Archive for the 'Real Estate News' Category
New Construction For $200,000
August 8th, 2008 Categories: Real Estate News
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I usually don’t write about a particular listing on this site, but I just had to share this. New Construction in Salt Lake County for $200,000. I think it is news.
New Construction
Rambeler
2,120 Sq Ft
3 Bedroom 2 Baths
Master BedroomFull Basement Framed and Stubbed
2 Car Garage
3044 Spencer Aver Magna Utah 84044
For More Details Call Rob Aubrey 801-694-4762
Photos are from a previous model.
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Housing Recovery Act Summary
August 8th, 2008 Categories: Real Estate News
There has been so much going on in the Real Estate World.
I wanted to touch base on the H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008.
The bill is over 600 pages I am going to point out a couple of highlights.
Loan Limits
Both FHA and Conventional loan limits are now going to cap out at $625,000. These caps are based on formulas that are tied to local area median price ranges.
Another FHA item, the minimum down payment is going to increase to 3.5% up from 3%.
First Time Homebuyer Tax Credit
A $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
First-time homebuyer tax credit chart
Frequently asked questions about the first-time homebuyer tax credit
Down Payment Assistance Programs
Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Down payment assistance from family members, government programs, or charities that are not seller-funded is still permitted.
The prohibition goes into effect October 1, 2008.
Salt Lake County Grants
Currently there are grant for various cities of Salt Lake County, some are as high as $10,000
Contact me today to find out more information. Rob@Aubrey.net or call 801-694-4762
To search all listed homes by all brokers go to www.MoreUtahListings.com
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Salt Lake County Charts
July 19th, 2008 Categories: Real Estate News
Salt Lake County Home Sales Statistics
Stats for the first half of the year
Chart of Home Sales for Salt Lake County from January 1st to June 30th 2008. More than half of all the sales have been in the $160,000 - 300,000 Price range with 56.4%. This segment of the market seems to hang tough. The $500,000 and above has contributed just under 7% of the sales for the first half of the year. The $300,000 - 500,000 range was just a hair under 21%
I know I have some fans that are going to claim that I am spinning the numbers. They are what they are.
So the big question is. When is the high end stuff at the South end of the valley going to come tumbling down? Draper has 80 homes that are a million plus, 233 Active listings that range from $500,000 - 1,000,000.
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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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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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Shhh Don’t tell Anyone
April 13th, 2008 Categories: Real Estate News
Salt Lake Real Estate Market
Showing Signs of Improvement
Shhh Don’t tell anyone but the Salt Lake Real Estate Market inched forward. Could be seasonal, could be amazing interest rates, could be buyers are not listening to media, it could be a lot of things or a combination of all of the above.
Number of residential units sold in Salt Lake County for the month of March is up a little over 17% from February and up 30% from January. Average sold price up a hair nothing special. List to sale ratio went from 97% to 98%.
One of the things not reflected in the price is seller concessions to the buyer. For example if a property is listed for $280,000 and the buyer and seller agree to the list price BUT the seller agrees to pay $7,000 in closing cost concessions to the buyer. The price was $280,000 as reported but the affective price to the seller was $273,000.
Although appraisers will not count the concession when appraising, it still shows up in averages.
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Sellers Market, Sellers Market, Now A Waiters Market
April 5th, 2008 Categories: Real Estate News
Sellers Market
You have heard of a seller’s market. Inventory is low demand is high prices are going up. Listings are getting multiple offers, sellers are netting more than list price even after paying commissions. Things are really good for a seller.
Buyers Market
Of course to be followed by a buyer’s market. Inventory is up demand is low, buyers are getting concessions from sellers such as closing cost, down payments, appliances… Things are really good for a buyer.
Waiters Market
But this waiter’s market, I never heard of it before. This is when the seller’s market is over and inventories are high, interest rates are phenomenal, jobs are strong and yet people are waiting. You have to assume people are waiting for the prices to bottom out. No one knows when the bottom is until prices start going up and that is when interest rates start going up.
The difference between almost the bottom and the bottom is not very much money and not a long period of time. So when you see interest rates start going up it is a good sign that the bottom has already happened.
Salt Lake County Real Estate Market
Now remember Salt Lake County has three markets based on prices. The upper market $500,000 and above still has uncertainty to it, especially in the south end of the valley in places like Draper and South Jordan, Herriman areas. The $300,000 and under is not that soft of a market. The $300 - 500,000 market is patchy.
Check out the chart below, it illustrates buying at almost the bottom. Whether you buy almost at the bottom on the way down or the way up the prices really aren’t any different. The difference is how much your money is going to cost.
Now is it possible to time the bottom? Yes, but not by science or skill by luck. Remember we do not know where the bottom is till the market turns and then we can look back and say where it was.
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The Co-Op Agent of the Month Michelle Koch
April 1st, 2008 Categories: Real Estate News
The Keller Williams Midvale Office has implemented a Co-Op Agent of the Month Award. Agents from KW submit an application on behalf of an agent they had recently closed a transaction with and why that agent should be awarded.
This months co-op agent of the month is Michelle Koch from Coldwell Banker, Shaun Hilton submitted an application for her. There were 5 agents submitted and Michelle was the winner.
The recipient is recognized as an agent that you would want to do business with and they receive a copy of the best selling book The Millionaire Real Estate Agent and a gift certificate for lunch.
Way to go Michelle.
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