Utah Real Estate Survival Guide

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Archive for the category “Utah Real Estate News”

A number of government sponsored programs to help…

A number of government sponsored programs to help homeowners through the housing crisis expire 12-31-2012. If you are considering a short sale, time is of the essence. Especially since the typical short sale takes +/- 9 months to complete. HAFA and the Mortgage Debt Relief Act of 2007 both expire at the end of 2012.

Soapbox ❐ All That Bailout Money

Soapbox: “A thing that provides an opportunity for someone to air their views publicly.”

I read an article earlier today that made me gasp (which in the new vernacular means that it was compelling enough for me to hit the “share” button and comment). The US Government has filed a lawsuit against Deutsche Bank. That’s the good news. The bad news is that it involves $1.274 BILLION that HUD – that’s us – has paid, or in the process of paying, this ONE bank, for bad loan insurance claims.

The heartbreaker is that this is really about bailing out a bank, not for mortgages that it originated (which would legitimize the HUD compensation), but for a bad investment decision Deutsche Bank made in 2007 when it bought a subprime/Alt-A lender, MortgageIT.

How did a lender who “specializes” in subprime/Alt-A mortgages EVER get approved to originate HUD insured loans? From my brief internet foray into researching MortgageIT, it doesn’t look like they did. They simply bought HUD backed loans from “small to mid-sized banks, credit unions and mortgage bankers” to enhance the marketability of their own portfolio. The one that Deutsche Bank bought off on.

That being said, I know that Deutsche Bank is not stupid. I know that Deutsche Bank did their due diligence. I know that Deutsche Bank got burned. Wait, did they?

Deutsche Bank Posts Best 1st Quarter Since 2007

Executive Summary? Deutsche Bank Net Profits Up 17%

Shame on us …
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Knowledgeable & Professional Representation … Aggressive Negotiation

Contact Info:
kimnovak@remax.net
Phone or Text: (801) 726-1443
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Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

When You Interview a Realtor® in 2011

During 2010, there were 25,119 sales closed and posted in WFRMLS (Wasatch Front Regional Multiple Listing Service – Utah). There are currently 8,194 active agents. That’s only 3 sales, per year, per agent.

When you’re interviewing a Realtor® to represent your home buying or home selling interests, an important question to is, “how many clients did you, Ms/Mr Realtor, help achieve their homeownership goals this past year?”

This is an especially important question because there is and has been no room for error in pricing and negotiation, advertising and marketing, during this continuing housing crisis.

In order for you to be successful achieving your home buying or home sale goals, you’ll need a Realtor® who is experienced in working through the challenges of THIS real estate market.


Thankful for 48 Closed Sales in 2011!

Kim Novak, RE/MAX Masters Broker Associate (About Me)
BSBA, ABR, CDPE, CRS, CSP, ePRO, GRI, SRES, 203k Specialist (My Resume)
RE/MAX Masters is an ERC: Employee Relocation Council Member

(801) 726-1443 Mobile
(800) 977-7835 Toll Free Phone
(866) 541-2392 Toll Free Fax

Join My Utah Real Estate Tribe on Facebook!

email kimnovak@remax.net
website www.UtahHouseandHome.com
blog www.UtahRealEstatebyKimNovak.com

Today’s Real Estate Market Agenda Click Here
Search the Wasatch Front Regional MLS for Homes Here

2011 Salt Lake Housing Forecast Breakfast

Please let me know, by January 5th, if you would like to join me! I have four extra tickets available for non-Realtor® guests. If you’re thinking about buying or selling a home, this event would provide much more relevant, decision making information than the news you get from any of the national media outlets. All real estate is local, and this is OUR local housing report.

(Salt Lake Realtors) BOARD OF DIRECTORS MESSAGE

… 2011 Salt Lake Housing Forecast Breakfast on Tuesday, Jan. 11 at 8 a.m. at the Little America Hotel in downtown Salt Lake City.

This year Lawrence Yun, chief economist for the National Association of REALTORS, will speak on recent developments in the housing market and the direction home prices are headed in the next 12 to 24 months.

In addition, a housing forecast by James Wood, director of the University of Utah’s Bureau of Economic and Business Research, will be distributed. This report will offer a glimpse of what is in store for Salt Lake County in 2011.

Seating is limited. The deadline to register is Wednesday, Jan. 5. Members are free. $25 for guests.

Is It Finally Time to Buy ( or Sell ) a Home in Northern Utah?

Although it will be quiet through the week leading in to the new year, January 3rd, the first business Monday in 2011, will bring renewed activity to our real estate market. All indicators point to a January 2011 that will bring with it stabilization of home values and the quantitative beginnings of recovery in our local housing market.

With both home prices and interest rates at historic lows, it is a perfect time to buy.

With prices and rates bringing more buyers in to the market, it is a perfect time to sell.

Good News Report – Utah’s Unemployment Rate Remains Significantly Below National Average
Utah’s Employment Summary: November 2010

Key Bank Introduces New 100% Loan Product

I’m looking forward to a luncheon at Key Bank on Thursday, December 16th, as they introduce their new 100% financing loan product. .25% rate add, no mortgage insurance, 620 FICO score with no lates in past 12 months, income cap at $51,000. No first time homebuyer restrictions.

Hope this provides some of my clients with an option for financing that they wouldn’t otherwise have.

This is a conventional program that seems to offer a borrower more flexible guidelines to meet than Utah Housing, or even the standard FHA loan. Debt ratio not to exceed 42%. There is a minimum borrower’s investment of $500, which could be in the form of the buyer’s earnest money deposit.

Follow up to be posted.

How to Buy in Today’s Buyer’s Market

Buy like you’ll have to sell tomorrow.
Avoid buying someone else’s mess.
Buy with the future in mind.

1. Buy like you’ll have to sell tomorrow … the formula is pretty straight forward.

Part One: The cost of selling a home in today’s market is approximately 10.5% of the sales price. 6% real estate commission, .75% title fees, .75% tax proration and 3% seller assistance with the buyer’s closing costs.

Part Two: The effect of the previous quarter’s appreciation or decline in market value, based on comparable homes in the neighborhood.

Example: If the market value of similar homes in the neighborhood declined 2% in the previous quarter, you would ideally want to negotiate an ultimate sales price 12.5% under the CMA (comparative market analysis) prepared by your Realtor®. On a home where the CMA = $200,000, goal would be to purchase at $175,000 plus whatever you are asking the seller to pay for YOUR closing costs.

Note that I did not refer to “list” price. The homes that are selling today are already priced below the median price of comparable homes actively listed.

2. Avoid buying someone else’s mess … the stains on the carpet are only the tip of the iceberg

I always tell my clients that what happens at the front door sets the tone for what to expect in the rest of the house. Even the “banks” have figured out that they simply cannot sell foreclosed properties as-is. That’s why the vast majority of Fannie Mae and Freddie Mac/Homesteps owned homes aren’t put back on the market until they have 1) fresh two or three tone paint 2) new floor coverings and 3) new appliances.

Homebuyer’s Tip: Budget for three times the amount that you think you will need to get a “fixer upper” to the stage that you would be proud to live in. Trust me, you will discover hidden (expensive) defects in a home that has been, on the surface, neglected. There are very, very few “fixer uppers” that need only “cosmetic” repairs.

3. Buy with the future in mind … never say never

Yes, you will move again. Or, at least, prudence would dictate that you plan for the day that you may want to or need to. Here is a checklist of features and amenities that cannot be “repaired”, but matter for resale:

~ location, location, location
~ situs = view, exposure, street type, lot size
~ schools (even if you don’t have kids)
~ master bath – double sinks, private water closet
~ bedroom level laundry
~ square footage (size matters)

JMHO

Recovery? (via East Layton Real Estate News)

Recovery? This is one of the most basic home sales graphs but it really shows a great example of supply vs demand and how it affects price (when demand goes up so does price as inventory decreases). Look specifically at the 3rd 2009, as the number sold almost met the number listed prices roared up. When the market saw an increase in prices, everyone jumped to list their homes. Inventory went up and prices went back down. We are back down to what we were tw … Read More

via East Layton Real Estate News

Layton Real Estate Sales Snapshot 2009 vs 2010

October 2010 vs 2009: total number of homes sold in Layton down 32%, but price per square foot only down 7.5% … somewhat of a silver lining in the continuing storm cloud. November’s numbers are trending downward, however.
SalesPerMonth Report Explanation
This report shows sold property data for the search criteria in each month for the selected years back.
This is a description for each column header
Month – month for data
Count – numbers of homes sold for the month
Volume – total of sales prices
Med/avg OL – Original List Price – Original price based on CDOM
Med/avg Sold Price – Sale price (not adjusted for concessions)
Ratio of Med/avg SP to Original Price – Ratio as percent
Median/Avg Sq footage – total square footage
Median/Avg Price/sq. foot – Sale price per sq. footage
Median/Avg Beds – calculated using total beds
Median/Avg Baths – calculated using total baths
Median/Avg CDOM – Cumulative Days on Market

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