Nabbing a Mortgage Before Rates Rise – WSJ.com.
So I found this article interesting. There are a lot of different opinions out there, but bottom line is right now it is a historically low time for Interest Rates. I think we will be hard pressed to see such low rates again for the next 10 years. Very soon in our near future all of us are going to be sayin an interest rate below 7 % is a deal.
Reality is they can not stay low forever. Now, the govt. does not know what to do, for they fear the reaction of what could happen if the raise rates right now. I think for the next couple months we are safe in regards to them going up for a little while. However it is inevitable, and therefore will be forced to increase.
Sellers are in a pinch right now, and are feeling the pain of the market. We just put a 13 unit apartment complex in Salt Lake City UTAH under contract. List price was $959,000. We got it under contract for $150,000 less than list price. Did I mention it is bringing in $90,000 of income a year? Now run the cap rate on that one. Investors are still hoarding their money, scared to invest it into the market. There are plenty of deals out there for people to buy up if they would just be realistic with their ROI.
Now, for the average consumer. Real Estate is a great opportunity right now. I hate to say it but I think pricing is stabalizing and I would even be willing to stick my neck out on the line and say that the affordable housing market is even going to rebound and increase a little here soon. We are seeing multiple offers on home in the $200 range. So yes your upper priced properties are still getting destroyed, but hey who can afford a $1 million home in Salt Lake City, UTAH. Not very many people compared to the census. So what do you buy if you are an average guy like me? Well for starters, if I am patient and willing to not let my emotions get the best of me. A good place to start would be with the REO inventory in UTAH. Foreclosures are a plenty, and we are seeing some not so average deals coming across our plates. So you need to get your hands on a list of Foreclosures.
You can get a great buy a home, you just need to know how to find those great buys? Bank foreclousres are some of those deals I am talking about. And Utah has its fair share of Bank Foreclosed REO properties. If you are looking for one, let us know and we will get you a list of bank owned home in utah.
Fed weighs how and when to signal higher rates – Yahoo! News.
So maybe just the title of this article should scare the willies out of consumers? I really am so confused. I have received several emails over the last couple of days from potential buyers telling me they are going to wait unti the end of the year? Now all of them have different theories, but if they would just simply understand the subject of “interest Rates” maybe they would be singing a different tune?
Interest Rates are at an all time low! Yes, and housing prices have adjusted to be reasonable again! Yes! Now the affordability of money with the low interest rates is phenominal. And will not get any better. Take advantage of the cheap money while you can, they won’t last too much longer..
And why you are at it.. Go buy a deal.
Here is an update for a few things going on in the wonderful SLC. If you are looking for a concert, or something different I will keep posting things I find..
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Foreclosures drop for 2nd month in February: RealtyTrac – Yahoo! News.
So for those of you in the market for a bank foreclosure property this article is pretty interesting. We have been asked by so many people about Bank Foreclosures in UTAH. I think people, will be surprised on how the market is going to react to the current conditions we are in. Banks are going to be more motivated to approve Short Sales, to prevent from having to foreclose on home owners. Now having said that, we are in for another wave of them in the coming months.
If you are in the market, and you are one of the many people looking for that deal bank REO properties are one of the best options. Now, keep in mind a deal is a deal in any market meaning. Usually if it is under priced it will go fast, so getting your hands on those foreclosures lists are really important. Time is of the essence if you stay on top of it long enough you will find one that fits your needs. Get a hold of a local Real Estate Broker, and they will be able to provide you with your list in your local areas.
One of the best long term invesment opportunities in the Real Estate market has always been Rental Properties. If you are looking for a Duplex, Tri-plex, 4-plex etc in Salt Lake City UTAH.. Check out these deals. We are seeing some good cap rates come back, especially with rents on the rise.
Let us know if you have any questions about these. Also the number one question we get on a daily basis is, do you have lists of bank owned homes..
FREE BANK FORECLOSURE LISTS FOR UTAH
Detroit wants to save itself by shrinking – Yahoo! News.
So when I read this, it made me actually proud of the elected officials of Detroit. Now will the idea work? I have no idea! But, hey they are trying at least. That is more than what I can say for a lot of other officials. So many people today are scared to death to put their neck out there for fear of getting it chopped off if their ideas don’t work.
So I will give credit where deserved, I applaud you officials of Detroit. Trying to save your city from something that we all thought was inevitable. Creativity at its finest. I hope and pray that Detroit can make it through this mess we are all in.
Craig Venter’s Hangout – WSJ.com.
You are always hearing the phrase “going green”. We hear a lot about it in the media, or in the tabloid magazines. It is really popular with movie stars now to have LEAD cettified homes. Or “GREEN HOMES”, now there is a big discrepency in what actually constitutes a green home, however I will leave that up for another discussion. Bottom line, is I am under the opinion that with the ever changing economy, the idea of homes, or lifestyles continue to change. The days of owning a 6000 sq. ft. monster of a home for a small family is the days of the past, the new future will be smaller and cleaner.. Check out my dream home.. Click on the link for more photos..
Also please don’t forget the new site
Wow, interesting article I think. This just came up on the New York Times today. While I agree that short sales have been devasting home values in neighborhoods all across the country, I’m not sure if I agree with paying the homeowner to leave…
Let us know your thoughts. We’d love to hear them.
http://www.nytimes.com/2010/03/08/business/08short.html?scp=2&sq=david%20streitfeld&st=cse
Teams take shape for spy center bid – Salt Lake Tribune.
This is a really interesting scenario to watch take place. The whole process of bidding on a national level is fascinating to me. I was speaking with a representative from Layton Construction concerning the process. Just to submit a bid/ proposal is a very costly expense for all of these companies. Doesn’t matter how this pans out, the building is going in Utah, and therefore all the workers will be coming here from out of state, or they will be hiring locals to do the work. Meaning money will be spent here.
So regarding the economic impact this will have on a local scale is huge. I am excited to see how the process pans out, I am routing for Layton Construction personal reasons 
Go LAYTON!! ha ha..
Anyway, you all should be excited about this..
