We are thrilled to report on eBay's decision to expand its existing operations in Draper by building a $110 million state-of-the-art facility there. The company will add up to 2,200 employees and pay 125% of the average wage in Salt Lake County.
This is a fantastic development and certainly emphasizes eBay's confidence in Utah's economic future. eBay is a world-class company, an excellent corporate citizen, and will add significantly to Utah's strong technology sector.
eBay currently employs approximately 1,400 people in Utah with its customer service center and data center, in Draper and South Jordan respectively. This project was assisted by the Governor's Office of Economic Development (GOED), Salt Lake County, Draper City, and Rocky Mountain Power.
EDCUtah's annual meeting is coming up October 12. We hope you are planning now to attend. You can secure your company's sponsorship by calling Art Franks, (801) 323-4242. This is sure to be an exciting and informative event. You'll not only learn about our economic development activities from the past fiscal year, but will also hear a keynote address by Wayne Rogers, author of "Make Your Own Rules." He's also an acclaimed actor, television personality and economic adviser. I hope to see you there!
Tuesday, August 30, 2011
Tuesday, August 23, 2011
Salt Lake City is on the list again!
The 10 happiest towns in the West
Salt Lake City made Sunset Magazine's CAPTION Sunset Magazine "Can where you live make you happy? And if so, who's to say what happiness is?"
We won't go down that existential path. And neither does Sunset Magazine in its February issue (out now). Instead, the article hedges its bets, declaring "…the happiest place is where we can find the things that matter most to us."
And that could mean anything from starting a business to living off the grid.
Coincidentally, Oprah on Wednesday featured a segment annointing San Luis Obispo, Calif., America's Happiest City. (It didn't make Sunset's list.) A giddy chamber of commerce, perhaps anticipating a tourism windfall from the so-called "Oprah effect," hosted a viewing party. The coastal college town was the only U.S. location to get a nod in the book Thrive, published last year, which pinpointed the world's happiest spots.
Here's the magazine's top 10 list with the outstanding quality that make these places so appealing to certain types.
Salt Spring Island, B.C. (population 10,000; median house price: $569,300) for wannabe farmers/gardeners. The 74-square-mile island's temperate climate makes year-round gardening possible.
Salt Lake City (population: 182,000; median house price $213,000) for aspiring entrepreneurs. Low corporate tax rates and an educated workforce, among other factors, make this an attractive spot to start a business.
Taos, N.M. (population 5,500; median house price $268,250) for those seeking a vacation home. Year-round recreation and limited housing makes this a good bet for second-home owners looking to rent out their dwelling.
Portland, Ore. (population 582,000; median house price $233,500) for people who prefer to go car-less. The city has a vibrant cycling culture with 300 miles of dedicated bike paths and lanes. And for longer jaunts, there's excellent public transportation.
Bellingham, Wash. (population 77,500; median house price $305,000) for outdoor recreationists. With 143 miles of Puget Sound shoreline in one direction and the Cascade Mountains in the other, there's outside action year round.
Eureka, Calif. (population 25,000; median house price $207,000) for aspiring artists. Art is taken seriously in a town that's home to more than 1,000 artists.
San Diego (population 1.37 million; median house price $330,000) for innovators. From pioneering computer technology to decoding the human genome, all kinds of cutting-edge endeavors are happening here.
Sonoma County, Calif. (population 472,000; median house price $484,000) for gourmands. With more than 300 wineries and a plethora of great restaurants, the area is a foodie's paradise.
Scottsdale, Ariz. (population 235,000; median house price $270,000) for parents of young kids. Low crime, good schools and lots of park land make it a good choice for raising a family.
Crestone, Colo. (population 146; median house price $250,000) for people who want to live off the grid. With 330 sunny days a year, this former mining town is a hotbed of solar power.
By Jayne Clark, USA TODAY
Salt Lake City made Sunset Magazine's CAPTION Sunset Magazine "Can where you live make you happy? And if so, who's to say what happiness is?"
We won't go down that existential path. And neither does Sunset Magazine in its February issue (out now). Instead, the article hedges its bets, declaring "…the happiest place is where we can find the things that matter most to us."
And that could mean anything from starting a business to living off the grid.
Coincidentally, Oprah on Wednesday featured a segment annointing San Luis Obispo, Calif., America's Happiest City. (It didn't make Sunset's list.) A giddy chamber of commerce, perhaps anticipating a tourism windfall from the so-called "Oprah effect," hosted a viewing party. The coastal college town was the only U.S. location to get a nod in the book Thrive, published last year, which pinpointed the world's happiest spots.
Here's the magazine's top 10 list with the outstanding quality that make these places so appealing to certain types.
Salt Spring Island, B.C. (population 10,000; median house price: $569,300) for wannabe farmers/gardeners. The 74-square-mile island's temperate climate makes year-round gardening possible.
Salt Lake City (population: 182,000; median house price $213,000) for aspiring entrepreneurs. Low corporate tax rates and an educated workforce, among other factors, make this an attractive spot to start a business.
Taos, N.M. (population 5,500; median house price $268,250) for those seeking a vacation home. Year-round recreation and limited housing makes this a good bet for second-home owners looking to rent out their dwelling.
Portland, Ore. (population 582,000; median house price $233,500) for people who prefer to go car-less. The city has a vibrant cycling culture with 300 miles of dedicated bike paths and lanes. And for longer jaunts, there's excellent public transportation.
Bellingham, Wash. (population 77,500; median house price $305,000) for outdoor recreationists. With 143 miles of Puget Sound shoreline in one direction and the Cascade Mountains in the other, there's outside action year round.
Eureka, Calif. (population 25,000; median house price $207,000) for aspiring artists. Art is taken seriously in a town that's home to more than 1,000 artists.
San Diego (population 1.37 million; median house price $330,000) for innovators. From pioneering computer technology to decoding the human genome, all kinds of cutting-edge endeavors are happening here.
Sonoma County, Calif. (population 472,000; median house price $484,000) for gourmands. With more than 300 wineries and a plethora of great restaurants, the area is a foodie's paradise.
Scottsdale, Ariz. (population 235,000; median house price $270,000) for parents of young kids. Low crime, good schools and lots of park land make it a good choice for raising a family.
Crestone, Colo. (population 146; median house price $250,000) for people who want to live off the grid. With 330 sunny days a year, this former mining town is a hotbed of solar power.
By Jayne Clark, USA TODAY
Monday, August 22, 2011
Salt Lake Makes List of the Top 10 Best Markets
Record affordability provides rare window of opportunity for house-hunting investors.
In an in-depth, data-driven special report, "10 Best Markets for Real Estate Investors," Inman News analyzed hundreds of housing markets nationwide to develop a list of those that may be best suited for investors.
The full report -- available at no charge - took into account economic, housing and demographic data from sources including median sales price data from CoreLogic, loan data from Lender Processing Services, foreclosure sales and discounts statistics from Realty Trac, InvestorScores from SmartZip, walkability scores from Walk Score, and population and unemployment data from the U.S. Census Bureau and the Bureau of Labor Statistics.
The data analyzed suggested that the 10 best markets for investors are: Indianapolis-Carmel, Ind.; Winchester, Va.-W.Va.; Gainesville, Fla.; Tucson, Ariz.; Tallahassee, Fla.; Hagerstown-Martinsburg, Md.-W.Va.; Salt Lake City; Richmond, Va.; Gainesville, Ga.; and Winston-Salem, N.C.
Seven out of the 10 markets are in the South, two are in the West, and one is in the Midwest. None of the markets are in the Northeast.
The results of the analysis reflect population growth and improving employment. In the past decade, the South has seen the biggest jump in population -- up 14.3 percent to about 114 million people -- and the West saw 13.8 percent population growth, to nearly 72 million.
Four of the top 10 markets are state capitals and at least three others benefit from proximity to either a state capital or the national capital.
Despite recent job growth, unemployment is still high across the country, and in many markets foreclosures have turned homeowners into renters. Affordability is at a record high, but as home prices continue to fall in many markets, some buyers are staying on the sidelines waiting for the market to bottom.
Investors accounted for 21 percent of transactions in the first three months of 2011, and 33 percent of transactions during that period involved cash buyers -- the highest share since NAR began tracking that statistic at the end of 2008.
By contrast, first-time homebuyers have accounted for an average 32 percent of purchases for the past two quarters, which is the lowest share since fourth-quarter 2008.
Distressed property sales including foreclosures and short sales accounted for 40 percent of existing-home sales in March, NAR said, and investors bought 54 percent of those properties, according to economic research firm Capital Economics.
Only 39 percent of investors used a mortgage to finance their purchase in 2010, compared with 80 percent of primary-home buyers, according to NAR's 2011 Investment and Vacation Home Buyers Survey.
The survey showed that the biggest proportion of investors bought their property through a real estate agent (44 percent). Another 20 percent bought directly from an owner they knew, and 17 percent bought through a foreclosure or trustee sale.
The most popular reason cited by investors for buying an investment property was to rent it out, followed by "to diversify investments/good investment opportunity."
The median length of time investors planned to own their purchase was 10 years. More than half of investor buyers (52 percent) said it was at least "somewhat likely" that they would buy another vacation or investment property in the next two years.
Investors tended to be more confident about the housing market than primary homebuyers: 77 percent of investors said "now is a good time to purchase real estate," compared with 68 percent of primary-home buyers.
Read the full report
Inman News - By Andrea V. Brambila
Tuesday, August 16, 2011
Money Magazine: 2 Utah Cities As Some Of The Best Places To Live!
FARMINGTON
Top 100 rank: # 12
Population: 18,300
This friendly town near the Great Salt Lake lies 20 minutes from Salt Lake City’s job and cultural opportunities. More Small Town USA than suburb, Farmington is safe and quiet. That’s not to say it’s no fun: in the center of town is Lagoon, a 125-year-old amusement park that attracts visitors from all over Utah. The town has a mix of expensive turn-of-the-century houses and more affordable homes; a typical three-bedroom ran around $180,000 in mid-2011. What’s more, Farmington’s taxes are low, yet the town is in excellent financial shape
NORTH SALT LAKE
Top 100 rank: # 23
Population: 13,800
In this friendly community with easy access to Salt Lake City, running out of sugar rarely means a trip to the store. Instead, residents pop over to the neighbors’ for a chat and a cup of sugar. Jobs can be had at several small businesses in town (or, of course, in the city). Outdoor activities such as biking and in-line skating are big here, and a 13-acre park for community gatherings has just been constructed. What’s missing is a downtown area to call their own, residents say--but city officials are looking into creating one.
Source : Money Magazine
Top 100 rank: # 12
Population: 18,300
This friendly town near the Great Salt Lake lies 20 minutes from Salt Lake City’s job and cultural opportunities. More Small Town USA than suburb, Farmington is safe and quiet. That’s not to say it’s no fun: in the center of town is Lagoon, a 125-year-old amusement park that attracts visitors from all over Utah. The town has a mix of expensive turn-of-the-century houses and more affordable homes; a typical three-bedroom ran around $180,000 in mid-2011. What’s more, Farmington’s taxes are low, yet the town is in excellent financial shape
NORTH SALT LAKE
Top 100 rank: # 23
Population: 13,800
In this friendly community with easy access to Salt Lake City, running out of sugar rarely means a trip to the store. Instead, residents pop over to the neighbors’ for a chat and a cup of sugar. Jobs can be had at several small businesses in town (or, of course, in the city). Outdoor activities such as biking and in-line skating are big here, and a 13-acre park for community gatherings has just been constructed. What’s missing is a downtown area to call their own, residents say--but city officials are looking into creating one.
Source : Money Magazine
Monday, August 15, 2011
QR Codes Are Averywhere! Even On a Tombstone!
When Edouard Garneau died last August, his wife of 53 years ordered a bench-style tombstone.
"I go and talk with him," said Faye Garneau, who admits she isn't so sure she likes that her own name is already inscribed there, too.
That wasn't all: Several months later, the monument maker added a high-tech innovation — a small, square image known as a quick response or QR code, affixed alongside the big letters spelling out Garneau.
The monument maker — a friend — was working on the code before Garneau died of cancer at age 78.
People scanning the code with their smartphones are taken to a website that includes Garneau's obituary and a photo gallery highlighting the Seattle-area businessman. They learn he was a collision auto body repair expert, a world traveler and a loving uncle. In the future, more photos and stories from family and friends can be added.
Faye Garneau recently added a QR code to the gravestone bench memorializing her husband Ed Garneau at Holyrood Cemetery in Shoreline, Wash.
"I think it's a neat deal," Faye Garneau said. "It kind of keeps people alive a little longer, down through the generations."
When scanned with a smart phone's QR reader, code on Ed Garneau's tombstone takes users to a web site memorializing him in words and pictures.
The Seattle-based tombstone company is one of many new adopters of quick response or QR codes that also includes, a Florida nature trail and a T-shirt maker.
New uses for the technology are popping up almost daily, said Shane Greenstein, a professor at Northwestern University in Evanston, Ill., who studies IT markets. That's because "the bugs are worked out" from the code, which was created in Japan in the early 1990s, Greenstein said, adding that "there's no licensing fee; there are no restrictions. Users are free to think creatively." And, they are.
In Seattle, Quiring Monuments has made code-adorned "living headstones" for about two months. It has sold about 30 so far, General Manager Jon Reece said, adding he's gotten "tons" of inquiries, often from people still very much alive: "They say, 'I want my story to be told the way I want it to be told.'"
Quiring Monuments offers the QR code, website and website hosting free to people buying new monuments from the company, Reece said, noting the company will add it to existing grave markers for $65.
On Sanibel Island, Fla., the J.N. "Ding" Darling National Wildlife Refuge unveiled QR code signs last month along Wildlife Drive, on which nearly 800,000 visitors a year travel by car, foot or bicycle.
"It was nice and easy," said 13-year-old Tom Garvey of Delran, N.J., who put his iPhone — an eighth-grade graduation gift — to use on the trail. The refuge's iNature Trail sports 10 signs, each with two QR codes — one that pulls up videos and educational websites for adults, and another that's tailored to children.
"We wanted to find that niche to get kids outdoors and excited about nature," said refuge ranger Toni Westland. The videos feature snippets about ospreys, alligators and other creatures living along the mangrove forest-dotted estuaries of the 6,400-acre refuge.
Newspapers, including USA TODAY, use the codes to direct readers to such items as videos and photos.
A multitude of uses
Examples elsewhere include:
•Boulder, Colo., acoustic rock band SoundRabbit sells or hands out T-shirts with codes that take smartphones to free music downloads, said Chris Anton, band member, shirt creator and website design company co-owner.
•Lafayette, N.J.-based Fuzzy Nation, a designer and wholesaler of gifts for dog lovers, for the first time is putting QR codes on hangtags on its products sold at Macy's department stores nationwide, said Fuzzy Nation owner Jennifer Liu. The scanned code helps people enter a contest that began July 11. The contest promotes pet adoption and will earn one shelter a $10,000 stipend.
•Organizers of the Chevrolet Fireball Run Adventurally, from Sept. 23 through Oct. 1, say it will be the first national motoring event to use QR codes. For this year's multistate run though the South, competition cars will sport decals with codes. And, driving teams will distribute missing-child posters with codes. The scanned codes aid people with crucial information to share with the National Center for Missing & Exploited Children, said J. Sanchez, event executive producer.
•Kansas City, Mo.-based mobile tech marketing firm Kickanotch sends code-imprinted frosted graham crackers to new clients as a "thank you" and to take them to a website offering more ideas for the codes, CEO Andy Lynn said.
•Trinity Baptist Church in Lake Charles, La., is using QR codes in its bulletins and posters to encourage sign-ups for special family and youth programs, said Steven Haney, church media director.
Real estate sales agent Marilyn Boudreaux did a double take when spying a code for the first time in the church's bulletin: "I was like, wow — we are with the times." Her discovery occurred shortly after the worship service began. That made the QR code a temptation, Boudreaux said: "I wanted to pull out my phone, and scan it."
By Andy Rogers, Red Box Pictures for USA TODAY
"I go and talk with him," said Faye Garneau, who admits she isn't so sure she likes that her own name is already inscribed there, too.
That wasn't all: Several months later, the monument maker added a high-tech innovation — a small, square image known as a quick response or QR code, affixed alongside the big letters spelling out Garneau.
The monument maker — a friend — was working on the code before Garneau died of cancer at age 78.
People scanning the code with their smartphones are taken to a website that includes Garneau's obituary and a photo gallery highlighting the Seattle-area businessman. They learn he was a collision auto body repair expert, a world traveler and a loving uncle. In the future, more photos and stories from family and friends can be added.
Faye Garneau recently added a QR code to the gravestone bench memorializing her husband Ed Garneau at Holyrood Cemetery in Shoreline, Wash.
"I think it's a neat deal," Faye Garneau said. "It kind of keeps people alive a little longer, down through the generations."
When scanned with a smart phone's QR reader, code on Ed Garneau's tombstone takes users to a web site memorializing him in words and pictures.
The Seattle-based tombstone company is one of many new adopters of quick response or QR codes that also includes, a Florida nature trail and a T-shirt maker.
New uses for the technology are popping up almost daily, said Shane Greenstein, a professor at Northwestern University in Evanston, Ill., who studies IT markets. That's because "the bugs are worked out" from the code, which was created in Japan in the early 1990s, Greenstein said, adding that "there's no licensing fee; there are no restrictions. Users are free to think creatively." And, they are.
In Seattle, Quiring Monuments has made code-adorned "living headstones" for about two months. It has sold about 30 so far, General Manager Jon Reece said, adding he's gotten "tons" of inquiries, often from people still very much alive: "They say, 'I want my story to be told the way I want it to be told.'"
Quiring Monuments offers the QR code, website and website hosting free to people buying new monuments from the company, Reece said, noting the company will add it to existing grave markers for $65.
On Sanibel Island, Fla., the J.N. "Ding" Darling National Wildlife Refuge unveiled QR code signs last month along Wildlife Drive, on which nearly 800,000 visitors a year travel by car, foot or bicycle.
"It was nice and easy," said 13-year-old Tom Garvey of Delran, N.J., who put his iPhone — an eighth-grade graduation gift — to use on the trail. The refuge's iNature Trail sports 10 signs, each with two QR codes — one that pulls up videos and educational websites for adults, and another that's tailored to children.
"We wanted to find that niche to get kids outdoors and excited about nature," said refuge ranger Toni Westland. The videos feature snippets about ospreys, alligators and other creatures living along the mangrove forest-dotted estuaries of the 6,400-acre refuge.
Newspapers, including USA TODAY, use the codes to direct readers to such items as videos and photos.
A multitude of uses
Examples elsewhere include:
•Boulder, Colo., acoustic rock band SoundRabbit sells or hands out T-shirts with codes that take smartphones to free music downloads, said Chris Anton, band member, shirt creator and website design company co-owner.
•Lafayette, N.J.-based Fuzzy Nation, a designer and wholesaler of gifts for dog lovers, for the first time is putting QR codes on hangtags on its products sold at Macy's department stores nationwide, said Fuzzy Nation owner Jennifer Liu. The scanned code helps people enter a contest that began July 11. The contest promotes pet adoption and will earn one shelter a $10,000 stipend.
•Organizers of the Chevrolet Fireball Run Adventurally, from Sept. 23 through Oct. 1, say it will be the first national motoring event to use QR codes. For this year's multistate run though the South, competition cars will sport decals with codes. And, driving teams will distribute missing-child posters with codes. The scanned codes aid people with crucial information to share with the National Center for Missing & Exploited Children, said J. Sanchez, event executive producer.
•Kansas City, Mo.-based mobile tech marketing firm Kickanotch sends code-imprinted frosted graham crackers to new clients as a "thank you" and to take them to a website offering more ideas for the codes, CEO Andy Lynn said.
•Trinity Baptist Church in Lake Charles, La., is using QR codes in its bulletins and posters to encourage sign-ups for special family and youth programs, said Steven Haney, church media director.
Real estate sales agent Marilyn Boudreaux did a double take when spying a code for the first time in the church's bulletin: "I was like, wow — we are with the times." Her discovery occurred shortly after the worship service began. That made the QR code a temptation, Boudreaux said: "I wanted to pull out my phone, and scan it."
By Andy Rogers, Red Box Pictures for USA TODAY
Monday, August 8, 2011
Why They Are Saying to Buy A Home Now
Despite what appears to be a non-stop wave of tough news regarding real estate, four major media players have come out this month with the same advice: It Is Time to Buy a Home! Here are the four articles and a breakdown as to why the advice makes sense.
The Wall Street Journal: Why It’s Time to Buy
CBS Money Watch: Why the Time to Buy is Now
Forbes Magazine: 9 Reasons to Buy a House Now
National Public Radio: For Many, It’s Still a Good Time to Buy a Home
With prices continuing to depreciate in most regions of the country, some may wonder why these four entities are suggesting to their readership that now is the time to buy. Each organization realizes that PRICE is not as important as COST. The cost of a home can go up even if prices continue to fall. Unless you are an all cash buyer, you must take into consideration the expense of mortgaging when calculating the full cost of a home. Here is some information to consider.
Interest Rates
Currently, interest rates sit at historic lows. However, Fannie Mae, Freddie Mac, PMI and the National Association of Realtors are all projecting approximately a 1% increase in mortgage rates over the next year. A one percent increase in rate negates a ten percent fall in prices.
Lending Standards
The government has proposed a tightening of lending standards called Quality Residential Mortgage (QRM). If accepted as proposed two things will happen:
1. The qualification process for loans will become more difficult
2. The cost of a loan will increase
Bottom Line
There is a reason more and more financial organizations are suggesting to their followers that now is the time to buy a home: because the cost of purchasing a home is about to increase (even if prices continue to fall).
by The KCM Crew
Thursday, August 4, 2011
Tuesday, July 26, 2011
Realtors Turn to QR Codes to Sell Homes
SALT LAKE CITY -- You've probably seen them at the store or in a magazine -- the printed black boxes you can scan with your smartphone to get more information on a product or to find out more about a certain story. Now realtors are trying to cash in on the boxes' quick response codes.
Salt Lake Board of Realtors President Deanna Dipo is starting to use them on signs and fliers. She said one click can provide a lot of information to smartphone users.
"It will automatically populate the information of that home: pictures, detailed information about the home, the price. It's just a wonderful tool," she said.
Dipo says so far she has had a great response and she believes she knows why.
"People can get the information and no one is hounding them or calling them," she said.
But not everyone has a smartphone and not everyone knows about the codes. Also, it could cost agents more on the front end since someone has to set up the code. Dipo has hired an independent company that takes pictures of listed homes and creates the QR code.
Dipo said it seems like more people are moving to buy smart phones or tablet computers, so she expects agents to catch on, too.
"We're always trying to stay on the cutting edge and trying to give consumers the best service possible. And that's what it is. It's just another service or feature that we can offer." she said.
What is ... QR Code?•"Quick response" code
•Two-dimensional barcode
•Often used for adding web links or additional information to a printed page
•Meant to be scanned by mobile phone camera
•Information encoded may be text, URL, or other data
Thursday, July 21, 2011
Justin will be on HGTV Don't miss it!
I was Featured as Utah's Real Estate Expert for HGTV's Bang For Your Buck. They filmed late fall 2010, and it will be airing DECEMBER 10th at 1pm mnt standard time.
Read more about the show here: http://www.hgtv.com/bang-for-your-buck/three-contemporary-master-bath-renovations-in-salt-lake-city/index.html
Monday, July 11, 2011
GET READY FOR A SUCCESSFUL YARD SALE!
1. FOLDING TABLES are the easiest to set up- throw colorful tablecloths on top if they're not in good shape. Use any large for sale items as extra display surfaces.
2. PUT A PRICE TAG ON EVERYTHING. If there are multiple components, like a box of dvd's post a sign stating the cost per item.
3. DISPLAY EYE CATCHING PRODUCTS in a prominent place that can be seen from the street. A large sign indicating a $1 table will also draw customers.
4. GROUP LIKE THINGS, kitchen utensils, children's toys, electronics- together. Run an extension cord from the garage so people can test the gadgets.
5. DUST AND WASH EVERYTHING. If people believes the goods were well taken care of, they'll be more likely to buy them.
6. PROMOTE PRICIER ITEMS (Like cameras) by laying out all the pieces they came with, including manuals or Amazon descriptions.
7. STOCK YOUR CASH BOX WITH CHANGE and have plenty of newspapers ready to wrap breakables.
From Sabrina Soto, Target's home style expert and host of HGTV's Get It Sold.
2. PUT A PRICE TAG ON EVERYTHING. If there are multiple components, like a box of dvd's post a sign stating the cost per item.
3. DISPLAY EYE CATCHING PRODUCTS in a prominent place that can be seen from the street. A large sign indicating a $1 table will also draw customers.
4. GROUP LIKE THINGS, kitchen utensils, children's toys, electronics- together. Run an extension cord from the garage so people can test the gadgets.
5. DUST AND WASH EVERYTHING. If people believes the goods were well taken care of, they'll be more likely to buy them.
6. PROMOTE PRICIER ITEMS (Like cameras) by laying out all the pieces they came with, including manuals or Amazon descriptions.
7. STOCK YOUR CASH BOX WITH CHANGE and have plenty of newspapers ready to wrap breakables.
From Sabrina Soto, Target's home style expert and host of HGTV's Get It Sold.
Wednesday, June 29, 2011
Real Estate News
The Deseret News on June 14 featured a story on renting vs. buying. The story cited a survey by the National Association of Home Builders in which 31 percent of respondents said their biggest barrier to owning a home was saving for a down payment.
REALTOR Carolyn Kirkham was quoted in the story as saying this past winter was one of the slowest in her 20-year career, but this past spring has been one of the busiest she can recall.
"Last week she wrote offers in a single day on homes for two young couples who'd been saving and had found their dream homes," the story said. "It's a fact that the very downturn that has so many people upside down in homes...has also put home ownership within reach for many first-time home buyers."
REALTOR Carolyn Kirkham was quoted in the story as saying this past winter was one of the slowest in her 20-year career, but this past spring has been one of the busiest she can recall.
"Last week she wrote offers in a single day on homes for two young couples who'd been saving and had found their dream homes," the story said. "It's a fact that the very downturn that has so many people upside down in homes...has also put home ownership within reach for many first-time home buyers."
Thursday, June 23, 2011
Monday, June 20, 2011
For RENT- BEWARE of FRAUD
We recently listed a great property near the University of Utah, vacant and easy to show. We had no idea it would be the next target of Fraud that has hit Utah. I had a few appointments the day after we listed and when I get out there are voice mails on my phone about the property 'For Rent'. People call all the time and ask if we will rent but not stating 'We are ready to rent'. Someone had placed an ad with an email address that MATCHED my home owners name collecting DEPOSITS on the property. Complete Fraud. Luckily they called me, I investigated, and after a few phone calls it was under control. No deposits sent, no one hurt. I also placed the attached sign to the property just in case. The email is a red flag but for $700 a month would be tempting to any starving college student. See email below. So if you have this issue, be sure to flag the listing and contact the Police. Just so you know, I still think the world is good and well...just goes to show there is still a good rental market out there :).
Hello,
We are pleased that you have an interest in our house, Our lovely home is still available for lease and we want responsible adults/family who are neat and also believe that they have what it takes to take care of our house as if it were theirs. My wife and I initially had it up for sale but had a change of mind in leasing it out ourselves because the agent that was in charge of our rental property was asking too much of an agent fee and also making it difficult for people who cannot afford the rent, stay away from renting my house.
The reason why our house is up for lease is because I got transferred from my place of work to West Africa, I will be away with my family for at least 4 to 5 years because of the love I have for them, I have decided not to sell our house and also assuring them that we only have few years to spend here and will be willing to lease it out to person/family who is willing to assure us of taking absolute care of our home and pay their rent on time. I will start by telling you more in regards me and my family. I have a daughter named Leslie (20yrs) who attends University of Oklahoma as a medical student,she has a lot going for her and she is also down to earth in all that she does to keep us happy and when she is back home on vacation, she also assist her mom in the house work when am at work. I work as a Robotic Programmer & Welder/Fitter here in West Africa and got married to a lovely wife who is a member of Joyce Meyer Ministries . We will be very pleased if we can find the right tenant to rent our home, a person who is a clean freak and does not tolerate anything that has to do with dirt... we also would like to know more about you and your family, your renting experience and how long and when you plan moving into our home.1,996 sqft. I have received some proposals regarding the rent because it is located in a very good area of (Salt Lake City),but I still have to make sure it is rented out to someone who can take good care of it.It includes facilities such as water and heat laundry facilities, air condition, internet and telephone access and a car park and other necessary facilities, also comes with trash collection, pets are allowed as well as long as they are not destructive.
These 4 bedrooms and 2 baths home are very specious and neat.
Below is the rental property address:
2558 Simpson Avenue,Salt Lake City,UT 84109.
Pets allowed: Yes
Rent: $700
Deposit: $700
The rental fee is inclusive with utilities and my home available as at this moment.
PLEASE NOTE THAT YOU WILL ONLY BE ABLE TO DRIVE BY THE HOUSE BUT NOT HAVE A LOOK AT THE INTERIOR UNTIL WE HAVE SENT THE KEYS AND DOCUMENT OF THE HOUSE TO YOU.
Hello,
We are pleased that you have an interest in our house, Our lovely home is still available for lease and we want responsible adults/family who are neat and also believe that they have what it takes to take care of our house as if it were theirs. My wife and I initially had it up for sale but had a change of mind in leasing it out ourselves because the agent that was in charge of our rental property was asking too much of an agent fee and also making it difficult for people who cannot afford the rent, stay away from renting my house.
The reason why our house is up for lease is because I got transferred from my place of work to West Africa, I will be away with my family for at least 4 to 5 years because of the love I have for them, I have decided not to sell our house and also assuring them that we only have few years to spend here and will be willing to lease it out to person/family who is willing to assure us of taking absolute care of our home and pay their rent on time. I will start by telling you more in regards me and my family. I have a daughter named Leslie (20yrs) who attends University of Oklahoma as a medical student,she has a lot going for her and she is also down to earth in all that she does to keep us happy and when she is back home on vacation, she also assist her mom in the house work when am at work. I work as a Robotic Programmer & Welder/Fitter here in West Africa and got married to a lovely wife who is a member of Joyce Meyer Ministries . We will be very pleased if we can find the right tenant to rent our home, a person who is a clean freak and does not tolerate anything that has to do with dirt... we also would like to know more about you and your family, your renting experience and how long and when you plan moving into our home.1,996 sqft. I have received some proposals regarding the rent because it is located in a very good area of (Salt Lake City),but I still have to make sure it is rented out to someone who can take good care of it.It includes facilities such as water and heat laundry facilities, air condition, internet and telephone access and a car park and other necessary facilities, also comes with trash collection, pets are allowed as well as long as they are not destructive.
These 4 bedrooms and 2 baths home are very specious and neat.
Below is the rental property address:
2558 Simpson Avenue,Salt Lake City,UT 84109.
Pets allowed: Yes
Rent: $700
Deposit: $700
The rental fee is inclusive with utilities and my home available as at this moment.
PLEASE NOTE THAT YOU WILL ONLY BE ABLE TO DRIVE BY THE HOUSE BUT NOT HAVE A LOOK AT THE INTERIOR UNTIL WE HAVE SENT THE KEYS AND DOCUMENT OF THE HOUSE TO YOU.
Thursday, June 9, 2011
5 Lies All Home Sellers Tell
Home sellers are solely their own kind of client. While my career in real estate brought me in contact with many home sellers who all had different expectations and varied reasons for selling their home, they all had one thing in common: They shared the same spiel. I'm not sure if they all read from the same "home seller handbook" or if there was a secret website that gave them a scripted dialogue, but if I heard these things once I heard them a thousand times. Before signing a listing agreement, there were five things almost every seller would say that they knew weren't necessarily true. Regardless, we savvy and experienced agents are on to these sellers. From my years of experience, I knew how to persuade a seller to tell the truth.
'My house is the best in the neighborhood'
Indeed, in their mind, it may be the best house in the neighborhood. The truth is that they haven't been in every house in the neighborhood, so there is no possible way that they know this. As attached to a home as a seller might be, it's been my professional experience that once you take them to see other properties in the area, they start seeing their home in an entirely new light. It's an eye-opening experience, and they realize there is stiff competition.
'I've done more improvements than any of the neighbors'
This tiny fabrication ties in to the seller professing that he has the "best" house in the neighborhood. Honestly, he doesn't know what the Joneses and the Smiths have done to their homes. The more homes that I took a seller to see in the general neighborhood, the less he said that his home was the most improved in the neighborhood. In fact, in many instances, sellers found their home right on par with improvements, if not under-improved. This not only brought down the seller's expectations for his property, it also usually got me the price reduction I needed.
'I won't take less than...'
Many sellers begin the process with a dollar amount that they want to make on their property. They are unwavering in the fact that they won't take less than "X" amount for their property. They have no problem vocalizing it loudly and often. For many sellers, however, I found this to be an all-out lie. The fact is that a seller will "take" a fair amount for his house, and that ultimately the amount he will "take" is in direct proportion to what a buyer will pay. Unfortunately, this usually isn't the highest-dollar amount that he wanted when starting the sales process.
'I'm not going to give my home away'
For many sellers "giving" their house away ties in to the "I won't take less than X" speech. Sellers believe anything less than what they "want" for the house is giving it away for next to nothing. As a real estate agent, I knew this was the time to hammer the seller with market data. After explaining the sales facts in their neighborhood, I could usually get sellers to see the light.
'I'll do whatever it takes to sell'
Admittedly, I was always suspicious of these folks. Sure, they say that they will do "whatever it takes," but they are not entirely prepared for the stress associated with selling a home. When meeting with these sellers, I would explain the factors that go into a successful sale. The "I'll do whatever it takes to sell" speech was usually quickly replaced with admissions of "I didn't know that."
This list is of the utmost importance for sellers to review, before putting their house on the market. I have seen many a seller lose many an excellent agent because he didn't do this homework before his listing appointment. If you want the best agent, as a seller, you have to know the ins and outs of being the best seller for that agent. One way to be the best seller on the block is to avoid these all-too-common lies that so many sellers so often tell.
Yahoo.com by
'My house is the best in the neighborhood'
Indeed, in their mind, it may be the best house in the neighborhood. The truth is that they haven't been in every house in the neighborhood, so there is no possible way that they know this. As attached to a home as a seller might be, it's been my professional experience that once you take them to see other properties in the area, they start seeing their home in an entirely new light. It's an eye-opening experience, and they realize there is stiff competition.
'I've done more improvements than any of the neighbors'
This tiny fabrication ties in to the seller professing that he has the "best" house in the neighborhood. Honestly, he doesn't know what the Joneses and the Smiths have done to their homes. The more homes that I took a seller to see in the general neighborhood, the less he said that his home was the most improved in the neighborhood. In fact, in many instances, sellers found their home right on par with improvements, if not under-improved. This not only brought down the seller's expectations for his property, it also usually got me the price reduction I needed.
'I won't take less than...'
Many sellers begin the process with a dollar amount that they want to make on their property. They are unwavering in the fact that they won't take less than "X" amount for their property. They have no problem vocalizing it loudly and often. For many sellers, however, I found this to be an all-out lie. The fact is that a seller will "take" a fair amount for his house, and that ultimately the amount he will "take" is in direct proportion to what a buyer will pay. Unfortunately, this usually isn't the highest-dollar amount that he wanted when starting the sales process.
'I'm not going to give my home away'
For many sellers "giving" their house away ties in to the "I won't take less than X" speech. Sellers believe anything less than what they "want" for the house is giving it away for next to nothing. As a real estate agent, I knew this was the time to hammer the seller with market data. After explaining the sales facts in their neighborhood, I could usually get sellers to see the light.
'I'll do whatever it takes to sell'
Admittedly, I was always suspicious of these folks. Sure, they say that they will do "whatever it takes," but they are not entirely prepared for the stress associated with selling a home. When meeting with these sellers, I would explain the factors that go into a successful sale. The "I'll do whatever it takes to sell" speech was usually quickly replaced with admissions of "I didn't know that."
This list is of the utmost importance for sellers to review, before putting their house on the market. I have seen many a seller lose many an excellent agent because he didn't do this homework before his listing appointment. If you want the best agent, as a seller, you have to know the ins and outs of being the best seller for that agent. One way to be the best seller on the block is to avoid these all-too-common lies that so many sellers so often tell.
Yahoo.com by
Wednesday, May 25, 2011
Sometimes Additions Can Be Subtractions
Not all remodeling projects add
value come selling time
value come selling time
The Salt Lake Tribune - Lesley Mitchell
Remodeling your home is kind of like buying a new car. Over time, it will be worth a lot less than you paid for it.
That sun room addition? Expect to recoup only about 40 percent of your investment — if you’re lucky. In fact, real estate agents say many home buyers don’t even like these costly additions. What about the time you remodeled and created a home office with all those built-in book shelves? For all your trouble, you would end up getting only about a third of that investment when it came time to sell.
Even among remodeling projects with the highest return on investment, you can expect to recoup only about 83 percent of what you spend on vinyl replacement siding in Salt Lake City, 74 percent on a minor kitchen remodel and about 70 percent on new windows, according to the annual Cost vs. Value report 2010-2011 by Remodeling magazine.
Perplexed? Real estate agents and others in the housing industry aren’t.
"A lot of homeowners are really surprised at how little they can get back on the money they spent on remodeling projects," said Kim Boekholder with Results Real Estate in Sandy. "It can create some hurt feelings when they want to sell and we have to break the news to them that although what they did is beautiful, buyers aren’t willing to pay extra for it."
One of the biggest mistakes homeowners make, Boekholder said, is making changes that don’t have broad appeal. You may like bright yellow walls, but some buyers don’t.
One of Boekholder’s recent listings was a home with purple carpet. Even though it was in great condition, "every single buyer commented on it," she said. "It was a huge negative and cost some offers." Another Realtor had to break the news to sellers who had remodeled their home with an outdoorsy flair that potential buyers were being turned off by wallpaper, bathroom tiles and kitchen back-splash tiles adorned with hunting scenes.
Another myth is that all remodeling projects are created equally — or that the biggest, most expensive projects have the biggest return on investment.
The report in Remodeling magazine, updated annually, shows that simply isn’t the case. Homeowners can expect to see an average return of 64 percent on the investment in a major kitchen remodel, 62 percent return on a two-story addition, 57 percent on a new master suite and only 44 percent on a bathroom addition.
Why such low returns? Many home-improvement projects appeal to only some buyers — some don’t want a fancy kitchen for example, or don’t like the cabinetry and decor that the seller selected. Buyers who have no intention of working at home will find little or no value in a home office addition, and many buyers prefer a deck to a sunroom.
How much a homeowner reaps from an investment varies, based on the overall condition of the property, the neighborhood and many other factors.
Not all projects are done with an eventual sale in mind. Terry Moore of West Valley knows that home values are down in her area, as well as along virtually the entire Wasatch Front. But after living in her home for two decades, she and her husband do not want to move away from neighbors and two adult children who live nearby, including one only five minutes away.
Two years ago, she had her kitchen remodeled and square footage added. Next up is replacing more windows and her home’s vinyl siding.
"We are doing these projects with the intention to stay," she said. "This is the house we’ll die in."
Although how much value any remodeling project will add is uncertain, one thing is for sure. It’s not always the priciest changes that benefit homeowners most when it comes time to sell. A new steel front door or new garage door aren’t the most expensive additions — but they can deliver big results. According to the report, homeowners could recoup 95 percent of the cost of a new steel entry door and 93 percent on a new garage door. Those aren’t the only practical home improvements that seem to score high — expect about 83 percent on vinyl siding and nearly 70 percent for new windows.
Real estate agents say the return on these types of projects is so high because they are maintenance items that are going to have to be done at some point. Buyers place a premium on properties that already have such projects completed.
Wednesday, May 18, 2011
Tuesday, May 3, 2011
Million Dollar Homes are Selling!
SANDY -- The real estate industry has seen some rough times the last couple of years. Buying and selling has certainly been a challenge.
Just this week, we learned that Utah is 4th in the nation when it comes to the number of foreclosures. But there is a sector of the housing market that's still strong -- and the price tags are big.
"There is a segment of the market that hasn't been affected by the economy, and they are just taking advantage of the pricing right now," said Deanna Dipo, president of the Salt Lake Board of Realtors.
She's talking about big homes, custom-built with all the bells and whistles, sitting on a couple of acres: Million-dollar homes.
The highest priced home sold along the Wasatch Front in 2010 went for just over $6 million. In 2009, $3.5 million was the highest price.Believe it or not, homes in this price range are selling well in Utah, and have been for the last couple of years.
According to the Salt Lake Board of Realtors, 91 million-dollar-plus homes sold along the Wasatch Front last year, up 12 percent from 2009. So far this year, 15 have sold.
"The price per square foot has dropped," Dipo explained. "Our pricing has stabilized here in Utah, so the high-end properties are definitely of value."
That's encouraging for someone like Sandy resident Jesse Riddle.
"We built this home about 14 years ago as our dream home," he said. "We have a beautiful home, custom design."
But his four children are grown now, and the Riddles are ready to downsize. With their home, there's plenty to downsize from -- the pool, sport court and lighted football field notwithstanding.
The activity in high-end homes is not just a Wasatch Front phenomenon. Seven-figure priced homes are up 4 percent nationally as well, an indication that properties like Riddle's are somewhat insulated from the economic downtown.
"I just think there are a lot of people in a position financially that are really taking advantage of our market, just buying properties that they couldn't have otherwise in the past," Dipo said.
By Keith McCord - KLS News
Just this week, we learned that Utah is 4th in the nation when it comes to the number of foreclosures. But there is a sector of the housing market that's still strong -- and the price tags are big.
"There is a segment of the market that hasn't been affected by the economy, and they are just taking advantage of the pricing right now," said Deanna Dipo, president of the Salt Lake Board of Realtors.
She's talking about big homes, custom-built with all the bells and whistles, sitting on a couple of acres: Million-dollar homes.
The highest priced home sold along the Wasatch Front in 2010 went for just over $6 million. In 2009, $3.5 million was the highest price.Believe it or not, homes in this price range are selling well in Utah, and have been for the last couple of years.
According to the Salt Lake Board of Realtors, 91 million-dollar-plus homes sold along the Wasatch Front last year, up 12 percent from 2009. So far this year, 15 have sold.
"The price per square foot has dropped," Dipo explained. "Our pricing has stabilized here in Utah, so the high-end properties are definitely of value."
That's encouraging for someone like Sandy resident Jesse Riddle.
"We built this home about 14 years ago as our dream home," he said. "We have a beautiful home, custom design."
But his four children are grown now, and the Riddles are ready to downsize. With their home, there's plenty to downsize from -- the pool, sport court and lighted football field notwithstanding.
The activity in high-end homes is not just a Wasatch Front phenomenon. Seven-figure priced homes are up 4 percent nationally as well, an indication that properties like Riddle's are somewhat insulated from the economic downtown.
"I just think there are a lot of people in a position financially that are really taking advantage of our market, just buying properties that they couldn't have otherwise in the past," Dipo said.
By Keith McCord - KLS News
Thursday, April 28, 2011
Tuesday, April 26, 2011
NEW — March Home Sales Down From Last Year, Up From March 2009
Sales of existing homes in Salt Lake County in March totaled 940 units (all housing types), down 8 percent compared to 1,020 units sold in March 2010, but up 25 percent compared to sales in March 2009, according to the Salt Lake Board of REALTORS®.
Home sales in March were up 44 percent compared to February 2010 (non-seasonally adjusted).
“Home sales are down compared to last year at this time because of the federal home buyer tax credit,” said DeAnna Dipo, president of the Salt Lake Board of REALTORS®. “However, home sales in March of this year are up 25 percent compared to March 2009, when the recession was in full force.”
The median home price in March was $185,250, down 7 percent compared to a median price of $200,000 in March 2010, but up 3 percent compared to February’s median price of $179,990.
Based on sales trends over the past 12 months, Salt Lake County has a nine-month supply of housing inventory. There are 6,520 active listings of homes for sale in Salt Lake County.
Home sales in March were up 44 percent compared to February 2010 (non-seasonally adjusted).
“Home sales are down compared to last year at this time because of the federal home buyer tax credit,” said DeAnna Dipo, president of the Salt Lake Board of REALTORS®. “However, home sales in March of this year are up 25 percent compared to March 2009, when the recession was in full force.”
The median home price in March was $185,250, down 7 percent compared to a median price of $200,000 in March 2010, but up 3 percent compared to February’s median price of $179,990.
Based on sales trends over the past 12 months, Salt Lake County has a nine-month supply of housing inventory. There are 6,520 active listings of homes for sale in Salt Lake County.
Monday, April 25, 2011
Cash-Wielding Investors Snap Up Resold Homes
Investors lifted U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure. But purchases made by first-time homebuyers fell, a troubling sign for the weak housing market. Sales of previously occupied homes rose in March to a seasonally adjusted annual rate of 5.1 million, the National Association of Realtors said Wednesday. That’s a 3.7 percent increase from the February pace, but far below the 6 million homes a year that economists say represents a healthy market.
Foreclosures or short sales — when the lender agrees to accept less than what is owed on the mortgage — rose to make up 40 percent of all purchases. And deals paid for entirely in cash accounted for 35 percent of all resold homes. The Realtors group says that’s the biggest percentage since it has been tracking all-cash sales. Many of those purchases are being made by investors, who are targeting cheap properties in areas hit hardest by foreclosures. The trade group’s data takes into account only individual investors. It does not include homes sold in bulk at auction or on courthouse steps. Many of the foreclosure sales probably are being picked up en masse by private equity firms.
Another sign of investor activity is that sales of homes priced under $100,000 have risen 10 percent from a year ago. In that same period, sales of mid-priced homes, from $100,000 to $500,000, have fallen more than 14 percent. Fewer first-time homebuyers are entering the market. Sales among these buyers, who typically set down roots and raise families, fell to 33 percent in March. The trade group and economists say a healthier makeup is40 percent.
The median sales price rose slightly in March, to $159,600, but it is still down 5.9 percent from a year ago. Foreclosures are dragging down home prices. A record 1 million homes were lost to foreclosure last year and foreclosure tracker RealtyTrac Inc. said it expects 1.2 million more will be lost this year. Homes at risk of foreclosure usually sell at 20 percent discounts.
Joshua Shapiro, chief U.S. economist with MFR Inc., said that “part of the market-clearing process is that distressed properties must be sold, so the fact that this is occurring is good.”
Many would-be buyers are holding off, worried that home prices haven’t bottomed out. Others are having trouble getting mortgages because banks have tightened lending requirements. The average credit score for Freddie Mac and Fannie Mae-backed mortgages is 760, up from 720 in 2007. A major obstacle to a housing recovery is the glut of unsold homes. There were 3.55 million unsold homes on the market in March. It would take 8.4 months to clear them at today’s sales pace. Analysts say a healthy supply can be cleared in six months.
The situation is much worse when taking into account the “shadow inventory” of homes, economists say. These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale.“It is unlikely that home prices can recover on a sustained basis until the inventory-to-sales balance improves further and the number of distressed properties is significantly reduced,” said Steven A. Wood, chief economist at Insight Economics
Salt Lake Tribune
Foreclosures or short sales — when the lender agrees to accept less than what is owed on the mortgage — rose to make up 40 percent of all purchases. And deals paid for entirely in cash accounted for 35 percent of all resold homes. The Realtors group says that’s the biggest percentage since it has been tracking all-cash sales. Many of those purchases are being made by investors, who are targeting cheap properties in areas hit hardest by foreclosures. The trade group’s data takes into account only individual investors. It does not include homes sold in bulk at auction or on courthouse steps. Many of the foreclosure sales probably are being picked up en masse by private equity firms.
Another sign of investor activity is that sales of homes priced under $100,000 have risen 10 percent from a year ago. In that same period, sales of mid-priced homes, from $100,000 to $500,000, have fallen more than 14 percent. Fewer first-time homebuyers are entering the market. Sales among these buyers, who typically set down roots and raise families, fell to 33 percent in March. The trade group and economists say a healthier makeup is40 percent.
The median sales price rose slightly in March, to $159,600, but it is still down 5.9 percent from a year ago. Foreclosures are dragging down home prices. A record 1 million homes were lost to foreclosure last year and foreclosure tracker RealtyTrac Inc. said it expects 1.2 million more will be lost this year. Homes at risk of foreclosure usually sell at 20 percent discounts.
Joshua Shapiro, chief U.S. economist with MFR Inc., said that “part of the market-clearing process is that distressed properties must be sold, so the fact that this is occurring is good.”
Many would-be buyers are holding off, worried that home prices haven’t bottomed out. Others are having trouble getting mortgages because banks have tightened lending requirements. The average credit score for Freddie Mac and Fannie Mae-backed mortgages is 760, up from 720 in 2007. A major obstacle to a housing recovery is the glut of unsold homes. There were 3.55 million unsold homes on the market in March. It would take 8.4 months to clear them at today’s sales pace. Analysts say a healthy supply can be cleared in six months.
The situation is much worse when taking into account the “shadow inventory” of homes, economists say. These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale.“It is unlikely that home prices can recover on a sustained basis until the inventory-to-sales balance improves further and the number of distressed properties is significantly reduced,” said Steven A. Wood, chief economist at Insight Economics
Salt Lake Tribune
Friday, April 22, 2011
Tuesday, April 19, 2011
Be Smart Before Taking Flight From Your Mortgage
I just want out... what are my options...
Short Sale
In this process the borrower asks the lender for permission to sell the house for less than what is owed on the mortgage. For example, the market value of a property is $250,000, but $300,000 is owed and the lender is asked to take a $50,000 hit. short Sales hurt credit scores, but not as much as a foreclosure.
Foreclosure
Walking away from your property letting a lender foreclose has the greatest effect on your credit, remaining on your report as a negative item for 7 years.
More than three years after Utah's real estate bubble popped, tens of thousands of homeowners have some tough decisions to make. Am estimated 8 percent of Utah households with a mortgage are behind on their payments. About one in five homeowners in Salt Lake City are "under water" meaning they owe more than their homes are worth. another 6% are close to that point according to housing data from Corelogic.
Should they try to get their lender to modify their mortgage? Should they hold on and wait for better times? Is trying to get a lender to agree to short sale a better option? Or should they just give up and walk away?
Each situation is different of course, but the solutions are often universally complicated and can be painful. "A lot of people believe, or hope there's a government program that can fix everything for them," said Ryan Carver, director of housing counseling of AAA Fair Credit Foundation "But there just isn't one."
I am in mortgage trouble, but want to keep my home - so what now? Here is what to do if you are having trouble making your mortgage payment and can't sell your house because yu owe more than it's worth:
Salt Lake Tribune - Lesley Mitchell
Short Sale
In this process the borrower asks the lender for permission to sell the house for less than what is owed on the mortgage. For example, the market value of a property is $250,000, but $300,000 is owed and the lender is asked to take a $50,000 hit. short Sales hurt credit scores, but not as much as a foreclosure.
Foreclosure
Walking away from your property letting a lender foreclose has the greatest effect on your credit, remaining on your report as a negative item for 7 years.
More than three years after Utah's real estate bubble popped, tens of thousands of homeowners have some tough decisions to make. Am estimated 8 percent of Utah households with a mortgage are behind on their payments. About one in five homeowners in Salt Lake City are "under water" meaning they owe more than their homes are worth. another 6% are close to that point according to housing data from Corelogic.
Should they try to get their lender to modify their mortgage? Should they hold on and wait for better times? Is trying to get a lender to agree to short sale a better option? Or should they just give up and walk away?
Each situation is different of course, but the solutions are often universally complicated and can be painful. "A lot of people believe, or hope there's a government program that can fix everything for them," said Ryan Carver, director of housing counseling of AAA Fair Credit Foundation "But there just isn't one."
I am in mortgage trouble, but want to keep my home - so what now? Here is what to do if you are having trouble making your mortgage payment and can't sell your house because yu owe more than it's worth:
- Start with your lender or HUD approved counselor- call 211 to find a counselor in yuor area.
- Your lender's offer is likely to dissapoint- the lender will do what is best for them.
- You must prove hardship in order to get help
- Be persistent, and keep track of your conversations.
- Help is not guaranteed- Your lender doesn't ahve to help you.
- You may want to change your spending habits - the bank will see what you spend your money on.
- think twice before you stop making your mortgage payment - you may think that is the only way toget help, this really may not be the best decsion
- Denied modification? Try, try again.
Salt Lake Tribune - Lesley Mitchell
Tuesday, April 12, 2011
Property Alert - Deal of the Day
This week I posted a property on our 'Deal of the Day' on my website/blog. It was a property for $265k in the Avenues. Well, one of my clients called after seeing it, we looked at it (I also brought a contractor to give us estimates on fix up), and we made an offer. It truly must have been a deal! After we made the offer I begged the agent to present it before other offers rolled in. By the time we were supposed to get a response, he already had 3. By the end of the next day there were 6 offers total, 2 were cash and the final counter offer my client received was for $308,350! We did not accept it.
This is really exciting to see how many people that are looking at properties on the market that are a good deal and making offers. As many know, there is roughly a 9 month inventory of properties along the Wasatch Front. Many sellers feel like buyers are on the fence and not pulling the trigger. I am seeing different. If the property is priced right, has value, and is marketed correctly I am seeing homes go same day! This property was a perfect example of that.
click here to see the property I am talking about.
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
This is really exciting to see how many people that are looking at properties on the market that are a good deal and making offers. As many know, there is roughly a 9 month inventory of properties along the Wasatch Front. Many sellers feel like buyers are on the fence and not pulling the trigger. I am seeing different. If the property is priced right, has value, and is marketed correctly I am seeing homes go same day! This property was a perfect example of that.
click here to see the property I am talking about.
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
Wednesday, April 6, 2011
How Are We Seeing Properties?
How are we seeing properties? Check out how a few quick alterations can change your persepective on a home. From no appeal to Curb appeal. I always trust one guy to help our properties go from ordinary to extraordinary- Kendal Wardle (Builder)- Thanks my friend!
Tuesday, April 5, 2011
Property Alert! Deal of the Day
Please click on this link for Justin's Deal of the Day Webcast
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
Monday, April 4, 2011
Utah Law Gives Owners Some Protection in Forclosure
Gov. Gary Herbert has signed into law the only bill to emerge from the Legislature that attempts to deal with the thousands of home foreclosures expected in Utah this year.
One in every 273 homes in Utah had a foreclosure filling in February, the fourth highest in the nation, according to RealtyTrac, a California company that collects Real Estate data. It said that 3,488 properties had some kind of foreclosure notice filled last month.
SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.
The Legislation was pushed by the Utah Attorney Generals office, which is in a legal fight with ReconTrust, the foreclosure arm of Bank of America that had thousands of foreclosures pending in Utah at the end of 2010. The G.A's office filed a brief recently in a foreclosure case pending before the 10th circuit court of appeals in which it argued that ReconTrust could not legally foreclose on properties in Utah.
The new law allows some homeowners to try and recover attorney fees and damages of at least $2,000 for illegal foreclosures or failure to properly notify homeowners of a sale.
"These are important steps but they're small; steps in attacking what we perceive to be the problems that are being caused by out-of-state foreclosing companies that are not following Utah laws and not providing notice of what their intentions are" said John Swallow, chief deputy in the Attorney Generals Office.
Marco Fields, founder of Teems Utah, a group that advocates for homeowners facing foreclosure, said that although the legislation does provide for financial penalties for banks and others who conduct foreclosures illegally, last minute changes blunted it's effectiveness.
"The unfortunate compromise is that bill created a scenario that while there is a penalty imposed on illegal behavior, it does not invalidate the sale of the home", Fields said.
"We have to go back to the stakeholders , the title companies in particular and find a different solution. If the foreclosure sale was illegally done not only should there be a penalty but the foreclosure sale should have been be invalid. If it's an illegal foreclosure, it's an illegal foreclosure."
But Swallows said the bill included monetary penalties because title companies were concerned that anything more could cloud titles and endanger insurance on subsequent transactions.
Fields is among homeowner advocates, mediators, attorneys and others who are forming a coalition with which they hope to formulate new legislation that could be considered at a special session of the Utah Legislature.
Salt lake Tribune
Tom Harvey
One in every 273 homes in Utah had a foreclosure filling in February, the fourth highest in the nation, according to RealtyTrac, a California company that collects Real Estate data. It said that 3,488 properties had some kind of foreclosure notice filled last month.
SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.
The Legislation was pushed by the Utah Attorney Generals office, which is in a legal fight with ReconTrust, the foreclosure arm of Bank of America that had thousands of foreclosures pending in Utah at the end of 2010. The G.A's office filed a brief recently in a foreclosure case pending before the 10th circuit court of appeals in which it argued that ReconTrust could not legally foreclose on properties in Utah.
The new law allows some homeowners to try and recover attorney fees and damages of at least $2,000 for illegal foreclosures or failure to properly notify homeowners of a sale.
"These are important steps but they're small; steps in attacking what we perceive to be the problems that are being caused by out-of-state foreclosing companies that are not following Utah laws and not providing notice of what their intentions are" said John Swallow, chief deputy in the Attorney Generals Office.
Marco Fields, founder of Teems Utah, a group that advocates for homeowners facing foreclosure, said that although the legislation does provide for financial penalties for banks and others who conduct foreclosures illegally, last minute changes blunted it's effectiveness.
"The unfortunate compromise is that bill created a scenario that while there is a penalty imposed on illegal behavior, it does not invalidate the sale of the home", Fields said.
"We have to go back to the stakeholders , the title companies in particular and find a different solution. If the foreclosure sale was illegally done not only should there be a penalty but the foreclosure sale should have been be invalid. If it's an illegal foreclosure, it's an illegal foreclosure."
But Swallows said the bill included monetary penalties because title companies were concerned that anything more could cloud titles and endanger insurance on subsequent transactions.
Fields is among homeowner advocates, mediators, attorneys and others who are forming a coalition with which they hope to formulate new legislation that could be considered at a special session of the Utah Legislature.
Salt lake Tribune
Tom Harvey
Friday, April 1, 2011
Thursday, March 31, 2011
Energy Tax Credits
Homeowners may qualify for a federal tax credit for making improvements or installing appliances designed to boost the energy-efficiency of a home. Basic Requirements: You purchase and install qualifying energy-efficient in your main home in the years 2006,2007,2009, 2010, or 2011. You must purchase new energy - efficient equipment, and the equipment must be expected to remain installed for at least five years. Examples of home improvements that could qualify as tax credits:
- Exterior doors and windows
- Storm windows
- Skylights
- Metal roofs
- Insulation
- Central air conditioning and heating
- Geothermal heat pumps
- Hot water boilers
- Advanced main air circulation fans
- Biomass fuel stoves with thermal efficiency of 75% or more
- Water heaters
- Kitchen appliances
- Washer and dryers
- Asphalt roofs with cooling granules
- Small wind turbines
- Solar panels
For a complete list of qualifying improvements go to www.energystar.gov
You can receive up to 30% of the purchase price for energy efficient products. Take advantage of the rebates out there!
Tuesday, March 22, 2011
Market Update
KSTU-FOX news reported on March 1, that home sales in Salt Lake County were up by 7% compared to January last year.
January's sales were significant because this year there was no $8,000 federal home buyer tax credit.
January's sales were significant because this year there was no $8,000 federal home buyer tax credit.
Thursday, March 17, 2011
St. Patricks Day
St. Patrick's Day Facts
- St. Patricks Day first came to America in 1737. The very first St. Patrick's Day parade was not in Ireland. It was in Boston in 1737.
- In Chicago, on St. Patrick's day the rivers are dyed green.
- Nine of the people who signed the Declaration Of Independence were of Irish origin, and nineteen Presidents of the United States proudly claim, Irish heritage---including our first president, George Washington.
- In Seattle, there is a ceremony where a green stripe is painted down the roads.
- Most people attend mass in the morning and then attend the St. Patrick's day parade.
- Shamrocks are worn on the lapel.
- Young boys and girls wear shamrocks and harp badges.
- The phrase "Drowning The Shamrock" is from the custom of floating the shamrock on the top of whiskey before drinking it. the Irish believe that if you keep the custom, then you will have a prosperous year.
- Many people dye their hair green for the special day.
- Stay lcuky by waering a 4 leaf clover, wearing green, kissing a barley stone, or finding a lephrecaun.
- According the the Guiness Book of World records, the most leaves found on clover was 14.
- The work lephrecan means "shoemaker"
- St. Patrick himself was bord in 385 AD.
- St. Patrick is credited for the leap year tradition of women proposing to men.
I look forward to the Good Luck this St. Patricks day will being this year. I am already seeing a lot of movement and activity in the Market around me. with the economic outlook we recieved earlier this year, I beleive it! Watch this vidoe from the Board of Realtors.
www.slrealtors.com/flash/index.php?m=marketedge
Monday, March 7, 2011
Gas Prices - Biggest Hike in 2 Years. No End in Sight.
Utahns who enjoyed the lowest gasoline prices in the country in January are now paying more than many other states and will see prices continue to rise. Rolayne Fairclough of AAA Utah says Utah drivers as of Tuesday were paying $3.15 per gallon, up $.33 cents from a month ago, It's the highest jump in two years. Fairclough says gasoline prices in the state typically begin to rise in March as the seasons change. Prices typically peak during the summer.
Though Utah's supplies come from Canada and western states, she said international crude oil prices still affect local rates. As of Tuesday, Fairclough says 24 states had lower prices than Utah - a sharp contrast from January when the states average was $2.80 per gallon.
In California many stations are reporting gas prices hoovering $4.00 per gallon.
Many Utah drivers say they are starting to alter how much they drive and how much they spend. Economic experts are worried that cutbacks on consumer spending Will hurt what was already a slow economic recovery.
Salt Lake Tribune Randall Jeppesen
Though Utah's supplies come from Canada and western states, she said international crude oil prices still affect local rates. As of Tuesday, Fairclough says 24 states had lower prices than Utah - a sharp contrast from January when the states average was $2.80 per gallon.
In California many stations are reporting gas prices hoovering $4.00 per gallon.
Many Utah drivers say they are starting to alter how much they drive and how much they spend. Economic experts are worried that cutbacks on consumer spending Will hurt what was already a slow economic recovery.
Salt Lake Tribune Randall Jeppesen
Wednesday, March 2, 2011
Market Update
In bust's aftermath.... $200,000 is a home sweet home
At the height of the Wastch Front's real estate market, finding a home in great condition for around $200,000 wan't all that easy. In fact, depending on the neighborhood, it could be difficult - even possible.
But after three years of post-bubble price declines, something in that price range in move-in condition is vastly easier to come by.
Today, the median sellign price in Salt Lake City is around $200,000, meaning half the homes sell for more, half or less. And as Salt Lake Board of Realtors President DeAnna Dipo demonstrated on a recent tour of homes for sale, you can get a nice hosue and neighborhood for that amount of money.
Desitnation Sugar House > At the market's zenith. those who wanted to buy in popular areas such as Sugar House in Salt Lake City faced slim pickings in the low $200,000 range. The patch of neighborhoods, roughly bordered by 900 East and 1700 East, 1700 South and 2700 South, has always been sought after, with homes typically selling at a premium.
Dipo remembers well the frustration of buyers in 2006 and 2007. "It was hard to find anythign nice, updated and clean in sugar house even for $285,000," she said.
But on a recent weekday, Dipo showed a home around 900 East and 2700 S that was all that- in fact the interior looked much liek a model home. It was bright, airy, clean and tidy, and the asking price was $219,000.
Before the downturn, "this could have sold for as much as $300,000," Dipo said. Although the homes was bult in 1915, it's been remodeled and updated, with features such as granite countertops. It has 2160 sqaure feet, a large lot, a two car detached garage, an outdoor patio with fireplace and a seperate mother-in-law apartment with small kitchen.
Even though it's in great condition, Dipo said the homes seller probably will still have to come down on the price a little, probably to about $200,000 bacuase of it's location on a busier street. Many potential buyers are fearful prices will continue to deteriorate and are trying to get the best deal possible to hedge against further declines.
Resistance is futile > Despite the realities, Dipo said, there are soem sellers still trying to find someone willing to pay what their home might have been worth a year ago or even three. that's why she can't help swinging by a Sandy home that has languished on the market at $300,000.
"They'll never get that much," she said during a walk-through. In fact, she believes the home sill end up selling in the low to mid $200,000's.
There's nothing wrong with the property, she explained. It has a nice roomy backyard with a deck, waterfall and gazebo. But it's just priced much too high, especially for its average interior condition and ameneties, she said. there are too many other competing properties with similar ameneties that are in top condition and priced more realistically.
"It needs to be cleaned up and they need to drop the price. It's a price war and a bauty contest right now, and if you want to sell, you have to be priced right and look good."
Salt Lake Tribune by Lesley Mitchell
Tuesday, February 22, 2011
Benefits of Home Ownership
Being a home owner is more than just having a roof over your head. Home ownership instills feelings of comfort, security, stability and pride. In addition there are substantial social benefits for families, communities and the country as a whole.
1. Higher Academic Achievement
One of the most important social benefits of home ownership is how it affects children and their academic achievement. Howe owners tend to be more involved in their children's lives and schooling, and homeowners also tend to move less than renters, this adds stability in a child success in school.
Homeowners are:
1. Higher Academic Achievement
One of the most important social benefits of home ownership is how it affects children and their academic achievement. Howe owners tend to be more involved in their children's lives and schooling, and homeowners also tend to move less than renters, this adds stability in a child success in school.
Homeowners are:
- Reading is up 7%
- Math Scores are up 9%
- High School graduation is up 25%
- College graduation is up %116
Home owners tend to stay in their homes longer than renters. They also spend more money to improve their home and are more engaged in enhancing their community. Simply put, home owners care more and take more action. Which leads to nicer neighborhoods, stronger communities and more overall involvement in civic duties.
Homeowners are:
- 28 % more likely to repair or improve their home
- 28 % more likely to vote
- 11 % more likely to know who represents them in congress
- 12 % more likely ti maintain a garden outside their home
- 10 % more likely to report they have worked to solve local problems
- Live 4 times longer in a community
- 9 % more likely ti know who their school-board representative is
3. Better Connected Families
Along with being more involved in their communities, home owners are more active and connected to their own families.
Home Owners are:
- Less likely to have alcohol and substance abuse problems
- 16 % more likely to belong to parent-teacher organizations, book clubs, etc.
- 1.3 times more likely to read newspapers
- 10 % more likely to attend church
- 59 % more likely to own a home within 10 years of moving from parents household
4. Improved Health and Safety
Home owners are happier and healthier than non-owners. In fact, one study found that people who recently became home owners reported higher life satisfaction, higher self esteem and higher perceived control over their lives. Home owners also enjoy better physical and psychological health.
Home owners are:
- Children of home owners are 20 % less like
ly to become teenage mothers - Proven to reduce Crime
ly to become teenage mothers5. Stronger Economy
Being a home owner also has a positive economic impact in your neighborhood, your town, your city and even on a national level. That is because it creates jobs. Each home purchase generates as much as $60,000 of economic activity in the local and surrounding area.
- A home owners net worth is 45.9 times that of a renters.
Monday, February 14, 2011
Market Update
Taylorsville/Kearns Top Area for Wasatch Front Home Sales
SALT LAKE CITY- A new report released Wednesday showed more people purchased homes in the Taylorsville/Kearns area during the fourth quarter of 2010 than any other city along the Wasatch Front.
Data from the Salt Lake Board of Realtors indicated that there were 151 existing single-family homes sold in zip code 84118. More affordable home prices were a driving factor the report stated, with the median price of a home in Taylorsville/Kearns at $138,000 compared to the Wasatch Front's median home price of $199,900.
Of the top 10 areas for home sales, only one had a median price above $300,000 - Zip code 84020 in Draper at $349,000, which ranked sixth in sales for the period.
Half of the top 10 cities ranked had sales prices above the Wasatch Front median fourth quarter sales price, the report stated. Single-Family home prices along the Wasatch Front have fallen 16 percent from their high point in the summer of 2007, said DeAnna Dipo, president of the Salt Lake Board of Realtors.
More than 4,000 homes were sold along the Wasatch Front during the last three months of 2010.
Top 10 Cities for home sales in fourth quarter of 2010 - with median sales price:
SALT LAKE CITY- A new report released Wednesday showed more people purchased homes in the Taylorsville/Kearns area during the fourth quarter of 2010 than any other city along the Wasatch Front.
Data from the Salt Lake Board of Realtors indicated that there were 151 existing single-family homes sold in zip code 84118. More affordable home prices were a driving factor the report stated, with the median price of a home in Taylorsville/Kearns at $138,000 compared to the Wasatch Front's median home price of $199,900.
Of the top 10 areas for home sales, only one had a median price above $300,000 - Zip code 84020 in Draper at $349,000, which ranked sixth in sales for the period.
Half of the top 10 cities ranked had sales prices above the Wasatch Front median fourth quarter sales price, the report stated. Single-Family home prices along the Wasatch Front have fallen 16 percent from their high point in the summer of 2007, said DeAnna Dipo, president of the Salt Lake Board of Realtors.
More than 4,000 homes were sold along the Wasatch Front during the last three months of 2010.
Top 10 Cities for home sales in fourth quarter of 2010 - with median sales price:
- Taylorsville/Kearns (84118) 151 sales - $138,000.
- Lehi (84043) 144 sales - $210,000.
- Farr West (84404) 128 sales - $133,225.
- South Jordan (84095) 127 sales - $272,000.
- Clearfield (84015) 117 sales - $160,000.
- Draper (84020) 111 sales - $349,000.
- Tooele (84074) 104 sales - $160,450.
- Riverton (84065) 100 sales - $259,950.
- Herriman (84096) 93 sales - $295,000.
- Roy (84067) 90 sales - $ 145,655.
Article from the Deseret News
Tuesday, February 8, 2011
Monday, January 31, 2011
Ten Secrets To Wealth And Life
- Reinvest Your Profits: "Even a small sum can turn into great wealth," Schroeder writes, "If you're disciplined to not touch your profits." Let the power of compounded interest work for you.
- Be Willing To Be Different: Don't follow the herd. Do what is best for you and your situation.
- Never Suck Your Thumb: Ah, how I could learn from this one. Buffett makes decisions quickly based on the available information. I tend to sit and stew about things. Acting decisively can give you an advantage and prevent procrastination.
- Spell Out The Deal Before You Start: I stress this all the time: Don't sign a contract unless you've read it (especially not a mortgage). Read the fine print. Understand what you're getting yourself into.
- Watch Small Expenses: While it is true that the big things matter, the little things do too. Frugality is an important part of personal finance. But this principle also applies when investing, which is one reason I'm not a fan of low-cost index funds.
- Limit What You Borrow: "Living on credit cards and loans won't make you you rich" writes Schroeder. Sure, leverage can get you into a home or a new car, but too much debt is one of the biggest drags on on your financial well-being.
- Be Persistent: If you know what you're doing is important and right, stick to it. Doggedly pursue your goals. Learn to "fail forward."
- Know When to Quit: The other day, I wrote about the danger of sunk cost fallacy. Just because you've already paid $10 to see Indiana Jones and the Kingdom of the Crystal skull, doesn't mean you should sit through to the end. Be willing to cut your losses and walk away.
- Assess the Risks: "Asking yourself 'and then what?' can help you see all of the possible consequences when your struggling to make a decision - and can guide you to the smartest choice."
- Know What Success Really Means: Success is different for each of us. Find what it is that brings meaning in your life, what makes each day important. Make this your focus. Buffett says "When you get my age, you'll measure your success in life by how many of the people you want to have love you actually do love you. That's the ultimate test of how you've lived your life."
- Warren Buffett September 8, 2008
Monday, January 24, 2011
10 Commandments For Owning Rental Property
- Choose your own charities; don't let renter's make themselves your charities. There are no acceptable excuses for late rent. Require your renter's to pay rent on your schedule, not theirs.
- Always get cash, or equivalents, such as money orders or credit cards.
- Always check credit references. Don't act desperate. Having no tenants is better than having a bad tenant.
- Be aware of who actually lives in and who comes and goes from your property. Don't allow individuals you do not approve as renters to live in your property, conduct shady activity, or alienate your other renters or neighbors.
- Deny applicants for legitimate risk factors. Including credit, income, pets, criminal, rental history, employment, maximum occupancy. Don't insist that your tenants follow your lifestyle or family rules.
- Begin evictions IMMEDIATELY if necessary. the only thing worse than a tenant who doesn't pay and moves is a tenant who doesn't pay and stays.
- A clean and attractive rental helps attract better tenants. Most important are the entry, curb appeal, the smell, kitchens and bathrooms.
- The best way to to avoid evicting a bad tenant id not to rent to that person in the first place. Remember that 90% of a landlords' problem is self inflicted.
- Never buy rental property more than an hour away from your your home or in an area where you would be afraid to go and collect rents.
- Get everything in writing. Don't trust your memory. No one else will.
From the Utah Apartment Association - Good Landlord program
Wednesday, January 19, 2011
Quick Facts
Facts from the latest 2010 survey of buyers and sellers from the National Association of Realtors.
What Sells?
- The typical home purchased was 1,780 sq. ft., was built in 1990, and had 3 bedrooms, 2 bathrooms.
Appealing To Buyers
- 44% of sellers offered incentives, like home warranties and help with closing costs, to attract buyers.
The Price Is Right
- Recent sellers typically sold their homes for 96% of the listing price; 57% reduced the asking price at least once.
Gender Gap
- There are more single female buyers than single males. But single male buyers grew by 2% between 2009-2010, and single female buyers dropped by 1%.
Cost of Living
- The median price buyers paid for homes was $179,000.
Why Does Home Ownership Matter?
- Historically, home owners' net worth has ranged from 31-46 times that of renters.
- A fixed-rate mortgage might not change for 15-30 years; rent typically increases 3% per year.
- Every home purchased pumps $60,000 into the economy.
Tuesday, January 11, 2011
9 Ways Utah Will Have a Better Year in 2011
A Better year in 2011
- Utah's unemployment rate will drop from 7.6% in 2010 to 7.1% in 2011.
- New residential construction will register again for the first time since 2005.
- Home builders' unsold inventory is at a very low level, improving prospects for upturn in residential construction.
- Total wages paid will increase by 4%, adding nearly a billion dollars in wages to the Utah economy.
- Net in-migration continues. In 2011 the state is expected to have net in-migration of 10,000.
- Retail sales improve. In 2011 sales are expected to be up 3.9% and increase nearly $1 billion in sales.
- Auto and truck sales will help boost retail sales in 2011. the number of new vehicle sales is expected to grow from 70,000 to 80,000 units in 2011, an increase of 14%.
- Tax revenues for state and local governments improve in FY 2011. State tax revenues are up 9.6% through the first four months of FY 2011.
- Utah exports will grow to $13.5 billion in 2011, up 7.3%.
Jim Woods forecast/Salt Lake Board of Realtors
Tuesday, January 4, 2011
Tax Tips - Home Ownership
Buying a home is a great way to reduce your income tax. The qualified mortgage interest you pay and your real estate taxes are both tax deductible.
Claim the Mortgage Interest Tax Deduction
Mortgage interest you pay on loans up to $1 million ($500,000 Married Filling Separately) is tax deductible, provided you use the money to buy, build or improve your home and the loan is secured by your home.
Plus, interest you pay on loans secured by your home and used for a purpose other than to buy, build or improve your home is tax deductible for loans up to $100,000 ($50,000 Married Filling Separately). The limit may be reduced depending on the market value of the home at the time you take out the loan. Use equity lines of credit wisely. If you fail to make the payment, you put your home at risk.
If your income meets the requirements and your state and local government issues you a mortgage certificate credit, you may be eligible to claim a tax credit (the mortgage interest tax credit) based on the amount of interest you paid. If you claim the tax credit, you must reduce your interest deduction by the amount of the credit.
Deduct Loan Origination Fees
Finally, don't forget about points, also called loan originating fees. One point equals 1% of your loan. Points you pay (and even points the seller pays) when you purchase your home are generally tax deductible in full the year you pay them.
Alternatively, you may choose to amortize the points over the term of your mortgage. This choice is usually made only when you itemized deductions are less than the standard deduction for the year you bought the home.
Points paid to refinance your loan must be deducted over the term of the loan. If you deduct points over the term of the loan and sell the home or refinance it gain before the loan expires, you can deduct in the year of the sale or refinancing any points that you didn't previously deduct.
Mortgage Insurance Premiums
If you took out a first mortgage in 2007, 2008 or 2009, you may be able to deduct qualified mortgage insurance premiums you pay in connection with the loan. Qualified mortgage insurance is a mortgage insurance provided by the Veterans Administration, and Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Home Protection Act of 1998 as in effect Dec. 20, 2006). Prepaid mortgage insurance premiums generally must be deducted over the period to which they apply.
Gain On The Sale Of Your Home
When you sell your home, the IRS allows you to exclude gain on the sale from taxable income, up to $250,000 ($500,000 Married Filling Jointly and you both meet the use requirement.)
You can claim the exclusion if you own and use the home as your main home for the last 2 years during the 5-year period ending on the date of the sale. You may claim this exclusion only once in any 2-year period.
If you don't meet the 2-year requirement, you may be eligible to claim a reduced exclusion if you sell your home because of "unforeseen circumstances", such as a change in employment or a divorce. A loss on the sale of your home, however, isn't tax deductible.
If you used the home other than as your residence after 2008 (for example, as rental property), gain allocable to that use (nonqualified use) generally can't be excluded. The rule does not apply to:
Any nonqualified use before 2009
Any Period during the 5 year period that is after the last period of use as a principal residence.
A period of temporary absence of up to 2 years for reasons of health, employment and unforeseen circumstances.
Any period (not to exceed 10 years) during which the tax payer or spouse was serving on qualified official extended duty.
Claim the Mortgage Interest Tax Deduction
Mortgage interest you pay on loans up to $1 million ($500,000 Married Filling Separately) is tax deductible, provided you use the money to buy, build or improve your home and the loan is secured by your home.
Plus, interest you pay on loans secured by your home and used for a purpose other than to buy, build or improve your home is tax deductible for loans up to $100,000 ($50,000 Married Filling Separately). The limit may be reduced depending on the market value of the home at the time you take out the loan. Use equity lines of credit wisely. If you fail to make the payment, you put your home at risk.
If your income meets the requirements and your state and local government issues you a mortgage certificate credit, you may be eligible to claim a tax credit (the mortgage interest tax credit) based on the amount of interest you paid. If you claim the tax credit, you must reduce your interest deduction by the amount of the credit.
Deduct Loan Origination Fees
Finally, don't forget about points, also called loan originating fees. One point equals 1% of your loan. Points you pay (and even points the seller pays) when you purchase your home are generally tax deductible in full the year you pay them.
Alternatively, you may choose to amortize the points over the term of your mortgage. This choice is usually made only when you itemized deductions are less than the standard deduction for the year you bought the home.
Points paid to refinance your loan must be deducted over the term of the loan. If you deduct points over the term of the loan and sell the home or refinance it gain before the loan expires, you can deduct in the year of the sale or refinancing any points that you didn't previously deduct.
Mortgage Insurance Premiums
If you took out a first mortgage in 2007, 2008 or 2009, you may be able to deduct qualified mortgage insurance premiums you pay in connection with the loan. Qualified mortgage insurance is a mortgage insurance provided by the Veterans Administration, and Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Home Protection Act of 1998 as in effect Dec. 20, 2006). Prepaid mortgage insurance premiums generally must be deducted over the period to which they apply.
Gain On The Sale Of Your Home
When you sell your home, the IRS allows you to exclude gain on the sale from taxable income, up to $250,000 ($500,000 Married Filling Jointly and you both meet the use requirement.)
You can claim the exclusion if you own and use the home as your main home for the last 2 years during the 5-year period ending on the date of the sale. You may claim this exclusion only once in any 2-year period.
If you don't meet the 2-year requirement, you may be eligible to claim a reduced exclusion if you sell your home because of "unforeseen circumstances", such as a change in employment or a divorce. A loss on the sale of your home, however, isn't tax deductible.
If you used the home other than as your residence after 2008 (for example, as rental property), gain allocable to that use (nonqualified use) generally can't be excluded. The rule does not apply to:
Any nonqualified use before 2009
Any Period during the 5 year period that is after the last period of use as a principal residence.
A period of temporary absence of up to 2 years for reasons of health, employment and unforeseen circumstances.
Any period (not to exceed 10 years) during which the tax payer or spouse was serving on qualified official extended duty.
Monday, December 27, 2010
9 Unexpected Energy (and Money) Savers
Here are a few surprising and simple ways to cut your energy bill this season.
Put Lamps in The Corners:
Did you know you can switch to a lower wattage bulb in a lamp or lower it's dimmer switch and not loose a noticeable amount of light? It's all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.
Switch to a laptop:
If you're reading this article on a laptop, you're using a 1/3 less energy than if you're reading this on a desktop computer.
Choose an LCD TV:
If you're among those considering a flat-screen upgrade from your old TV, choose an LCD screen for the biggest energy save.
Give Your Water Heater a Blanket:
Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A Fiberglas insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.
Turn Off The Burner Before You're Done Cooking:
When you turn off an electric burner, it doesn't cool off immediately. Use that to your advantage by turning it off early and using residual heat to finish up cooking.
Add Motion Sensor:
You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms only costs $15 to $50 per light, and ensures you don't pay for energy you're not using.
Spin Laundry Faster:
The faster your washing machine can spin excess water out of your laundry, the less you'll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half- which results in an equal drop in your dryer's energy bill.
Use an Ice Tray:
Stop using your automatic ice maker. It increases your fridge's consumption by 14% to 20% . Ice trays, on other hand, don't increase your energy costs one iota.
Use The Dishwasher:
If you think doing your dishes by hand is greener than powering up the dishwasher, you're wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy- taxing water heater. Added bonus: you don't have to wash any dishes.
copyright National Association of Realtors 2010
Put Lamps in The Corners:
Did you know you can switch to a lower wattage bulb in a lamp or lower it's dimmer switch and not loose a noticeable amount of light? It's all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.
Switch to a laptop:
If you're reading this article on a laptop, you're using a 1/3 less energy than if you're reading this on a desktop computer.
Choose an LCD TV:
If you're among those considering a flat-screen upgrade from your old TV, choose an LCD screen for the biggest energy save.
Give Your Water Heater a Blanket:
Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A Fiberglas insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.
Turn Off The Burner Before You're Done Cooking:
When you turn off an electric burner, it doesn't cool off immediately. Use that to your advantage by turning it off early and using residual heat to finish up cooking.
Add Motion Sensor:
You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms only costs $15 to $50 per light, and ensures you don't pay for energy you're not using.
Spin Laundry Faster:
The faster your washing machine can spin excess water out of your laundry, the less you'll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half- which results in an equal drop in your dryer's energy bill.
Use an Ice Tray:
Stop using your automatic ice maker. It increases your fridge's consumption by 14% to 20% . Ice trays, on other hand, don't increase your energy costs one iota.
Use The Dishwasher:
If you think doing your dishes by hand is greener than powering up the dishwasher, you're wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy- taxing water heater. Added bonus: you don't have to wash any dishes.
copyright National Association of Realtors 2010
Monday, December 20, 2010
Will We Remember the Effects of the Recession?
Is the end of the economic recession in Utah just down the road? Here are some positive "green shoots" that suggest we may be bouncing off the bottom.
Forbes Magazine, in an October article titled "The Best States For Business and Careers" , reported, :"Who's doing the best job when it comes to fostering growth?" Utah, according to our fifth-annual look at the Best States for Business. the Beehive State captured the top spot in our rankings for the first time. Utah's economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. this is three-and-half times faster than the U.S as a whole. Total employment in the U.S has shrunk over the past five years, but in Utah it increased 1.5% annually (fourth-best in the nation.) Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.
The November 15 issue of Newsweek had a piece headlined, "How Utah Became the New Economic Zion," in which the reporter wrote, "it set its own records for new companies (more than 40) and capital investment (nearly $2 billion)." The article provided these specifics: "Greater Salt Lake City...has absorbed massive new data centers for eBay, Twitter, and Oracle; splashy new offices for Disney Interactive and EA sports; and just last month, a commitment from Adobe... to build a 1,000 person software-development campus, where the minimum average salary will be $60,000.
At the end of September, the U.S. Army Corps of Engineers announced a contract award for a National Security Agency Building at Camp Williams that will cost approximately $1.5 billion, have one million square feet and will employ 7,000 people during it's construction. It will also create several hundred permanent jobs. The winning bidder was Big-D Construction of Salt Lake City, who will have two other partners on the project from California and Texas.
The National Bureau of Economics Research declared that the Great Recession, which started in December 2007, ended in June of 2009. This may be technically correct, but some economists believe that it will be a long, slow recovery and it will be difficult to have sustained economic growth when so many people are out of work. However, history has shown that the economy is cyclical and eventually conditions will improve. Hopefully Utah is at the beginning of a recovery.
When times get better will we return to traditional spending and borrowing patterns? Will we have learned from our current experiences? My hope is we will continue our thrifty behaviors of saving, paying down debt, and not purchasing things we don't need and can't afford. I hope these lessons will be ingrained in our children and grandchildren.
Article by Rick Craig, President of America First Credit Union
Forbes Magazine, in an October article titled "The Best States For Business and Careers" , reported, :"Who's doing the best job when it comes to fostering growth?" Utah, according to our fifth-annual look at the Best States for Business. the Beehive State captured the top spot in our rankings for the first time. Utah's economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. this is three-and-half times faster than the U.S as a whole. Total employment in the U.S has shrunk over the past five years, but in Utah it increased 1.5% annually (fourth-best in the nation.) Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.
The November 15 issue of Newsweek had a piece headlined, "How Utah Became the New Economic Zion," in which the reporter wrote, "it set its own records for new companies (more than 40) and capital investment (nearly $2 billion)." The article provided these specifics: "Greater Salt Lake City...has absorbed massive new data centers for eBay, Twitter, and Oracle; splashy new offices for Disney Interactive and EA sports; and just last month, a commitment from Adobe... to build a 1,000 person software-development campus, where the minimum average salary will be $60,000.
At the end of September, the U.S. Army Corps of Engineers announced a contract award for a National Security Agency Building at Camp Williams that will cost approximately $1.5 billion, have one million square feet and will employ 7,000 people during it's construction. It will also create several hundred permanent jobs. The winning bidder was Big-D Construction of Salt Lake City, who will have two other partners on the project from California and Texas.
The National Bureau of Economics Research declared that the Great Recession, which started in December 2007, ended in June of 2009. This may be technically correct, but some economists believe that it will be a long, slow recovery and it will be difficult to have sustained economic growth when so many people are out of work. However, history has shown that the economy is cyclical and eventually conditions will improve. Hopefully Utah is at the beginning of a recovery.
When times get better will we return to traditional spending and borrowing patterns? Will we have learned from our current experiences? My hope is we will continue our thrifty behaviors of saving, paying down debt, and not purchasing things we don't need and can't afford. I hope these lessons will be ingrained in our children and grandchildren.
Article by Rick Craig, President of America First Credit Union
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