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.
Home Sales To Rise, Prices Still Falling
January 11, 2010 by · Leave a Comment
Salt Lake City October Home Sales Climb 24%
December 1, 2009 by · Leave a Comment
This is great news, and evidence that the $8,000 first-time home buyer tax credit may be working:
The Salt Lake Board of REALTORS reported that sales of existing homes and condominiums climbed 24% in October. There were 1,061 homes/condos sold in October compared to 855 sales in October 2008.
The full story is available at the Salt Lake Tribune at: www.sltrib.com/business/ci_13851384.
Salt Lake City: Top 10 Cities to Find a Job
August 27, 2009 by · Leave a Comment
I always knew Salt Lake City is a great place to live, and now it’s also a great place to find a job! With unemployment at less than 6% (U.S. average is getting close to 10%), it’s obvious that employers see this as a great place to run a business too.
See the U.S. News and World Report story:
http://www.usnews.com/listings/americas-best-places-to-find-a-job/7
Of course, all these employed workers need a home to live in – call me for a personalized “Rent-vs-Own” calculation.
Beverly Hanson
801 680-4325
Positive Gain in Existing Home Sales
August 24, 2009 by · Leave a Comment
Finally, some good news to report! The latest home sales statistics, as reported by NAR, gives hope that we may finally be through the worst of the market. Most likely, these numbers are due in part to the $8,000 tax credit being offered to qualified buyers. Also, many buyers are taking advantage of the great deals out there, as well as extremely low interest rates (5.25% versus 6.5% one year ago).
Washington, August 21, 2009
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
And while the inventory of unsold homes remains lofty, it was reported at its best level in a year.
Remember: the $8,000 tax credit is soon to expire. As of today (8/24/09), we only have 98 days left for a buyer to 1) find, 2) qualify for a loan, 3) negotiate an offer and 4) close on a home. The clock is ticking – who do you know that I could help take advantage of this great opportunity?
Energy-Efficient Appliances
August 18, 2009 by · 2 Comments
The following is useful information for anybody considering the purchase of a new appliance – such as a refrigerator, washer or dryer. Also be aware that there are a lot of rebates being offered by manufacturers and/or utility companies.
https://www.ecobroker.com/misc/articleview.aspx?ArticleID=13
Energy-Efficient Appliances
Technology Snapshot & Benefits:
Both immediate and indirect economic savings can come from energy-efficient appliances such as refrigerators, horizontal-axis washing machines, clothes dryers, dishwashers, etc. Immediate and continuing savings accrue from lower utility bills for electricity and/or water. The performance levels of these appliances meet, and generally exceed, those of industry “standard” models. As a case in point, consider household refrigeration. By the late 1970s, refrigerators reached their most inefficient performance by requiring about 1750 kiloWatt-hours per year to operate. Modern energy-efficient refrigerators provide the same or better service at 450-550 kiloWatt-hours per year, and they are much quieter in operation.
Everything you need to know about the $8,000 First-Time Homebuyer Tax Credit
August 10, 2009 by · Leave a Comment
IT EXPIRES SOON!!!
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 prior to December 1st.
At a glance:
- Applies to purchases that CLOSE after 4/8/2008 and before 12/1/2009
- Applies only to homes used as a taxpayer’s principal residence
- Reduces a taxpayer’s tax bill or increases his/her refund, dollar for dollar
- Is fully refundable, meaning that the credit will be paid out to eligible taxpayer’s, even if they own no tax or the credit is more than the tax owed
- Certain restrictions and eligibility requirements apply
First-time homebuyers represent a significant portion of existing single-family home sales. The expansion in the first-time homebuyer credit will make it easier for first-time homebuyers to enter the housing market this year.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The previous tax credit had a limit of $7,500 and had to be repaid. The new tax credit has a limit of $8,000 and does not… free money!
You do not have to repay the credit, provided the home remains your primary home for 36 months after the purchase date.
Qualifying tax payers who purchase a home before December 1st receive up to $8,000, of $4,000 for married individuals filing separately.
You are eligible for the credit in your 2008 taxes if you filed and extension.
If you have already filed 2008 returns, you can follow up with an amended return to claim the credit this year.
You can claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return. This will benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 because of factors such as a job loss or drop in investment income.
The amount of the credit begins to fade out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
SALT LAKE COUNTY HOME SALES UP 5% IN JUNE, ACCORDING TO THE SALT LAKE BOARD OF REALTORS®
August 10, 2009 by · Leave a Comment
27 July 2008 (Sandy) – The Salt Lake Board of REALTORS® reported today that home and condominium sales in Salt Lake County during the month of June increased 5 percent compared to home sales in June 2008. During the month, 1,203 homes and condominiums were sold, up from 1,150 sales in June 2008. Home sales in June were up 20 percent compared to 1,002 sales in May.
“The increase in home sales is evidence that buyers are finding deals and renewed confidence in the market,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS®. “Nearly a year has passed since we have seen monthly year‐over‐year increases in home sales.”
The median price of homes and condominiums sold in June in Salt Lake County fell to $224,000, down 3 percent compared to a median price of $230,000 in June 2008. Since home prices peaked in June 2007 ($243,000), the median sales price has fallen 8 percent. The median price per square foot for homes sold in June was $105.02, down 14 percent compared to $121.46 per square foot in June 2008.
