Hot Topics in Northern Utah Real Estate

Inventory of Bank Owned Homes down in Utah - Expected to Rise

Kevin Richter (Keller Williams Success Realty) — Fri, 16 Mar 2012 23:23:20 -0700

Though the number of bank-owned homes in Utah is down, as the shadow inventory is released on the market, we expect that number to more than double. This video covers inventory specifically in Weber and Davis county as of 3/15/2012, with the highest inventory being in Ogden, Clearfield, and Layton. There are a few cities with little or no foreclosures on the market now, but most cities, such as Bountiful, North Salt Lake, Roy, North Ogden, Syracuse and Farr West do have a few homes available. We do expect the increased number of foreclosures to affect home values throughout Utah, though Utah should fare better than most areas of the country.

Click here to contact me for a list of bank owned homes.

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Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!

We're Movin' on up, to the East side!

Kevin Richter (Keller Williams Success Realty) — Wed, 14 Mar 2012 23:00:23 -0700

We've been talking quite a bit lately about the shadow inventory that we expect to hit the market here in Utah, and how we expect that it will have a negative affect on prices. Depending on the "expert" economists you listen to, we should see a 3-13% drop in prices on a national level as the market absorbs those additional homes.

If you're looking in Weber and Davis counties, such as Bountiful, Layton, or Ogden, I think we will be below the national average. Unfortunately, I have misplaced my magic 8 ball.

Whatever price drop we do see, there is still a very strong case for buying a home right now rather than waiting for the bank-owned inventory to do its thing. This is especially true for those looking to "move up"....in other words, sell their house, and then buy a home that's larger, nicer, or in a better area. Of course, what we really mean is more expensive!

The following graphic illustrates this well. For nice round numbers, we just started with a $500,000 house. If you're more interested in a $200,000 house, or a $700,000 house, the principle is still the same.

Compared to 2006 prices, depending on your specific area, we have seen about a 20% drop in prices. If you're thinking back to what your home was worth in 2006, you might be thinking, I've lost $100,000, and you may be tempted to wait until prices come back. As you can see below, the amount you will save on the house you buy will far exceed the loss.

If you take it one step further, and look at the affect of future appreciation once the market turns around, the case for buying now is even stronger. (see below)

If you aren't convinced yet, the affect of interest rates on monthly payment will be the nail in the coffin of this debate. Right now, it is so cheap to borrow money that homes are at affordability levels not seen since the 50s...and that's just crazy! Check out the graphic below that shows and example the savings you might realize if you bought now before prices go back up.

So if you are thinking about selling and moving up, there has never been a better time. Take the hit on the house your selling so you can realize the benefit on the house you're buying. Find out what your Utah home is worth below:

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Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!

What is the supply of Bank-Owned Homes in Utah?

Kevin Richter (Keller Williams Success Realty) — Tue, 13 Mar 2012 19:40:45 -0700

Shadow inventory is on it's way, but how does Utah compare?

What is my home worth in Utah? The value of homes can vary drastically from city to city, so if you live in Bountiful, you shouldn't compare your home to homes in Kaysville, and if you live in North Ogden or Pleasant View, don't compare your home to homes in Layton. Even within a city, like Ogden, Utah, values can vary dramatically even from one block to the next. Find your local expert at www.MyUtahHomeHunt.com.

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Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!

Robo Signing - Affect on Utah Foreclosures & Bank-Owned Shadow Inventory

Kevin Richter (Keller Williams Success Realty) — Fri, 09 Mar 2012 18:00:58 -0800

So what's behind the large shadow inventory that's poised to hit our market in Utah? The Robo-Signing scandal, where banks signed foreclosure documents without reviewing them for accuracy. From Bountiful to North Ogden, Layton to Clinton, Salt Lake City to Brigham city, home values in Utah in every city, in every county, are sure to be affected as the additional foreclosure inventory hits the market. Watch the short video to see the numbers and the dramatic affect that the Robo-Signing Scandal has had.

If you're thinking about selling, the Market Insider will give you all kinds of information about your home Layton, UT (for example). But if you live in Weber County, Morgan County, Salt Lake County, etc, you can customize the information for your specific area in Utah.

Click Here to Find Your Home's Value or call 801-475-5000 to reach Kevin Richter at Keller Williams Success Realty for more information.

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Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!

Foreclosure rates in Utah below national average!

Kevin Richter (Keller Williams Success Realty) — Thu, 08 Mar 2012 13:51:28 -0800

Check out this short video about Utah foreclosures, and how we compare to the rest of the nation!

We have seen an uptick in the number of foreclosures initiated over the past week in Bountiful, North Salt Lake, Centerville, Farmington, West Point, Clinton, Syracuse, Woods Cross, Layton, and South Weber. We can expect that to translate into an increased number of foreclosed homes within 90 to 120 days. If you are looking to beat the wave and sell your home in the near future, it's a good idea to keep an eye on the foreclosed inventory as it is certain to affect values in Davis County, and all across Utah.

It's easy to find out what your home is worth....

(This free service provided as a courtesy of Keller Williams Success Realty.)

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Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!

Holy Home Values in Utah, Batman! My Home is worth What?

Kevin Richter (Keller Williams Success Realty) — Tue, 06 Mar 2012 17:05:46 -0800

Call 801-475-5000 or visit http://www.MyUtahHomeHunt.com for immediate assistance!

What is the value of my home in Utah?

Selling a home in Weber or Davis County, and getting the highest price possible, requires specific market knowledge about your area. Layton is completely different than North Ogden, and Pleasant View is completely different than Kaysville or Syracuse. I've seen people before that have compared their Clinton home to a home in Bountiful, or an Ogden home to a home in Roy.

You need to make sure you have up-to-date information about your local market so you understand the value of your home, and can price is appropriately. The price you choose will make the difference between whether your home sells, or whether your home helps your neighbor's home sell. For the most current stats about what is happening with your local Real Estate Market, enter your information here!

(This free service provided as a courtesy of Keller Williams Success Realty.)

--
Kevin Richter
Your Real Estate Consultant for Life!
Keller Williams Success Realty
801-475-5000

www.MyUtahHomeHunt.com

The greatest compliment you can offer to me is the referral of your family and friends. Thank you for your trust!