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SALT LAKE CITY —
The Utah State Legislature
passed a bill last week that will provide $6000 grants to buyers of newly
constructed, never-occupied homes. The program, called “Home Run,” will be
immediately available to buyers who finance a recently constructed home with a
30-year fixed rate mortgage and meet other qualifications.
Senate
Bill 260 will create a fund that will use federal stimulus dollars to provide
1,666 grants that will be distributed through Utah Housing Corporation to Utah buyers on a
first-come, first-served basis.
Unlike the federal home-buyer tax
credit which is available until Dec. 1, the Home Run program will
only be in effect while grants are still available. We expect the grants
will go quickly, so we encourage anyone interested in taking advantage of this
program to start acting immediately.
To apply for the grant, home
buyers should work through any lender qualified to make mortgage loans under
Utah law. Lenders will work directly with Utah Housing Corporation to apply for
the grant money. At closing, the $6,000 will be credited toward the buyer’s
down payment or closing costs. Buyers can use any type of traditional 30-year
fixed-rate mortgage to qualify, including conventional, FHA, VA, USDA and Utah Housing loans.
Consumers do not have to be first-time buyers to qualify for the program but
incomes cannot exceed $75,000 for singles and $150,000 for married couples.
Buyers who qualify can take advantage of both the $8,000 federal home-buyer tax
credit as well as a Home Run grant.
The Home Run program aims to clear the excess supply of unoccupied real estate
inventory on the market.
For
more information regarding this program and others available, please contact us
directly at
contact@mountainvalleyexperts.com
You
can also contact us at
801-829-6600
or
801-876-3900
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Q. Our real estate agent suggested that we have a professional home inspection performed before we put our home on the market. Why should we consider this? A. Getting your home professionally inspected before you put it on the market seems like a strange thing to do at first glance. In fact, many agents don’t even think of having homes inspected before they list them. But once you understand how it can benefit you, the home seller, it turns out to be a very prudent decision. Here’s why… w Home inspections eliminate any “surprises” that can delay or even kill a home sale. They also help the seller negotiate better. In most cases, the buyer(s) will use weaknesses of the home (frequently from an inspection performed after the home is in escrow) to negotiate a lower price at a time when the seller is most vulnerable. Rather than become a victim of such tactics, you can show you’ve already taken their issues into account in determining your price. w Getting your home inspected before going on the market actually allows you to understand the true value of your home – knowing what you may need to fix and what you want to leave alone. It also helps you to price it better and understand what your “net” proceeds will be from a sale. The strengths and weaknesses of your home are going to be known by the buyer at some point anyhow. And the sooner you know them, the more you can act to minimize, eliminate, or adjust for them. w Home inspections ensure a faster close by eliminating contingencies and other issues, and help ensure a problem-free closing.
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As I write this blog post, I am pleased to announce and welcome Mike Cragun to our sales team. Dave Loughton and myself were contacted in November by Mike to discuss a possible merge as local agents. As we all met to discuss this potential merge we were focusing on the benefits that were possible for our existing clients and future client base. Let me back up just a bit to give a brief history of our team. Dave Loughton has been in the Real Estate profession for nine years. He is a very successful consultant and great team leader. Dave started a team five years ago and currently still retains members of the original team. He is a great mentor and is a valuable asset to real estate. We currently have eight agents on our team including Jeff Calahan, Brant Beus, Irene Pedroza, Sharadawn Jones, and Jeremy Scheer. I joined Daves team almost one year ago after being in real estate for three years and have found it to be a powerful force in helping our clients. Instead of having only one representing agent to attempt to facilitate the goals of the client, we now have a unified team of professionals to assist in the process. I have extensive experience in marketing and will act not only as a sales specialist but also as marketing director for The Mountain Valley Team in addition to acting as Team Leader. Marketing is vital to to the sales process of real estate to both buyers and sellers. We have the ability to stay on top of technology and utilize all the innovative techniques to facilitate our clients needs. Mike Cragun has since joined our team and is a valuable asset to the team. Mike has been in real estate for more than 12 years and carries the broker license for Mountain Valley Real Estate Experts. With our joined efforts, we are absolutely confident in our ability to enhance our marketing and personalized service as a unified team. We now have the synergy to work together in facilitating the goals of our clients. We always welcome your comments and are here to answer any questions you may have. Please feel free to contact us anytime. Your Mountain Valley Team... Dave Loughton Jerry Pierce Mike Cragun
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High End Living
• 4,111 sq. ft., 3 bath, 4 bdrm single story -  MLS® $579,000 - Luxurious Estate Morgan, Morgan County - Welcome to 201 N 300 W. This home had a complete renovation and addition in 2006 making this home in brand new condition. This luxurious home has approximately 4,111 sq. ft. with 4 bedrooms including a master suite, 3 bathrooms, formal dining, private office, gourmet kitchen with double oven, travertine tile, hand shaved hardwood flooring, two living areas, and a home theater room. This estate sits on one acre of fully landscaped property with mature trees auto sprinklers, and water feature. You won't believe the 1,680 sq. ft. detached garage with adjoining spa along with a horse barn with arena, play ground equipment, dog kennels, and a fully fenced 24,000 gallon in-ground heated pool with diving board and slide as well as a private pool house. This immaculate estate is a must see and priced to sell Property information
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This article is provided by: HousingPredictor.com/utah.html –October 1, 2008 A charging economy nearly set the alarms off in Utah real estate. The state’s housing markets have seenrecord growth, but the hammers of building new housing developments for newcomers have been quieted. Utah home sales have slowed and the prices on some homes are beginning to slip. The protection Utah has witnessed from all-time record growth is waning as the credit crunch begins to make an impact. A booming population buoyed by job growth, exports, manufacturing, 2% unemployment and quality-oflife amenities have driven Utah’s markets. In Salt Lake it will be a case of slower growth, according to the Housing Predictor forecast for 2008, which will see the state’s largest metropolitan area with comparatively modest appreciation to other years. City Forecast Salt Lake City 3.8% Ogden 2.7% Provo 3.1% Logan 2.4%Utah will be one of those rare places in the next few years in America’s real estate landscape, according to economists, who expect Utah markets to produce slower real estate sales, but not completely halt as a result of the credit crisis. The state’s economy is attracting too many new businesses to stop growing, and is in the topfive Housing Predictor states for real estate growth in 2008.Affordability has been the key to Salt Lake’s growth in housing. The median price still hovers around $230,000 and is forecast to appreciate a modest 3.8% by Housing Predictor for the year. In Provo the market has powered double digit appreciation for at least two successive years, but things are beginning to move at a slower pace in Provo. Mountain views make the community charm any home buyer wanting a better quality of life, making Provo one of the nation’s strongest housing markets for years. But the once booming market seems to be coming to an end. A higher inventory of homes and lack of qualified buyers have cooled this once hot market, and 2008 will see a slower kind of housing market in Provo. Provo will appreciate slightly at 3.1% for the year. In Ogden sales have also slumped from previous years, but housing price increases should at least be close to inflation through 2008 moving upward 2.7% before the music stops. The real estate market in Logan has also seen a slower pace, but homes are still selling. Housing sales usually cool off with the winter weather in Utah and this year is no exception, but the credit crunch has begun to impact sales more as many potential buyers are unable to qualify for mortgages. Housing Predictor forecasts Logan to complete 2008 with fewer homes sales than last year on 2.4% appreciation, which just shows it’s not all over in Utah.
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Don't Miss Out!
• 2,801 sq. ft., 3 bath, 4 bdrm ranch "Rambler" - MLS® $264,900 - AMAZING PRICE Per Sq. Ft. Mountain Shadows, Morgan - What an AMAZING Price Per SQ. Ft. with approximately 2,801 sq. ft. this Gorgeous Rambler Features 4 bedrooms, 3 bathrooms, 2 living areas, gas log fireplace, carpet & tile throughout. Stone and stucco exterior with an additional detached garage/workshop and RV parking with Full Vinyl Fenced Yard! This home is PRICED TO SELL! Property information
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Quiet Neighborhood
• 1,850 sq. ft., 2 bath, 3 bdrm 4-level split - MLS® $252,000 - PRICED TO SELL! Fox Point, Morgan - This is a BEAUTIFUL Home in the Fox Pointe Sub division. You will marvel at the special attention to detail including custom tile throughout. This home Features 3 bedrooms with Master suite, 2 full bathrooms, Walk in closet, with approximately 1,850 sq. ft. The Large yard features a vegetable garden and RV Parking. Located in a QUIET neighborhood close to Schools, Businesses, and Recreation! Priced to sell! Property information
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PRICE PER SQ. FT.
• 4,743 sq. ft., 5 bath, 5 bdrm ranch "Rambler" - MLS® $439,900 - $15K BELOW Appraisal Giles Est, Morgan - Beautiful Morgan County Home.
This AMAZING home features over 4,700 sq. ft. including real river rock and concrete fiberboard exterior, 27'X25' suspended slab for home theater, full walkout basement with 10'ceilings, full kitchen, office, & 2nd laundry room downstairs perfect for an accessory apartment which has county approval.
Tray Ceiling and Air Jacuzzi Tub with walk in shower in Master bedroom, Corian Counter Tops, Knotty Alder Cabinets, Stainless Steel Appliances, Island Bars upstairs and down, Primary and Secondary Well for culinary and irrigation, oversized double car garage, and over 1acre of horse property
Priced $15,000.00 BELOW Recent Market Appraisal! Property information
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You -- or someone you know -- may have experienced a crime that’s growing throughout the country. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans are victims of identity theft each year. It starts with the misuse of your identifying information such as your name and Social Security number, credit card numbers, or other financial account information. It can end up costing you significant amounts of time and money, harming your good name and damaging your credit record. Thieves can get your information in a number of ways, including: § Stealing…your wallet or purse. § Dumpster diving. § Phishing, or sending you e-mails pretending to be financial institutions seeking personal information. § Misusing change-of-address forms. Once they get the information, they can run up charges on your credit card, open new accounts in your name, clone your ATM or debit card, use your Social Security number to get government benefits, file tax returns in your name, or many other devious activities. While there is no foolproof way to avoid identity theft, you can minimize your chances of becoming a victim. The FTC sums up the steps you should take this way: ü DETER identity thieves by safeguarding your information. Shred personal documents. Protect your Social Security number. Never give out personal information – on the phone, the internet or through e-mail – unless you know whom you’re talking to. Use firewalls and anti-virus software on your computer and keep them up to date. Visit www.onguardonline.gov for information.
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You want to move somewhere else but have no idea where to begin in terms of selling your Morgan home and your friends and family are telling you it’s best to stay put. In their defense, selling a home in current real estate market conditions is tricky but not impossible. Once you’ve researched a competitive price and are ready to start advertising, you need to spend extensive time in home decorating, a crucial step many first time home sellers overlook. The mindset you want to stay in at all times is widespread appeal. Since you’ll probably want to start with the outside and work your way in, that means getting rid of personal fixtures, mowing an unkempt lawn, cleaning up piles of stray leaves and, if necessary, using a palette of colors that are more universal as opposed to something like lime green which you happened to particularly like. Hiring a gardener or landscaper, at least for special cases like property sales, is highly recommended. Look inside this home you’re hoping someone will look at and consider a worthy real estate investment with a discerning eye. Chances are you can find some spots where it could some polishing. That could mean returning the floors to their former shiny luster by using professional cleaning services to getting rid of old furniture that’s showing too much age or rearranging your existing furniture to look more attractive. What’s that? You own very little furniture? No problem, your real estate agent can make your interior dazzle just by using the frequent “staging” approach where additional items are arranged within a home the day(s) of showing to enhance its aesthetic appeal. Don’t let yourself be swayed by people who base their advice solely on negative real estate news. There are people out there still doing some real estate investing and buying homes, they’re just less common and are a lot more hesitant. Couple all the time and effort you’ve placed in making your home look its best with a reasonable asking price and these investors and buyers may soon come knocking at your door.
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We are entering a new year as is custom, with optimism, celebration and hopes for greatness in the year to come. But can these wishes be qualified by economic predictions? The previous year in real estate left investors wanting and fueled further skepticism concerning the condition of the market. One thing is certain, people are tired of this flaccid market and are ready and waiting to resume business as usual.
Will 2008 contribute to a three year long plunge in housing prices, and continue to stagnate home sales as foreclosures continue to pile up? The NAR doesn't think so. They believe housing prices have dropped enough to entice buyers back to the market. This year should be the first time in three years we'll see a rise in home values.
If a person were to analyze economic fluctuation one could postulate that the previous three years were foreshadowing a recession. The housing recession was part of a bigger problem of instability due to a weakening economy. The housing market slump hits people harder than most symptoms of recession in the economy and is mentally and emotionally taxing. The NAR projections are representative of the hope and assuredness that our economy will bounce back.
Forecasted projections aren't concise: the margin of error is too large to base an accurate prediction. The NAR's positive projections for 2008 are a sign that things may start to get better, but the rate at which they get better is something that must be monitored to refine actual market analysis of progress. One thing is for sure: constant vigilance will be the theme of success in 2008.
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- BUYERS ARE IN CONTROL.
With Low interest rates, a high supply of homes –old and new- and a strong statewide economy, families can take advantage of the “Buyer’s market” Morgan County is experiencing right now. Homebuilders with completed, available homes are offering incentives unheard of a year ago when the market was hot. Homebuilders are willing to negotiate more than in years past to sell an existing home. Most homebuilders can’t carry an abundant of inventory of homes without suffering the economic consequences. The buyer who understands there is room to negotiate is in control of the home – buying process. - HOME PRICES ARE RELATIVE.
Even if you already own a home and worry you’ll get less for your home than you would have 12 months ago, don’t forget that you will save at least that much on your next home. Your existing home value may have decreased, buy in today’s buyer’s market, higher-end homes are also dropping in price. For example, let’s say you are interested in purchasing a $500,000 move-up home that has dropped 10 percent in value and now sells at $450,000. Let’s say you can sell your existing home for $270,000 (even though it’s worth $300,000). Your “move up” to the $450,000 home will cost you $180,000. On the other hand, if you wait until your home rises back to $300,000, your move-up home will now be priced at $500,000 or more. That’s at least a $200,000 price difference between the two homes. So by selling and buying in today’s market, you would save $20,000 in this realistic example. - UTAH’S ECONOMY IS STRONG.
The housing problems prevalent in other areas of the country are driven, in part, by a slowing economy. In contrast, Utah has one of the strongest economies in the country and employers are searching out of state for employees, according to Jason Eldridge, executive vice president of sales for New Reach, which provides research data to real estate professionals. Out-of-state employees often demand higher salaries, which allows them to afford more home. In fact, a Forbes article appearing on the USA Today Web site (“Best cities for bargain housing: Salt Lake City, Raleigh”) From February 2008 names the Salt Lake City area as one of the best places to search for a home. This is because there is “healthy job growth and more houses available than people to buy them. This is not due to foreclosures or economic downturn, but to overbuilding which should balance out in time.” 4. BUYING A HOME IS A SOLID INVESTMENT. Most people list their home as their most significant investment. Thanks to “leveraging,” purchasing a home is by far the best long-term investment. Leveraging means putting down a small amount of money to earn a big return. For example, let’s say you use $10,000 to purchase a new $250,000 home, and the house appreciates 5 percent in the first year. That means, after one year, the house is worth $262,500 – a gain of $12,500. Your annual return on your $10,000 investment would be a whopping 125 percent. By contrast, if you put that same $10,000 in stock and it posted a 5 percent gain, you would net only $500 return. As a homeowner, your savings will continue to grow in other ways. First, every year a greater portion of your monthly payment goes to the principal, reducing the amount of your overall loan. Second, your home appreciates over time, making it one of your best financial investments. Third, mortgage interest can be tax deductible, which means you pay Uncle Sam less and keep more of your own money. DID YOU KNOW..? · 70% of Americans said interest rates were likely to affect their decision of whether to buy a home. · 97% of first-time homebuyers would never go back to renting. · Homeowners under 40 with incomes from $20,000 to $50,000 have 10 times the median net wealth of renters. · The Homeownership Rate in the United States is 69% - the highest in the world. · Nearly seven out of 10 call their home their most valuable investment. · Interest rates near a 30-YEAR LOW enable homebuyers to stretch their investment dollars. · Utah was named the SECOND BEST PLACE IN THE NATION to do business, and it is known as the most dynamic economy in the nation. Jerry Pierce Real Estate Consultant Executive Realtors jerry@mymorganhome.com 801-829-5457
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Price Analysis for the Salt Lake City Metro Region October 2007 Home prices in the Greater Salt Lake City Metro Region are still booming. The market was a late-comer the boom, but annual appreciation rates of around 20% have been quite exceptional. Job gains are continuing at a robust pace. Home price appreciation; therefore, will likely to continue to be in the positive territory, though, not likely at the recent double-digit pace. One consequence of fast-rising home prices will be fewer home sales. New-home construction will need to trend downward as a result. Despite some media reports of the worst housing market conditions since the early 1990s, or even since the Great Depression, home prices are not declining at the local level. All real estate is local. Also, unlike past local housing downturns, which were accompanied with severe job cuts, the local and national economy continues to add jobs. Mortgage rates have also been falling recently and stood near a historic low of 6.5% for prime borrowers. Rates could be even more favorable in upcoming months as the Federal Reserve cuts the fed funds rate in late 2007 and in 2008 as there are clear signs of contained inflation. A revival in FHA loans, which had lost substantial market share to the risky subprime market, will provide funding for low-to-moderate income households at much more attractive mortgage rates. If a modernization of FHA loans is implemented including lower initial payment requirements, higher loan limits, and risk-based pricing then there could be a surge in FHA loan usage. The outlook is positive. Homebuilders having drastically cut production will help minimize prolonged oversupply conditions. Further production cuts by builders, which is encouraged. On the demand side, job gains have added to the number of potential homebuyers. Historical relationships imply roughly one additional homeowner for every two additional new jobs. Since the peak of the housing market two years ago, the local market added 55,000 net new jobs (August 2007 vs August 2005). After tapering off in prices, home sales could again begin to strengthen. Price Forecast Scenarios The home price forecast in the local region will vary depending upon alternative assumptions regarding mortgage rates and the sustainability of mortgage debt levels. Prices could climb 7.6% in 2008 (Path 1) if mortgage rates remain relatively stable at around the current 6.4% in 2008. The price increase largely comes due to the rise in income (assumed to rise at the same pace as in 2006) while mortgage rates remain stable. The current mortgage debt servicing capacity is assumed to remain at the current manageable level given continued job gains. If jobs are cut, then one assumption would be falling mortgage debt servicing capacity - but this case is not considered here. Foreclosure rates have been falling in Utah - bucking the national trend. The decrease has also been occurring for subprime loans. But the prevalence of subprime loans (those loans with rates at least 3 percentage points higher than the market rate) soared in 2005. The data for 2006 is not yet available, but it is likely that similar mortgage origination activity took place last year. The recent cleansing of bad lenders will hold back homebuying, but it will be good for healthy market conditions over the long run. The market shares for GSE and FHA loans will surely rise as a result. Summary Sales activity has come down notably because of the fast rising home prices in Salt Lake City. The local economy is quite strong and is generating jobs at a solid pace. The national economy is also fundamentally sound due to rising exports and business spending. Consumer spending will be a bit weaker because of stagnant home price and its accompanying wealth impact. Also, the recent subprime fallout is a concern, though the shakeout will be good for the housing market over the long-run as the market eliminate bad mortgage lenders. Inflation appears to be contained. Both the headline and the core consumer price index decelerated to 2.8% and 2.1%, respectively, over the past 12 months to September. Better yet, most economists anticipate a further deceleration of inflation in 2007. Such an outcome could well lead the Federal Reserve to cut the federal funds and prime rates down the road. A federal funds rate cut is no guarantee of a fall in mortgage rates, but the signal that inflation is contained will force bond buyers to demand lower inflation premium, and hence, lead to lower mortgage rates as well. With job additions continuing and mortgages rates hovering at about 6.4% as of early October 2007, the home sales are poised to slowly climb back. If, however, mortgage rates were to rise to 7.5% or higher, then the housing market would continue to limp along with the possibility that home prices and overall housing wealth could rise only minimally. If rates were to move lower, then the market will advance at an even quicker pace. National Association of Realtors®
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Don't Drink from Hotel Glasses
The next time you stay in a hotel, you'll think twice about
drinking out of the glasses and coffee cups if you watch the
four-and-a-half-minute video at
http://www.liveleak.com/view?i=a7f_1194813218
It's an I-team investigation from a TV station, presumably in
Atlanta, Georgia. The team took hidden cameras into guest rooms
at three major hotels--Embassy Suites, Holiday Inn and Sheraton
Suites. In all three instances, housekeepers never used soap and
water to clean dirty drinking glasses and coffee cups.
The Holiday Inn simply rinsed the glasses under running water in
a dirty sink and left them to dry.
At the Embassy Suites, a housekeeper put a used glass inside the
dirty sink, sprayed a blue liquid on it, and then dried it with a
cloth. She held it up to the light to make sure it looked squeaky
clean.
At the Sheraton Suites, a housekeeper also used spray from a
bottle to clean a glass, then picked up the guest's used
washcloth from the sink, smelled it, and wiped the glass with
the washcloth. As for the rubber gloves on her hands, well,
you'll have to watch the video to learn where those gloves had
been just before they touched the drinking glasses.
I don't know when this report was first aired. But what's so
remarkable about it is that in all three cases, when asked to
comment, the hotel management never fessed up to any wrongdoing,
even though they were caught on camera and admonished by the
local health officials. A spokesperson from the Sheraton refused
to comment, saying "It's too controversial an issue." I never drink from hotel glasses unless they are plastic wrapped disposable glasses.
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