real estate: 5.75 Reasons To Buy A Home Now
- 01/06/08 03:32 AM
Is This A Good Time To Buy A Home? Let's Take a Look at the Facts Interest Rates Are 5.75% (depending on credit score) Inventory is Ripe Unemployment is Low There Are Deals To Be Made Stop listening to the media. Dave Fox of KUTV News was involved in a loan fraud scheme. He made no money and was responsible for all the payments on a house. Are you going to listen to the media now? Now I am aware there are some parts of the market that are still going to correct itself and prices are going to slide … (4 comments)
real estate: Salt Lake County Rental and Vacancy Rates
- 12/02/07 08:51 AM
Now Is A Good Time To Buy Rental Properties In Salt Lake Salt Lake County Rental Rates have risen and are expected to rise again. Along with the money tightening and the endless stream of what would be first time home buyers, that enter the market every year they are now going into the rental pool. That along with inventory on the rise there are definitely good deals to made. Another factor is our employment, not many people will be leaving the area, in fact immigration continues because of our employment growth, we will fair the real estate market pretty … (0 comments)
real estate: Salt Lake County Mayor Peter Corroon
- 11/17/07 09:24 AM
Click Photo For Bio I had the great pleasure of seeing Salt Lake County Mayor Peter Corroon talk at our company's quarterly meeting. Just like the counties web site says "You might be surprised at the number of services we provide. Take a look around SLCo.org to learn more about current events, community programs, or rewarding volunteer opportunities." I was surprised at the scope of Salt Lake County Government, I always thought of it as the caretaker to those areas that have not incorporated yet. Salt Lake County's Budget for 2008 is $800 Million Dollars, which is a lot of money. Salt Lake County … (0 comments)
real estate: Average Home Sales For Salt Lake County
- 11/15/07 03:20 PM
This graph tells some good things, the number of listings, number of sales and the average home sales for Salt Lake County by quarters. Number of listings shown by the green line has maintained a pretty consistent with seasonal ups and downs, till 3rd quarter of ‘06, then the inventory started to climb to an all time high. Total number of sales shown by the red line has stayed pretty consistent also with it's seasonal ups and downs. The Price of the Average Home Sales For Salt Lake County have consistently rose since the 3rd quarter of ‘03 with two minor drops, one for … (0 comments)
real estate: Salt Lake Real Estate Absorption Rate
- 11/14/07 12:44 AM
Here is the absorption rate for Salt Lake County. We have segments that are not moving. To understand the Absorption rate, you simply divided the number of active listings by the number of homes that have sold in the previous month. The key is, the ones that are priced right are selling and the rest are not. See the graph for The Tale of Two Markets Based on the data from the previous post. The days on the market for priced correctly and that are in good condition is fairly short.
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real estate: How To Evaluate An Income Property
- 11/11/07 11:46 AM
Cap Rate We hear many different ways to evaluate rental property. The one method that is the most effective is called the Capitalization Rate, affectionately called the Cap Rate. I have heard many variations of the cap rate, things like 100 times the rent. That is called the rent multiplier, takes the rent and times it by say 120. The problem with that approach is it doesn't account for expense variations. It is a good rule of thumb measure to see if it is worth drilling down. Are you ready for the unequivocal simple version of the Cap Rate, drum roll please? Income, Minus Expenses, … (4 comments)
real estate: Hotsheet for Sellers
- 11/06/07 10:17 AM
We all have the tools to allow buyer's to get updates of new listings either when they come on the market or at leas on a daily basis. I know in my MLS it is called the Auto Hotsheet. It will send new listings or if any property went under contract, closed, expired or whatever. So why not set the seller on a hotsheet. Every time something in the area changes they get a notice. Seller's get emotional about properties and we all know that transactions of this size have no room for emotion. I think by allowing a seller to see … (8 comments)
real estate: Run Don’t Walk To Magna The Last Affordable Frontier In Salt Lake County
- 11/05/07 09:56 AM
Run Don't Walk To Magna The Last Affordable Frontier In Salt Lake County Magna is located right off of highway 201 and you can be down town Salt Lake City in 15 minutes and to the airport in 10 minutes easy. Magna is little town that is different than most Salt Lake City Suburbs. Magna has some really cool old buildings on Main St. It has affordable housing and is home to the Kennecott Copper Mine Smelter. Magna is going through some changes, it is growing. Main Street is getting some much needed face lifts and new businesses are starting to go there. The … (1 comments)
real estate: Remodeling? Make sure you are covered
- 11/05/07 09:53 AM
I asked Kirk Chester my insurance agent, what happens when people remodel, what does that do for their insurance? He sent me an interesting article. I will find out about all the equity increse we have experienced over the last few years. The National Association of Home Builders Estimates that 26 million homes are remodeled yearly. (nahb.org) This is one in four homes in America, yet for the money that homeowners are putting into their homes they pay little attention to the insurance issues related to remodeling. A survey conducted by Marshall & Swift/Boeckh found that a whopping 64% of U.S. homes are underinsured, … (0 comments)
Why There Is A Lot Of Remodeling Going On In Cottonwood Heights (84121)*?The prices have gone up so much in the last three - four years that selling and replacing the house is not much of an option.The average Sq Ft price in September 2004 was $94 and has gone to $151 per foot.People are adding on to their houses, I have seen one that has doubled in size. More and more are adding over the garage in the multi levels. People are replacing windows, stuccoing, new kitchens, and new bathrooms. If you bought a small home in the early … (0 comments)
real estate: Money Laundering or Assistance
- 11/04/07 01:44 AM
Below is an update on the Down Payment Assistance Front. Recently HUD stated that they were going to do away with the DPA. A DPA is where a seller contributes 3% of the purchase price plus an administration fee to the DPA and the DPA will gift the buyer the down payment. This program works for FHA loans and that is why HUD is in the middle of it. A buyer's down payment can be a gift, however the gift cannot be directly from the seller. So this clever little money laundering technique has benefited many of homeowners get a 100% loan but … (5 comments)
real estate: 3 Most Imprtant Things For Selling A Home
- 11/04/07 01:37 AM
The three most important factors when selling a home in a NON-seller's market are price, condition and a modern day highly trained real estate agent.
Now that the market in Salt Lake has shifted from a red hot screaming seller's market to a broad market, seller's now have to deal with competition. The last couple of years have spoiled sellers and real estate agents alike. Since approximately two thirds of the real estate agents have gotten their license in the last five years, most agents do not understand what has and is happening and what it takes to sell a home. The … (6 comments)
real estate: Rates In Salt Lake City
- 10/27/07 09:51 AM
Rates have had some improvements over the last week. It is a great time to do buy or refinance your loans now. Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a "full document borrower". The rates quoted are based on a purchase price of $400,000 on a 15-day lock. On these conforming loans, there are no prepayment penalties involved. The above figures are deemed reliable but not guaranteed. This advertisement is being provided for informational purposed only and is not to be … (0 comments)
real estate: Salt Lake Tribune Newspaper Or Tabloid
- 10/24/07 04:04 PM
Is this a silly picture I found or a resume of a Salt Lake Tribune Real Estate Reporter? With Utah's unemployment being below 3% for a year and under 4% for two years, the tribune is feeling it too. The story's headline, which said, "Utah's housing boom now a bust," was misleading and inaccurate. The story only cited statistics regarding home-building permits; the story did not mention existing home sales or the pockets of new-home construction that are doing well. The headline led Tribune readers to believe that all segments of Utah's housing market are doing poorly. If such broad generalizations are … (2 comments)
real estate: 8 Reasons Why You Should Use An FHA Approved Lender
- 10/22/07 10:18 AM
8 Reasons Why You Should Use An FHA Approved Lender 1. FHA Approved Lender Can Offer You Conventional Products, But A Non FHA Approved Lender Cannot Offer You FHA 2. FHA Approved Lender Has To Have A $250,000 Net Worth, 20% Has To Be Liquid 3. FHA Approved Lender Has To Have A Written Quality Control Plan. 4. FHA Approved Lender Has To Go Through Annual Audits Of Their Files 5. FHA Does Not Use FICO Score* 6. FHA Allows The Seller To Contribute Up To Six Percent For The Buyer* 7. FHA Allows The Down Payment To A Be Gift* 8. … (1 comments)
real estate: When Buying A Home, Should I Get A Home Warranty?
- 10/20/07 03:56 PM
Home Warranty 101 A Home Warranty is an insurance policy against mechanical defects of the home. If a mechanical item breaks down the home owner then calls the Home Warranty Company. The company then sends out a technician to look at the defects. The home owner will pay a $55 deductible and the technician will invoice the Home Warranty Company for all of the covered costs over and above that amount. The basic cost of a Home Warranty policy can start at about $255 for condos and $275 for single family homes. The basic plan for a home warranty policy will include items … (1 comments)
I have always loved the game monopoly. Being in the Real Estate Industry for some time has brought me to appreciate it more and I like to play with my children. I want them to learn Real Estate from a very early age.
I have always liked the movie A Christmas Story, you know the movie. BB Gun, Leg Lamp, You'll put your eye out, soap in the mouth, tongue stuck on the pole great classic movie. So today is my birthday and my wife and kids presented me with Monopoly "A Christmas Story Collector's Edition". It is really cool, pieces include, soap … (2 comments)
real estate: Things You Need To Know When Buying A Home
- 10/17/07 01:31 AM
The Basic Process Of Buying A Home Well the first one seems to obvious but it starts here. The decision to buy a home. There are many reasons to buy a home, the two most common. Investment (read Homeownership As A Savings Plan).Security Knowing you have a place that is yours and can be passed down. Once you have made a decision to buy a home, usually (especially first time buyers) people start looking at houses and start dreaming. Which is OK as long as you don't get your expectations higher than your ability. It is difficult to have seen homes and visualized yourself … (2 comments)
The Bank Qualifying The Property As I mentioned in Things You Need To Know When Buying A Home the Bank qualifies the borrower AND the property. Let's talk about qualifying the property, for the most part it means an appraisal. When you are borrowing money the bank will require it. If paying cash it is not necessary and sometimes a good set of comparable sales can satisfy the need for an appraisal. How an appraiser does an appraisal. There are three approaches to appraising a property. 1. The cost depreciation approach. First the appraiser will establish the value of the land and … (1 comments)
real estate: 3rd Quarter Statistics For Salt Lake and Surrounding Counties
- 10/17/07 01:17 AM
Average price is up in all but a few zip codes. Volume is down and days on market are up. We have cooled somewhat but we are actually in a good market. You cannot use the info of the talking heads from national TV. Why because real estate is local in nature. There are some markets that are hot and some that are depressed and some that are fairly even, like ours. What people and agents are experiencing is the comparison felling of the not so long ago market. I like to use the speeding car analogy. When you are going really … (0 comments)
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