jason botelho: What's the Market like in your area...SLC,UT?
- 01/08/08 03:23 AM
Salt Lake like most part of the country is experience it's fair share of the slowing real estate market. The winter months add to the slower market movements, but there is no question that the real estate industry is taking a hit right now. Here are a few numbers as of January 8, 2008. The SFR's (Single Family Residence) sold in the past 30 days in Salt Lake County equal 468! The county currently has 6,810 units on the market to be sold (Figures come from the Multiple Listing Service for Salt Lake County). That equates to a monthly inventory of … (1 comments)
jason botelho: Weekly Real Estate Write-Offs...What does it all mean?
- 12/21/07 12:57 PM
How many times have you heard the term "CDO's" or Collateralized Debt Obligations? I think I've heard that term 6 times this week alone. Amazing! These are creative debt instruments that banks have come up with to make the whole lending arena easier and more fluid. The down side is that these little guys are now wreaking havoc through our entire industry. I finally saw a headline article in the Wall Street Journal today (12/21/07) titled: "Fraud Seen as a Driver In Wave of Foreclosures" You're kidding right? How on Earth did they come up with that one? How many of … (1 comments)
jason botelho: Great Time to Buy Real Estate!
- 12/19/07 10:23 AM
Salt Lake City, Utah: Draper, a city just outside of Salt Lake is giving some great Christmas gifts by way of real estate. I have a client on the lending side of my business looking at purchasing a home from a Lender on a Short Sale. The home is in a location that is famous right now for mortgage fraud, and the lender is looking to just get rid of the property. The home was purchased 12 months ago using 100% financing (Yep one of those!) The two liens totled $680,000 the 1st was $544,000 and the 2nd was $136,000. Now … (2 comments)
jason botelho: Can the Fed bring Stability???
- 12/11/07 03:23 AM
Interesting question. There are some great debates over this issue with respect to our industry (REAL ESTATE). There is probably little doubt that the Fed will lower the target for the Fed Funds by 1/4 percent (possibly by a 1/2%). What does this mean for us in the real estate industry? Hopefully with the lower short-term rates, this will help those with short-term financing tied to the prime rates. In the end remember that the Fed plays a role in helping maintain a good supply of money in the market, but the market is driven by supply and demand. Indirectly we hope … (3 comments)
jason botelho: Utah Market Watch...Forecast for Winter 2007-2008
- 12/08/07 04:34 AM
With approx. 23,000 homes to sell in Utah currently, Buyers are holding all most every card possible (Data from the MLS and estimated FSBO activity). This is a great time to buy. I was helping with a buyer currently that has decent income, but credit was the issue for him. It is important to remember that even in good times like these for the buyers, they need to have their house in order (figuratively speaking). There are great deals available and banks will be increasingly helpful during the entire winter. As most of you are aware this is the slow time in our industry and to make it worse banks … (1 comments)
jason botelho: The Good Guys...A New Construction True Story
- 11/30/07 04:47 AM
I wanted to send this one out with a shout of Praise! I have to say that I have seen my share of dishonest people in new construction. At times it can be like the mechanic you can not trust! What do you do? Well I have to share a tale of a great Contractor here in Utah called: Columbus Homes. My wife and I purchased a wonderful home from this builder. Steve Petersen is the owner and was the sales agent when my wife and I purchased the home. Columbus homes was just 2 years old at the time. It … (6 comments)
jason botelho: How to price to sell and still make a profit
- 11/27/07 08:18 AM
The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the … (0 comments)
jason botelho: Would you like that home supersized?
- 11/26/07 03:30 AM
Buyers you are in luck! This is the time to be buying a home. Buyers are able to get the greatest bang for their buck right now! Bank-owned property is at an all-time high, sellers are having their properties sit on the market for months and months (some even a couple of years!) Act now. Click herefor some great tips on buying. Get with a great professional that can help you negotiate, and you'll be amazed at what you can get in the market now! This market is very volatile, take advantage now and thank me later! :) … (3 comments)
jason botelho: Jason Botelho's Tip of the Week for Real Estate Professionals: "Thank You!"
- 11/21/07 08:10 AM
Tomorrow is the Thanksgiving Season celebrated around the country. What a wonderful occasion. This is the time to give Thanks. I can think of no better gift than the gift of thanksgiving. We as agents should always remember to give thanks. To those of you who do not subscribe to the "Secret" or have not heard of the Law of Attraction, I wanted to paste a quote from Rhonda Byrne Creator of: "The Secret". This is a wonderful gift to each of us this Holiday season. Let's all commit to finding 100 things to be grateful for this Thanksgiving: Remember, "Without … (3 comments)
jason botelho: List vs Sale...What's the Difference?
- 11/19/07 03:13 AM
As a real estate professional (For more on my background click here), I am always interested in giving good information to my clients. I have found over the years that many are confused with the terms: "List" and "Sale". I would like to give an explanation to these two terms here. Let's start with Sale, this is the actual price your home will sell for in the market. It is the price at which a reasonable buyer will pay for your home. List means the price you as a property owner would like to get! I must be clear that the terms are … (4 comments)
jason botelho: Hot Marktet in Saratoga Springs, Utah???
- 11/16/07 03:35 AM
This table shows the current real estate activity for Saratoga Springs Utah. There are some great opportunities for homes that are priced right! The numbers in the lower price ranges are seeing the most activity right now. Homes priced at or below $350,000 will see some good activity if priced correctly. This means that a home with 2,500 sqft, 3 beds, 2.5 baths priced at $335,000 is probably over priced right now. That home should be priced around $245,000 right now! I know, I know a lot of you are saying that's ridiculous! I say take a look at the market … (0 comments)
jason botelho: What's Hot and What's Not in Real Estate
- 11/13/07 07:46 PM
We are well into November 2007 here in Utah. I wanted to take a few moments and give some updates to the Real Estate Market. It's been no big surprise that the market has seen some slowing and even reversing in some areas, but there are some Hot parts of the market right now. I wanted to touch on some of those areas today and give some information on those parts that are not moving very well right now! A lot of the current information I'll be giving here will come from the Salt Lake MLS. Below is a table that … (6 comments)
jason botelho: Thinking of Selling Real Estate? Insightful ways to sell in Today's Market!!!
- 11/12/07 03:06 AM
There are many things to consider when thinking about selling real estate. First of all, "Why are you selling?". Is the sale due to a relocation? Are you having to move because of work? This is a very common reason property owners put their homes on the market. Relocation out of state can be a very stressful time. As a real estate professional, I have seen my share of problems and headaches with this type of selling. Here are a few quick pointers that can help! 1) Time Frame. You need to figure out exactly how much time you have to … (2 comments)
jason botelho: How's Utah's Real Estate Market?
- 11/10/07 04:06 AM
Based on historical data (mostly gathered by the MLS), the Utah Real Estate Market is slowing and slowing quickly! How quickly? Depends on who you talk to. This Real Estate Professional predicts rapid slowing in both the new construction and re-sale markets in Utah. The mortgage industry has tighten thier requirements although the Fed just lowered the target to the Fed Funds by a 1/4 of percent to 4.5% This should spark an increase in short-term lending, but lends us to ask: "What about inflation?" These external factors will play an integeal part of our Utah Real Estate Market. Our Market … (0 comments)
jason botelho: How did we do in October 2007?
- 11/07/07 11:35 AM
Well, Halloween is over and November moving fast. We are already on the 5th day of November. Time passed so quickly these days, I wanted to give you an updated on the General Real Estate Market in your area. These areas include Utah counties: Salt Lake, Utah, Davis, Weber, and Tooele. As of late, this market has seen incredible increases of homes for sale. There are approx. 17,645 homes for sale (These numbers reflect Homes that are listed on the Multiple Listing Service or MLS). There are also approx 1,300 For Sale By Owners (These numbers are getting fewer and fewer … (1 comments)
jason botelho: The House that Who Built?
- 11/07/07 11:27 AM
No this is not a Dr. Seuss Book! I think it would be appropriate to share with you those who make home ownership possible. You may be asking yourself: "Hey, I'm the one that makes it possible", right? You are correct, but there are others involved who help you reach the status of home ownership. Who are they? The list will be an eye opener for some. First and foremost we'd like to thank the many many Investors out there who have been instrumental in the purchase of mortgage back securities (Known as MBS's). These are just like stock certificates that … (1 comments)
Salt Lake like most part of the country is experience it's fair share of the slowing real estate market. The winter months add to the slower market movements, but there is no question that the real estate industry is taking a hit right now. Here are a few numbers as of January 8, 2008. The SFR's (Single Family Residence) sold in the past 30 days in Salt Lake County equal 468! The county currently has 6,810 units on the market to be sold (Figures come from the Multiple Listing Service for Salt Lake County). That equates to a monthly inventory of … (1 comments)
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