real estate: Are Builders Partially to Blame for the Real Estate Crisis? - 10/03/08 03:20 PM
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 … (1 comments)
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real estate: Downpayment Assistance Programs (DAPs) or, The "Money-Go-Round" - 10/03/08 02:37 PM
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)
… (0 comments)
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real estate: Provo-Orem and Salt Lake City, UT at top of 2008 Best Performing Cities Index - 09/15/08 04:19 PM
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 … (0 comments)
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real estate: Exclusive Buyer's Agent: The Purest Form of Real Estate Buyer Representation - 09/01/08 08:43 PM
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, … (0 comments)
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real estate: Wasatch Front Home Price Historical Data for the past 5 years - 08/30/08 12:17 AM
The Salt Lake Tribune has an excellent "extra" specifically related to Median Home Prices along the Wasatch Front.
The data is broken down by zip code with an accompanying map to make it easy to understand which areas you are looking at.
The link is here: Home Prices Along the Wasatch … (0 comments)
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real estate: Most homes sold in Salt Lake County (July 2008) were priced $300,000 or less - 08/29/08 11:50 PM
Good news for those hoping to buy (or sell?) homes under $300,000 in Salt Lake County:
The Salt Lake Board of Realtors said this week that 71 percent of home sales in Salt Lake County in July were for properties priced less than $300,000. The most active price range was from … (1 comments)
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real estate: The Housing and Economic Recovery Act of 2008 - How First Time Home Buyers can get a $7,500 Refundable Tax Credit - 07/30/08 06:44 PM
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
A simple overview of how it works
You are eligible if:
You are a first time home buyer (meaning neither you … (0 comments)
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real estate: Will Machines Replace Real Estate Agents? - 05/20/08 10:21 PM
A New World
Some websites promote their equivalence to or superiority over the flesh and blood real estate agent. While mathematical computations can be completed much faster by microchips and microprocessors, they lack the same thing Dorothy's beloved Scarecrow lacked: a brain.
Today's Lenn Harley post on Zillow caused me to … (118 comments)
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real estate: Homebuyer Relocating to Utah Seeks Out Exclusive Buyer's Agent for Representation - 05/15/08 06:47 PM
This was my second experience using an exclusive buyer-agent. We are relocating due to my work, and we only had a few days in Utah to view homes before returning to Illinois.
Benjamin Clark of Homebuyer Representation went above and beyond every step of the way. He ensured we had the … (0 comments)
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real estate: Salt Lake Real Estate Update: Number of Sales Down - Prices Slightly Up - 05/03/08 02:07 AM
First Quarter 2008 showed only small improvement in home prices and the number of SOLD homes was also down.
Fourth Quarters and First Quarters are historically low, while Second Quarters and Third Quarters are historically higher with regards to the number of SOLD homes reported.
There has been increased activity over … (1 comments)
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real estate: Forbes Rates Salt Lake City as One of Nation's Top 10 Recession Proof Cities - 05/03/08 01:52 AM
Salt Lake City actually pulls in at Number 6 on Forbes' list of the top 10 Recession Proof Cities in the nation in a report posted on April 29th, 2008.
What factors led to it's top 10 placement?
Median Home Price is up 2.5%
Unemployment is low at 3.1%
Education and … (1 comments)
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real estate: The Crazy Nicknames We Give To Houses - 04/29/08 12:03 AM
Some of the most memorable homes I've shown are homes that my clients would never buy because of something really unique or bizarre. Still, the house was in some way unforgettable and my day was that much more interesting.
Often when showing homes to clients, we will see a dozen or … (18 comments)
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real estate: Ummel Case Juror Suggests "Buyers Agents Suck" - 04/17/08 01:57 PM
OK. Those weren't her words. Read this article from The Voice of San Diego (author, Kelly Bennett) and comment if you like.Here are a few quotes from the juror:
"After my seven days of realtor training (sitting in a court room), I may consider not using a realtor in my next purchase … (21 comments)
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real estate: Salt Lake Real Estate over the past year (April 2007-April 2008) - 04/16/08 12:08 PM
A year ago Salt Lake was seeing appreciation rates in the 15-20% range. Today, appreciation is somewhere between 0 and +3% (My best guess - Official Data won't be out until the 20th).
There was a 6 month stretch with fewer home sales, making it harder to find comparable sales for … (0 comments)
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real estate: Salt Lake City - 3rd Best Place to SELL a home - 04/14/08 01:22 PM
Last week Forbes.com put out a picture story about the best places in the United States to SELL your home.
Here's what they said:
The story makes a few interesting statements about Salt Lake's ecoonomy that I thought should be considered by anyone considering a move to the area, as … (10 comments)
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real estate: What is the difference between Settlement, Closing and Possession? - 04/12/08 11:51 PM
When you go to "Settlement" you will sign documents such as your loan documents. Recording won't take place until after the Seller is paid. Possession can take place at any time as specified in the contract. See Section 3 of the Contract: "Settlement and Closing" Settlement occurs after ALL of … (0 comments)
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real estate: The Utah Real Estate Purchase Contract: Walk-Through Inspection - 04/12/08 11:39 PM
What is the purpose of the Walk-Through inspection? What are the Buyer's Rights? What happens if the Buyer fails to conduct a walk-through inspection?
Here is section 11 of the Purchase Contract:
11. WALK−THROUGH INSPECTION. Before Settlement, Buyer may, upon reasonable notice and at a reasonable time, conduct a "walk−through" inspection of … (0 comments)
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real estate: The Clients I Enjoy Working With - 04/05/08 11:44 PM
I prefer to work with people I like and who like me. I will gladly turn away a prospective client who is unreasonable, rude, stressful or condescending. Likewise, I wouldn't expect anyone to work with me if I treated them that way.
A good agent focuses on your concerns and needs … (6 comments)
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real estate: Salt Lake Real Estate Market Musings - 1st Quarter 2008 - 03/28/08 11:58 PM
It will be interesting to see if the slowdown during the Fall (which causes numbers in the Winter to be lower) was as dramatic as it seemed.
I'm curious if Spring and Summer might actually do very well due to many hesitant and fence-sitting Buyers who are now confidently purchasing homes … (3 comments)
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real estate: Salt Lake Real Estate Market Update - Days on Market - 03/28/08 11:54 PM
As you can see from the graph below which analyzes the average number of days on the market it took for a listed home to sell, you can see that this is one statistic that has actually followed a pretty smooth pattern over the past 6 months.
Days on the market peaked in … (1 comments)
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real estate: Salt Lake Market Update - 1st Quarter 2008 #1 - 03/28/08 11:38 PM
Take a look at this graph that shows Average List Prices and Average SOLD Prices in Salt Lake County over the past 6 months and tell me you don't see the same thing that I do:
Salt Lake appears to have gone through a minor slump during 4th quarter 2007 and the … (3 comments)
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real estate: Home Buyers - Estimate Your Credit Score! - 03/27/08 12:03 AM
I came across this while reading an article today about financing and the state of the real estate market. I thought I would check it out (since it's free, right?) and see how accurate it could guess my credit score.
Well, I have to say, it was pretty accurate! Obviously this isn't … (4 comments)
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real estate: Salt Lake - 2nd Least Stressful Metropolitan Area in US - 03/11/08 01:25 AM
Back on February 11th, I somehow missed this study, but another agent's post brought it to my attention today. BizJournals.com ran a story that proclaimed Salt Lake City "the runner-up in the low-stress derby. It enjoys America's smallest unemployment rate, 2.6 percent, as well as light traffic, healthy citizens and low … (2 comments)
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real estate: What will become of Suncrest? - The Death of a Development - 03/08/08 09:14 PM
The Deseret News has reported that "Owners of the SunCrest development have defaulted on $58 million in development loans, and residents there are worried the developer could try to sell its remaining assets and leave the state."
Owners fear that amenities that the developers promised would be built (clubhouse, etc.) will never … (4 comments)
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real estate: 20-30 Year-Olds Help Sustain Utah's Economy - 02/26/08 11:21 PM
The New York Times printed an article explaining how the percentage of Utah's population in the 20 to 30 year-old range has helped keep its economy strong over the past few years while other areas of the nation have suffered.
The article focused on the job growth sector of the economy, but … (7 comments)
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real estate: Utah Leads Nation in Price Appreciation (STILL!) - 02/26/08 06:42 PM
The Office of Federal Housing Enterprise Oversight has issued the report we have all been waiting for...
Utah still leads the nation in home-price appreciation!
Of course, these reports are a little behind the times and I wouldn't expect anyone to believe that homes appreciated at 9.7% for January or February. I'm still … (4 comments)
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real estate: Nevada Earthquake Interactive Map - 02/26/08 10:40 AM
The Salt Lake Tribune has an interactive map where people who felt the Earthquake that originated in the Wells Nevada area the other day have posted where they were and what they felt. It's pretty cool. If you live in the area and felt the quake, you may want to participate. … (0 comments)
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real estate: Get an Agent on your side when buying - 02/23/08 11:55 PM
If you are thinking about buying a home in the Salt Lake area, make sure you get an agent on YOUR side.
Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Areas. We do not list any homes. We never represent Sellers. We work for BUYERS ONLY on … (0 comments)
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real estate: Rents are Rising - But so are Rates! - 02/23/08 11:53 PM
Apartment Rents in Salt Lake are on the rise, making a home purchase more attractive for those who will be staying in the area for a few years. Homes available for purchase are at extremely high levels and that makes it a Buyer's market.
But, as the common phrase goes, Buyer Beware! … (4 comments)
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real estate: Re-Listing Homes - Can You Handle the Truth? - 02/23/08 11:45 PM
The Practice of taking a home off the market and re-listing it to show 0 days on the market again is becoming more and more common. Debates are heating up on the subject from coast to coast.
Listing Agents argue they are doing their client a service. They also argue that … (18 comments)
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real estate: "Old"Listings - What's Wrong With This Home?" - 02/23/08 11:32 PM
Naturally, just like a Buyer, when I see homes on the market for 180, 240, 360 days or more, I also wonder "What is wrong with this home?"
Often, with a little digging, we can find out if the home was under a contract that failed or if there is some … (0 comments)
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real estate: To Buy Or Not To Buy? This is the Answer (Salt Lake City, Utah) - 02/17/08 09:49 PM
Salt Lake Market in a Nutshell (February 15, 2008):Number of Homes Listed: UPNumber of Homes Sold: DOWNList Prices: DOWNSOLD Prices: UP
To Buy or Not to Buy: BUY
It's a Buyer's Market. What are you waiting for?
If you are thinking about buying a home in the Salt Lake area, make sure you get … (3 comments)
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real estate: Salt Lake City, Utah Real Estate Market Update (Feb 2008) - 02/17/08 09:47 PM
Salt Lake's Tribune released an article titled "Utah home sales plunge" on February 14th, 2008.
It starts out by saying that Salt Lake is now caught "in the middle" of the national downturn.
Is this true, or just an attention grabbing headline?
If you read the entire article and not just the headline, you will … (0 comments)
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real estate: Salt Lake City - 2nd Least Stressful City in America - 02/13/08 03:07 PM
In an American City Business Journal report today on MSNBC (February 13th, 2008) Salt Lake was mentioned as being the second least stressful metropolitain area in the country.
It said:
"Salt Lake City is the runner-up in the low-stress derby. It enjoys America's smallest unemployment rate, 2.6 percent, as well as light traffic, … (0 comments)
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real estate: Does the "Right" way to buy a home change? - 02/13/08 01:37 PM
Last year, CNN Money posted a Spring Home-Buying Guide.
The link is:
CNN Money - Spring Home-Buying Guide: 6 ways to do it right
They say to get pre-approved first, shop at least 4 or 5 lenders, work with an agent who will represent you only, etc. etc. etc.
The most important factor is making … (2 comments)
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real estate: How Street View Helps Homebuyers in Salt Lake City! - 02/13/08 01:08 PM
Salt Lake City is one of a handful of cities that has recently been added as a Google StreetView City!
You are either really excited about this or really freaked out about it, but the bottom line is that this is good news for homebuyers.
Listing agents tend to take pictures from angles … (4 comments)
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real estate: Ummel Case - National Association of Exclusive Buyer Agents Statement - 02/10/08 12:46 AM
Being an Exclusive Buyer's Agent and a member of the National Association of Exclusive Buyer Agents (Disclosure: I'm also on the Board of Directors), I was excited to see the following article on FoxBusiness.com:
Buyer Agent Organization Comments on Ummel Home Buying Case
The Association's position is simply that part of a Buyer's … (6 comments)
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real estate: Salt Lake Named one of the Best Cities for Bargain House-Hunting - 02/08/08 10:15 AM
In the evening edition of Forbes.com 2/7/2008 an article titled "Best Cities For Bargain House-Hunters" names Salt Lake City, Utah as one of the Best Places to buy real estate in today's market. (Salt Lake is ranked #1)
What exactly do they say?
"They'd be smart to look for markets where job growth is strong, foreclosures are … (4 comments)
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real estate: Utah's Drought - 02/07/08 11:57 AM
In today's Deseret News (February 7, 2008) a story about more snow coming mentioned the following:
"The bad weather has brought some good news. In a hydrologic outlook released Wednesday, the Weather Service said the January storms brought an accumulation 165 percent of normal. Southern Utah was already above its normal April … (3 comments)
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real estate: Salt Lake Area Real Estate Blog Entries - A Guide for Home Buyers - 02/06/08 04:26 PM
Thank you for visiting my Salt Lake Area real estate blog for Buyers.
Here are recent posts that you may find of interest:
FINDING HOMES
The Truth About "Buyer's Guides"
How to Know About the Newest Homes on the Market Each Day
"Staged" Homes in Utah - Things for Buyers to Consider
Buying a Home … (4 comments)
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real estate: Exclusive Buyer's Agents Negotiate for the Home Buyer - 02/02/08 11:43 PM
The most exciting part of being a true Buyer's Agent (and the most rewarding part) are the negotiations. Every transaction is unique, and there are many real estate agents who lack the level of negotiation skills required to truly get their clients the best deal.
Having an agent who has training … (2 comments)
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real estate: Benjamin Clark - Background - 02/02/08 11:23 PM
How long have you been an Exclusive Buyer Agent? What brought you to this unique niche?
I have been a real estate agent since 1997. I worked mainly for buyers during my first few years, but I also took some listings. I quit listing homes in 2000. I didn't know what … (0 comments)
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real estate: Client Christmas Card 2007 - 01/25/08 01:04 AM
In case you missed our Christmas Card this year, here it is:
Dear Family and Friends,
We have had a pretty busy year this year. Through about August, the Real Estate market was still in its prime and Ben was as busy as ever helping people with their home purchases. Somehow we … (4 comments)
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real estate: Salt Lake County 4th Quarter 2007 Days on Market Report - 01/22/08 06:32 PM
This graph shows how long homes took to sell in the 4th quarter of 2007.
This is only for SOLD homes. As you can see, for homes that DID sell, the average time on the market was 44 days.
The percentage of homes selling in 30 days or less was 43.7%.
The … (1 comments)
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real estate: Salt Lake County 4th Quarter 2007 Sales Activity Trend Report - 01/22/08 06:16 PM
Here are some numbers from 4th Quarter 2007. I'll only use the final number in other calculations but I thought some people might be interested in seeing it broken down by Price Range as seen in the table below. (This data is for SOLD homes.)
Data from Wasatch Front Regional Multiple Listing … (0 comments)
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real estate: Ski Free in Park City! - 01/13/08 12:51 AM
Park City is offering a free lift ticket in exchange for your same-day boarding pass to Salt Lake Airport. Unfortunately, it seems you must not be a Utah resident to take advantage of this offer.
So, those of you who are visiting Salt Lake from another State (Including clients of mine … (2 comments)
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real estate: Thank You for the Referrals! - 01/12/08 11:53 PM
I want to thank all my family, friends and past clients who have referred family and friends to me. There is nothing better than helping a friend of a friend. As the Salt Lake real estate market slows back to its more normal rate, I would like your help in spreading … (0 comments)
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real estate: Sellers have a choice when it comes to Dual Agency - 12/20/07 01:11 PM
I don't represent Sellers, so why am I writing about this? Almost all Buyers will someday be Sellers and almost all Sellers buy after they sell. My clients may as well understand that what is true on one side of a transaction usually has its parallel on the other.
Just as Buyers … (1 comments)
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real estate: Salt Lake's Real Estate Market in a Historical Context - 12/13/07 03:13 AM
My observation of Salt Lake's Real Estate market over the past 10-15 years has been that it tends to chug along at a very moderate appreciation rate in the range of 3-5%. There are times when it is slightly better than this and times when it is slightly worse. But, generally, … (0 comments)
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real estate: "Staged" Homes in Utah - Things for Buyers to Consider - 10/11/07 05:17 PM
"Staging" is essentially what is done to a home to show it off in a better light than it was to begin with. As the word suggests, when you see a "staged" home, you need to realize that what you see is a performance. Staged homes are nice to look at, … (4 comments)
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real estate: Your Credit Might Not Be As Bad As You Think - 05/14/07 12:00 PM
Many buyers in the Salt Lake City, Utah area have been unsure of their standing in the credit department. This has led them to agree to pay a higher interest rate, convinced that they should, when in reality, their credit may not have been low enough to merit the higher rate.
Those who … (1 comments)
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real estate: Different Types of Agents - Say What? - 05/09/07 01:13 AM
A VERY Brief Explanation of Different Types of Agents in Utah
Listing or Seller's Agent: Sometimes referred to as a "traditional agent", the most common real estate agent works on behalf of the Seller and represents their interests during the sale.
Buyer's Agent: Usually a traditional agent who assists the Buyer during a transaction. … (7 comments)
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