http://today.msnbc.msn.com/id/26184891/vp/38201234#38201234

This is great news, check out the pictures. Downtown Salt lake city, UTAH is not going to look the same. I am really excited about what this means for us as a state..

Let’s look at an example to see why.

Say a homebuyer wants to buy a home that costs $300,000. But the buyer wants a better deal on the home, so she delays a transaction until the home is reduced by $10,000. If, in the meantime however, rates were to rise .75% to 6.00% and the buyer financed 90% of the purchase price, the amount of total payments over a 30-year term would be over $35,000 more than paying the $300,000 purchase price and locking in the 5.25% interest rate. In other words, the buyer would save $10,000 only to end up paying $35,000 more.

Now these prices and rates are just for the sake of example. ***But the point is that home prices are already very affordable…and rates are still at historic lows for now. So in the end, waiting for a home price to reduce may end up costing you much more than you expect if rates rise.

Happy 4^th of July!

We need to sell this asap as the owners are relocating to another state! Address is 7292 S. 1540 E. in Cottonwood Heights.

This is a great article written by a good friend of mine Josh Mettle. He is one of the top producing Loan offiers in Salt Lake.. Great info..

Existing Home Sales dropped in May for the first time in 3 months but still managed to post its second-highest since November 2009, buoyed by the expiring federal tax credit program.

An “existing home” is a home that cannot be considered new construction; a resale of an existing home.  Existing Home Sales fell 2.2 percent in May.

The press is calling the drop in sales “unexpected” anddisappointing, but a deeper look at the data shows the news isn’t as bad as it first appears.

First, on a regional basis, sales were mostly solid. Only the Northeast region posted a loss. The West even managed a gain.

• Northeast : -18.3 percent
• Midwest : 0.0 percent
• South : +0.5 percent
• West : +4.9 percent

Second, the supply of homes for sale dropped to 8.3 in May and, because home prices are based on supply and demand, this is a positive for pricing.

By comparison, in 2008, the average existing home inventory was 10.4 months.

And, lastly, in May, first-time home buyers represented 46 percent of all buyers. The number was likely buoyed by the tax credit program but that doesn’t damper the fact that first-time buyers provide a support floor for the housing market.

First-time buyers in Salt Lake enable “existing owners” to move-up to bigger homes, which, in turn, trickles up to the mid-size and jumbo markets.

Analysts expected more from May’s numbers and that may explain why the reaction to the data is generally negative.  However, in many cities, home resales did just fine.

Tags: Existing Home Sales, Home Supply

I found this really interesting, kind of long but worth it. The city has been hit pretty hard. Now I really don’t like turning it into a political issue, because I don’t think it is necessarily. However what we do know is that it hasn’t worked in the past. Scary to think about..

Salt lake County Home builders association has posted some interesting news and opinions on the economic recovery. We all knew these govt. incentives were falsely inflating our local econmic recovery. And the Home Builders just admitted they can’t survive without a little bailout money from our govt. To be honest, it is time to clean house. I am a Real Estate Broker, right now is a time for the survival of the fitest. And I think we will see who makes it throught this perfect storm. Builders, real estate agents, everyone..

Salt Lake City, UTAH is no different from the rest of the country we are struggling just like everyone else on the Real Estate Market front..

Well, I am not sure if I completely agree with this article, however I am going to be optomistic and say ok! I mean I hope we do not go into another double dip recession. This thing keeps lasting a lot longer than everyone thought it would, wow have the dominos fallen, and I feel like they keep falling. In a world of high tech communication and the world wide web. Information is transmitted instantaneously, meaning the stock market falls the second news is reported. So do I think these economists have it right?

Hey everyone, just wanted to keep everyone in the loop for concerts in Salt Lake City, UTAH. If you are looking for something fun to do, check out the following events in Salt Lake City..

This is great news, I love hearing things like this during these negative times of the market. Real Estate in Utah is still moving and changing. This is a 40 year project. And it will enhance all of Utah County.. This is great News for People that live in that part of Utah. Utah County should be thrilled, this will clean up the lake and make it a better destination. About time someone take some initiative and figure some things out.