Distressed Sales Decrease, While Short Sales Rise

Utah Short Sale Process Takes Active Teamwork

A short sale is the option usually preferred by anyone who faces foreclosure. It’s the path that, with the approval of the mortgage lender, promises to ultimately minimize damage to the homeowner’s credit score. 

According to Realty Trac, distressed sales of all kinds continued to decrease in the last reported quarter, yet the non-foreclosure short sale volume increased by 4%. That amounts to a significant 22% of all sales. Realty Trac’s are the most reliable national statistics, and our Utah short sale profile has likewise reflected the continuing working out of the distressed property phenomenon. 

Completing a short sale in Salt Lake City and beyond (or anywhere else, for that matter!) can be challenging. If you’ve decided that it is your best course, you can do a lot to help your agent accomplish it:

·       From the beginning of the Utah short sale process, keep your agent informed of any changes in the financial picture. That means keeping up-to-date on the changing balance remaining on the mortgage, as well as the number of missed payments. When the information is at hand, your agent can impart the sense of urgency that gets your home sold as fast as possible. 

·       The speed of sale is important, yet while a Utah short sale specialist is an expert in that arena, other important details regarding taxation and the law may influence the best overall strategy. By encouraging your real estate agent to work alongside an experienced attorney or tax specialist, you will form a team that can execute your short sale package more efficiently than if they worked independently.

·       Executing a short sale means meeting multiple demands—each with its own timing requirements. That can mean a lot of pressure: but if your agent asks you to do something or provide additional information, stand ready to do it! That speeds negotiations with buyers and lenders, increasing the chance that you will successfully close your short sale.

Short selling a home is a somewhat complicated process. I offer a no-obligation, in-home consultation to help assess your circumstances and the next steps to consider. Call me anytime!  Website: http://saltlakecity-shortsales.com/

Utah Home Buyers May Skip ‘Starter Homes’

Wider Choices Greet Utah First-Time Home Buyers

The concept of “starter homes” cropped up after the end of the Second World War, when millions of young families took advantage of low-cost new developments to gain a foothold in homeownership: the emblematic first step in fulfilling the American Dream.

Today’s first-time Utah home buyers are a lot less predictable—just as the market itself is altogether different. As we recover from the previous years’ economic declines, which temporarily suppressed the number of Salt Lake City and Beyond home buyers, the combination of low interest rates and historically affordable home prices allows many to aim for bigger and more accommodating housing— skipping the starter home altogether.

For sure, the market hasn’t completely abandoned the starter home idea—especially if you include Utah REO and foreclosure fixer-uppers as financially rewarding targets for handy young householders. The FHA 203(k) loan, which includes a built-in “limited repair” budget, can enable that route. But new home buyers also find other prospects can be newly within reach— among them, larger older homes and newer Salt Lake City and Beyond condominium and townhome choices. 

If the combination of bargain prices and low mortgage rates isn’t enough to call prospects to action, the clear trend toward rising prices may do the trick. As inventories of the best bargains begin to shrink and mortgage rate rises look more and more inevitable, Utah home buyers could well imagine a ‘tick-tock’ sound growing louder. For area sellers waiting to make a move upward on the housing ladder, the same conditions could well make this spring’s real estate market the one they’ve been waiting for. 

It all means that prospective home buyers in Salt Lake City and Beyond stand to be rewarded by keeping an open mind about the variety of properties they may now find within reach. By seeking the help of an experienced agent, the widest choice of possibilities will be open for consideration.   

If you are looking for  Salt Lake City and Beyond's most up-to-date market advice, I’m here to make sure you have access to the tools you need to make the right decision—the first time around, and every time after!

Weekly Events in Salt Lake City and Beyond...

Weekly Event Update

March 19, 2013

EVENT SPOTLIGHT:

An Evening With Bill Cosby March 22, 2013 Tuacahn Amphitheatre and Center for the Arts - Ivins   One of America's most prolific comedians of all time, Bill Cosby has dazzled generations of fans with his comedy routines, also captured on his iconic albums and best-selling books such as  Fatherhood  and the groundbreaking The Cosby Show. His comedy transcends age, gender, and cultural barriers. < More Info

FEATURED EVENTS:

Douglas Humpherys March 23, 2013 Rose Wagner Performing Arts Center - Salt Lake City     Douglas Humpherys was the Gold Medal winner of the first Gina Bachauer International Piano Competition in 1976. A Steinway Artist, his concert career has spanned more than three decades across four continents. His academic career is no less impressive with advanced degrees from Juilliard School (MM) and the Eastman School of Music (DMA), where he is currently Professor and Chair of the Piano Department. While continuing his position at Eastman, he will perform the role of Artistic Director for the Gina Bachauer International Piano Foundation, facilitated by electronic communication and his frequent presence in Salt Lake City. < More Info

Darude March 23, 2013 Park City Live - Park City Are you ready to party? Then check out Finnish DJ/producer Darude at Park City Live! < More Info

C.S. Lewis' The Screwtape Letters March 23, 2013 Kingsbury Hall - University of Utah C.S. Lewis' brilliant novel  The Screwtape Letters , reveals spiritual warfare from a demon's point of view. A sold-out hit in New York, Chicago, Los Angeles and Washington, D.C., this funny, provocative, and wickedly witty theatrical adaptation will change the way you think about how demons influence your everyday life. < More Info

Part 2: What First Time Local Homebuyers Aren’t Told

Final Four Things No One Tells Utah First Time Homebuyer

Of all the things first time homebuyers in Salt Lake City and beyond are told, some that turn out to be pretty important are too often overlooked. Here are four items first time homebuyers will find useful to know: 

4.         Remodeling costs more than you think

You’ve found a fixer: your energy is to be applauded. But before you write that offer, if you are one of our Utah first-time homebuyers, be certain to have penciled out the bottom line cost of bringing the home up to the standard you require to be move-in ready. You may well be able to live with some items that you will fix over time, but in all areas, budget 20% more than your estimate. 

 

5.         What matters is what the bank’s appraiser thinks the house is worth

Getting a loan approved isn’t as simple as having great credit and a down payment. Your offer also has to pass the bank’s approval process before they will okay the loan. 

6. Getting inspected doesn’t mean there won’t be problems

Should you skip the inspection process? Absolutely not. You need to know if the home is structurally sound. But owning a home involves continuing expenses -- and problems can pop up even on Day One of ownership. Make sure you have funds set aside.

7. Buying your first house can be stressful…really stressful!

One of the absolute best pieces of advice I can give is to relax — expect the unexpected! Buying your first house is scary only if you allow it to be. Since it is all but certain that there will be ups and downs, allow the possibility that may not get any particular house. Veteran homebuyers come to understand the cost of overly emotional involvement — when you do, too, you will be better able to roll with the punches…and to make financially sound decisions.

If you missed the first three items in my list, check back to Part 1 – or just call me! I’ll fill you in on everything Utah first time homebuyers need to know.