Archive for March, 2008
Shingle
March 29th, 2008 Categories: Architecture
This American style originated in cottages along the trendy, wealthy Northeastern coastal towns of Cape Cod, Long Island, and Newport in the late 19th century. Architectural publishers publicized it, but the style was never as popular around the country as the Queen Anne. Shingle homes borrow wide porches, shingles, and asymmetrical forms from the Queen Anne.
They’re also characterized by unadorned doors, windows, porches, and cornices; continuous wood shingles; a steeply pitched roof line; and large porches. The style hints at towers, but they’re usually just extensions of the roof line.
Source Realtor.org
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Why Do You Think They Call It A Buyer’s Market?
March 28th, 2008 Categories: Real Estate News
It Is Called A Buyer’s Market For A Reason
Real Estate goes through its cycles. All areas go through a growth phase called a seller’s market this is when there are more buyers than sellers. Normally it is the best time to sell, the problem is then you have to buy something else.
After a seller’s market it shifts to an equalized market where there are an equal amount of buyers and sellers. This period doesn’t last long.
Then there is a shift to a buyer’s market, this is where there are more sellers than buyers. The shift from a seller to equal then to buyer’s market happens faster than most people realize. It seems to happen in a flash. What happens is the momentum of the seller’s market carries itself through the shift into an equal market then the buyer’s market seems to happen over night.
What surprises me the most is people get all freaked out. The market is bad and you shouldn’t buy. Yet people will buy when prices have reached their maximum level and beyond. Then when there are deals out there they sit tight makes no sense to me.
If you are considering a trade up it is the perfect time. Those that have bought a starter home 5-7 years ago are in the sweet spot. The entry level homes are still selling well. Then as you cross over to the next price point that’s where the deals are.
Like the headline said. Why do you think they call it a buyers market, it is time to buy.
The laws of investing have always been the same, buy when inventory is high and sell when inventory is low.
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Shed
March 23rd, 2008 Categories: Architecture
A subset of the Modern style, including (insert links) Shed homes were particular favorites of architects in the 1960s and 1970s. They feature multiple roofs sloping in different directions, which creates multigeometric shapes; wood shingle, board, or brick exterior cladding; recessed and downplayed front doorways; and small windows. There’s virtually no symmetry to the style.
Source Realtor.org
| Discussion: 1 Comment »
Britney Spears Gives Salt Lake Real Estate Market Update
March 22nd, 2008 Categories: Real Estate News
Just kidding, I figured it was a better Headline than, Local Realtor Gives Accurate Data.
I find it interesting that people will read a web site and it assume it is the truth, the whole truth and nothing but the truth.
According a gentleman name Adam that has commented recently on 3 Pounds that everyone should read a web site called http://www.housingtracker.net/ The disclosure at the bottom of the site is as follows.
“The numbers provided here are asking prices derived from Realtor MLS listings. The data is an aggregate representation of large markets and should not be used for valuation of individual homes. While every attempt is made to deliver accurate data, the information on this website is provided as-is. No warranty or guarantee of accuracy is offered or implied. This work is licensed under a Creative Commons Attribution-Share Alike 2.5 License.”
According to this site there are 10,149 active single family and condo listings in Salt Lake City. Their claim is that the data is from Realtor Listings, when you click the link it is Realtor.com, BTW Realtor.com is not owned by Realtors. It is a third party for profit corporation that has a very checkered past.
Well back to the data. I am a Realtor with access to the MLS and as I am typing there are 7,385 active listings in Salt Lake County which is a whole lot bigger than Salt Lake City. It is hard to get an actual count for the city because a lot of listings that are in the un-incorporated areas of the county show up as Salt Lake City. But, I ran a search for Salt Lake City anyway which includes those other listings too and the count is 1,975.
He claims that inventory is up 76% and that prices in Utah are going to come down 25%. That is pretty brassy statement.
Based on that all I have to say is double check your data. You don’t want to make large financial decisions based on a web site that sells ads and especially from people that go on and rant and make harsh statements based on some info they read somewhere.
I will never claim to be a 100% dead on accurate. The reason I say that is because the data is fluid and is always changing. Also no one person or organization has “all the data”. Nope, no way.
Well I don’t think Adam is deliberately trying to lie to people he just needs to get decent data, that’s all. I believe his intentions are honorable. One of the real clues he is not doing thorough homework was his comment “They are not partial to Utah and don’t try to sell you the Real Estate is local crap”
Although Real Estate is affected by things that happen Regionally, Nationally and Globally, make no mistake “Real Estate is Local In Nature”.
In February Forbes magazine rated Salt Lake as the best city to be buying right now. The reasons are jobs are plentiful, inventory is up, interest rates are great and buyer’s can negotiate a deal…
I welcome any input whether it can be substantiated or not.
| Discussion: 3 Comments »
Second Empire
March 15th, 2008 Categories: Architecture
Popular in the Midwest and Northeast, this Victorian style was fashionable for public buildings during Ulysses S. Grant’s presidency, but its elaborate, costly detail fell out of favor in the late 1800s for economic reasons. Second empire homes feature windows, molded cornices, and decorative brackets under the eaves. One subtype sports a rectangular tower at the front and center of the structure.
Source Realtor.org
| Discussion: 1 Comment »
The Tug of War Over The Buyer’s Agent Commission
March 12th, 2008 Categories: Buying
Unrepresented Buyer Wants Half The The Commission
I came across two different buyers recently and I asked if they were working with an agent. Both said they would represent themselves and they would negotiate the buyer’s agent commission.
For the sake of this discussion the seller and the listing broker negotiate a contract and the seller is to pay the listing broker a commission. The listing broker is offering a Buyer’s Agent Commission (BAC)
A Buyer comes along and says I don’t have an agent they want the commission.
One buyer asked, “I assume there are two commissions.”
There is actually only one commission paid by the seller. The listing broker can offer compensation to a broker for any amount they see fit. They can offer no compensation and expect the buyer’s agent to collect a commission from the buyer.
So if there is no agent representing the buyer, what should happen to the commission?
Should the unrepresented buyer be entitled to the commission?
What about the seller? After all they are the one paying the commission, shouldn’t they be entitled to it?
What about the listing agent shouldn’t they be entitled to it?
| Discussion: No Comments »
The Case Against Waiting To Buy
March 11th, 2008 Categories: Buying
I found this awesome little slide show.
It compares interest rates going up versus properties going down in value.
| Discussion: 3 Comments »
Mortgage Rates In Salt Lake City
March 8th, 2008 Categories: Buying, Mortgage
Conforming mortgage rates mentioned below are considered with loan amounts up to $729,750 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
Conventional and Government Loan Interest Rates
|
Program |
Rate |
APR |
| 95% | 6.25 | 7.43 |
| 100% With Mort Insurance | 6.38 | 7.74 |
| 100% No Mort Insurance | 7.00 | 7.15 |
| My Community 100% | 6.88 | 7.76 |
| VA 100% | 6.00 | 6.19 |
| FHA 97% | 6.00 | 7.08 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
| Discussion: No Comments »
Saltbox
March 8th, 2008 Categories: Architecture
This New England Colonial style got its name because the sharply sloping gable roof that resembled the boxes used for storing salt. The step roofline often plunges from two and one-half stories in front to a single story in the rear. In Colonial times, the lower rear portion was often used as a partially enclosed shed, which was oriented north as a windbreak. These square or rectangular homes typically have a large central chimney and large, double-hung windows with shutters. Exterior walls are made of clapboard or shingles. In the South this style is known as a “cat’s slide” and was a popular in the 1800s.
Source Realtor.org
| Discussion: 1 Comment »
New Loan Limits For Both Conventional and FHA
March 6th, 2008 Categories: FHA, Mortgage
FHA Raises It’s Loan Limits Along with
Fannie Mae and Freddie Mac
Yesterday the limit on conforming loans were raised from $417,000 to $729,750. This can help the housing market for sure and help reduce the debt service of those that currently have loans from $417,000 to 700,000. Before anything over $417,000 was considered a jumbo loan and jumbo loans usually carry a higher interest rate.
One of the problems that came from the sub-prime debacle is the secondary market for jumbo loans, it is rapidly disappearing. Normally a jumbo loan is more risky, but $417,000 in some markets is not jumbo it is a starter home. Also what about the guy that bought a $630,000 home and put down 20%, that is $126,000 cash and a $504,000 loan. I don’t see the risk there, but because it was above the conforming limit it was.
FHA released it’s limits today. Here is a list of the Utah FHA Limits by County
| Discussion: 1 Comment »
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