Some great ideas for neighbor gifts.

This one is always a tricky one for me - I'm not super crafty or all that clever, so I definitely needed something easy & fun. Loved the thoughts on www.howdoesshe.com 

http://www.howdoesshe.com/over-36-neighbor-gift-ideas-and-counting/

Featured home of the month - South Ogden, UT

Beautiful one owner rambler nestled in quiet cul-de-sac in PUD. No yard work or snow removal-just enjoy your family and play with the kids! 5 bdrm, 2.5 bath, great rm with fireplace and built-ins, spacious kitchen w/bar, fridge included, semi formal dining, large master bath with separate jetted tub/shower, formal living room, central vac, downstairs bath plumbed and ready for tub, walkout basement w/room to grow, deck & 2 car garage. Move in condition. Main floor living.

 http://www.tourfactory.com/913506

Congratulations to Denise & Joe - again - this time in Weber County, UT

Congrats to Denise & Joe & gang on the purchase of their new home. It really has been a fun time working with them to find their new home. And it is always fun to see them having a great time! Thanks for letting us be a part of this adventure!

Flip away - sort of...

FHA says flip away -- within limits

Temporary waiver of 90-day 'anti-flipping' rule extended through 2014

BY KEN HARNEY, MONDAY, DECEMBER 3, 2012.

Inman News®

http://www.shutterstock.com/pic.mhtml?id=50051356" target="_blank">Foreclosure sale</a> image via Shutterstock." width="225" style="margin: 0px; padding: 0px; font-style: inherit; font-family: inherit; vertical-align: baseline;" />Foreclosure sale image via Shutterstock.

Good news for single-family home investors, rehabbers and buyers seeking to use low down payment FHA financing: The temporary waiver of FHA's 90-day "anti-flipping" rule was extended last week through 2014.

The waiver, which facilitates purchases of homes from sellers who have held title to their properties for less than 90 days, continues a policy first adopted by the Obama administration in 2010.

Starting in 2003, FHA had imposed the 90-day standard as part of an effort to rein in rampant quick-flips of houses where investors made minimal or no improvements to rundown, foreclosed or abandoned houses, then sold them days or weeks later at high price markups with the help of inflated appraisals to purchasers using FHA loans.

Those flips frequently involved collusion and fraud by teams of mortgage loanofficers, realty agents and appraisers -- even straw buyers who defaulted and disappeared without making a single payment -- and racked up significant losses to FHA's insurance fund. Neighborhoods suffered because the properties remained empty and in bad physical condition, depressing values of houses in the immediate vicinity.

Since 2011, FHA has made annual extensions of its waiver. This year, an FHA official told me Friday, the agency opted for a two-year term in order "to provide greater levels of certainty" for lenders and buyers, removing questions about whether, and for how long, the waiver would be continued. Since the first waiver in 2010, according to the official, FHA has successfully insured $11 billion worth of mortgages on 65,250 homes where the seller had held title for less than 90 days.

In a Federal Register notice Nov. 29 announcing the extension, Acting FHA Commissioner Carol J. Galante said the objective is to increase "the availability of affordable homes for first-time and other purchasers, helping stabilize real estate prices as well as neighborhoods and communities where foreclosureactivity has been high."

Among the key requirements that will continue during the latest waiver:

• All transactions must be arm's-length, with no identity of interest between the buyer and seller or other participants. Lenders are required to ensure that the seller actually holds title to the property. (In earlier flipping schemes, buy-sell transactions sometimes moved so fast that the seller never acquired legal title.) There should be no "pattern" of previous flips of the property during the 12 months preceding the transaction.
• In cases where the sales price of the resold property is more than 20 percent more than what the seller paid for it, there must be documentation showing the renovations and repairs that justify the markedly higher resale price. A second appraisal may be used to substantiate the increase in value, but the second appraiser must be selected from FHA's roster. When no significant renovations occur and the price is 20 percent higher than acquisition, the appraiser must provide "appropriate explanation" for the sudden increase.
• Inspections are required of all the key components of the building structure and systems when price jumps exceed 20 percent. The inspection report must be provided to the purchaser before closing. If the inspection reveals structural or "health and safety" defects, repairs must be completed before the closing and a final inspection performed to ensure that the repairs have been made.

Real estate professionals and others involved in single-family investment activities welcomed the latest extension and its two-year time span. Kevin Kim, an agent with Windermere Preferred Living in Brea, Calif., said "this definitely benefits my investors, but it's also good for communities" where high rates of foreclosure have left properties sitting around in deteriorating conditions.

Kim said most of his investor clients do not exceed the 20 percent price-increase threshold -- "typically it's more like 10 to 12 percent" -- but they virtually all try to acquire, renovate and resell in less than 90 days.

Cathy Bureau, broker-owner of Green Home Realty in San Antonio, Texas, who specializes in the central areas of the city, says FHA's two-year extension assures investors that there will be takeout financing for buyers, thereby cutting costs on the "hard money" line of credit financing they use to acquire their houses. At interest rates of 14 to 16 percent, "every day costs money," she said, so for investors the ability to sell quickly after completing repairs is crucial.

Christmas party was great fun!!

Thanks to all those who came to our Christmas party - we had a blast! If you missed it, be sure to mark your calendars for next year - it's always a good time.

Christmas party is going be awesome!! Come one - come all!

The last break before Santa arrives! We've gotta take a rest & then hit the ground running for the Annual Holiday Party tonight!

We can hear sleigh bells in the distance - Santa is coming. Bring the fam. There will be great food, Santa pix, fun for all.

Golden Spike Realty office

75 N Fort Lane, Layton

 

Christmas is coming! And so is Santa...

Now that Thanksgiving is over, the turkey has been eaten, the naps have been taken, the football has been watched...It's time for Santa!!

So come on down to see us for our annual holiday party!

November 29, 2012

5-8pm

75 N Fort Lane, Layton

There will be Santa pictures for all, treats for the kids,

great food & lots of fun!

Come on by & see us.

 

Happy Thanksgiving

Happy Thanksgiving from our home to yours!

Let the eating begin :)

Congratulations to Denise & Joe!!

Congratulations to Denise & Joe & family on selling their Layton home! It is on to a new adventure for them. We have loved helping them in this journey & can't wait to see the new home once they are all settled in!! Thanks so much for letting us be a part of it!

You better watch out...Santa Claus is coming to town!!

We are getting excited for our annual Holiday party! Save the date, mark the 

calendar, put up a post it note or two...it's going to be a great party!!

November 29, 2012

5-8pm

75 N Fort Lane, Layton

There will be Santa pictures for all, treats for the kids, great food, & lots of fun!

See you then!

 

Save the Date!!

We are getting excited for our annual Holiday party! Save the date, mark the calendar, put up a post it note or two...it's going to be a great party!!

November 29, 2012

There will be Santa pictures for all, treats for the kids, great food, & lots of fun!

See you then!

Congrats to Carissa!!

Congratulations to Carissa - she is a first time home owner. It was so great helping her find this beautiful new home!

 

DON'T YOU LOVE HOUSING???

How Housing May Help Give the Economy a Lift

DAILY REAL ESTATE NEWS | TUESDAY, NOVEMBER 06, 2012

Lately, the housing market may be the one thing going right for the economy, Reuters reports. Several signs have pointed to a housing market in full recovery mode.

“Higher sales, prices, and building, albeit modest so far, are a welcome boost as other drivers of the economy falter,” Reuters reports.  

Unlike the “boom” years, housing has accounted for a small fraction of the gross domestic product -- in 2005 it accounted for 6 percent, compared to 2.5 percent in the third quarter of this year. The housing sector "would have to be on steroids to significantly boost GDP growth," Paul Dales, an economist with Capital Economics, wrote in a recent research note.

Still, several economists are hopeful residential investment could add two- to three-tenths of a percentage point to the GDP next year. 

An increase in housing-related jobs also may help give the economy a lift. Housing-related jobs have increased an average of 11,000 a month this year. In 2011, housing-related jobs posted an average monthly decline of 1,000. By early 2013, housing-related jobs are expected to increase to 30,000 a month as new-home construction rises, says Jim O’Sullivan, chief of U.S. economist at High Frequency Economics. 

That could make housing a significant contributor to chipping away at the unemployment rate. Analysts have estimated that the economy needs 150,000 jobs created a month to keep the unemployment rate steady.

Housing may also help lift consumer spending, another important factor that needs to increase to give the economy a jolt. Real estate wealth can help, economists say. As more home owners refinance into record low mortgage rates, more households may in turn then have more to spend. 

Source: “Housing Market Rebound Fails to Recharge Economy,” Reuters (Nov. 5, 2012)

Everybody get out and vote today!!!

For those of us who either just really like to vote on Election Day or procrastinated ;) 

If you need to know where to go vote - check it out here: http://vote.utah.gov/elections/location/

 

Everybody get out and vote!!!

Find out where your polling location is at http://vote.utah.gov/elections/location/

GORGEOUS HOME IN GOLF COURSE COMMUINITY!!

 for more info:  www.tigerladies.com

CRAZY VALUE on this South Ogden Rambler!!

Price dropped to $229,900!!

Costume Contest Winner

We were so glad to celebrate a little bit of Halloween with you. And we have chosen a winner...although this was a hard one - so many cute costumes. But we just can't help ourselves - look how adorable this witch is!! 

Congratulations to cute Hallie!

HALLOWEEN COSTUME CONTEST--Come visit us today!!

Costume Contest!!! Layton, Utah

My cute neighbor is all ready to show off his costume!! Come join him for fun & treats.

Don't forget to mark your calendars...

Bring your kids by our office (75 N Fort Lane, Layton) on Halloween between 11am-4pm.

We will have treats for the kids & take their pictures to enter the contest.

There will be plenty of time for costume fun before the trick or treating will begin!

Halloween Home Maintenance: Spooky Sounds and Strange Smells

Halloween Home Maintenance: Spooky Sounds and Strange Smells

By: John Riha

Published: October 27, 2011

Are you haunted by strange noises and weird odors? With the proper maintenance, you’ve got more than a ghost of a chance to rest easy.

 

Zombie odor

It’s either time to throw out the garbage, or you’d better call your gas utility to check on your gas lines and connections.

Natural gas is odorless, but natural gas suppliers add a foul-smelling odorant -- butyl mercaptan — to alert occupants to any leaks. The smell is like rotten eggs.

Leaks can occur at your gas-fired water heater, fireplace, clothes dryer, and any gas line. Leaking natural gas is potentially dangerous — leave the house and call your natural gas provider to assess the situation. Most utility companies perform safety checks for free.

Footsteps in the attic

Amplified by an unfinished attic space, a raccoon or even a good-size squirrel on your roof might sound like an ax murderer is doing the polka overhead.

These rooftop transits are normal for critters — roofs offer a nice long unobstructed highway.

Make sure your soffit, rafter, and gable roof vents are covered with screens and in good shape, or your rooftop buddies might find their way into your attic for real. Trim back branches that provide critters easy access to your roof. 

Something’s burning

You can smell the odor of burnt wood, but the smoke detectors aren’t going off and there’s no smoke in the house. The culprit could be your fireplace — even if you haven’t had a fire for days.

The probable cause is a drafty chimney and negative air pressure in your home, meaning that outside air is infiltrating down your chimney, bringing stale burnt smells with it.

Stop drafts by making sure your damper has a good seal. Regulate air pressure by adding more cold air return ducts to your HVAC system. You’ll get rid of the odor and save on your energy bill, too.

Moaning and clattering

These classic spooky sounds often show up when the wind blows and there’s a storm brewing.

Vents for clothes dryers, bathrooms, and water heaters exit out the roof or the side of the house. To prevent backdrafts, these vents have dampers — flaps designed to let vented air out and prevent outside air from coming in. These flaps sometimes move and rattle in high winds.

Because dampers often are located in attics or in between floor joists, the sound can be difficult to pinpoint. You may need a new damper ($85).

Appraisals - some things to keep in mind.

www.tigerladies.com

What You Must Know About Home Appraisals

By: G. M. Filisko

Published: March 12, 2010

Understanding how appraisals work will help you achieve a quick and profitable refinance or sale

1. An appraisal isn’t an exact science

When appraisers evaluate a home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home.

2. Appraisals have different purposes

If the appraisal is being used by a lender giving a loan on the home, the appraised value will be the lower of market value (what it would sell for on the open market today) and the price you paid for the house if you recently bought it.

An appraisal being used to figure out how much to insure your home for or to determine your property taxes may rely on other factors and arrive at different values. For example, though an appraisal for a home loan evaluates today’s market value, an appraisal for insurance purposes calculates what it would cost to rebuild your home at today’s building material and labor rates, which can result in two different numbers.

Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home will sell for in a specific time period. The price your home will sell for in 30 days may be different than the price your home will sell for in 120 days. Because real estate agents don’t follow the rules appraisers do, there can be variations between CMAs and appraisals on the same home.

3. An appraisal is a snapshot

Home prices shift, and appraised values will shift with those market changes. Your home may be appraised at $150,000 today, but in two months when you refinance or list it for sale, the appraised value could be lower or higher depending on how your market has performed.

4. Appraisals don’t factor in your personal issues

You may have a reason you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors.

5. You can ask for a second opinion

If your home appraisal comes back at a value you believe is too low, you can request that a second appraisal be performed by a different appraiser. You, or potential buyers, if they’ve requested the appraisal, will have to pay for the second appraisal. But it may be worth it to keep the sale from collapsing from a faulty appraisal. On the other hand, the appraisal may be accurate, and it may be a sign that you need to adjust your pricing or the size of the loan you’re refinancing.

G.M. Filisko is an attorney and award-winning writer who’s had more than 10 appraisals performed on her properties in the past 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

HEATED POOL, GORGEOUS FALL, COOL EVENINGS....

add this gorgeous 6 bdrm, 3.5 bath home and life doesn't get much better.  www.tigerladies.com for more info!!

We're having a costume contest!!!

See the full gallery on Posterous

Don't forget to mark your calendars...

Bring your kids by our office (75 N Fort Lane, Layton) on Halloween between 11am-4pm.

We will have treats for the kids & take their pictures to enter the contest.

There will be plenty of time for costume fun before the trick or treating will begin!

Investment Opportunites

Have you ever toyed with the idea of purchasing rental properties? It can be a fantastic way to add to your retirement income or to develop tax savings and increase the value of your estate. With interest rates at historic lows and a very tight rental market NOW is the time to act! Lenders are even loosening credit requirements to investors.

In our local market most municipalities have implemented a "Good Landlord Program". 

What is the Good Landlord Program?

It is a program run through Utah Apartment Association for cities that have enacted special ordinances to manage rental properties within their jurisdictions.

Landlords agree to take special classes to assist them in managing their properties, and in exchange for completing these classes, cities discount fees associated with owning rental properites. 

Landlords agree to run background checks and refuse to rent to applicants with certain criminal backgrounds. Landlords also agree to evict problem tenants immediately and keep their properties "clean & green" adn in compliance with city codes.

Each city that has implemented this program determines the requirements and associated fees. 

Sounds a lot more complex than it actually is!! There is also the option of hiring a property manager to oversee your rentals. Their fees are actually quite reasonable. For more info on these programs or to discuss your options, give us a call.

Take a look at this home that could be a great investment:

http://www.tourfactory.com/902545

Featured Business of the Month - American West Heritage Center, Wellsville, UT

American West Heritage Center's Fall Festival 

Looking for a new idea for a fun Halloween activity for the kids? Check out the American West Heritage Center's Fall Festival. 

Activities include:

• 7 acre corn maze
• Giant hay jump
• Spiderweb rope climb
• Kid's maze
• Gourd launcher
• Giant Slide
• Black out maze
• BB gun range
• Pony & train rides on certain days.

Also, don't forget to check out the Haunted Hollow on Friday & Saturday nights.

There are some discounts available too. Check out their website for more information at www.awhc.org or find them on facebook at https://www.facebook.com/AmericanWestHeritageCenter

Halloween costume contest - Mark your calendars!

We're having a costume contest!!!

Just time to mark your calendars...

Bring your kids by our office (75 N Fort Lane, Layton) on Halloween between 11am-4pm.

We will have treats for the kids & take their pictures to enter the contest.

There will be plenty of time for costume fun before the trick or treating will begin!

 

Congratulations to Reynold & Sharon!!

Congratulations to Reynold & Sharon on selling their home! They have bought a new home and are ready to make lots of new memories! We have loved helping you on this journey! You are amazing clients & we are lucky to work with you!

Featured home of the month - North Ogden, UT

PRICE REDUCED!! Great end unit townhome! Well cared for with arge bedrooms, walk-in closet, laundry room & half bath on main floor. Spacious kitchen with bar & semi-formal dining, ceiling fans throughout, tile entry, wood blinds, new 50 gallon water heater, all appliances including washer/dryer & fridge. Nestled in North Ogden community close to pool, shopping and amenities. 

 

LSU CUPCAKES -- Geaux Tigers!!

College Football Cupcakes

Start with a batch of Vanilla Cupcake with Cream Cheese Frosting 

LSU: The Mean Mocha Latte

 

Inspiration: The state's famed French Quarter

Beat 1 Tbsp. instant espresso powder into frosting with butter. Garnish with chocolate-covered coffee beans and cocoa
.

Congratulations John & Lynn!!

Congratulations to John & Lynn on the sale of their home. Now they are off to a new adventure in sunny California!! The Tiger Ladies loved helping you!! 

HOUSING PULLING RECOVERY!!

NEW YORK (CNNMoney) -- The U.S. housing industry -- crucial to any jobs recovery -- showed more signs of strength, according to two reports issued Wednesday.

The Census Bureau said housing starts and permits rose substantially in August. Separately, sales of previously occupied homes climbed 7.8% from a year ago, according to the National Association of Realtors.

Builders started on new homes at an annual rate of 750,000, up 29.1% compared with a year earlier. They applied to build another 803,000 new homes on an annual basis, a 24.5% jump compared with August 2011.

Home builders have become increasingly bullish -- a confidence index from the National Association of Home Builders reached its highest level since June 2006.

Even after recent gains, housing starts lag well behind the peak set in May 2005, when the pace of building hit more than 2 million homes.

 

If sales continue to gain steam, that could help the nation break out of its economic doldrums. Home building provides many good-paying jobs, about three hires for every home built in a year, according to the National Association of Home Builders.

A rebound would create other jobs too: factory jobs at carpet and furniture makers, for example. Truckers get work transporting all those goods.

 

Most housing markets around the nation have reached a good balance between sellers and buyers, according to the Realtors' chief economist, Lawrence Yun. There's a 6.1 month supply of homes on the market at the current pace of sales. That's down from 6.4 months in July and 8.2 months a year earlier. The lower supply provides some support for prices.

 

The housing market has shown several signs of life over the last few months with sales of existing homes, new home sales and home prices all turning positive.

 

Historically low mortgage rates have helped propel the market forward. This week, rates appear to be headed for new lows, following last week's announcement from the Federal Reserve that it would begin to purchase tens of billions in mortgage securities each month.

The Fed's move "provided the financial support to the mortgage market and signaled an intention to keep rates low for the foreseeable future," said John Tashjian, who runs a real estate investment fund, Centurian Real Estate Partners.

According to Tashjian, the real benefit of the Fed's action could be to increase lending volume. The banks, knowing that any well underwritten mortgage will find a ready market, should be more willing to approve mortgages.

 

Prices are on the upswing as well. They have benefited from a change in the mix of homes sold with distressed properties -- repossessed homes and short sales -- accounting for only 22% of total sales, down from 31% last August.

The median home price grew 9.5% year-over-year to $187,400. That marked the sixth consecutive month of price increases, the first time that has happened since May 2006, near the very peak of the housing price boom. 

 

GEAUX TIGERS!!!!!

DON'T MISS THIS ONE!!

Great end unit townhome! Well cared for w/large bedrooms, walk-in closet, laundry room & half bath on main floor. Spacious kitchen w/bar & semi-formal dining, ceiling fans throughout, tile entry, wood blinds, new 50gal water heater, all appl. including washer/dryer & fridge. Nestled in North Ogden community close to pool, shopping and amenities.

 

 

LABOR DAY SALE

OPEN HOUSE Sat., 9/1 & Mon., 9/3, 10 am - 1:00 pm, Sun. by appt.

"Champagne taste on a beer budget?"  This is the one!!  Gorgeous 6 bdrm, 3 bath home lovingly updated!!  Newer flooring, paint, furnace, A/C, water heater, kitchen w/granite counters & new appliances, fam rm w/surround, HUGE 2 car garage, large deck & more!!  A MUST SEE!!! 

STEAL THIS ONE!!

See the full gallery on Posterous

Beautifully cared for, large family home. 6 bdrms, 3 baths, family/living rm w/f/p, family rm wired for surround sound w/dimmer lites, ceilings fans throughout, new windows, 2010 furnace, A/C, & water heater, kitchen w/ granite counters & updated appliances, some newer carpet, lots of extra storage, new garage door & opener, large deck w/ sensor lites, fully fenced yard. Garage is extra wide, RV parking. Exterior is brick & steel siding. This one is a must see!!  $159,900!!!!

Congratulations David & Karen!!

Congrats to David & Karen who are now the new owners of this beautiful patio home in Syracuse! The are a super cute couple who are on a new adventure.

And we sold this baby in 18 days!! 

BUY NOW!!!

4 Strong Reasons to Buy a Home Now

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 13, 2012

“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which has helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.

Source: “If You Can Pull it Off, a House is a Smart Investment,” USA Today (Aug. 9, 2012) 

THIS ONE IS A WOW!!

AMAZING VALUE!!

OGDEN EAST BENCH

A WHOLE LOT OF HOME FOR THE MONEY!!!!!

PRICE DROPPED!!

IS IT YOUR TURN?

8 Signs Housing Is on the Mend

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 06, 2012

Some Americans are still jittery over the housing market, but here are eight positive signs that should quell some of their fears. 

1. Housing prices are on the rise across the country.
2. Foreclosures have slowed. Analysts suggest that as the supply of distressed homes slows, buyers will be forced into higher-price properties too.
3. Inventories of for-sale homes on the market are decreasing. In fact, inventories of for-sale homes have dropped 24 percent from a year ago.
4. Mortgage rates are at ultra record level lows, for those who can qualify
5. Housing starts rose 6.9 percent in June. Also, existing-home sales were up 4.5 percent higher in June compared to one year ago. 
6. Home building stocks are on the rise.
7. For investors who are buying homes, rents are soaring, allowing them to cash in on their investments. Rental prices are at a 10-year high as medium units rent for $710 a month.
8. Home affordability is at record highs for the median income family, due to falling home values and super low mortgage rates. In fact, a recent study found that it is cheaper to buy a home than rent in basically ever major city in the U.S. For those who buy, you can save the cost of renting by owning the home for five years or less.

But while the signs point to a housing market on the mend, some Americans still remain hesitant. Many Americans are still underwater on their mortgage, owing more on their home than it is currently worth. Also, the economy continues to weigh on the recovery, particularly a dampening employment outlook, which analysts see as tied to housing. 

Still, The Wall Street Journal concludes in a recent article that if you take into account all the positive signs lately in the housing market, “housing presents an attractive long-term investment that should hold steady or even have upside surprise in the short term.”

Source: “Finally, It Is Time to Buy a House,” The Wall Street Journal (Aug. 1, 2012)

HOME PRICES ON THE RISE!!

Median home price in Salt Lake rises for first time in 5 years

Real estate » Seller’s market emerges amid low inventories.

By Tom Harvey

| The Salt Lake Tribune

First Published Jul 26 2012 10:36 am • Updated 3 hours ago

The Salt Lake-area single-family home market has suddenly shifted sellers’ way. But at the same time buyers are finding mortgage interest rates at record lows — meaning that selling prices are rising for the first time since the 2007 collapse of the housing bubble.

The single-family median price was $214,900 in the second quarter, up nearly 6 percent from the same period in 2011, the Salt Lake Board of Realtors said Thursday in releasing its quarterly statistics.

The last time prices increased in Salt Lake County was in the second quarter of 2007, when the median reached a peak of $256,000.

Donna Pozzuoli, president of the Realtors group, said inventories of foreclosures have fallen, short sales (in which a lender agrees to accept a price worth less than the outstanding loan) are proceeding more quickly and interest rates are very low.

That means "we’re getting multiple offers because we’ve got sellers ready to listen for a change and buyers who are feeling confident enough to proceed with the low interest rates," she said. "I think that’s what’s really driving it."

Realtors said they are having to educate potential buyers about the change in the market from one in which they had a greater choice of houses and could make offers below the seller’s asking price.

On Thursday, mortgage buyer Freddie Mac said the average rate for 30-year fixed mortgages was down to 3.5 percent, the lowest over the past 60 years. The average on the 15-year fixed mortgage also was at a record low, 2.8 percent.

Kimberlee Casaday, the president of residential lending for Zions Bank, said the bank has seen an increase of about 30 percent in loan applications this year over last. A variety of loan products, low interest rates and affordable prices that are back to levels of several year ago are driving up consumer confidence, she said.

In Davis County, the median sales prices rose 3.42 percent from the second quarter of 2011 to the same period this year, to $196,500. In Utah County, the increase was less sharp, from $191,900 in 2011 to $195,000, or a 1.62 percent increase.

 

Featured Home of the Month - Syracuse, UT

This stunning home will impress you from beginning to end! The open entry leads into a spacious great room w/built in entertainment center along one wall & a gorgeous fireplace & beautiful hardwood floor. Outstanding kitchen w/9 ft island, built in double ovens & microwave, corner pantry, ample cabinets, granite counters with open comfortable semi formal dining large enough for the whole family! Laundry mud/room, generous master suite w/built-in fireplace, walk-in closet, large master bath w/sep. tub/shower & dual sinks. Completely finished basement with enormous family room, craft room, full bath, & walkout. Total of 5 bedrooms, 3 full baths. 3 car extra height garage, & last, but not least, an amazing covered deck that has an automatic opener to allow lots of sunlight or shade-whichever you prefer. Located in a beautiful neighborhood walking distance to newer school!

 

 

COULD BE EASIER THAN YOU THINK TO PURCHASE A HOME!

Window of Opportunity? Some Banks Ease Up

DAILY REAL ESTATE NEWS | FRIDAY, JUNE 29, 2012

The housing industry has blamed banks’ tight mortgage standards as preventing many potential buyers from being able to purchase a home. But a new survey by the Office of the Comptroller of the Currency shows that more banks are finally easing up on their standards, which may open the doors for more buyers to qualify for a mortgage.

About a quarter of the banks reported tighter underwriting standards for home loans, which is down from 40 percent last year, according to the survey of 87 of the largest banks. Ten percent of the banks surveyed say they’ve eased their standards on mortgages, compared to only 8 percent who said that last year. 

"This year's survey showed the continued normal progression toward stable or easing underwriting standards as the economic environment stabilizes," says John Lyons, chief national bank examiner at the OCC. "Examiners will be focusing on underwriting standards as banks ease standards to improve margins and compete for limited good loans."

Source: “Fewer Banks Tighten Mortgage Underwriting Standards,” HousingWire (June 28, 2012)

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ANOTHER GREAT LISTING BY THE TIGERLADIES W/GOLDEN SPIKE REALTY!!

This one is a beauty!!  Check it out!

 

 

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