Spotting Opportunity
July 5th, 2008 Categories: Buying
SPOTTING OPPORTUNITY
IN TODAY’S MARKET
Why trading up makes sense
If home prices dropped by 5%, here’s what it
could look like if you decided to trade up.
The smaller loss at sale will be compensated by greater savings at
purchase, resulting in a significant net gain.
A BUYER’S MARKET IS A TRADING UP MARKET!
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Salt Lake MLS Map Searching
July 4th, 2008 Categories: Buying
Salt Lake MLS Map Searching
Finally the long anticipated arrival of Salt Lake City Map Searching.
This is something we have been working on getting for quite some time.
Let’s examine what Salt Lake City Map Searching really is.
The landing page will be a map of most of Salt Lake County and will show you the amount of properties that are for sale in that screen.
In the upper left corner you have map control options Zoom or Move. When you select Zoom you can draw a box and the map will display the available properties in the new screen. The second option is move, when you select this option you can use the hand to move the map around and get new results. Naturally you have the zoom in and out selections on the left side of the map.
Also in the upper right corner of the amp you can change the view to Street, Hybrid or Aerial View.
Now below the map is the ability to refine the property search. You can choose property type such as Single Family, Condo… You have the option to select more than one. By not selecting any, you have selected all by default. Then you can move over to price range where you have minimum and maximum. Then other choices such as bedroom and bathroom counts, style, year built range and more …
Once you have refined your search you can Go to Search Results to view your choice in a quick report or can save your search. When you select save this search you can create an account, this will take you to a registry window.
Once you are registered, you have the option to receive an email of NEW OR UPDATED listings.
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Declaration of Independence
July 4th, 2008 Categories: Not Real Estate
Declaration of Independence
Here is the complete text of the Declaration of Independence.
The original spelling and capitalization have been retained.
(Adopted by Congress on July 4, 1776)
The Unanimous Declaration
of the Thirteen United States of America
When, in the course of human events, it becomes necessary for one people to dissolve the political bonds which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. –Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states. To prove this, let facts be submitted to a candid world.
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Salt Lake County Real Estate Trends
June 10th, 2008 Categories: Real Estate News
Salt Lake County Real Estate Trends
Here are some graphs for the Salt Lake County Real Estate Market. They are the number of homes sold per month, the total volume and the average home price. This is NOT a comparison to the boom. I find it interesting all the negative press compares everything to the boom days. The boom days were not normal. It was a run up just like the tech stocks in the late 90’s. All speculative and no sound business models.
Does this mean all the worries are behind us? Absolutely not. We still have the McMansions in Draper and all the inventory in the South West section, places like Daybreak and the surrounding areas.
I am not suggesting we are in any kind of sellers market, however buyers are realizing that there are deals out there. If you look in the stable areas you can most certainly find a good deal and interest rates are still favorable. I know there is all this talk about the lending market has crumbled. Again the comparison is to when banks lent money without questions. Well to keep comparing to something that didn’t work is silly.
There are good loan programs out there with little down and low interest rates. Mind you will have to answer some basic questions like. Where do you work? How much do you make? How much debt do you have?
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Schools Out
June 8th, 2008 Categories: Not Real Estate
Schools Out
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Pricing Your Salt Lake Home
June 5th, 2008 Categories: Selling
Pricing Your Salt Lake Home
The most common method for pricing a home is the CMA or the Comparative Market Analysis, Comparing the subject property to the homes that have recently sold.
Although an official appraisal can go back 6 months, I don’t like to go more than 3-4 months.
Once I have gathered the comparable sold data you will notice a range. I will then take the high and the low and then I will establish a center line. Then based on the features and condition of the subject I determine where on the center line you fall.
Then I look at the active listings in the area to see what the competition is. You will quickly see where the “REAL” competition is. You will see homes listed and think, they are never going to sell at that price (you’re right). After a little studying you will identify the competition and then “If You Want To Sell” you have to be the better deal.
Now this is not a one size fits all, it is more of a guiding principal.
I see a lot of agents use CMA software that uses adjustments and then establishes averages which is not wrong. The problem with that method is that the closed properties are one part of the equation. The software approach is to scientific and appraising is an art and not a science.
Tags: Appraisal, CMA, Salt Lake| Discussion: No Comments »
Another FHA Article
June 1st, 2008 Categories: FHA
FHA and The Salt Lake Real Estate Market
I have been talking about FHA loans since last summer and the role FHA will have now that the market has shifted. FHA is not as sensitive to FICO scores. This does not mean you can have bad credit and still get a loan. Some people have lower FICO scores not because of a less than desirable payment history. Believe it or not there are still people that do not use credit to buy things other than a house.
FHA only requires a 3% down payment and it can be a gift, a grant or Down Payment Assistant Program aka DPA.
Some people interpret this as a Government bailout and the Government is making bad loans. FHA DOES NOT LOAN MONEY, FHA is an insured loan that is funded by the mortgage insurance premiums of the borrower. The reason FHA works is very simple, it is what is called a full doc loan. Meaning full documentation, all things must be verified. You know trivial things like employment, rental history…
FHA has loosened up in the past few years on some physical requirements. They used to be so stringent that it didn’t make sense. Things like a handrail going to a basement could not be raw wood or a small crack in a window of a detached garage. The purpose of the requirements is to assure people were buying safe homes.
The latest is the increase in the loan limits. This one is huge, there are a lot of people that have homes that were considered a jumbo and therefore the loans had higher interest rates. Even with mortgage insurance FHA loan will be better than most conventional products that have 10% or less down. After all why shouldn’t someone with a good credit history good income minimal debt and a fair down payment get a good interest rate?
I have written quite a few pieces on FHA and still say when choosing a mortgage company make sure they are an FHA approved lender. For more read 8 Reasons Why You Should…
Tags: FHA, FICO Score, First Time Home Buyer, Home Loan, Mortgage| Discussion: No Comments »
CO OP Agent Of The Month
May 22nd, 2008 Categories: Real Estate News
This month’s Co Op Agent of the month is Beckie Meisenheimer
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The Salt Lake County Real Estate Market
May 17th, 2008 Categories: Real Estate News
Salt Lake Real Estate Market
The Salt Lake County Real Estate Market has seemed to found itself for the most part. We have seen slight improvement in most “not all” sections. Number of homes sold in April is up 3.75% over March, the average sold price is up 1.5%. While these are not numbers that suggest that the housing market is on the climb, it certainly does not look like it is declining either.
Now this does not mean all of Salt Lake is out of the woods. We still have to deal with pockets like Draper. Currently there are 698 Active Listings in the City of Draper with an average price of just over $625,000 and a median price of $478,900 with only 48 homes sold in the last 30 days. However there seems to be a little traction catching in Draper, nothing to suggest that hangover is cured but it appears that the aspirins have showed up. Herriman is not quite as bad but has its own hangover. The unseen issues in Herriman are the available lots for sale. It will be some time before that is cured. It will be interesting to see what happens when the lot prices start bottoming out in Herriman.
| City/County |
Active Listings |
Sale/Pending |
Sold 30 Days |
| Draper |
698 |
90 |
48 |
| Herriman |
409 |
76 |
35 |
| SLCo |
8,145 |
1,784 |
906 |
Some of the reasons for this activity is the increase of the FHA Loan Limits from $362,000 to $729,000. Prior to the increase anything over $417,000 was considered a jumbo loan and came with a higher interest rate. Now that there are better loans for amounts above $417,000 this will help those segments of the market climb back.
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Utah Real Estate Division Cracking Down
April 13th, 2008 Categories: Real Estate News
Utah Division Of Real Estate’s
Licensing Actions and Disciplinary Sanctions
Incoming Director of Real Estate Mark B. Steinagel is quoted “My vision for the Division of Real Estate is to continue making things easier for the good guys and harder for the bad guys”.
The Utah Legislature has been adding new teeth to its bite on fraudulent activity in the Real Estate World. Up until a few years ago loan officers were not regulated. Now Mortgage Brokers, Loan Officers, Appraisers and Real Estate Licensee are governed by the Utah Division of Real Estate. The fact that all three of these licensees are handled by one department makes things a little easier. It is tough to work across different divisions.
Some new legislation that has been enacted is HB 346, SB 134, HB 128 and they are adding new investigators.
Below are a couple of Disciplinary Sanctions from the Utah. I took out the names, I am not interested in the who as much as I am the what. I would like to inform the public of some of the things that were being done during the boom. I am always amazed at the audacity of some people.
Sales Agent, Lehi, UT. Agreed to pay a $40,000.00 civil penalty and the revocation of his sales agent license for a five year period in an October 17, 2007 Order. Sales Agent admits to using the identity of another individual for purchasing a home for his personal residence, falsely indicating on settlement documents that the home would be “owner occupied” and acting as a real estate agent in three separate transactions using that same individual’s information on settlement documents. He forged signatures of that same individual on documents, obtained an appraisal for the purpose of inflating the price of the subject property to obtain money in excess of the sales price and acquired cash at the closing for his personal benefit. Sales Agent also diverted proceeds from loans to a company controlled by him at closing as part of the scheme to conceal the true terms from the lender. Case # RE35870.
A MORTGAGE COMPANY, Draper, UT. Agreed to the revocation of it’s mortgage license in the State of Utah and not to sell the company to any other individual or entity in a November 7, 2007 Order. A Mortgage Company admits to violating Utah Code Annotated Section 61-2c-301(1)(d)(l) in which the company submitted a fraudulent CPA letter, added different individuals temporarily to bank accounts to show they had sufficient funds to meet underwriting conditions, submitting false employment and income information, submitting loans to lenders stating that properties were “owner occupied” when they were investment properties and had never been occupied, and misrepresenting income on a personal loan. Case # 36257.
These are good reasons when interviewing an agent to check the State’s Web Site to see if they have any actions. http://realestate.utah.gov/
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