Utah Real Estate Survival Guide

Helping You Navigate Our Local Real Estate Market

Archive for the category “Who’s Buying”

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.


… 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

CNBC’s How’s Housing? Report

The news contained in this report is simply that 2011 will continue to be a strong buyer’s market. Sellers who have been holding off listing their homes for sale, anticipating real estate values to recover, are going to have to wait at least 12 – 18 more months to see any improvement. It is NOT going to happen this spring.

This is not necessarily bad news. If a seller is also looking to buy a home, then they should be able to take advantage of home prices comparable to those in 1997. Interest rates are still at or below 5%. Two historic conditions that may not present themselves again.

This is the time for savvy home owners, current or new, to take advantage of unprecedented opportunity in the housing market.

Click here to watch the How’s Housing? Video
Posted to: Mortgage and Real Estate Video News
Wednesday, December 22, 2010 10:08 AM
Discussing the state of the housing market and the impact rising interest rates are having on the housing inventory, with CNBC’s Diana Olick.

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)


Post Navigation

%d bloggers like this: