Salt Lake City – #7 for Real Estate Investors

June 3, 2011 by · Leave a Comment

In a recent Inman News study, Salt Lake City, Utah ranked #7 in the nation for real estate investors. The rankings were based on data such as local unemployment, home sales, affordability and percentage of distressed properties.

According to SmartZip data, homes in Salt Lake City are expected to appreciate 41.1 percent in the next 10 years. In part due to the anticipated increase in population and the fact that housing starts aren’t keeping up with this increase (we’re expecting to add 1.5 million people by 2040).

Filed Under: Green Box, Home, Real Estate (general), Real Estate in Salt Lake City, Salt Lake City, Salt Lake City News Tagged With: , ,

Some Salt Lake City Neighborhoods Show Home Price Gains

February 8, 2011 by · Leave a Comment

The Salt Lake Tribune reported on Jan. 28 that there are signs of improvement in Salt Lake Valley’s residential real estate market, which has been mired in one of the worst downturns ever.

Although single-family home prices in Salt Lake County were down 4 percent in the fourth quarter, there were a number of cities that saw house price gains. They included: Draper (84020) up 7 percent; West Jordan (84081) up 6 percent; Sandy (84092) up 12 percent; Herriman (84096) up 10 percent; Salt Lake City (84103) up 18 percent; Murray (84107) up 7 percent.

If you are interested in knowing how your neighborhood is doing, contact me and I’ll put together a customized report.

Filed Under: Real Estate (general), Real Estate in Salt Lake City, Salt Lake City Tagged With: , ,

2011 Housing Forecast for Salt Lake City

January 25, 2011 by · Leave a Comment

After attending the annual Board of REALTORS® forecast breakfast, there is cautious optimism for our local real estate market. Prices are expected to stabilize by the end of the 2nd quarter, and sales are anticipated to increase by end-of-year.

So, buyers who have been waiting for the bottom of the market before making a purchase, might not want to wait much longer. With interest rates still near or below 5%, this is the perfect time to buy.

Check out this video, featuring the president of the Board of REALTORS®, DeAnna Dipo:

Salt Lake City Housing Forecast

Filed Under: Green Box, Home, Real Estate in Salt Lake City, Salt Lake City Tagged With: , , , ,

2010 Foreclosure Sales Report – 3rd Quarter

December 14, 2010 by · Leave a Comment

The number of foreclosed homes being bought and sold across the country and in Utah is falling significantly, a new report indicated.

The RealtyTrac Third Quarter 2010 U.S. Foreclosure Sales Report showed that foreclosed homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010, with the average sales price of properties that sold while in some stage of foreclosure more than 32 percent below the average sales price of properties not in the foreclosure process. That was up from a 26 percent discount in the previous quarter and 29 percent in the third quarter of last year.

In Utah, foreclosed homes accounted for just over 20 percent homes sold during the quarter, but prices only discounted about 3 percent, the report noted.

Sales of foreclosed properties in default, scheduled for auction or bank-owned (REO) in Utah fell nearly 30 percent from the previous quarter and 21 percent from the same period in 2009.

“The RealtyTrac report confirms that there are fewer foreclosures in Salt Lake City and Utah compared to the rest of the nation,” said Bill Heiner, president of the Salt Lake Board of Realtors. “With fewer homes for sale in the Salt Lake area, home prices are beginning to stabilize and even increase in some neighborhoods.”

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Open House – Short Sale near 9th & 9th

Open House – Short Sale near 9th & 9th

June 11, 2010 by · Leave a Comment

Great opportunity to buy in the sought-after 9th & 9th area! One of the best values around.

Listed at $230,000 (Short Sale – all offers must be approved by the lender).  Totally remodeled within the past four years – newer systems, roof, and more.

1064 Princeton Avenue, Salt Lake City 84105

Open House Saturday, June 12th from 2:00 – 4:00:  1064 Princeton Avenue, Salt Lake City 84105. For details contact Beverly Hanson: 801-680-4325.

Filed Under: 9th and 9th, Home, Real Estate in Salt Lake City, Salt Lake City

A Great Financing Option for Home Upgrades

May 19, 2010 by · Leave a Comment

The FHA 203k Loan is a great mortgage option that can provide clients up to $45,000 on top of their purchase loan for property upgrades.  It is specifically for renovation of a purchased home (but can also be used as a refinance option for people who want to renovate their existing homes).

This loan allows buyers to add up to:

$35K for non-structural home improvements and upgrades

$8K for Energy Efficiency Upgrades (Ex. windows, furnace, insulation, energy star appliances, etc.)

$2K for Weatherization Upgrades

These loans are the perfect solution for buyers who want to buy a “fixer upper” or even those who simply want to update a home that doesn’t have the granite countertops and new appliances they want.

While these loans are perfect for the right buyer, they can be tricky to navigate.  Make sure you work with a loan officer who knows the ins and outs of the 203K process and can minimize the impact on the borrower.

For more information, or to see if you qualify, contact Carl Churchill, Mortgage and Refinance Specialist, at 801.573.8475 or carl@mortgagebycarl.com.

Filed Under: Real Estate in Salt Lake City, Salt Lake City Green Businesses Tagged With: , , , ,

Salt Lake City – 1st Quarter Real Estate Sales Report

May 18, 2010 by · 2 Comments

According to the National Association of Realtors, median home prices are on the rise in most U.S. metropolitan areas, with 91 out of 152 areas showing higher median sales prices compared to the first quarter of 2009.

Unfortunately, Salt Lake City ranked in the bottom 10 areas, with the largest home price decline. In Salt Lake, home prices fell 11.4 percent in the first quarter compared to the same quarter of 2009.

Salt Lake’s falling home prices are expected to continue throughout 2010, but should stabilize in 2011, according to a report commissioned earlier this year by the Salt Lake Board of Realtors and conducted by Jim Wood, Director of the University of Utah’s Business of Economic and Business Research. In that report, Wood said that Salt Lake home prices would fall another 3 percent to 5 percent in 2010.

The falling home prices have attracted more first-time buyers and have led to a 33% increase in home sales compared to the same period last year.

So, if you need to move, but are waiting for prices to rebound, you may want to consider selling now. Also keep in mind, if you’re “moving up,” you will make up whatever you lose on the sale of your current home upon purchasing a more expensive home (I’ll help you do the math!).

Buyers – it’s still a great time to buy. Interest rates have just dropped again, there’s great inventory, and these “bargain basement” prices will be going away soon.

Please contact me if you, or anybody you know, could use my professional assistance with a real estate transaction: Beverly@SLCGreenHomes.com

Filed Under: Real Estate in Salt Lake City

Now is the Time to Go Solar

March 8, 2010 by · Leave a Comment

Take advantage of the new renewable energy rebate for home & business owners while it lasts!

The Utah State Energy Program will be offering a new rebate for home and business owners that install solar energy.  That means if you install solar energy on your home or business you could get a check in the mail for thousands of dollars back!  This is a brand new program intended to stimulate economic growth and create jobs, but it won’t last forever and everyone will have questions about how it works.  To help answer those questions and provide the info you need to take advantage of the new rebate while it is available, the Utah Solar Energy Association is hosting the Utah Renewable Energy Conference 2010 that will provide a physical location where you can come and learn about the new rebate and how much money it can save you.  This event will be held on Saturday, March 27th from 10:00 am to 4:00 pm and it will be located at the Salt Lake Community College Miller Campus off I-15 at 9750 South in Sandy.  Admission is $5 for an individual or $10 for a family, and your conference admission will get you $100 off a solar energy system from any of the solar installers participating in the conference!  For more information and to register for the event visit www.utsolar.org.

Filed Under: Energy Efficient Homes, Green Box, Green Living, Home, Real Estate in Salt Lake City, Salt Lake City News Tagged With:

Home Buyer Tax Credit Made Simple

February 10, 2010 by · Leave a Comment

With so much buzz about the first-time (and “long time”) homebuyers tax credits, I thought it might be helpful to post a straightforward summary of the rules that govern these credits:

 General Rules:

  • A “first time home buyer” is defined as someone who has not owned a primary home in the last three years. If you are a “first-time home buyer,” your tax credit will amount to 10% of the purchase price of your new home, not to exceed $8,000.
  • A “long-time resident” is defined as someone who has lived in the same primary home for 5 out of the past 8 years. If you are a “long-time resident”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $6,500.
  • The tax credit does not need to be paid back if you continue living in the home as your Primary residence for three years without selling it. [Read more...]
Filed Under: Green Box, Real Estate in Salt Lake City Tagged With: ,

Home Sales To Rise, Prices Still Falling

January 11, 2010 by · Leave a Comment

Single-family home sales in 2010 could rise as much as 10 percent in Salt Lake County compared to 2009, according to a study released today by the Salt Lake Board of REALTORS.
The study, by economist James Wood, noted that 2008 was likely the bottom of the housing recession. Sales of single-family homes increased 3 percent in 2009 compared to 2008. In 2010, single-family sales could reach 10,000, up from 9,100 sales in 2009.
Home prices in 2010 will continue to fall another 3 to 5 percent, Wood said. Single-family home prices have already fallen 11 percent from their peak.

Filed Under: Green Box, Real Estate in Salt Lake City Tagged With:
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