Archive for the 'Real Estate News' Category
Salt Lake County Median Home Prices
March 8th, 2009 Categories: Real Estate News
Salt Lake County Median Home Prices
Here are some stats For Salt Lake County Real Estate for you to look at. It is a report for the median sold price with a one year snap shot and a ten year snap shot. This report covers up to Feb 2009.
It looks like to me that the median price for Salt Lake County is trying to level out at around $225,000, which is where we need to be.
Salt Lake County Median Household Income
The median household income in Salt Lake County is approximately $65,300 according to eFannieMae.com. Using a factor of 3.5 and you get an amount of $228,550 which is what the median household income can afford, now other factors are at play. How much other debt you have, interest rates…
Salt Lake County Population
Salt Lake County has approximately just over a Million people with 300,000 people between the ages of 6-18 years of age and this is not a new trend. That gives approximately 25,000 people a year entering the housing market. That combined with no real increase in new construction in that price category for quite some time.
Salt Lake County Foreclosures
We are starting to see some foreclosures prices coming down some. Entry level home buyers do not have the cash to renovate these homes which leaves only investors to buy them, and an investor has to acquire them at a price that will allow for the renovation and a profit, so banks are starting to get smart and cleaning them up and netting a little more money and home buyers are getting better choices.
Salt Lake County Real Estate Summary
So in summary, the continual pressure coming into the market and lack of new inventory and the median price range, I think that segment of the market has corrected. Now does that mean prices are not going to come down, absolutely not? There is more to it than that, jobs, rates… The higher end newer stuff well that one is tough to really get a handle on.
We have actually been through this before right here in Salt Lake County, the last time we did not have all the big high end stuff. That was a result of the new hybrid and exotic loans that turned nice little couples into speculators, they called themselves investors more like but really they were uneducated gamblers.
The higher end homes will not correct till all the vacant lower price homes get absorbed. The buyers for the high end are sitting in homes that they have to sell and they cannot afford to compete against the banks in price. I am thinking we have another 18-24 months.
So if you are considering buying, selling, or investing as your agent I can and will do the research for you. If you are in the market for a Luxury home go to Salt Lake Luxury Foreclosures
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Salt Lake TV News Reporters Selling Dirty Laundry
March 1st, 2009 Categories: Real Estate News
Salt Lake TV News Reporters Selling Dirty Laundry
I ran across an article (online, I don’t watch the news) from KUTV’s Christina Flores about a woman in Magna that claims her property taxes have gone so high she can no longer afford her house. In the article Flores claims the increase is about $140 per month. A little quick math and I thought no way did they go up $1680 and I then wondered if the taxes were even $1680 let alone go up that much.
Well it is impossible for them to have gone up that much because the actual tax is $1,159.55 after an increase of $11.37 per month. There was a video of a little old lady that would bring tears to your eyes about how she was going to lose her house because of taxes. Now I am not disputing whether this person can afford the home or not, I feel for her and I have compassion for her. In fact I am mailing the Salt Lake County Recorder a check for $11.37 to cover a month of increase.I am blasting the media for presenting such false and misleading crap. Christina Flores is a classic TV news reporter and she should be ashamed.
I am also challenging KUTV News to pay the balance of the increase of $125.07 you know they made more than that on the commercials they sold.
How about it Flores and others, pass the hat.
PS you gotta love Don Henley’s “Dirty Launrdy”Here are some the lyrics
Well, I coulda been an actor, but I wound up here
I just have to look good, I don’t have to be clear
Come and whisper in my ear Give us dirty laundry
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Who Is Considered a First Time Homebuyer
February 22nd, 2009 Categories: Real Estate News
Who is Considered a First Time Homebuyer in Salt Lake
Here is what HUD considers a first time homebuyer.
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An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
- A single parent who has only owned with a former spouse while married
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
Remember I am a licensed real estate agent and not a tax consultant. To see if you qualify for the First Time Homebuyer’s Tax Credit please speak to a CPA.
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Keller Williams Realty Bucks National Trends
February 22nd, 2009 Categories: Real Estate News
Keller Williams Realty Bucks National Business Trends During the Toughest Real Estate Market on Record
Company celebrates 25 years as it outpaces market through its financial model
AUSTIN, TEXAS (January 27, 2009) – Bailout. Credit crunch. Foreclosure. Despite these words permeating the headlines and airwaves, there are companies out there moving forward – even in real estate. Keller Williams® Realty Inc., the fourth largest real estate company in North America, announced today that it outpaced the market in 2008, while remaining completely financially solvent, and gave back more than $30 million in profits to its agents.
“Our strategy is no secret. We faithfully follow the sound financial model of leading with revenue – the same model our market centers follow,” said Mark Willis, CEO of Keller Williams Realty Inc. “As we watch companies throughout the country take on billions of dollars of debt, we are proud to say that our company has not one dollar of financing debt and we remain strong and financially sound. It is our joy to be able to give back to our agents during these times.”
Despite pervasive downward trends in the real estate industry, Keller Williams Realty continues to outperform the industry. For 2008, existing home sales for the United States fell 13 percent as reported by the National Association of REALTORS® (NAR). By comparison, Keller Williams Realty saw sales decline by only 7 percent. In addition, the company experienced a much smaller contraction in its agent base compared to NAR, who saw a 10 percent decline in membership.
“Keller Williams was founded 25 years ago during one of the toughest markets on record – when interest rates were higher than 18 percent. We continue to urge our agents to zero in on lead generation and reducing expenses so they can thrive during this market,” said Mary Tennant, president and COO of Keller Williams Realty Inc. “We admire our agents’ spirit, tenacity, and dedication to their businesses. They just keep powering forward.”
Throughout 2008 Keller Williams Realty launched new products and services specifically to boost its agents’ businesses, including two new books: Your First Home: The Proven Path to Home Ownership for first-time home buyers, and SHIFT: How Top Real Estate Agents Tackle Tough Times. Both books are written by Gary Keller, co-founder and chairman of the board of Keller Williams Realty, who also authored national best sellers The Millionaire Real Estate Agent and The Millionaire Real Estate Investor.
Additionally, Keller, co-author Dave Jenks and trainer and coach Tony DiCello hit the road to teach the 12 tactics laid out in SHIFT, drawing more than 20,000 attendees in 29 cities. The company also continued to provide agents support through Operation Heart to Heart 2, a training initiative designed to help agents and market centers deal with today’s market.
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About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with more than 690 offices and 70,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).
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Neighborhood Stabilization
February 16th, 2009 Categories: 2009 Stimulus, Real Estate News
How Does the Neighborhood Stabilization
Work For Salt Lake County Foreclosures
Neighborhood Stabilization -the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created to provide grants to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties.
After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.
I don’t think the above formula will solve anything, the projects that have been abandoned in Salt Lake County are a higher price range as I would suspect in most places. To take a vacant project of McMansions and then try to move people in that are at or just above the median income doesn’t make sense. The median income for Salt Lake County is $65,000, times that by 120% = $78,000 if you were to multiply $78,000 by 3.5 you would get a mortgage affordability of $273,000.
Again we don’t have too many of these projects here in Salt Lake, however there are areas that have many vacant projects.
By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.
If you have any questions feel free to contact me 801-694-4762 or Rob@Aubrey.net
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Stimulus Going Green
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
Stimulus Going Green
To promote green jobs and energy independence, The American Recovery and Reinvestment Act is investing significantly to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives.
Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. That is a big one, if you were going to replace windows and your cost would be $8,000, you would save $2,400 on your income tax. You would also have to think that window installers and manufacturers are pretty competitive on the bids. These are opportunity times.
Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money.
There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing {section 8}) efficiency efforts.
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Zero Down Programs For Salt Lake Home Buyers
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
Zero Down Programs For Salt Lake Home Buyers
Hint there are qualified areas within about 25-30 minutes of downtown Salt Lake.
Rural Housing
The bill will give an additional ½ Billion dollars to the rural housing programs, the programs consist of guaranteed and direct lending. The additional money will be divided with $270 Million to direct lending and $230 to the guaranteed lending.
The guaranteed program is a loan guarantee through RHS and means that, should the individual borrower default on the loan, RHS will pay the private financier for the loan. The program is available for the purchase and repair of existing and newly constructed dwelling.
Under the Direct Loan program, individuals or families receive direct financial assistance directly from the Rural Housing Service in the form of a home loan at an affordable interest rate. These loans may be made to eligible applicants to buy, build, repair, renovate, or relocate homes, to provide related facilities, or to refinance home debts under certain conditions.
There is no required down payment, but families must be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must be without adequate housing and be unable to obtain credit elsewhere, yet have acceptable credit histories.
These programs come with more restrictions than a cheap airfare. Both Loan Officers and RELATORS that got in the business during the boom are probably not the best solution, so call me if you are interested in finding out more. 801-694-4762
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Stimulus To Set New Loan Limits For Salt Lake
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
New Loan Limits For Salt Lake Home Buyers
The bill will keep last year’s 2008 limits that expired on December 31st.
These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.
Also the bill includes language providing the HUD Secretary with the ability to increase the loan limit for any “sub-area”, i.e.an area smaller than a county.
The Secretary’s discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Below is a chart showing the 29 Utah Counties loan limits, with Salt Lake and Tooele being the highest. Tooele you ask? The smaller counties that are not given an MSA (metro service area) by the Dept of HUD are attached to another county.
If you have any questions on how to use this credit for your Down Payment Call Me at 801-694-4762.
Search For Your New Salt Lake Home, where you can search all listed properties, create a FREE account, save your search criteria, save your favorites, get email alerts when new properties come online all for FREE.
If you would like to get a FREE market analysis for your Salt Lake Metro Area Home simple complete the form.
Also over on the right sidebar there are links to preview the state approved form that REALTORS use to write offers with.
|
County |
FHA |
Fannie/Freddie |
| BEAVER |
$271,050 |
$417,000 |
| BOX ELDER |
$271,050 |
$417,000 |
| CACHE |
$271,050 |
$417,000 |
| CARBON |
$271,050 |
$417,000 |
| DAGGETT |
$292,500 |
$417,000 |
| DAVIS |
$397,500 |
$417,000 |
| DUCHESNE |
$271,050 |
$417,000 |
| EMERY |
$271,050 |
$417,000 |
| GARFIELD |
$271,050 |
$417,000 |
| GRAND |
$271,050 |
$417,000 |
| IRON |
$271,050 |
$417,000 |
| JUAB |
$323,750 |
$417,000 |
| KANE |
$383,750 |
$417,000 |
| MILLARD |
$271,050 |
$417,000 |
| MORGAN |
$397,500 |
$417,000 |
| PIUTE |
$271,050 |
$417,000 |
| RICH |
$286,250 |
$417,000 |
| SALT LAKE |
$729,750 |
$729,750 |
| SAN JUAN |
$271,050 |
$417,000 |
| SANPETE |
$271,050 |
$417,000 |
| SEVIER |
$271,050 |
$417,000 |
| SUMMIT |
$729,750 |
$729,750 |
| TOOELE |
$729,750 |
$729,750 |
| UINTAH |
$271,050 |
$417,000 |
| UTAH |
$323,750 |
$417,000 |
| WASATCH |
$431,250 |
$431,250 |
| WASHINGTON |
$372,500 |
$417,000 |
| WAYNE |
$271,050 |
$417,000 |
| WEBER |
$397,500 |
$417,000 |
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The New First Time Home Buyer Tax Credit For Salt Lake
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
Salt Lake First Time Home Buyers
Below is a chart for Salt Lake First Time Home Buyers to compare the new First-Time Homebuyer Tax Credit as modified in the American Recovery and reinvestment Act.
If you have any questions on how to use this credit for your Down Payment Call Me at 801-694-4762.
To start looking for your new Salt Lake Home go to www.MoreUtahListings.com where you can search all listed properties, create a FREE account, save your search criteria, save your favorites, get email alerts when new properties come online all for FREE.
Also over on the right sidebar there are links to preview the state approved form that REALTORS use to write offers with.
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
| FEATURE | CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 | REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 |
| Amount of Credit | Lesser of 10 percent of cost of home or $7500 | Maximum credit amount increased to $8000 |
| Eligible Property | Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. | No changeAll principal residences eligible. |
| Refundable | Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. | No changePurchasers will continue to receive refund for unused amount when tax return is filed. |
| Income Limit | Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). | No changeSame income limits continue to apply. |
| First-time Homebuyer Only | Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. | No changeStill available for first-time purchasers only. Three-year rule continues to apply. |
| Revenue Bond Financing | No credit allowed if home financed with state/local bond funding. | Purchasers who utilize revenue bond financing can use credit. |
| Repayment | Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. | No repayment for purchases on or after January 1, 2009 and before December 1, 2009 |
| Recapture | If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. | If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
| Termination | July 1, 2009(But note program changes for 2009) | December 1, 2009 |
| Effective Date | Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. | All revisions are effective as of January 1, 2009 |
H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the House on February 13, 2009, by a vote of 246 – 184. The Senate also passed the bill later that day. The President is expected to sign the bill soon. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
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This Month In Real Estate Feb ‘09
February 11th, 2009 Categories: Real Estate News
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