Everyone come to the open house for the house the Utah Cribs team just built…Saturday, March 31 from 11-4pm. Address is 13645 S. Fort Street, in Draper.
Photo Tour
Amazing floor plan. This brand new home is custom built, Incredible Master Suite with a custom sliding door over the bathroom. Your clients will love the details of this home. This private lot with the wonderful curb appeal is a definite plus. Amazing laundry/locker room that everyone will love, Upstairs above garage has two large bedrooms and a full bathroom. This home will not disappoint.
Real estate sales rebound in Salt Lake CityReal Estate Market ReportBY GILBERT MOHTES-CHAN, MONDAY, SEPTEMBER 19, 2011.Inman News™Downtown Salt Lake City. Photo courtesy of Dave Anderton.The Salt Lake City metro area saw existing-home sales in July surge 34.3 percent from a year ago — a sign that consumers are growing more confident about the local economy. At the same time, pending sales jumped 37.6 percent year over year.Still, Utahs state capital and largest metropolitan area continues to experience falling home prices and a glut of distressed properties.In Salt Lake City, more than 1 in 4 homes with mortgages were either underwater or close to being upside down with negative equity in the second quarter of 2011, according to CoreLogic, a real estate research firm.This report highlights real estate market statistics and trends in the Salt Lake City metro area and includes a chart with detailed market data and commentary from local real estate professionals.
via Real estate sales rebound in Salt Lake City | Inman News.
Salt Lake City, Utah Once seen as a Mormon enclave, the greater Salt Lake urban area–with roughly 1 million people–has every sign of emerging as a major world player with a wider appeal. The church still plays a critical role, in part by financing a massive redevelopment of the citys now rather dowdy city core. The areas population has doubled since the early 1970s and will grow another 100,000 by 2025 to well over 1.1 million. New companies are flocking to this business-friendly region, particularly from self-imploding California. Increasing national and global connections through Deltas hub will tie this once isolated city closer with the wider world economy.
via The Fastest-Growing Cities In The U.S. – Yahoo! Real Estate.
Another great article in one day.. Salt Lake is on the rise!
Forbes names Utah No. 1 for businessOctober 14th, 2010 @ 8:19amBy ksl.comSALT LAKE CITY — For the first time, Forbes Magazine names Utah the No. 1 state in the country for business and growth.Top StatesRanking State1 Utah2 Virginia3 North Carolina4 Colorado5 Washington6 Oregon7 Texas8 Georgia9 Nebraska10 KansasSource: Full list from ForbesVirginia has held that spot for the past four years, but Utah slid into the top spot because of Virginias rising labor and energy costs.The Forbes “Best States for Business and Careers” report measures six categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.According to the article, which was released Wednesday night, Utahs economy has expanded 3.5 percent annually over the past five years. Thats faster than any other state in the country except North Dakota.As employment in the U.S. has declined over the past five years, the article states that in Utah employment has actually increased 1.5 pecent, which is fourth-best in the nation.It also states that household incomes in Utah have surged 5 percent annually, which leads the country and is twice as much as the national average.The state has also kept energy costs 35 percent below the national average, produced an educated labor force with 90 percent of residents holding a high school diploma, and boasted an AAA debt rating from Moodys, S&P and Fitch.The report also credits Utah for a low corporate tax rate.Earlier this year, Forbes crowned Utah the countrys most fiscally fit state government.Gov. Gary Herbert is quoted in the article saying that Utah has “a fiscally conservative government where we are trying to keep government off your backs and out of your wallet.”Gov. Herbert will hold a press conference Thursday morning to talk about the ranking.
via ksl.com – Forbes names Utah No. 1 for business.
This is great news for our state and local economy.. We all should be so proud..
Oh this is hilarious… Welcome to the United States of America. Hey its every American’s right to go on a cruise, and go gamble my tax dollars in Las Vegas..
After an investigative story ran in the Los Angeles Times showing state-issued welfare debit cards had been used at casinos across the United States and on cruise ships to withdraw millions of dollars of benefits at vacation spots, the state of California pulled the plug on such purchases Monday afternoon.Californias Department of Social Services discovered that more than $69 million targeted at helping the needy pay their rent and clothe their children was accessed by debit card use in 49 other states, the U.S. Virgin Islands and Guam between January 2007 and May 2010.The Times story said the departments database showed $16,010 withdrawn from ATMs on 14 cruise ships sailing from such locales as Long Beach, CA and Miami along with such international cruise destinations as Brazil and China.Eight of the ships on which the cards were used sail primarily from Miami. In addition, more than $11 million was spent or withdrawn in Las Vegas, about $1 million of that at shops and casino hotels on or close to the strip; of that, $8,968 was accessed at the Tropicana and $7,995 at the Venetian and its Grand Canal Shoppes.John Wagner, the departments director, instructed the vendor administering the program to forbid such transactions on Monday. This follows a move a few months ago by California to block welfare debit card access at California gambling centers. That investigation revealed that more than half of the states licensed casinos and poker rooms were set up to accept ATM transactions by persons using public assistance debit cards. That said, the state will not cut out-of-state access for the cards. As long as welfare recipients get clearance from their county case worker to be absent from the programs 32-hour-a-week job training requirement, Wagner said they may travel out of state and utilize the funds in a proper fashion. But casino and cruise ship purchases will no longer be authorized.
via California Cuts Off Welfare Debit Cards on Cruise Ships.
If HE Says It Is Time To Buy a Home, BUY A HOME!October 5th, 2010“If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.”– John Paulson 9/27/2010WOW! That’s a powerful statement.There is no question that John Paulson is a bull when it comes to residential real estate right now. Should we care what Mr. Paulson thinks? Should we listen to him? The answer to both questions is a resounding ‘YES’. Here are several reasons why.Who is John Paulson?Paulson is the person who made a fortune betting that the subprime mortgage mess would cause the the real estate market to collapse. He understands how the housing market works and knows when to buy and when to sell. What do others think of Paulson?According to Forbes John Paulson is:a multibillionaire hedge fund operator and the investment genius who made a killing going short subprime mortgages a few years ago.According to the Wall Street Journal Paulson is:a hedge fund tycoon who made his name, and a fortune, betting against subprime mortgages when no one else even knew what they were.What did other financial players think of his statement?The Wall Street Journal agrees with Paulson:Ignore the critics. The odds have to be on his side…It isn’t just that home prices have fallen a long way. It’s also that, if you can get a mortgage, you are basically taking a reverse bet on the bond market. You could be a long-term borrower at fixed rates, instead of a long-term lender. Right now you can borrow for 30 years at around 4.3%. After the mortgage tax deduction, for some people the net effective interest rate is nearer to 3%. That’s going to prove an awesome deal if we see inflation again.And Forbes said:As this is the best time in 50 years to buy homes, Paulson advised his listeners to take 30 year mortgages to buy a home as “your debt and interest payments get locked in at record lows, while the price of your home will rise.”Are others also saying now is the time to buy?Just last week, we posted that there is a growing number of people saying that NOW is the time to buy, including:The Wall Street JournalProfessor Karl Case, founder of the Case Shiller House Pricing IndexThe wealthiest families in the country and70% of everyone else in AmericaBottom LineThinking of buying a home? Are you taking advice from a friend or family member telling you that now is not the time? It may be time to listen to people who better understand the opportunities that exist in real estate today.Thanks to the crew at kcmblog for this great post.
via Josh Mettle Blog – Josh Mettle.
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| Although daily volatility was high last week, mortgage rates ended the week nearly unchanged. A steady stream of economic news was roughly neutral for mortgage rates, as stronger than expected economic data was offset by solid demand for last week’s Treasury auctions.
During the week, a series of Fed officials shared differing viewpoints on the possibility of additional Fed purchases of Treasury securities. While the officials are divided about both the need and the effectiveness of buying bonds to stimulate the economy, the majority view appears to be that the Fed should undertake this action unless the pace of the economic recovery improves soon. A flexible program to purchase smaller quantities of Treasury securities has emerged as an appealing middle ground for Fed officials.
Overall, a new Treasury purchase program would be favorable for mortgage rates. Increased Fed demand for Treasury securities would also increase demand for similar investments including mortgage-backed securities (MBS), which would push mortgage rates lower. Investors have already priced in the likelihood that more purchases will take place. There may be a downside, though. In contrast to the recent MBS purchase program, which involved a relatively steady, well defined level of weekly buying, the new program may be geared to allow the Fed to adjust its purchases based on changing economic conditions. By its nature, a program that is more flexible will be less predictable. The uncertainty will likely lead to increased volatility for mortgage rates, as investors amplify their reaction to each piece of economic news. |
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| The biggest economic event this week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Early estimates are for a decrease of about 15K jobs in September. Before the employment data, Pending Home Sales, a leading indicator for the housing market, will be released on Monday. Factory Orders also will be released on Monday. ISM Services will come out on Tuesday. |
1. Swimming Pools
Swimming pools are one of those things that may be nice to enjoy at your friend’s or neighbor’s house, but that can be a hassle to have at your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen. Families with young children in particular may turn down an otherwise perfect house because of the pool (and the fear of a child going in the pool unsupervised). In fact, a would-be buyer’s offer may be contingent on the home seller dismantling an above-ground pool or filling in an in-ground pool.
An in-ground pool costs anywhere from $10,000 to more than $100,000, and additional yearly maintenance expenses need to be considered. That’s a significant amount of money that might never be recouped if and when the house is sold.
2. Overbuilding for the Neighborhood
Homeowners may, in an attempt to increase the value of a home, make improvements to the property that unintentionally make the home fall outside of the norm for the neighborhood. While a large, expensive remodel, such as adding a second story with two bedrooms and a full bath, might make the home more appealing, it will not add significantly to the resale value if the house is in the midst of a neighborhood of small, one-story homes. (Overbuilding might be anticipating your neighborhood’s next move.)
In general, homebuyers do not want to pay $250,000 for a house that sits in a neighborhood with an average sales price of $150,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $250,000 in a $250,000 neighborhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighborhood follow suit.
3. Extensive Landscaping
Homebuyers may appreciate well-maintained or mature landscaping, but don’t expect the home’s value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price. If a buyer is unable or unwilling to put in the effort to maintain a garden, it will quickly become an eyesore, or the new homeowner might need to pay a qualified gardener to take charge. Either way, many buyers view elaborate landscaping as a burden (even though it might be attractive) and, as a result, are not likely to consider it when placing value on the home.
[Most Expensive Zip Codes in the U.S.]
4. High-End Upgrades
Putting stainless steel appliances in your kitchen or imported tiles in your entryway may do little to increase the value of your home if the bathrooms are still vinyl-floored and the shag carpeting in the bedrooms is leftover from the ’60s. Upgrades should be consistent to maintain a similar style and quality throughout the home. A home that has a beautifully remodeled and modern kitchen can be viewed as a work in project if the bathrooms remain functionally obsolete. The remodel, therefore, might not fetch as high a return as if the rest of the home were brought up to the same level. High-quality upgrades generally increase the value of high-end homes, but not necessarily mid-range houses where the upgrade may be inconsistent with the rest of the home.
In addition, specific high-end features such as media rooms with specialized audio, visual or gaming equipment may be appealing to a few prospective buyers, but many potential homebuyers would not consider paying more for the home simply because of this additional feature. Chances are that the room would be re-tasked to a more generic living space.
5. Wall-to-Wall Carpeting
While real estate listings may still boast “new carpeting throughout” as a selling point, potential homebuyers today may cringe at the idea of having wall-to-wall carpeting. Carpeting is expensive to purchase and install. In addition, there is growing concern over the healthfulness of carpeting due to the amount of chemicals used in its processing and the potential for allergens (a serious concern for families with children). Add to that the probability that the carpet style and color that you thought was absolutely perfect might not be what someone else had in mind.
Because of these hurdles, wall-to-wall carpet is something on which it’s difficult to recoup the costs. Removing carpeting and restoring wood floors is usually a more profitable investment.
[Outlook for Home Prices]
6. Invisible Improvements
Invisible improvements are those costly projects that you know make your house a better place to live in, but that nobody else would notice — or likely care about. A new plumbing system or HVAC unit (heating, venting and air conditioning) might be necessary, but don’t expect it to recover these costs when it comes time to sell. Many homebuyers simply expect these systems to be in good working order and will not pay extra just because you recently installed a new heater. It may be better to think of these improvements in terms of regular maintenance, and not an investment in your home’s value.
The Bottom Line
It is difficult to imagine spending thousands of dollars on a home-improvement project that will not be reflected in the home’s value when it comes time to sell. There is no simple equation for determining which projects will garner the highest return, or the most bang for your buck. Some of this depends on the local market and even the age and style of the house. Homeowners frequently must choose between an improvement that they would really love to have (the in-ground swimming pool) and one that would prove to be a better investment. A bit of research, or the advice of a qualified real estate professional, can help homeowners avoid costly projects that don’t really add value to a home.
If you’re like most homeowners in Utah these days, you are probably wondering just how much (or little) your home is worth.
But determining your property’s value — three years into one of the worst real estate downturns ever seen — is far from easy.
It doesn’t matter what you paid for your home. It also doesn’t matter how much you owe on your mortgage. What your neighbor sold his home for six months ago? Nope. Also irrelevant is what the home down the street is listed for now.
So how do you get an accurate snapshot of your home’s value if you’re considering selling or refinancing to take advantage of low mortgage rates? Here are some of the ways to put a price tag on the largest investment you’ll probably ever make — and insights on just how accurate those methods really are:
Appraisal • It’s the most expensive of the options, but it’s also probably the most accurate way to gauge how much your home is worth. For about $300 to $500, appraisers take the recent selling prices of comparable properties in your area and adjust for any differences. A full appraisal requires an examination of the exterior and interior of a property.
“Your home is worth only what someone is actually willing is to pay for it at any point in time,” said Ron White, a residential appraiser in Salt Lake City.
An appraisal is the best guess of what that price is. But in this type of market, even appraisers are having a difficult time pinpointing a property’s value. That’s because prices in many areas are still falling, and in some neighborhoods there are so few homes actually selling that there are few comparables.
“It is very difficult,” White said. “I used to be able to go into an area and find multiple comparable sales. Now, sometimes, if I’m able to find a handful of sales, I’m very lucky.”
At the height of the market, full appraisals weren’t so crucial. In fact, many lenders ordered so-called drive-by appraisals when borrowers were refinancing in which appraisers viewed the property only from the outside. “The problem is that you can’t see the condition of the home, and you may not know how much of the basement is finished,” White said.
These days, full appraisals are more the norm. And so is the shock over how far values have fallen.
At the beginning of the downturn in mid-2007 and 2008, many homeowners had inflated views of what their properties were worth and refused to accept reality, Realtors say.
Today, most sellers are fully aware of what has happened to the prices of homes, including their own, although many are frustrated or upset when they see the bottom line on paper.
Recent comparable sales • The next best thing to an appraisal is to look at selling prices for properties comparable to and near your property. The key is to stick with those as similar as possible to your own in terms of square footage, amenities and lot size. Any real estate agent can provide this information.
Selecting properties that have sold recently is important along the Wasatch Front, where prices have been falling. “I have properties listed in the $400,000s and $500,000s that sold for $1 million four years ago,” said Micah Pearson, a Realtor with Keller Williams Utah Realty in Salt Lake City.
Comparables that sold six months or more ago may not be adequate for comparison purposes. To get a good idea of what your home is worth, shoot for at least three comparables; five is much better.
To get the most accurate value, you also must consider selling prices in a fairly small area. Some streets, for example, have been hit harder than others by distress sales and foreclosures, which may drive down values more than another area even a few blocks away.
“You have to stay very close to the subject property to get the most accurate price,” Pearson said.
One problem with this method — not accompanied by an appraisal — is that you don’t get a professional analysis or an adjustment for differences among the properties being compared. That means you could end up coming up with a value for your property that’s a bit too low or too high.
Your property tax assessment • Counties along the Wasatch Front have made an effort in recent years to make their assessment of market value more accurate, and in many cases the information has become more precise. But there are instances where values set for tax purposes really miss the mark.
David Harrison of Cottonwood Heights, for example, chuckles at the county’s market value of $528,000 for his property. “Homes have sold within a block of me — all comparable in size and condition — only in $400,000s,” he said. He figures the county’s market value wasn’t even right a year ago, but today it’s at least $70,000 too high.
Still, many folks put a lot of stock in their assessed values. “They look at their tax value as a good indicator of what their home is worth,” said Realtor Pearson.
But he thinks owners should consider assessed values a ballpark estimate of sorts.
Salt Lake County Assessor Lee Gardner said the declining home market, and the high number of short sales and foreclosures in some areas, have made determining value more difficult. Homeowners may not realize their neighborhood has been affected by distressed properties to a greater degree than another area nearby.
Also, many people don’t realize that the county’s market values are a snapshot only as of January. Eight months later, those assessed values probably aren’t accurate, because prices have continued to fall.
Although assessed values may not be the best gauge, they probably aren’t the furthest off the mark, either. Probably the least accurate method of determining your home’s value — in Utah anyway — is the Internet.
Zillow.com and similar sites • Homeowners nationwide are attracted to sites such as Zillow.com, which lists home values by address. These sites can be remarkably accurate in areas where a wide range of selling information is publicly disclosed.
That’s not the case in the Beehive State.
Utah is a nondisclosure state in terms of real estate information, meaning that little information about home sales —such as selling prices by address — is publicly disclosed. Unlike some states where websites can easily obtain large quantities of selling prices of individual properties, Realtor groups in Utah release information about homes sales only at the county level or Zip Code level.
Plus, it’s impossible in Utah to get good information about selling prices of new homes because many builders locally do not list their properties on the Multiple Listing Service. And there’s no information available on properties that sell without a Realtor.
Exactly how sites such as Zillow.com come up with property values in Utah isn’t known because the company won’t divulge its proprietary formula. Some real estate experts in Utah speculate the site relies heavily on county assessment information.
One thing is for sure. Zillow’s values for Utah can be far off the mark.
A listing for home in Farmington, for example, shows a value — or “zestimate” — of $560,000. But that property has languished on the market for much of 2009. Owners took it off the market earlier this year after lowering the price to around $400,000.
Bill Heiner, president of the Salt Lake Board of Realtors, says Zillow is about $80,000 to $90,000 off in the value of his home. “Zillow is a pretty worthless tool in Utah,” Heiner said.
The Salt Lake Tribune’s Zip code report • The newspaper has a database of median selling prices by Zip code area for each quarter as far back as 2003. Compiled with information from the Salt Lake Board of Realtors, it is a good way to monitor trends in home values in cities along the Wasatch Front. But it’s not particularly good at helping homeowners zero in on the value of their individual properties, which is one reason why county assessors don’t consider it a viable tool for appealing property tax valuations.
But it can be quite fun to check out selling prices in Zip codes. To get to the database, go to sltrib.com/Money and click on “View our Home Sale Database.”
Lesley Mitchell, The Salt Lake Tribune, 9/11/2010
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