that the population of the United States will grow faster than any other nation during that time other than India or Pakistan.

By 2040 the population along the Wasatch Front is predicted to reach 4.2 Million as compared to approximately 2 million people today.

The full article can be downloaded from the Salt Lake Board of Realtors:

http://www.slrealtors.com/pdfs/pr_081113.pdf

The outlook is also for increased housing demand and an explosion of new jobs.

Whether the reality will match the prediction can only be seen with time. If true, we should be able to weather any economic storms that may come better than other areas of the country. (We have been particularly fortunate so far in the midst of today's national economic crisis.)

Of course, the purpose of the article is to foster excitement about the security of owning real estate in the Salt Lake City area, so...

If you have excellent credit, and will be purchasing a $300,000-$800,000 home in the Salt Lake City, Utah area in the next 90 days and would like an agent who will work exclusively for you on your side of the transaction, call us at (801) 969-8989 or contact us via the link on this page.

"The Real Estate Agents on the Buyer's Side" ^TM

Finally...

Exclusive Buyer Representation - The Homebuyer's Best (But Little-Known) Option

2008-11-21T00:06:40Z

Well, I just ran across a press release from the National Association of REALTORS either from May of 2008, or revised in May of 2008.

It says in the header that the article will discuss agency and representation options the consumer can choose from:

"a variety of business relationships with real estate professionals, including buyer representation..."

The article then goes right on to only discuss Designated Agency and Dual Agency, (less than full forms of brokerage representation) but leaving out Exclusive Buyer Agency. It should be clear to the public that they don't have to choose Designated Agency OR Dual Agency (Dual Agency being worse in my opinion).

Here's the link:

http://www.realtor.org/press_room/public_affairs/tpagency

Homebuyers can choose to have an agent fully representing their best interest throughout their transaction by hiring an Exclusive Buyer Agent.

An Exclusive Buyer Agent (EBA) works for a company that never takes listings or represents Sellers. (An Exclusive Buyer Brokerage. The agent you hire can give you undivided loyalty and full representation that cannot be compromised or diluted if you choose to buy a home listed with the same brokerage (since the brokerage takes no listings).

Whenever you buy a home, make sure you research Exclusive Buyer Agency - the highest form of buyer representation available - an agent exclusively and 100% on your side of the transaction.

If you have excellent credit, are buying a $300,000-$800,000 home in the Salt Lake City, Utah area in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

"The Real Estate Agents on the Buyer's Side" ^TM

Finally...

Homebuyer Representation, Inc. - The Homebuyer's "Best Choice in Utah"

2008-11-15T23:56:25Z

Homebuyer Representation, Inc. was recently named the "Best Choice in Utah" by NAEBA's Consumer Inquiry Program.

NAEBA is the National Association of Exclusive Buyer Agents and the Consumer Inquiry Division fields calls from Homebuyers nationwide. After research, most buyers choose to work with an Exclusive Buyer's Agent who will pledge undivided loyalty to that Buyer during their homebuying experience. The Consumer Inquiry Division also receives feedback from buyers who use NAEBA member brokerages and each year the top brokerages recieve an award. This year they used phrases from buyer's to name the award.

"The Best Choice in Utah" could almost just has easily have been "The Only Choice in Utah" as true Exclusive Buyer Agencies are new to our state. There is another Exclusive Buyer Brokerage in Southern Utah, but in the Salt Lake Area, Homebuyer Representation, Inc. is the only (and best!) Exclusive Buyer Agency.

While the award makes me laugh, I am still honored to be the broker of the buyer's "Best Choice in Utah."

If you are buying a home in the Salt Lake City, Utah area, and would like to work with "The Best Choice in Utah", make sure you work with Homebuyer Representation, Inc. You can be sure you'll be working with an agent on YOUR side of the transaction!

If you have excellent credit, buying a $250,000-$750,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

"The Real Estate Agents on the Buyer's Side" ^TM

Finally...

Active Rain Blog wins Best Internet Marketing Award

2008-11-15T23:28:09Z

Many of you know that my blogging activities on ActiveRain account for more than 1/3 of my closed business for 2008. Just 1 year ago I finally figured out that things were changing and although the concepts involved in traditional marketing still applied, the effectiveness of old-school hard-copy marketing was waning in favor of a more instant, more flexible medium: the internet.

More than a website, a blog allows consumers to find exactly the information they are looking for. It allows professionals a forum where they can share inside information, educate their audience and comment on current events affecting their industry.

Because the blogger gets to think about what they write (we hope), the blogger benefits from putting their thoughts and the things they have learned into writing. The concepts they share and discuss are less likely to be forgotten than ideas and information that is learned, but never revisited.

Well, I have had a great year on ActiveRain. I have shared a lot, and have learned a lot. My blog won a First Place 2008 Award of Excellence in Internet Marketing at the National Association of Exclusive Buyer Agents' Conference last week in Florida.

Well, I am honored and somewhat flattered. There are many things I can do to improve my blog and make the experience even better for those who visit it. Look for changes starting January 2009 and don't hesitate to come back and visit and give me feedback.

Thanks to you all!

May success rain on all of us in the coming years!

Buying a home in the Salt Lake City area? Make sure you get an Agent on YOUR side of the transaction!

If you have excellent credit and will be buying a $250,000-$750,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

"The Real Estate Agents on the Buyer's Side" ^TM

Finally...

Salt Lake EBA Voted President-Elect of the National Association of Exclusive Buyer Agents

2008-11-15T23:04:58Z

I spent most of last week in Orlando Florida for the Annual Meeting and Conference for the National Association of Exclusive Buyer Agents (NAEBA).

NAEBA is made up of real estate brokerages that represent buyers only on the buyers side of the real estate transaction. They don't list homes. They don't "sell" homes. They help people buy homes and they represent those buyers' best interests throughout the transaction.

I served 2 years as Mountain Region Director and at this year's meeting was voted President Elect for the Association. The association has made great strides in the past few years. Internal organization is operating at the smoothest (possibly) ever. We have hired an excellent Executive Director and have great plans in place to get the word out about Exclusive Buyer Agency like never before. The benefit to consumers is fantastic.

If you have any questions about Exclusive Buyer Agency or the National Association of Exclusive Buyer Agents, just ask. We hope to grow the association over the next few years and bring on even more brokerages dedicated to Exclusive Buyer Agency. We have material available for consumers as well.

NAEBA's website is: www.naeba.org

If you are planning on buying a home in the Salt Lake City area, find an agent who will look out for your best interests. Find an EBA! Make sure you get an Agent on YOUR side of the transaction!

"The Real Estate Agents on the Buyer's Side" ^TM

Finally...

Exclusive Buyer's Agent Makes Homebuying Experience "Stress Free" for Avenues Homebuyer

2008-11-11T18:09:35Z

My partner and I had been considering moving to Salt Lake City from the Los Angeles area. We were not sure how to approach looking for a home in an area where there were many locations of interest. We did some research and found Benjamin Clark. We liked what we read about his services. Once we opened a dialog with Ben we knew right away that he was the man to help, and we were right on with Ben.

I decided to make the move right away to Salt Lake City from Los Angeles to be close when that opportunity arose for us to select homes on the market. I really liked the fact that Ben was proactive with our requests and needs and spent time fact-finding so the homes he showed us were all within our criteria.

Having Ben on our side was like those Verizon commercials where you have one man standing there with a whole team behind him taking care of you. That's Ben. He thinks like a man of action and acts like a man of thought.

Within a short period we not put in an offer on the home we wanted, and Ben guided us on what to do and what not to do in our best interest.

Ben made our buying experience easy and took care of questions that arose even after we closed. I want to thank Ben for all the wonderful work he put into making our homebuying experience stress free, and for stepping up to the plate for us to make our choice - become our home.

I will always recommend Ben to anyone who is in need of a home.

Thanks with a smile.

Rijhon Wheeler

6 Hours - What MUST I see at Disneyworld?

2008-11-04T23:25:47Z

OK. I'm here at downtown Disney in Orlando but will be in meetings for most of my stay here.

I might be able to spend 6 hours in the park (One park) after 4pm Wednesday or Thursday.

What MUST I see? I've never been here before and know that wandering aimlessly would be a waste of my time.

So, those of you who are in the know... How can I best maximize my little time? What rides and events are "Must See"?

THANKS TO ALL!

Ben

Home Warranty Companies Affected by Slowdown: Adjusting Prices/Coverage

2008-10-17T00:01:09Z

It seems that the slowdown in the real estate market has Home Warranty companies that service the Salt Lake City real estate market adjusting their premiums and coverages to keep profits up.

Over the past 45 days prices have gone up by about 18% and deductibles (service fees) are up about 10%.

To be fair, some additional coverages have been added to some warranty companies' offerings, but others have actually lowered their level of coverage by removing items from standard coverage or limiting the extent to which the home warranty company will cover certain claims. The cost of "add-on" coverage (for additional appliances, etc.) has also gone up for most companies.

When I asked one particular representative why prices went up, the first response was because of the additional coverage provided (unknown conditions had been added as a standard inclusion). After a little straight talk about the other areas where coverage or prices had become worse the final answer I got was: volume is down.

At any rate, even at the new prices (About $300 for standard coverage) a home warranty is usually a good investment when buying a home. Especially now that Utah's standard purchase contract has been changed to "as-is" by default! (More on that to come.)

In most transactions, the Seller is willing to cover the cost of a Home Warranty plan as it provides them some relief in the event that some system of the home fails shortly after the sale.

If you are buying a home in the Salt Lake City, Utah area make sure you hire a professional agent on YOUR side of the transaction! Make certain the agent you hire is an Exclusive Buyer's Agent! (EBA)

If you have excellent credit and will be buying a $250,000-$750,000 home within 90 days and want an agent working exclusively for YOU, call us at (801) 969-8989 or contact us via the link on this page.

Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...

©2008 Homebuyer Representation, Inc.
"The Real Estate Agents on the Buyer's Side" ^TM
Exclusive Buyer's Agents (EBA)
All Rights Reserved

Finally...

Salt Lake Area Home Buyers Should Seek Professional Representation and Certified Negotiation Expert when Buying a Home

2008-10-13T15:01:46Z

The NAR 2006 Profile of Home Buyers showed that:

98% of Buyers believe negotiation skills are "Very Important" or "Somewhat Important" in their real estate agent.

and that:

Buyers give "Negotiation Skills" the lowest satisfaction rating of all agent skills and qualities.

Fewer than 3% of all real estate agents have received formal professional negotiations training.

Exclusive Buyer's Agents are already set apart from traditional real estate agents because they work for the Buyer in every transaction. By keeping in mind what is in the Buyer's best interest at all times, Exclusive Buyer's Agents naturally become good negotiators. Still, when the opportunity comes to receive professional training and increase those skills and abilities, the agent who really wants their client to receive the best service available takes it.

I've just completed 2 days of intensive negotiations training with Tom Hayman of Negotiation Expertise, LLC. Tom was a professional negotiator with Proctor and Gamble for over 20 years.

The class was informative, educational and very enlightening.

I have always prided myself on my abilities to negotiate the best deal for my buyer-clients. Now I have even more tools and techniques to implement for my clients' benefit to get them even better deals when they buy homes in the Salt Lake City, Utah area.

I have learned how important the acquisition of knowledge is to negotiating and have learned new ways to gather the information needed to negotiate a better deal for my clients.

After studying, practicing, role playing and testing, I earned the Certified Negotiation Expert designation, held by fewer than 1% of all Real Estate Agents in the United States.

Salt Lake’s Best Exclusive Buyer’s Agent just got better!

Buying a home in the Salt Lake City, Utah area? Make sure you hire a Certified Negotiation Expert on YOUR side of the transaction!

©2008 Homebuyer Representation, Inc.
"The Real Estate Agents on the Buyer's Side" ^TM
Exclusive Buyer's Agents (EBA)
All Rights Reserved

Finally...

BENJAMIN D. CLARK OF HOMEBUYER REPRESENTATION, INC. RECEIVES CERTIFIED NEGOTIATION EXPERT DESIGNATION

Real Estate Negotiation Skills a Must for All Salt Lake Area Home Buyers, Especially in the Current Market

2008-10-13T13:33:57Z

SALT LAKE CITY, UTAH - Benjamin D. Clark has been awarded the Certified Negotiation Expert (CNE) designation, achieved by real estate professionals who have successfully completed formal training in the art of negotiation. Agents who receive this certification are in the top 1% of all agents nationally.

Buyer's agents with professional negotiation skills are much more likely to obtain better results for their clients. Agents with the Certified Negotiation Expert designation have a powerful competitive edge because of their ability to uncover information effectively, get more and give less during negotiations, and retain control over desired outcomes.

The Bottom Line: CNE agents have the tools and the ability to influence and persuade others more effectively than agents without professional negotiation training.

The certification training is provided by Negotiation Expertise, LLC, a national negotiation training and coaching company based in Peoria, AZ. Tom Hayman, the President and owner, is a professional negotiator with 35+ years of experience, including 25 years with Procter and Gamble, a Fortune 50 company.

Hayman asserts “Any Buyer or Seller who hires a Certified Negotiation Expert can feel confident that they have the best trained agent in the business. They will get superior results and have better resolution of any issues when hiring a CNE agent.”

Salt Lake’s Best Exclusive Buyer’s Agent just got better!

Buying a home in the Salt Lake City, Utah area? Make sure you hire a Certified Negotiation Expert on YOUR side of the transaction!

©2008 Homebuyer Representation, Inc.
"The Real Estate Agents on the Buyer's Side" ^TM
Exclusive Buyer's Agents (EBA)
All Rights Reserved

Finally...

BENJAMIN D. CLARK OF HOMEBUYER REPRESENTATION, INC. RECEIVES CERTIFIED NEGOTIATION EXPERT DESIGNATION

Buying "Small" in Salt Lake

2008-10-03T15:53:29Z

With all the plusses that come with more square footage, the smart buyer will look at the additional costs.

Whether you are buying a home as an investment, or planning on living there a long time, there are many reasons some Buyers choose to buy "small" rather than buying "large" homes.

Most Buyers who choose to buy small do so out of some necessity: The home is closer to work, their buying budget only gets them a small home, etc.

But some buyers who could buy big, still choose to buy small and their reasons are food for thought.

Some of the prevailing things I counsel buyers to consider are:

Large homes generally have higher utility costs than smaller homes. (Although newer "greener" technology can make a newer home better in that regard than some older homes.)
It costs a whole lot more to remodel 4-6,000 square feet than it costs to remodel 1000-2000 square feet.

Some of the reasons I hear Buyers give for choosing to buy small:

Less housework.
The community/schools are nicer
"I don't want to pay for space I won't need or use."
Some older (smaller) homes have more charm than newer larger homes.
The finish level can be much nicer in a smaller home for the same cost.
It costs less up front.

If you are planning to buy a home in the Salt Lake City area and want a true agent who will look out for your best interests, make sure you hire an Exclusive Buyers Agent! Make sure you get an Agent on YOUR side of the transaction!

If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

Finally...

Are Builders Partially to Blame for the Real Estate Crisis?

2008-10-03T15:20:07Z

Can you blame builders for getting sucked into the hype?

When you are taking orders for homes as fast as you can build them, why not decide to build a ton of "spec" homes?

Still, builders should have seen an end coming at some point, and those who did, planned accordingly and had an exit strategy. (Always a good idea: Have an exit strategy.)

I also don't fault builders directly for building spacious homes with lots of "extras" and amenities.

After all, this is where some of the most profit is made, and buyers were buying up their homes just the same!

To show I can be somewhat fair, I know a number of builders who might have been just as happy building and selling more "starter" sized homes. Moderate homes.

Why didn't they?

Well, planning and zoning departments in some cities started to set minimums in order to maximize tax revenues. For example, where you may have been able to build an 800 or 1000 square foot home without a garage years ago on a tiny lot, some cities now require a minimum lot size of 8,000 or 10,000 square feet. They also require a minimum "finished" square feet of 1300 sf. (On most homes in Utah, this would mean a 2600 sf home if it were a rambler/ranch, or an 1850 sf home if it were a 2 story). Oh yeah, and now all homes (in some communities) are required to have a 2 car garage and RV parking... There goes your "starter" home option!

And, why should they have built smaller when the Buyers were able to "afford" the larger, more luxurious home?

Again, the fault doesn't lie with the builders alone. That was their business. But, they likely didn't ever say to a Buyer: You know, you might want to be more conservative here. No. They likely didn't do that very often.

Remember: The agents at the Model Home work for the Builder, NOT the Buyer.

Surely some blame is left to be placed on the agents who allowed or encouraged buyers to overextend and/or overpay to buy homes over the past few years.

Last year we saw builders including all kinds of "incentives" or bonuses to Buyers in order to not have to reduce the price of the home. This year, in Utah, although some builders have suffered, those who scaled back early enough are still able to compete and make a living building homes, just not at the level they used to. Strangely enough, some builders are still offering "incentives" but among some of them, those incentives are getting smaller or are even non-existent. Some have determined that simply pricing the home at a fair value is the best solution to their predicament, and many times they are right.

If you are planning to buy a new home in the Salt Lake City area and want a true agent who will look out for your best interests, make sure you hire an Exclusive Buyers Agent! Make sure you get an Agent on YOUR side of the transaction!

Finally...

Are Downpayment Assistance Programs Bad?

2008-10-03T14:49:11Z

**So were (are?) Downpayment Assistance Programs bad?**

I don't think DAPs are bad in and of themselves.

But coupled with additional items from the lender's bags-of-tricks, they likely contributed to a number of defaulted mortgages, including some that will continue to default as adjustment dates and balloons come due.

(Click Here to read How a Downpayment Assistance Program Works)

Here's why:

In many cases, those who got this "help" from down payment assistance programs, unfortunately also bought more home than they should have. They went for the big new home instead of the more traditional "starter" home.

In order to buy the bigger home, some took ridiculous ARMs or Interest Only loans with short term fixed periods and/or short term balloons. These loans were also often packaged with a "bonus" pre-payment penalty.

The borrower does share in the blame, but somebody (the agents? the loan originator? the underwriter?) should have tried to talk some sense into counsel with the buyers.

I don't know what to say about the buyers who were buying for the second or third time around... I guess it just gets back to wanting everything now.

I'm all for credit. I'm even for easy credit to a degree.

But debt should always be taken on responsibly. What went on over the past few years was just irresponsible on everybody's part.

My job as an agent is to help my clients consider the possible downsides to the options they are presented with, not to "sell" them something.

If you are moving to the Salt Lake City area and want a true agent who will look out for your best interests, make sure you hire an Exclusive Buyers Agent! Make sure you get an Agent on YOUR side of the transaction!

Finally...

Downpayment Assistance Programs (DAPs) or, The "Money-Go-Round"

2008-10-03T14:37:12Z

Downpayment Assistance Programs are being allowed less and less. One "stated" reason is that they likely helped contribute to the breakdown of the real estate market.

Here's how a downpayment assistance program (DAP) usually worked:

The Seller would give 3% plus some "administration fee"...

(sometimes 1% of the Purchase Price)

to a "neutral" third party "non-profit corporation"...

(Did I mention they sometimes took up to 1% of the Purchase price in exchange for providing a paper and money shuffle?)

who would then "gift" that money (well, just the exact amount needed) to the Buyer to use as a Down Payment.

(On loans requiring 3% down payment).

The Buyer, in most cases, paid the Seller 3% (plus the "fee") more for the home than they would have without requiring "participation" in the down payment assistance program.

The third party would "technically" use funds from a separate pool of donations, although if the Seller didn't "participate" in the program (at the amount the Buyer needed plus the admin fee), the Buyer wouldn't get any funds from the "pool."

So, essentially, the borrower was taking out a 100-104% loan, even though the lender would view it as a 97% loan. (Yes, they were wearing rose-colored glasses, now banned.)

The Buyer very likely could have bought the home for that much less without the program in the deal. I believe many Buyers could have done even better in negotiations without the DAP (Downpayment Assistance Program) as part of the deal. (If the Seller or their agent knew the Buyer needed the assistance, they would often hold out at full price plus the cost of participating in the DAP.)

Oh yeah, and I forgot. Closing costs. On top of the cost of the DAP, the Buyer often "rolled" the closing costs into the loan the same way: Pay the Seller more, the Seller pays the Closing Costs. (The TOTAL allowed to be "contributed" by the Seller for all of these things could not exceed 6% of the Purchase Price.)

Why the shell game?

Sellers are not allowed to give the Buyers the down payment funds directly, specifically because that messes with the true market value of the home. Lenders consider that something "abnormal" is going on if the Seller were to "pay" the Buyer's Downpayment. Well, somewhere along the way, the DAPs became "acceptable" to lenders, underwriters and investors, and yes, even the FHA.

Strangely enough, nobody seemed bothered by the fact that it was actually costing everybody more to run the funds through these third parties than it would have cost to simply allow the Seller to pay the Downpayment, but that's how it was. They wanted to be able to show a 97% loan to value at the end of the day, even if it weren't true. (Sounds a little like "cooking the books" doesn't it?)

So, are Down Payment Assistance Programs bad? Read on...

Finally...

The Great Housing Bust of 2008

2008-10-02T17:28:09Z

Harry Dent predicted our current situation when he showed that a slowdown in the birthrate 25-35 years ago would lead to fewer people entering the housing market to buy homes. It is those new buyers who fuel the growth of the rest of the residential real estate market.

If you look at the following graphic and imagine the following scenarios, you can see how the cycle speeds up or slows down. (We'll scale down the numbers to make them conceivable)

Imagine a "normal" or traditional sum of about 10,000 first time buyers entering the market yearly. (Remember, we scaled this down). I don't remember the exact age, but somewhere between 25-35 years old are the demographic.

Those buyers buy pre-existing starter homes (Historically. We'll introduce new construction down the line).

The Sellers of those homes buy another, slightly better (larger, more expensive, better neighborhood/schools) home from someone else and this happens a number of times until somebody who is selling downsizes into a condo or a smaller home (The Empty Nesters).

OK, now let's introduce some variables:

What happens to supply and demand if the number of First Time Buyers increases to 30,000?
What happens to prices?
What happens to supply and demand if getting a loan gets tougher and the supply of buyers shrinks?
What happens to prices?
What if Builders overbuild based on 30,000 1st time buyers entering the market, and then only 8,000 show up the following year?

Why all of a sudden were there so many?

Lenders gave loans to borrowers who traditionally were not ready to buy. Buyers who were younger, with poorer credit, little or no down payment, less time on job, etc. (The pool of first time buyers increased, contributing to an artificial buying "boom".)
1st time buyers bought homes like (or better than) those that took mom and dad 30+ years of working to buy. (Another factor of the money coming easy, or appearing to come easy)

Then what?

Builders overbuilt these "fine" homes that historically would be more fit for move-up buyers, but hade been getting gobbled up by first time buyers.
The number of 1st time buyers shrinks because they can no longer get a home without down payment, good credit etc. This on top of the fact that there were already going to be fewer first time buyers in the pool anyway. (Remember, 10 year olds aren't buying homes.)

This is where we are today.

Mr. Dent isn't always right. But basing buying trends on age demographics made sense to me at the time, and still makes sense to me today.

If the topic sounds interesting, even though it is out of date, the book provides for some interesting things to think about. Perhaps it will give you some ideas as to how you might win out in today's market?

If you are moving to the Salt Lake City area, buying a home still makes sense in most cases.

If you buy a home in today's market, make sure you get an Agent on YOUR side of the transaction!

Finally...

Salt Lake City, Utah Job Market Among the Most Healthy in the Nation

2008-10-02T16:22:32Z

The latest Conference Board Press Release (Dated October 1, 2008) shows some areas of the country where the number of available jobs exceeds the number of unemployed. One of those cities (the one at the top!) is Salt Lake City, Utah.

The Conference Board reports that "35 of [the] top 52 Metro areas post over-the-year declines in job demand." Those living in the Salt Lake City area have a lot to be greatful for. The real estate "boom" here started late and ended early when consumers saw surrounding areas starting to bust. Home values have held fairly flat, which is pretty good under the circumstances nationwide. People and companies still relocate here because of the many benefits that come from living in the area.

If you are moving to the Salt Lake City area, buying a home still makes sense in most cases.

If you buy a home in today's market, make sure you get an Agent on YOUR side of the transaction!

Finally...

A Possible Solution to the Real Estate/Mortgage Crisis

2008-10-02T10:54:53Z

I would strongly urge lenders, banks and investors to consider agreeing to adjust notes back to the start rate on the adjusting and ballooning mortgages (or the start rate +.25% or .50%).

Don't pay them any incentive or "bailout" to do so.

They made the bad loans or let them be made. Let them take some responsibility for those actions. The result would keep a huge number of people in their homes who otherwise would lose them, preserve the value of the collateral and help minimize future defaults.

True, the investors will get less return than they hoped. But they aren't likely to see their hoped for return on many, if any of these loans anyway. What is better, some return, or none? In real life, if you lend money to someone who you know likely won't pay you back, you usually get nothing.

Bailing out Banks, Lenders and Investors is the worst possible message that can be sent to the American Public. The American Public (Um. And the American Government) makes enough poor financial decisions on its own, without needing encouragement that someone will be there to bail you out for your poor choices.

Fiscal responsibility needs to be taught and practiced by the government and corporations, not just the American People.

There should not be a double standard:

One for the American people - "Too bad, you lose, you're on your own for the bad choice you made."
And another for the government or corporations "This stinks, here, we'll just print more money or increase the national debt to cover your stupidity."

Telling institutions they can ignore rational and reasonable practices and still be rewarded is ridiculous.

That's the same story these institutions were selling all those borrowers when they sold them into the loans they shouldn't have gotten into. It's time for everybody to put the greed away and sit down at the table to talk rationally and realistically.

A compromise that doesn't require a complete overhaul of the system would benefit all parties in the long term.

It would be an acknowledgment by all parties that "Yes. We made bad decisions. We all risked more than we were able to bear. We are all to blame. In consequence, we will all give or receive something worse than what we hoped (gambled) for initially."

Investors get: Lower return than they thought (Not too bad considering if people could refinance their places at lower fixed rates, a portion of this problem would have already been resolved.)
Lenders get: Fewer (questionable) loan products than they had before. (This has already happened, and is a GOOD thing!)
Borrowers get: A higher payment than their start rate, but one that gives them a "chance" to keep their home and pay back their loan honorably.
Future Borrowers get: To save up a down payment for a home, and to learn to use credit wisely and appropriately, thereby reducing the likelihood of another round of this "breakdown" occurring in their lifetimes.

Lenders and Investors should not be the only ones who benefit from a government bailout.

Borrowers need relief as well or any bailout will just be more money thrown at institutions who have proven they have a tendency to make bad financial decisions when the potential reward for doing so, however risky, is great.

I know this won't solve the entire crisis, but sitting down and looking for reasonable and rational compromises is better than just throwing money at the problem. Simply throwing money at it without a long term strategy that successfully addresses the needs of all parties involved will just make things worse down the road.

If you buy a home in Salt Lake City or the Surrounding Area, Make sure you get an Agent on YOUR side of the transaction!

Finally...

Bailouts Bids Benefit Banks but Borrowers Being Abandoned

2008-10-01T15:03:13Z

Why are we bailing out the banks when consumers were duped into the cruddy loan products the banks sold them...? (At least some of them were "up-sold" the ARM or some other ridiculous loan, perhaps with an inflated Debt/Income ratio as an added bonus?)

Why should businesses be saved when consumers will lose their homes?

The whole mess came about because loans were made that shouldn't have been made... (hundreds of thousands of loans, maybe even millions of them!)

The facts are:

Buyers should come in with down payment,
Home prices should be set at an affordable level (by offering sound loans to qualified buyers only) and
People who can't prove they can pay should pay a higher rate to offset that risk or continue as renters...

And if you look at the crisis and what is naturally coming about in the free market because of it, those exact things are happening. The reason we are in this mess is because banks ignored those basic guidelines.

If the banks had followed sound business practices, we wouldn't be in the mess we are in today.

The long-term answer is to get the banks back to following sound business practices. They basically took on more than they could back up. I know a number of lenders who didn't push these risky mortgages on clients and they are still doing well.

I don't know of a single past client of mine who is anywhere near a short-sale position or having any trouble making their mortgage payment... Why?

Because

they got fixed rate mortgages when rates were the lowest they had been in their lifetimes,
they bought homes they could afford, and
they weren't buying a home while barely making ends meet (or not making ends meet).

I understand there is a big problem, but if the banks are going to be "bailed out", certainly consumers should also benefit and get some "bail out" support.

And what about those who continue to make payments on their homes and will continue to make those payments...? Shouldn't those citizens be rewarded for their common sense and for making the situation better than it would have been if we had all decided to max out and gamble our futures (because the banks allowed, and yes, even promoted it)?

Why give the bail-out money to the people who have proved they can't properly handle money?

The fair and equitable (and free-market) answer is to let the banks go through exactly what their borrowers are going through... let these companies, based on what value is really left in them, be "short-sold" to people (other corporations) who know how to properly handle money.

And NO, that would NOT be the Government!

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

Military Family Relocating to Utah Benefits by Hiring an Exclusive Buyer's Agent

2008-09-21T01:01:52Z

Our family was relocating to Utah after 5 years in Japan. Although we had done lots of internet searching for houses we really had no idea as to neighborhoods, schools, shopping, etc. The "house hunting" experience was old even before we left Japan.

In doing our initial research into rates, lenders and trying to learn about neighborhoods we came across advertisements for an EBA (Exclusive Buyer's Agent). Although we have owned several properties both as primary and rentals, we had not heard of a Buyers Agent. I have always disliked the idea that the selling agent was also my buying agent. The idea that the agent would be working for us and getting us the best deal was appealing. After a couple of emails and phone calls, enter Homebuyer Representation and Ben Clark.

We had some very specific needs and boundaries we wanted to stay within and from the very first day Ben listened. Besides listening to what we needed, Ben offered suggestions that were absolutely pertinent and helpful. After reviewing close to one hundred houses we got down to fifteen we wanted to view. Ben met us, showed us the houses and offered his years of knowledgeable experience in evaluating the house, neighborhood and financial growth potential. His evaluation and expertise were invaluable in our ultimate decision.

Ben handled the negotiations professionally and it was quickly obvious that he truly worked for us. He negotiated a well below market and appraised value sale and the inclusion of numerous additional items. When the sellers failed to meet the closing deadline he negotiated a rental agreement that reduced the total sale price even further and allowed us to move into the house on the original closing date.

Ben kept us informed as to the progress of the sale and whenever the seller missed a deadline he negotiated something else beneficial to us.

Where was this guy when we purchased our former homes!?

We have been in our home for just over two months and are very happy with the house, the EBA (Exclusive Buyer's Agent), and in particular Ben Clark. We can not speak to the enthusiasm or professionalism of other Buyer's Agents but we can unequivocally recommend Ben Clark to anyone that seeks to maximize their buying potential.

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

Salt Lake City, Utah Area Homebuyers Benefit when Having Agent on Their Side

2008-09-18T00:28:58Z

We had a wonderful experience with our agent, Benjamin Clark.

We had been looking at houses on our own for about six months, and were getting frustrated trying to find decent houses to look at, physically locating the houses without getting lost, and scheduling appointments to see the houses with various listing agents. It felt like we were getting nowhere in our searches, and as first-time home buyers, we did not feel knowledgeable enough about the housing market to make a good decision on our own.

That was when we heard of exclusive buyer agents that work on the buyers' side. My husband was sold on the the idea of a buyer agent the minute he heard about it, and he even drew out a little diagram for me depicting why it made more sense to use a buyer agent as opposed to a traditional real estate agent. He did an online search and found Benjamin Clark, who was the only exclusive buyer agent in the Salt Lake City, Utah area.

One of the most important qualities for us in finding an agent to work with was the ability to ask him or her questions with ease, and discuss all of our concerns openly. Benjamin always answered our questions thoroughly, based on his knowledge and eleven years of experience with the housing market. We were impressed immediately when Ben set up 18 appointments at different houses all over Salt Lake County in one evening, complete with a time-efficient mapped out driving route and copies of the MLS listings of each house. It would have taken me weeks to make that many appointments on my own!

Ben personally drove us to each house and worked around our work and commuting schedules, even though it usually meant meeting us in different locations and looking at houses in the evenings. He allowed us to see a lot of houses in a short period of time, and was very upfront about the pros and cons of each house we looked at. He never tried to persuade or push us to buy any particular house, and he continually modified our housing searches to include new criteria.

One of the listing agents that we met with at a particular house told us, "You have a great realtor. He confirmed with me twice about the time and date of our meeting today!" We were not surprised by his remark, because Benjamin was well organized and was always prompt in returning our phone calls and emails. He made us feel like a priority, although we knew he was working with other buyers at the time.

In addition to Benjamin saving us a lot of headaches in finding our house, he saved us a LOT of money. At first, we thought we would use our personal banker to obtain a housing loan. Benjamin encouraged us to shop around for other lenders. He suggested a few lenders to check with for rates and lender fees that we would not have even considered. We could not believe the difference in rates and fees we found amongst the various lender companies! Ben put together a spreadsheet called the total cost of the loan evaluation, and in so doing, allowed us to choose a lender with the lowest rates and fees. Our closing agent even remarked, "I was so surprised with how low your lender fees were! I thought you must be related to your loan officer to obtain fees that low!"

Not only did Benjamin save us money with our lender and interest rate of our loan, he saved us a lot of money in the purchase price of our home as well. He helped us to stay within our budget and with his detailed market analysis, Ben painted a really good picture of what our home was worth and what we might be able to get it for. He was firm with the listing agent regarding our offer, and negotiated in our behalf. As a result, the sellers accepted our first written offer with no counter, and we got an amazing deal on our home.

Even after our offer was accepted, Benjamin walked us through every step we had to take until our closing date. He provided us with resources to obtain homeowners insurance, a home inspection, a home warranty, a title company and even set up our utilities! He also went as far as to make sure that the appliances were green-stickered before we moved in, and all home repairs were completed. We would have had no idea where to start with any of these items, so Ben was really a lifesaver with his leg work that we did not think realtors even dealt with!

Benjamin Clark was able to make the stressful experience of finding a home enjoyable. He will save his clients money and allow them to enjoy the journey along the way to buying a home!

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

CNN Money Article - Exclusive Buyer's Agents representing their clients - the Buyers!

2008-09-17T23:47:32Z

I suppose I should have blogged about this a few weeks ago, but I was interviewed by Les Christie from CNN Money last month and was written up in another CNN Money article, this one titled "Homebuyers turn the screws on desperate sellers."

Although the article doesn't mention this, I believe all of the agents mentioned in it were Exclusive Buyer's Agents (EBAs).

In the Salt Lake area, sellers who need to sell their homes are beginning to get reasonable about pricing and/or conceding so the deal gets done at a fair market value to buyer and seller. Sellers were able to ask top dollar and get it (from some buyers, at least) until about July of 2007. Since then, as the article states, the Buyers have taken the wheel and it has been good for them.

The fact of the matter is that a Buyer should always seek out full representation when they buy a home.

If the market is going up, it is to the Buyer's advantage to have a good exclusive buyer's agent who is skilled and experienced at negotiating and who will help the Buyer determine true market value aside from the hype.

If the market is going down, it is to the Buyer's advantage to have a good exclusive buyer's agent who is skilled and experienced at negotiating and who will help the Buyer negotiate a fair market value that builds in some cushion against the possible loss of value.

In all cases, smart homebuyers have learned about and seek out exclusive buyer's agents who are contractually obligated to work exclusively on the Buyer's side of the transaction.

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

Exclusive Buyers Agents - A Good Choice when Relocating

2008-09-16T01:57:17Z

I was relocating to Utah and needed an agent to help me find a home and navigate the buying process.

Through web searches I contacted several agents and ultimately selected Ben Clark of Homebuyer Representation to help me with my home search.

Ben helped me consider adjacent areas in my search, and his greatest strength was his experience in facilitating the home buying process and in negotiating on price.

I was *very* impressed by Ben's promptness and communication follow-up. The last agent I purchased a home with a few years ago did not even read their email and I am a person who is very email/voicemail dependent. Ben has a Blackberry and will respond to messages/voicemails at all hours. When you are working with him, you feel like you are his most important client and even now that the work is done and the transaction is over, I feel I could still call Ben with questions and he'd be happy to help.

Relocating to Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

Finally...

Relocating Client of Exclusive Buyer's Agent: "I got more than my money's worth"

2008-09-16T01:12:06Z

Category: REAL ESTATE AGENTS

Work Done: Yes
Hire Again: Yes
Approximate Cost: $12,000.00
Description Of Work:: Benjamin Clark is an exclusive buyer's agent, representing buyers only in real estate transactions and in our case, for the purchase of a primary residence in Salt Lake. He showed us over 150 homes in the four months we spent house hunting and patiently educated us about every aspect of making a real estate transaction, including mortgage analysis, the importance of home inspections and home warranties and negotiations with the seller. He is a FORMIDABLE and SKILLED negotiator and will work extremely hard to negotiate the BEST DEAL possible for you as his client. He gives great attention to detail, follows up every aspect that comes up in the course of a purchase and is passionate about his work.
Member Comments:: EVERYONE should know what it is like to work with an exclusive buyer's agent and with Benjamin in particular. He represented us with professionalism and poise and he clearly had our best interest in mind from the start. As he is free of any conflicting loyalties to buyer and seller as an exclusive buyer's agent, we felt so much more at ease with him than we ever had in any of our dealings with other real estate agents. Over the course of four months of house hunting, he never lost his enthusiasm for the whole process and never hesitated to give us his undivided attention, time and professional skills (working both over personal holidays and late into the night for us on occasion). During the process, he displayed an impressive knowledge base of houses and neighborhoods in the Salt Lake Valley. While always pleasant and enjoyable to work with, he also harbors downright formidable negotiating skills and savvy, which he deployed on our behalf during negotiations with the seller.

Overall	A
Price	A
Quality	A
Responsiveness	A
Punctuality	A
Professionalism	A

Additional Questions Answered when completing this report

How much did the final cost compare to the original estimate? right on

How does the value of the work compare to the price? I got more than my money's worth

How far in advance did you schedule the work? within a week

Did you find the company through Angie's List? no

If no, what was the other source? NAEBA website.

Have you used this company before? this is the first time I've used this company

What did you like most about this contractor: Integrity, negotiating skills, knowledge of real estate.

What did you like least about this contractor: n/a

What surprises came up during the course of the work: Interesting spins on negotiation.

What words of advice would you give other members considering this contractor: HIRE HIM IN A SECOND.

What words of advice would you give this contractor: Keep up the great work!

Relocating to Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

*Recommendation originally entered on Angie's List

Provo-Orem and Salt Lake City, UT at top of 2008 Best Performing Cities Index

2008-09-15T16:19:13Z

The Milken Institute ranks metropolitan areas by how well they create and sustain jobs, wages and salaries and technology.

Their report, dated September 10, 2008 shows Utah's Largest Metro Areas strong atop the list of over 200 Large Metropolitain areas nationally.

Provo-Orem comes in at #1 with Salt Lake City at #3. Ogden, Utah came in at a respectable #18 and Saint George, Utah ranked #4 among the nation's "smaller" metropolitain areas included in the report.

While employment and job creation don't make up the whole of an area's economy, they certainly contribute to it's general health. Growth in the employment sector helps sustain other areas of the economy, like real estate.

The Salt Lake real estate market appears to be holding its own against the challenges that have been dealt nationally, such as:

Elimination of No Down Payment Loans
Fewer Qualifying Down Payment Assistance Programs
Early leaders in the home price appreciation frenzy whose values were raised more than their markets could bear
Foreclosures
Fewer Jobs and Opportunities as people relocate to other environments

Utah seems to continue to attract businesses, families and individuals, helping add to the demand for housing. Many sellers who were overpricing their homes by tens of thousands of dollars have either pulled their listings or have begun to get serious about their home's realistic market value.

If you are relocating to Salt Lake City or the surrounding area,

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Finally...

Exclusive Buyer's Agent: The Purest Form of Real Estate Buyer Representation

2008-09-01T20:43:18Z

Christopher Cruise writes on Bankrate.com:

Any licensed real estate agent in the United States can legally act as a "buyer's agent," although not all have experience doing so. You can... engage what's called an "exclusive buyer's agent." This is the purest form of buyer representation...

Every time you buy a home, make sure you get an Agent on YOUR side of the transaction!

Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...