utah real estate: Realtor Day on the Hill-My favorite day of the year!
- 02/26/11 04:00 AM
Yesterday was the annual Utah Aassociation of Realtors "Realtor Day on the Hill". This is the one day every year that we mass a large number of our fellow Realtors and visit with our legislators during the 45 day session. It's a great opportunity to let our lawmakers know that we are watching them! Actually, we use it to keep our lawmakers aware of our real estate related issues, and any legislation that effects homeownership, small business and fair taxation.
With only a couple of weeks left in the session, we've done most of the heavy lifting already, so it was … (0 comments)
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utah real estate: Understand how new lending requirements affect you-President's message!
- 12/15/09 05:10 AM
Understand how new lending requirements affect you-President's message
In an effort to better protect the consumer from predatory lending, the government has put in place a new set of lending regulations. Designed to give the consumer more time to review disclosures and mortgage costs, the new requirements may also increase the timeframe for closing on a home. The following is a quick review of what buyers should expect under the new process.
The first big change is that mortgage lenders are now required to provide consumers with a good-faith estimate of the loan costs, called "early disclosures," at least three … (1 comments)
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utah real estate: What's in store for Utah mortgage rates?-
- 11/27/09 01:53 AM
What's in store for mortgage rates?-
What's in store for mortgage rates?
President's Message
Chris Sloan
Last week the Utah Association of Realtors and the Salt Lake Board of Realtors reported that home sales along the Wasatch Front increased about 4 percent in the third quarter. Along with the impact of lower home prices and government programs, one incentive that has helped spur the sales has been the incredibly low mortgage interest rates in Utah.
Because most Utah homes are bought using credit, mortgage rates play a significant role in determining the overall affordability of a home. One study … (0 comments)
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utah real estate: $8,000 tax credit for home buyers extended-
- 11/27/09 01:29 AM
$8,000 tax credit for home buyers extended
President's Message
Chris Sloan
Congress has extended a popular tax credit of up to $8,000for first-time home buyers until mid-2010. Utah Home buyers who were once under a tight Nov. 30 deadline now have until April 30 to be under contract to purchase a primary residence under new legislation President Obama signed last week.
The bill also expands the tax credit to include existing homeowners who are purchasing a primary residence. Under the new provisions, current owners must have lived in their Utah home for at least five consecutive years … (2 comments)
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utah real estate: Common Housing Market Questions-
- 11/26/09 03:01 AM
Common Housing Market Questions-
Common Housing Market Questions
President's Message
Chris Sloan
As we near the end of 2009, we find that housing markets nationally as well the Utah housing market are in much better shape than they were last year at this time. The combination of low home prices, bargain mortgage rates and government tax incentives has created a momentum and demand for homes that is likely to continue into next year and hopefully break the cycle of bad news.
If you're thinking about buying a Utah home in the next few months, you're likely to have a lot … (2 comments)
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utah real estate: Real estate incentives not just for first-time buyers-President's message
- 10/13/09 01:29 AM
Real estate incentives not just for first-time buyers-President's message
With the government's $8,000 incentive for buying a home, a real estate purchase naturally makes sense for first-time buyers who qualify for the tax credit. But today's market also provides less-obvious benefits for those who already own a home.Although they won't be able to take advantage of the first-time home buyer tax credit if they currently own their primary residence, they will be able to reap the benefits of lower home prices and fantastic mortgage rates.While some existing homeowners may be anxious to trade in their current home for a new one … (2 comments)
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utah real estate: Utah economy on the road to recovery-President's message
- 10/13/09 01:25 AM
Utah economy on the road to recovery-President's message
Utah's economy is currently facing challenges, but the state is well-positioned for an economic recovery. That was the message of the director of the University of Utah's Bureau of Economic and Business Research in a presentation to Utah Realtors on Tuesday.
"Utah's fundamentals are still in place," said James Wood. "Once growth resumes, Utah will outperform most states."
Among those fundamentals are
1) The state government's fiscal responsibility2) The state's transportation infrastructure3) Population growth 4) Quality of life and 5) A quality and cost-effective workforce
Wood says Utah's recovery will coincide with that … (0 comments)
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utah real estate: Tips for Getting a Fair Appraisal-President's message
- 10/02/09 11:27 PM
Tips for Getting a Fair Appraisal-President's message
Bob and Mary thought they'd found their dream home, especially when they made an offer and the seller accepted it. All the closing preparations appeared to be moving smoothly until the appraisal came back significantly lower than the price they'd offered to pay, thereby jeopardizing their chances of getting financing on that particular property.
The home appraisal is a vital part of both the home buying and mortgage refinance processes, because buyers and lenders need to be assured that the purchase price or loan amount is in line with the home's market value. … (3 comments)
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utah real estate: Want A Loan For A Fixer Upper?-Try FHA !
- 10/02/09 11:23 PM
Want A Loan For A Fixer Upper?-Try FHA !
Corie Seymour's blog on getting a loan for a fixer upper that allows the home buyer to include the cost of the improvements to the FHA loan was an eye opener.
The loan has always been available, but was so difficult for the buyer to package that we had almost forgotten about it.
Now if you keep the home improvements under $31,000 it's a piece of cake.
At least that's the way that Doug Walker explained it in Cories blog.
Not only have we sold some Tooele homes that would have been perfect for … (2 comments)
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utah real estate: New grant programs offer home-buying incentives-
- 09/24/09 07:37 AM
New grant programs offer home-buying incentives-Presidents Message
Even though the tax credit for first-time home buyers is set to expire Nov. 30, there is still time to take advantage of that program. Not only that, there are three new local incentives that could sweeten the deal even more.
One such program is a second round of grants for buyers of new construction. On Friday, Gov. Gary Herbert announced the renewal of the popular Home Run program, which before expiring in June had provided more than 1,600 grants to buyers of newly constructed, never-occupied homes.
The reinstated program will provide $4,000 grants … (0 comments)
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utah real estate: Utah Real Estate Looking Up!
- 09/12/09 05:13 AM
Utah Real Estate is looking up, and I say it's about time.
Each week, this year,as President of the Utah Association of Realtors I have tried to bring every one a message that would hopefully ease the pain from the trials and tribulations that many have never before seen in our Industry. That hasn't always been easy.
This week however, the message and the Utah Real Estate facts that make up that message give all of us that make a living helping folks buy and sell their homes a reason for optimism.
Why? ... Heres Why !!!
Utah homes are the … (3 comments)
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utah real estate: Utah Avoids Home Buyers Remorse-They Plan On It!
- 08/27/09 02:44 AM
How Utah'ans can plan to avoid home buyer's remorse- President's Message
Like the ancient Greeks and Romans, we as Americans are also living in our own golden age: the golden age for home buyers, where incredibly low interest rates, discounted home prices and government incentives have combined to create buying opportunities of a lifetime. In fact, three fourths of Americans believe that now is a good time to buy a home, according to a recent National Association of Realtors survey.
But many would be buyers are still faced with uncertainty. "What if prices fall after I've bought a home?" "What if … (0 comments)
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utah real estate: Utah Home Ownership Means Jobs-Prosperity Says New Governor
- 08/19/09 09:59 AM
Utah Real Estate, IE: Home Ownership, centered around New Construction particularly, has always provided the engine to create jobs and in turn prosperity for the Beehive state.
During the boom times of the last few years the dynamic growth along the Wasatch and the Salt Lake Valley, with new homes and condominium developments launched rural communities like Herriman, Riverton Utah, and Draper UT into mixed use enclaves and developments of extreme importance as bedroom communities as well as retail hubs.
It wasn't just Salt lake City.
From Saint George in the south to Brigham City in the north, the entire State … (0 comments)
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utah real estate: New Rules For Utah Lenders Extend Days Needed To Close On A Home!
- 08/15/09 01:00 AM
Last week in the "presidents message" I talked about the new rules for Utah lenders.
Utah lenders were my focus. For obvious reasons.
These regulations however are national and meant to be consistent across the country.
In other words the new Federal standards outlined determine that the information that mortgage lenders are required to provide a home buyer in Salt Lake City Utah should be no different than the documents required to process a loan in Grantsville, KY.
Many Utah lenders I have talked to have suggested that the new guidelines (rules actually) will delay closings and make it impossible to close a loan in less … (0 comments)
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utah real estate: Buying Utah Real Estate - Read The Title Report On Your New Home!
- 08/01/09 06:34 AM
If your buying a Home, or just thinking of buying Utah Real Estate, read the Title Report on your new home. Here are some reasons why.
A couple of weeks ago, KSL News a local Salt Lake City radio program aired a story about hidden transfer fees attached to Real Estate.
KSL reported that some developers are requiring buyers to pay a transfer fee every time the home is sold as part of a covenant attached to the home's deed. The covenants generally require current and future home buyers to pay a certain percentage of the sales price to the developer, … (0 comments)
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utah real estate: Utah Real Estate - Home Sales Looking Up.
- 07/21/09 11:12 AM
The state of Utah real estate : Home Sales looking Up.
As we celebrated New Year's Day 2009, many of us were relieved that we were leaving behind a dismal 2008.
Even so, we had wished we were closer to 2010 and the hopes of a better economic outlook.
Well, we're halfway there and despite the challenges still ahead, it feels like we're in a much better place than we were last year or even six months ago.
For Utah Real Estate, in particular, the outlook definitely feels rosier. In fact, some experts are saying the toughest times may already be … (0 comments)
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utah real estate: Rent To Own & Lease Options Offer Home buying Help, Risk!
- 07/16/09 10:16 AM
A couple of weeks ago I posted this rent to own article on the Weekly Salt Lake Tribune offering for our Utah folks.
We had a ton of comments, as both Utah home buyers and home sellers saw a possible way out of a variety of Real Estate dilemas.
I encourage everyone to examine Rent to Own, and lease options as a strategy to weather the Real Estate storm.
I also encourage everyone to seek adaquate legal opinion as to whether it is a legal strategy in your case and how to best protect your interest.
I hope this gives you … (0 comments)
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utah real estate: Prevent Home-Buying Headaches - Get Loan pre-qualification !
- 06/30/09 05:22 AM
Loan pre-qualification can prevent home-buying headaches
President's Message
Chris Sloan
Because most Utah home buyers purchase real estate using a mortgage, one of the most important steps in the home-buying process is securing affordable financing for your Utah home purchase. And with today's tighter lending standards, knowing that you'll be able to secure a mortgage with favorable terms and conditions is more important than ever.
The earlier you know where you stand in terms of your home financing, the better. It can be frustrating for buyers to find the home of their dreams only to learn they … (0 comments)
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utah real estate: Buying A Condo In Utah Is Not Like Buying A House!
- 06/23/09 10:42 PM
President's Message
Chris Sloan
As condominium and townhomes choices have increased in recent years, many buyers have turned in their lawn mowers and garden tools in exchange for the ease and convenience of multi-family living.
While single-family homes are still the majority of homes purchased overall in Utah, a fair segment of buyers are turning to condos and townhomes as a maintenance-free way of living. In fact, the National Association of Realtors reported in its "2008 Profile of Home Buyers and Sellers" that 22 percent of all buyers surveyed did not purchase a detached single-family home.
Condos … (0 comments)
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utah real estate: Utah Homebuyers Can Save On Closing Costs !
- 06/23/09 10:36 PM
The following article was part of the series we publish in the Salt Lake Tribune each week.
Under the heading "Presidents Message" we try to provide Utah Realtors and their clients helpful information on a weekly basis about Real Estate in Utah.
We had some favorable comments about this article from Realtors and home buyers alike so we thought we would share it.
When it comes to purchasing a home, many buyers invest considerable effort in negotiating the best price possible and asking the seller for various extras as part of the deal. But when it comes … (0 comments)
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Yesterday was the annual Utah Aassociation of Realtors "Realtor Day on the Hill". This is the one day every year that we mass a large number of our fellow Realtors and visit with our legislators during the 45 day session. It's a great opportunity to let our lawmakers know that we are watching them! Actually, we use it to keep our lawmakers aware of our real estate related issues, and any legislation that effects homeownership, small business and fair taxation.
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