Soon you will be able to utilize the $8,000 tax credit toward your down payment. The program, which has already been approved, will take a little time to be implemented.
Rumor has it this will take place through secondary loans, which will be "secured" by the tax incentive you will assumably receive next year. One of the challenges with the program is self-employed people. Since they often owe taxes, the loans are not as secure.
The catch is you've you got to be a first time home buyer, but there's more. A first time home buyer is defined as anyone who has not owned in a home in the last three years. Clearly, there are many people out there who qualify for this new program who aren't aware.
Remember, if you live in Utah and you're buying a NEW home, the tax credit can be combined with the $6,000 new home buyer grant. But hurry, they are almost gone!
As more details become available, I'll be sure to blog about it. Happy home shopping! And if you're shopping in the greater Salt Lake City, give me a call! 801-541-8806
You can search all Salt Lake City real estate for sale online at www.saltyhomes.com.
6/1/09
355 New Home Grants Left in Utah
As of Monday, June 1st, the Utah Housing website is showing a mere 335 out of approximately 1700 grants for new home purchases.
So, is there still time left to get in on the action? Yes, but you better be snappy and able to close VERY quickly. The $6,000 grants are given on a first come, first served basis. It doesn't matter when you signed the contract on your house, either. They go by closing dates.
If there's a new house that already has a certificate of occupancy, you still may have a chance. And be mindful of who does your loan. Most banks are too slow for this type of quick maneuvering. Consider a local mortgage broker or mortgage banker.
Don't forget, first time home buyers (anyone who hasn't owned a home in the last three years) may also qualify for the $8,000 first time home buyer tax credit. Soon, you'll be able to use that money toward your down payment, too. =)
To search every available home in the Greater Salt Lake real estate market, visit www.saltyhomes.com!
So, is there still time left to get in on the action? Yes, but you better be snappy and able to close VERY quickly. The $6,000 grants are given on a first come, first served basis. It doesn't matter when you signed the contract on your house, either. They go by closing dates.
If there's a new house that already has a certificate of occupancy, you still may have a chance. And be mindful of who does your loan. Most banks are too slow for this type of quick maneuvering. Consider a local mortgage broker or mortgage banker.
Don't forget, first time home buyers (anyone who hasn't owned a home in the last three years) may also qualify for the $8,000 first time home buyer tax credit. Soon, you'll be able to use that money toward your down payment, too. =)
To search every available home in the Greater Salt Lake real estate market, visit www.saltyhomes.com!
5/28/09
Utah home prices down, Salt Lake real estate hanging in there
The House Price Index, released yesterday by http://www.fhfa.gov, shows Utah real estate performing dismally compared to a year ago.
There's some question as to the accuracy of this report. The agency gathers loan amounts, not sale prices, on homes to determine data. We all know that some people buy homes with no money down, and some people pay cash.
So the question is, "How do we get the real numbers?"
Based on actual sold prices from the Wasatch Front Regional Multiple Listing Service, prices are on the rise again. Salt Lake, Utah, and Davis Counties all saw an average home prices increase from the end of last year to the beginning of 2009.
I was featured in the Salt Lake Tribune by Lesley Mitchell this morning. Take a look at the article, and let me know what you think!
http://www.sltrib.com/business/ci_12459668
Best,
Tony =)
There's some question as to the accuracy of this report. The agency gathers loan amounts, not sale prices, on homes to determine data. We all know that some people buy homes with no money down, and some people pay cash.
So the question is, "How do we get the real numbers?"
Based on actual sold prices from the Wasatch Front Regional Multiple Listing Service, prices are on the rise again. Salt Lake, Utah, and Davis Counties all saw an average home prices increase from the end of last year to the beginning of 2009.
I was featured in the Salt Lake Tribune by Lesley Mitchell this morning. Take a look at the article, and let me know what you think!
http://www.sltrib.com/business/ci_12459668
Best,
Tony =)
5/18/09
New and exciting things for the Salty Lake City, Utah real estate site that is saltyhomes.com
Adding more new features to Salty Lake City's favorite real estate search site, http://saltyhomes.com!
Less filling and tastes great!
Less filling and tastes great!
New and exciting things for the Salty Lake City, Utah real estate site that is saltyhomes.com
Adding more new features to Salty Lake City's favorite real estate search site, http://saltyhomes.com!
Less filling and tastes great!
Less filling and tastes great!
5/13/09
Utah Business Mag prints my predictions for the Salt Lake home sales market
Utah Business Magazine printed up my thoughts on the Salt Lake City, Utah Homes sales market in their UB Daily newsletter this morning. Read all about it:
http://www.utahbusiness.com/issues/articles/8274/2009/05/march_home_listings_reflect_recession
http://www.utahbusiness.com/issues/articles/8274/2009/05/march_home_listings_reflect_recession
5/5/09
Salt Lake Real Estate Numbers That Rock n' Roll!
I called it a while ago...here are the new numbers!
There were 1104 contracts on single family homes/SLCounty in april of 2009 (meaning this last month). Same time last year, 656.
That's an increase of 168%!
Salt Lake County's rocking strong for home sales right now.
There were 1104 contracts on single family homes/SLCounty in april of 2009 (meaning this last month). Same time last year, 656.
That's an increase of 168%!
Salt Lake County's rocking strong for home sales right now.
4/30/09
How to find a contractor you'll love
CNN Money has some great tips on how to nab a good home improvement professional. Here's how to look for these signs of excellence (or trouble).
Good signs:
He has a good rep in the industry. You already ask friends and neighbors to recommend good contractors, but a more reliable source of referrals is other people in the trades: a plumber you love who raves about a general contractor, for example, or a great tile shop that suggests a tile setter.
They've done business with him, they know how well he plies his craft, and if they're willing to put their professional reputations on the line by vouching for him, they must like what they see.
His business card includes a local address. A tradesman who provides a physical address that's in your community is far less likely to disappear on you than someone whose true locale is hidden behind a post office box.
His list of references is a mile long. Even terrible contractors have had a few happy clients along the way - or have family members who can play the part when you call. The longer the list of references, the less likely it's rigged.
Bad signs:
He wants to skip the permit - or have you apply for it. Any major improvement project legally requires a building permit, which means that inspectors will check the work. If a contractor wants to go without a permit, it means he'd rather not have anyone looking over his shoulder (other than you, but let's face it, you don't know what to look for).
If he wants you to apply for the permit yourself, it could be because he doesn't have the necessary state licensing - and it means you'd be the middleman between the inspector and contractor instead of letting them work things out directly.
He solicits business door to door. A paving contractor rings your bell to say he just did a job in the neighborhood, has extra materials and will cut you a rock-bottom deal if he can work on yours that afternoon. Sounds great, right?
Trouble is, you have no idea who he is or if he's going to do the job right. And if that new pavement starts cracking three weeks later, you'll never get him back to repair the damage.
He seems sleazy. Ultimately, you have to feel comfortable letting this person into your home. Clearly, you're not going to hand your house keys to someone who flips a cigarette butt into your azaleas or leers at your 16-year-old daughter.
But if he doesn't look you straight in the eye or you just have a gut feeling that something might be amiss, go ahead and cross him off your list. Nowadays, thankfully, there are plenty of contractors available to do the job.
Good signs:
He has a good rep in the industry. You already ask friends and neighbors to recommend good contractors, but a more reliable source of referrals is other people in the trades: a plumber you love who raves about a general contractor, for example, or a great tile shop that suggests a tile setter.
They've done business with him, they know how well he plies his craft, and if they're willing to put their professional reputations on the line by vouching for him, they must like what they see.
His business card includes a local address. A tradesman who provides a physical address that's in your community is far less likely to disappear on you than someone whose true locale is hidden behind a post office box.
His list of references is a mile long. Even terrible contractors have had a few happy clients along the way - or have family members who can play the part when you call. The longer the list of references, the less likely it's rigged.
Bad signs:
He wants to skip the permit - or have you apply for it. Any major improvement project legally requires a building permit, which means that inspectors will check the work. If a contractor wants to go without a permit, it means he'd rather not have anyone looking over his shoulder (other than you, but let's face it, you don't know what to look for).
If he wants you to apply for the permit yourself, it could be because he doesn't have the necessary state licensing - and it means you'd be the middleman between the inspector and contractor instead of letting them work things out directly.
He solicits business door to door. A paving contractor rings your bell to say he just did a job in the neighborhood, has extra materials and will cut you a rock-bottom deal if he can work on yours that afternoon. Sounds great, right?
Trouble is, you have no idea who he is or if he's going to do the job right. And if that new pavement starts cracking three weeks later, you'll never get him back to repair the damage.
He seems sleazy. Ultimately, you have to feel comfortable letting this person into your home. Clearly, you're not going to hand your house keys to someone who flips a cigarette butt into your azaleas or leers at your 16-year-old daughter.
But if he doesn't look you straight in the eye or you just have a gut feeling that something might be amiss, go ahead and cross him off your list. Nowadays, thankfully, there are plenty of contractors available to do the job.
4/29/09
Salt Lake Home Buyers and Sellers Headed to a More Level Playing Field?
Most people have heard home listings and sales increase in the
spring. But that's not true this year through March. The number
of sales in the county dropped 19% compared to the last quarter of
2009. In Salt Lake City proper, the number of new listings coming
on the market dropped by over 50%. Now there's a market to keep an
eye on."
Sure, home prices might be down from last year at the same time.
The real news is in what is happening right now, not last year.
Some of the trends in Salt Lake proper are clearly reversing as we
speak."
According to the numbers supplied by the WFRMLS, the average home
price is up 56% in 84102. Now, who really believes that? The truth
is, there just weren't enough sales to come up with a good 'average
home value.' Statistics don't lie, but this time they're certainly
not painting an accurate picture of the market in 84102."
Some zip codes simply don't have enough sales in the last quarter.
It's impossible to get an accurate representation of the market from
just 13 home sales."
County-wide, the average single family home sale price is up over
the last quarter of 2008. I've been waiting a long time to say that!"
The number of new listings is dropping. This is good news. With
24% fewer new listings than this time last year, there will be less
to choose from. If this continues, Salt Lake home sellers could
start to level the playing field."
County-wide, the average single family home sale is $37,655 more
than it was in 2006. Even with the slight downturn, we did fairly
well. That's a 16% increase. Overall, we are very fortunate to
live where we do right now."
We still have a way to go, but trends are reversing. New listings
have slowed down to 2006 levels. But sales activity is still at the
lowest its been in a long while. There will still be time to go out
and find some great deals in the meantime."
ALL OF THESE ARE SOURCED FROM THE QUARTERLY XL COMPS DIRECTLY FROM
THE WFRMLS AND COMPILED FOR THE FANTIS GROUP REAL ESTATE AND SALTYHOMES.COM.
spring. But that's not true this year through March. The number
of sales in the county dropped 19% compared to the last quarter of
2009. In Salt Lake City proper, the number of new listings coming
on the market dropped by over 50%. Now there's a market to keep an
eye on."
Sure, home prices might be down from last year at the same time.
The real news is in what is happening right now, not last year.
Some of the trends in Salt Lake proper are clearly reversing as we
speak."
According to the numbers supplied by the WFRMLS, the average home
price is up 56% in 84102. Now, who really believes that? The truth
is, there just weren't enough sales to come up with a good 'average
home value.' Statistics don't lie, but this time they're certainly
not painting an accurate picture of the market in 84102."
Some zip codes simply don't have enough sales in the last quarter.
It's impossible to get an accurate representation of the market from
just 13 home sales."
County-wide, the average single family home sale price is up over
the last quarter of 2008. I've been waiting a long time to say that!"
The number of new listings is dropping. This is good news. With
24% fewer new listings than this time last year, there will be less
to choose from. If this continues, Salt Lake home sellers could
start to level the playing field."
County-wide, the average single family home sale is $37,655 more
than it was in 2006. Even with the slight downturn, we did fairly
well. That's a 16% increase. Overall, we are very fortunate to
live where we do right now."
We still have a way to go, but trends are reversing. New listings
have slowed down to 2006 levels. But sales activity is still at the
lowest its been in a long while. There will still be time to go out
and find some great deals in the meantime."
ALL OF THESE ARE SOURCED FROM THE QUARTERLY XL COMPS DIRECTLY FROM
THE WFRMLS AND COMPILED FOR THE FANTIS GROUP REAL ESTATE AND SALTYHOMES.COM.
4/21/09
4/20/09
Real Estate Agents and Brokers Use Twitter to Find Prospects and Sell Homes
The Associated Press reported just this last week about a growing trend for realtors to use the popular site Twitter.com to find buyers for their homes. The "tweets" (140 characters or less announcements) read like a minimal ad:
"Listing coming. Hurry if you have buyers. Under $500K, 2,190 feet. 3Bed 2.5Bth."
While this could be useful in getting the word out it doesn't seem to work like other information sent out. Stuff like this tends to not get "retweeted".
I've noticed another trend among Salt Lake real estate agents and Twitter that, while tempting to do, isn't a very effective way of garnering your target audience as followers (and target audience is the key to being effective on Twitter). Tweets like, "I'm from Salt Lake. I'm an entrepreneur and real estate investor." or "Asset Based Lending Credit Analyst- Real Estate/Property Jobs,Recruiter,Salt Lake City, UT, United States" don't mean much to people. However, some effective real estate Twitterers I have taken note of do the following:
1. They tend to engage on a personal level with others.
2. They tweet out deals they have going on and in what area of town they are in.
3. They give their tweets a hashtag so others can find them on a Twitter search.
4. They tweet out useful information.
5. They tweet every day.
It takes time and patience to build the right audience on Twitter. You can build an audience by offering the tried and true method of giveaways or by retweeting for others of course. That will build your following. But if you want to be truly effective and gather that golden target audience it is important to tweet out useful information and participate in a meaningful and helpful way every day.
Read more from the Los Angelos Associated Press article
"Listing coming. Hurry if you have buyers. Under $500K, 2,190 feet. 3Bed 2.5Bth."
While this could be useful in getting the word out it doesn't seem to work like other information sent out. Stuff like this tends to not get "retweeted".
I've noticed another trend among Salt Lake real estate agents and Twitter that, while tempting to do, isn't a very effective way of garnering your target audience as followers (and target audience is the key to being effective on Twitter). Tweets like, "I'm from Salt Lake. I'm an entrepreneur and real estate investor." or "Asset Based Lending Credit Analyst- Real Estate/Property Jobs,Recruiter,Salt Lake City, UT, United States" don't mean much to people. However, some effective real estate Twitterers I have taken note of do the following:
1. They tend to engage on a personal level with others.
2. They tweet out deals they have going on and in what area of town they are in.
3. They give their tweets a hashtag so others can find them on a Twitter search.
4. They tweet out useful information.
5. They tweet every day.
It takes time and patience to build the right audience on Twitter. You can build an audience by offering the tried and true method of giveaways or by retweeting for others of course. That will build your following. But if you want to be truly effective and gather that golden target audience it is important to tweet out useful information and participate in a meaningful and helpful way every day.
Read more from the Los Angelos Associated Press article
4/15/09
Tea Party Intolerances
Over 300 cities are participating in the tax day "tea party" today, Salt Lake most definitely included. I am not at the protests, but I do sympathize with those that are. They feel it is unfair that their hard earned dollars are going to bail out what seems like everyone but them. They believe the tax debt is so high it will ruin America. I understand how you feel. I bought my house a little too late and didn't get a tax credit. I don't get any bail out, despite a hard economic downturn, either. However, this bail out, however unfair it may seem, is necessary. I say this with an understanding that the new $6000 tax incentive for buyers of new homes does absolutely nothing to help strengthen many of the old downtown neighborhoods which I tend to work in as a real estate broker. It encourages urban sprawl, yes. It encourages home buyers to go further away from our historic downtown neighborhoods, too. This is true. But something had to be done and this is at least somewhat of a solution. The real estate market affects over 60% of our economy whether through direct sales or jobs related to the sales, etc. Not everyone can be satisfied in one solution. We are in trouble as a nation and we need to do something. We need to get this economy moving again with incentives and programs to move us in the right direction.
4/13/09
Protect your own home treasures from pirates
It was a great victory for the US Military yesterday in the rescue of the brave Captain Richard Phillips from Somolian pirates of the high seas. Back here at home where things may not be quite something that seems right out of a novel, you still have your own treasures and kin to guard against theft and attack. Reinforcing your home with anti-theft protection can also add to its value.
According to the AARP, having the right locks and locking your doors and windows is one of the easiest ways to prevent against theft. They say to look for a single-cylinder dead bolt door lock backed by a reinforcing strike plate with three-inch screws. "The dead bolt should be at least one inch thick and extend at least one inch into the door frame when locked." I personally have in my house and recommend using a Schlage lock. These locks are made to make it very difficult for any thief to pick.
It's also a good idea to keep entry ways, pathways, stairwells, yards and parking areas well lit. Thieves are opportunists looking for easy targets. Make it hard for them to go undetected.
Avoid the cliche rock hide-a-key. Thieves know to look for these. Also avoid hiding the key under the mat. If you think you might forget your keys leave a spare with a trusted neighbor instead. Again, don't make it easy for these dirt bags to get inside your home where your nice things and loved ones live.
Another good way to keep burglars at bay is to install a security system in the home like ADT. This will alert the nearest police if there is a break in and the person doesn't know your secret code. Police also say these are some effective measures to take to thwart off a break in:
* Use solid core or metal clad entrance doors with solid door frames firmly attached to your home. Many intruders enter residences by physically destroying lightweight hollow core doors and flimsy door frames.
* Be sure entrance doors have wide-angle peepholes or view grills so you can see visitors without opening the door. Ask anyone who comes to your door for identification before allowing them inside.
* Join a Neighborhood Watch group. Most police departments have officers who will help you start a program.
* Keep valuable papers and records like stocks and bonds, duplicate copies of your will, valuable stamp and coin collections, and jewelry you don't frequently wear, in your safe deposit box.
* Give parking lot attendants and mechanics your ignition key only, not your house key. Don't carry an identification tag on your key ring either. This could help a would-be thief easily identify your home and vehicle.
* Consider installing an alarm system for an extra level of protection. You have a variety of choices, from do-it-yourself kits that trigger a siren or lights, to professionally installed systems connected to a police station or monitoring service.
* Invest in a heavy-duty gun safe if you have firearms in your home. This will keep guns out of criminals' hands, and keep them away from children, friends and relatives who don't know how to handle them safely.
All these measures will keep you and your family safe, add to the value of your home investment and give you a little more peace of mind.
According to the AARP, having the right locks and locking your doors and windows is one of the easiest ways to prevent against theft. They say to look for a single-cylinder dead bolt door lock backed by a reinforcing strike plate with three-inch screws. "The dead bolt should be at least one inch thick and extend at least one inch into the door frame when locked." I personally have in my house and recommend using a Schlage lock. These locks are made to make it very difficult for any thief to pick.
It's also a good idea to keep entry ways, pathways, stairwells, yards and parking areas well lit. Thieves are opportunists looking for easy targets. Make it hard for them to go undetected.
Avoid the cliche rock hide-a-key. Thieves know to look for these. Also avoid hiding the key under the mat. If you think you might forget your keys leave a spare with a trusted neighbor instead. Again, don't make it easy for these dirt bags to get inside your home where your nice things and loved ones live.
Another good way to keep burglars at bay is to install a security system in the home like ADT. This will alert the nearest police if there is a break in and the person doesn't know your secret code. Police also say these are some effective measures to take to thwart off a break in:
* Use solid core or metal clad entrance doors with solid door frames firmly attached to your home. Many intruders enter residences by physically destroying lightweight hollow core doors and flimsy door frames.
* Be sure entrance doors have wide-angle peepholes or view grills so you can see visitors without opening the door. Ask anyone who comes to your door for identification before allowing them inside.
* Join a Neighborhood Watch group. Most police departments have officers who will help you start a program.
* Keep valuable papers and records like stocks and bonds, duplicate copies of your will, valuable stamp and coin collections, and jewelry you don't frequently wear, in your safe deposit box.
* Give parking lot attendants and mechanics your ignition key only, not your house key. Don't carry an identification tag on your key ring either. This could help a would-be thief easily identify your home and vehicle.
* Consider installing an alarm system for an extra level of protection. You have a variety of choices, from do-it-yourself kits that trigger a siren or lights, to professionally installed systems connected to a police station or monitoring service.
* Invest in a heavy-duty gun safe if you have firearms in your home. This will keep guns out of criminals' hands, and keep them away from children, friends and relatives who don't know how to handle them safely.
All these measures will keep you and your family safe, add to the value of your home investment and give you a little more peace of mind.
4/10/09
Altos Research Report says Salt Lake real estate asking prices fell fastest in March. Now is the time to buy, folks
From the Altos Research Report:
"Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively...
"During March every market except Salt Lake City had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 234 days-on-market or nearly eight months. Miami has experienced the slowest market turnover in every month since September 2007. Salt Lake City experienced the fastest rate of inventory turnover at a median of 84 days-on-market, followed by San Francisco at 104 days."
To read more about other markets go here
To find some great homes at great prices in Salt Lake go to Saltyhomes.com
"Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively...
"During March every market except Salt Lake City had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 234 days-on-market or nearly eight months. Miami has experienced the slowest market turnover in every month since September 2007. Salt Lake City experienced the fastest rate of inventory turnover at a median of 84 days-on-market, followed by San Francisco at 104 days."
To read more about other markets go here
To find some great homes at great prices in Salt Lake go to Saltyhomes.com
4/7/09
I'm on the front page of Utah Pulse....again!!!
This time Utah Pulse Editor in Chief, Bryan Schott, interviews me in video format about the real estate crash, the future of the Utah's homes market and what this all has to do with Obama and Bush, the state of the Union...kidding. But I do make some predictions you'll want to pay attention to if you are thinking of buying a home in this market, especially this spring and summer. We're looking at a possibility of huge growth and this could just make or break it for those of you looking to get a good deal on the home of your dreams.
Click here to check it out!
Click here to check it out!
4/6/09
How to negotiate a better sale for the home you want
You've had your eye on it for weeks now. You've toured it, talked to the owners and their agent, discussed it with your agent, compared it to other homes in the area and houses in surrounding areas. You want it, it's perfect! But you also need it to come down to your price range.
With a sharp decline in the home sales market (single-family home values nationwide have fallen almost 12% since 2006 according to Standard & Poor) chances are you can get the listing price down a bit. Yes, even in Utah where we weathered the bust a bit better. SmartMoney Online says you must do five key things before negotiation begins:
Ask if there an outstanding mortgage - They probably won't take an offer lower than what they already still owe
Do your Research - If you haven't already, look up other comparable homes in the area and what they sold for. You can do this easily by going to sites like saltyhomes.com and doing a comparison search.
Find out how long the home has been for sale - This is key. Some sellers will be firm on the price for a very long time, but if it's been up for a while, they've eventually got to come down. But even if they lower the price, the more extended the period the home's been on the market still chips away at a home's value. A general rule, according to Iiona Bray, author of "Nolo's Essential Guide to Buying Your First Home" is if it's been on sale for two to three weeks you can cut the price by 10%. And, if it's been at least three months, deduct 15% to 20%.
Request other financial incentives - If the seller won't budge on asking price, there are still deals to be made, especially now. Requesting that a seller pay for closing costs or split escrow costs, for example, is common among buyers these days. Also, if there are repairs to be made a buyer can ask for cash towards the cost of those repairs.
Take a different tack with new home construction - New home buyers can now get $6000 in grant money from our great state of Utah out of a new bill passed in this last legislative session. This helps because new home builders are usually less willing to budge on asking price. The best way to get a deal out of them is to take them up on other offers such as furnishing the home or a big screen TV. According to SmartMoney, "When builders are selling identical units they would rather throw in incentives and keep the list price up so others buy [the identical units] for the same price."
Want more help on negotiating down that listing price from a pro? You're in luck. I am available. Call Tony Fantis at 801-541-8806 to help you get into that house you've had your eye on today.
With a sharp decline in the home sales market (single-family home values nationwide have fallen almost 12% since 2006 according to Standard & Poor) chances are you can get the listing price down a bit. Yes, even in Utah where we weathered the bust a bit better. SmartMoney Online says you must do five key things before negotiation begins:
Ask if there an outstanding mortgage - They probably won't take an offer lower than what they already still owe
Do your Research - If you haven't already, look up other comparable homes in the area and what they sold for. You can do this easily by going to sites like saltyhomes.com and doing a comparison search.
Find out how long the home has been for sale - This is key. Some sellers will be firm on the price for a very long time, but if it's been up for a while, they've eventually got to come down. But even if they lower the price, the more extended the period the home's been on the market still chips away at a home's value. A general rule, according to Iiona Bray, author of "Nolo's Essential Guide to Buying Your First Home" is if it's been on sale for two to three weeks you can cut the price by 10%. And, if it's been at least three months, deduct 15% to 20%.
Request other financial incentives - If the seller won't budge on asking price, there are still deals to be made, especially now. Requesting that a seller pay for closing costs or split escrow costs, for example, is common among buyers these days. Also, if there are repairs to be made a buyer can ask for cash towards the cost of those repairs.
Take a different tack with new home construction - New home buyers can now get $6000 in grant money from our great state of Utah out of a new bill passed in this last legislative session. This helps because new home builders are usually less willing to budge on asking price. The best way to get a deal out of them is to take them up on other offers such as furnishing the home or a big screen TV. According to SmartMoney, "When builders are selling identical units they would rather throw in incentives and keep the list price up so others buy [the identical units] for the same price."
Want more help on negotiating down that listing price from a pro? You're in luck. I am available. Call Tony Fantis at 801-541-8806 to help you get into that house you've had your eye on today.
3/30/09
78% of potential first-time home buyers say that now is a good time to buy a home
RISMEDIA, March 30, 2009-Century 21 Real Estate LLC, the franchisor of one of the world’s largest residential real estate sales organizations, announced the results of its recently commissioned first-time home buyer survey. The survey found that more than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago. Prices are the driving motivation for potential first-time home buyers with more than eight out of ten first-time home buyers (85%) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42%) and “waiting for prices to go down before they seriously consider making a purchase” (48%).
2009 Mortgage Rates - What the Experts are Saying
This is from the blog of Brandon Cornett in Austin, TX and the Home Buyer Institute:
2009 Mortgage Rates - What the Experts are Saying
"What kind of interest rates can we expect on home mortgage loans in 2009? This is a common question among home buyers, and rightfully so. With so much turbulence in the economy, it's hard to keep track of the ups and downs. So let's take a quick poll of what the experts are saying, with regard to 2009 mortgage rate predictions.
Current Mortgage Rates
Let's start with what we know right now. At the time this blog post was published, Freddie Mac's weekly summary of the primary mortgage market told us the following:
* Average rate for a 30-year fixed mortgage was 5.04% (down slightly from previous weeks)
* Average mortgage rate for a 15-year fixed loan was 4.68%
* Average rate for the 5/1 ARM loan (most common type of adjustable mortgage) was 5.04%
This data was for the week of February 19, 2009. But what about the rest of the year? What will happen to 2009 mortgage rates in the months to come? This is a popular question among consumers right now, and understandably so. Unfortunately, there are no crystal balls that can tell us what mortgage rates will do through 2009 or beyond. So the best we can do is make an educated guess based on current conditions. And for that, I turn to some folks who are much more educated on this subject than I am.
Predictions for the Rest of 2009
In December of 2008, U.S. News ran an article that cited the 2009 interest rate predictions of HSH Associates (a mortgage information service). They seemed to think that mortgage rates would swing between 5.5% and 6% for much of 2009, and then rise to just over 6% by the end of this year. Based on the weekly summaries provided by Freddie Mac, these predictions seem a little high to me. But it's too early to say if their year-end predictions will be more or less accurate.
More recently in January, the New York Times published an article that quotes Orawin Velz, the vice president of economic forecasting for the Mortgage Bankers Association. She estimated that 2009 mortgage rates would hover at, or slightly above, 5% for most of the year.
One week after the New York Times piece mentioned above, an article in Business Week cited projections from Freddie Mac that had mortgage rates wavering between 5% and 5.25% for the remainder of 2009."
2009 Mortgage Rates - What the Experts are Saying
"What kind of interest rates can we expect on home mortgage loans in 2009? This is a common question among home buyers, and rightfully so. With so much turbulence in the economy, it's hard to keep track of the ups and downs. So let's take a quick poll of what the experts are saying, with regard to 2009 mortgage rate predictions.
Current Mortgage Rates
Let's start with what we know right now. At the time this blog post was published, Freddie Mac's weekly summary of the primary mortgage market told us the following:
* Average rate for a 30-year fixed mortgage was 5.04% (down slightly from previous weeks)
* Average mortgage rate for a 15-year fixed loan was 4.68%
* Average rate for the 5/1 ARM loan (most common type of adjustable mortgage) was 5.04%
This data was for the week of February 19, 2009. But what about the rest of the year? What will happen to 2009 mortgage rates in the months to come? This is a popular question among consumers right now, and understandably so. Unfortunately, there are no crystal balls that can tell us what mortgage rates will do through 2009 or beyond. So the best we can do is make an educated guess based on current conditions. And for that, I turn to some folks who are much more educated on this subject than I am.
Predictions for the Rest of 2009
In December of 2008, U.S. News ran an article that cited the 2009 interest rate predictions of HSH Associates (a mortgage information service). They seemed to think that mortgage rates would swing between 5.5% and 6% for much of 2009, and then rise to just over 6% by the end of this year. Based on the weekly summaries provided by Freddie Mac, these predictions seem a little high to me. But it's too early to say if their year-end predictions will be more or less accurate.
More recently in January, the New York Times published an article that quotes Orawin Velz, the vice president of economic forecasting for the Mortgage Bankers Association. She estimated that 2009 mortgage rates would hover at, or slightly above, 5% for most of the year.
One week after the New York Times piece mentioned above, an article in Business Week cited projections from Freddie Mac that had mortgage rates wavering between 5% and 5.25% for the remainder of 2009."
3/26/09
Really?
From the Salt Lake Board of Realtors:
"In February there were 584 homes and condos sold, up 32 percent from
444 sales in January. The increase in sales can be partly attributed
to an aggressive incentive campaign by the federal government that offers an
$8,000 tax credit to first-time home buyers or buyers who have not owned
a home in the past three years."
What a bunch of hooey! How do sales in February have ANYTHING to do
with a program that wasn't even approved until mid-February?
I would suggest that "the best improvement is yet to come." Yes,
those people may benefit from the tax credit, but their purchase
decisions were not based on incentives from the US Government. We're
just beginning to see closings from these new programs around the end
of March.
"In February there were 584 homes and condos sold, up 32 percent from
444 sales in January. The increase in sales can be partly attributed
to an aggressive incentive campaign by the federal government that offers an
$8,000 tax credit to first-time home buyers or buyers who have not owned
a home in the past three years."
What a bunch of hooey! How do sales in February have ANYTHING to do
with a program that wasn't even approved until mid-February?
I would suggest that "the best improvement is yet to come." Yes,
those people may benefit from the tax credit, but their purchase
decisions were not based on incentives from the US Government. We're
just beginning to see closings from these new programs around the end
of March.
3/25/09
Home Sales are increasing, not decreasing, in Salt Lake City
From the Salt Lake Trib's Lesley Mitchell this morning:
"The state's downward spin began in mid-2007 in residential real estate with a sharp fall in home sales. But what began as a real estate-oriented downturn with layoffs at home builders, real estate brokerages and title companies, has expanded to many different sectors of the economy."
While the outlook may seem grim, there is a silver lining to this dreary cloud. Previously owned home sales in the U.S. have unexpectedly started to rise. Even sales of condos and co-ops have jumped slightly. And nearly half of these sales were of distressed properties, such as foreclosures.
This is good news for small scale investors. These seem to be the main group buying up existing distressed properties and installing renters, rather than face the still comatose retail sales market. Add to that the fresh burst of growing Utah families in need of a new home, the recently passed new home tax incentive bill for $6000, the federal tax incentive for home buyers of $8000 and this could be the perfect storm for those who would normally not be able to find or afford a decent home.
Also, it should be noted that while it does seem existing home sales in Utah have plummeted from February of last year to February this year, this is only when lumping sales for Salt Lake County as a whole. Market trends are entirely unique to neighborhoods and the style of the homes. Let's look at year-to-date sales in 2009 compared to the first quarter of last year, according to the Fantis Report based on MLS data. 84105 is down only 1% with a new average sale price of $287,580. Neighboring that zip code is 84106. It's average sale price fell 15% to $236,145. That's a huge difference. Or is it?
Bear in mind these numbers may not truly reflect what happened to everyone's home value. For example, there just aren't many high-end homes selling right now. That really skews the averages downward. It's possible to have more value in your home now than you did last year. The only way to know is with an individual assessment by a qualified appraiser or Realtor who knows your neighborhood well.
Now as to why these numbers are up is anyone's guess. I suspect this may be because homes are starting to price a bit better and we are nearing the bottom of the market. Also, Utah has not been affected as drastically as the rest of the nation and there are a lot more incentives out in the market right now to buy in those hot spots of the city.
"The state's downward spin began in mid-2007 in residential real estate with a sharp fall in home sales. But what began as a real estate-oriented downturn with layoffs at home builders, real estate brokerages and title companies, has expanded to many different sectors of the economy."
While the outlook may seem grim, there is a silver lining to this dreary cloud. Previously owned home sales in the U.S. have unexpectedly started to rise. Even sales of condos and co-ops have jumped slightly. And nearly half of these sales were of distressed properties, such as foreclosures.
This is good news for small scale investors. These seem to be the main group buying up existing distressed properties and installing renters, rather than face the still comatose retail sales market. Add to that the fresh burst of growing Utah families in need of a new home, the recently passed new home tax incentive bill for $6000, the federal tax incentive for home buyers of $8000 and this could be the perfect storm for those who would normally not be able to find or afford a decent home.
Also, it should be noted that while it does seem existing home sales in Utah have plummeted from February of last year to February this year, this is only when lumping sales for Salt Lake County as a whole. Market trends are entirely unique to neighborhoods and the style of the homes. Let's look at year-to-date sales in 2009 compared to the first quarter of last year, according to the Fantis Report based on MLS data. 84105 is down only 1% with a new average sale price of $287,580. Neighboring that zip code is 84106. It's average sale price fell 15% to $236,145. That's a huge difference. Or is it?
Bear in mind these numbers may not truly reflect what happened to everyone's home value. For example, there just aren't many high-end homes selling right now. That really skews the averages downward. It's possible to have more value in your home now than you did last year. The only way to know is with an individual assessment by a qualified appraiser or Realtor who knows your neighborhood well.
Now as to why these numbers are up is anyone's guess. I suspect this may be because homes are starting to price a bit better and we are nearing the bottom of the market. Also, Utah has not been affected as drastically as the rest of the nation and there are a lot more incentives out in the market right now to buy in those hot spots of the city.
US Existing Home Sales Climb, but Utah Plummets
From the Salt Lake Trubune Staff and Wire Services:
"In Utah, the Salt Lake Board of Realtors reported that 578 homes and condos were sold in February, down 23 percent from the 753 units sold in February of last year.
Along the Wasatch Front in Salt Lake, Utah, Davis and Weber counties and in neighboring Tooele County, 1,191 homes and condos were sold in February, down from 1,652 units from the same period last year, according to the Utah Association of Realtors."
"In Utah, the Salt Lake Board of Realtors reported that 578 homes and condos were sold in February, down 23 percent from the 753 units sold in February of last year.
Along the Wasatch Front in Salt Lake, Utah, Davis and Weber counties and in neighboring Tooele County, 1,191 homes and condos were sold in February, down from 1,652 units from the same period last year, according to the Utah Association of Realtors."
U.S. home sales climb at fastest pace in 10 months
From Reuters this morning:
WASHINGTON (Reuters) - New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.
The Commerce Department said durable goods orders rose 3.4 percent to $165.6 billion in February, the biggest gain since December 2007, after a 7.3 percent plunge the prior month.
In another report, the department said sales of newly built U.S. single-family homes rose at their fastest pace in 10 months in February.
The data are the latest in a series of recent economic reports indicating the downturn in the economy, after a brutal fourth quarter, may be moderating.
"This is consistent with the data that we've seen for January and February, reflecting the fact that the pace of the decline in the U.S. economy has stabilized somewhat from the significant decline seen in November and December," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon, in New York.
U.S. equity indexes extended gains after the new home sales data, while U.S. Treasury debt prices fell and the U.S. dollar was lower against the euro.
SLOW DOWN IN PACE OF DETERIORATION
Recent data, including retail sales and housing, have pointed to some signs of a slowdown in the pace of the economy's downturn. The U.S. economy slipped into recession in December 2007.
New durable goods orders excluding transportation rose 3.9 percent in February, the largest gain since August 2005, the Commerce Department said. Orders for machinery soared 13.5 percent in February, the biggest increase since March 2004.
One of the few weak spots in the report was civilian aircraft and parts, which dropped 28.9 percent after Boeing reported only four new aircraft orders in the month after 18 orders in January. Motor vehicle and parts eased 0.6 percent after a 7.6 percent tumble in January.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, expanded 6.6 percent in February. The prior month was revised to an 11.3 percent drop, previously reported as a 5.7 percent decline.
Inventories of manufactured durable goods fell for a second consecutive month in February, easing 0.9 percent to $336.8 billion, after dropping 1.1 percent in January.
A separate report from the Commerce Department showed sales of sales of newly built U.S. homes rose 4.7 percent to a 337,000 annual pace, the fastest increase since April last year, from 322,000 in January.
Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
Read more
WASHINGTON (Reuters) - New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.
The Commerce Department said durable goods orders rose 3.4 percent to $165.6 billion in February, the biggest gain since December 2007, after a 7.3 percent plunge the prior month.
In another report, the department said sales of newly built U.S. single-family homes rose at their fastest pace in 10 months in February.
The data are the latest in a series of recent economic reports indicating the downturn in the economy, after a brutal fourth quarter, may be moderating.
"This is consistent with the data that we've seen for January and February, reflecting the fact that the pace of the decline in the U.S. economy has stabilized somewhat from the significant decline seen in November and December," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon, in New York.
U.S. equity indexes extended gains after the new home sales data, while U.S. Treasury debt prices fell and the U.S. dollar was lower against the euro.
SLOW DOWN IN PACE OF DETERIORATION
Recent data, including retail sales and housing, have pointed to some signs of a slowdown in the pace of the economy's downturn. The U.S. economy slipped into recession in December 2007.
New durable goods orders excluding transportation rose 3.9 percent in February, the largest gain since August 2005, the Commerce Department said. Orders for machinery soared 13.5 percent in February, the biggest increase since March 2004.
One of the few weak spots in the report was civilian aircraft and parts, which dropped 28.9 percent after Boeing reported only four new aircraft orders in the month after 18 orders in January. Motor vehicle and parts eased 0.6 percent after a 7.6 percent tumble in January.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, expanded 6.6 percent in February. The prior month was revised to an 11.3 percent drop, previously reported as a 5.7 percent decline.
Inventories of manufactured durable goods fell for a second consecutive month in February, easing 0.9 percent to $336.8 billion, after dropping 1.1 percent in January.
A separate report from the Commerce Department showed sales of sales of newly built U.S. homes rose 4.7 percent to a 337,000 annual pace, the fastest increase since April last year, from 322,000 in January.
Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
Read more
3/22/09
Salt Lake Tribune version of Letter to the Editor on Millcreek Monster Homes
Click on this link to read my most recent article in the Salt Lake Trib Millcreek Mega Homes
Real estate agents report a rash of panicked property interest among cashed-up, Gen-Y investors.
"Any successful real estate investor will tell you that real wealth comes from the combination of loan payoff and appreciation." - The Coloradan.com
3/19/09
Read all about it! Article I wrote for Utah Pulse featured on the front page today!
I wrote up a little something about how this new Utah $6000 tax incentive for new home purchases will affect our state's housing economy for Utah Pulse. It's right on the front page of the site this morning!
Here's the full page text of the article for your reading pleasure:
Salt Lake Real Estate article
Here's the full page text of the article for your reading pleasure:
Salt Lake Real Estate article
3/17/09
Millcreek Monster Homes
This is a letter I sent to the editors of our local papers about the Millcreek Megahomes controversy:
Letter to the Editor
There's the woman who lived in a shoe, had so many kids she didn't
know what to do. She really wants a monster home, but some people
don't want her to have it. What gives? I am a broker/owner of the Fantis Group and saltyhomes.com. I work a lot in the Millcreek area. I also live in Millcreek and have both small homes and large homes on my street. Overall, I like it.
Fist of all, my neighbors with big houses come with many benefits.
They take care of their yards and don't park dilapidated campers in
them. Their big houses increase the value of the little houses in the
neighborhood. The big houses are nice, and are kept nice. Usually the
big houses are required to put in sidewalks and curb and gutter, too.
Aren't sidewalks good for the neighborhood? Most of the people with
small homes opted out of this recent neighborhood improvement. I
guess the kids can walk to school in the street.
I recognize some of the cons, as well. In some cases existing homes
lose their views to monster homes. Sometimes roosters get confused in
the shadow of the monster home and "Cock-a-doodle-do!" at the wrong
time of the day. My question to the people that don't want them is,
"Why not?" Is that big bully (monster house) picking on you again?
All neighborhoods on the east side have big houses. Every one of
them. I'd be all for cleaning up the monster homes restrictions if we
could clean up the rest of our acts, first. Let's take care of our
yards, junk collections, sidewalks, and fences. Let's clear trees and
shrubs away from stop signs so people don't blow through them. I
guess I feel like we've got many battles from which to choose, and
some of them make a bigger difference in the community than others.
Oh, and for the record, I live in one of those little houses,
comparatively speaking.
Tony Fantis
East Millcreek
Letter to the Editor
There's the woman who lived in a shoe, had so many kids she didn't
know what to do. She really wants a monster home, but some people
don't want her to have it. What gives? I am a broker/owner of the Fantis Group and saltyhomes.com. I work a lot in the Millcreek area. I also live in Millcreek and have both small homes and large homes on my street. Overall, I like it.
Fist of all, my neighbors with big houses come with many benefits.
They take care of their yards and don't park dilapidated campers in
them. Their big houses increase the value of the little houses in the
neighborhood. The big houses are nice, and are kept nice. Usually the
big houses are required to put in sidewalks and curb and gutter, too.
Aren't sidewalks good for the neighborhood? Most of the people with
small homes opted out of this recent neighborhood improvement. I
guess the kids can walk to school in the street.
I recognize some of the cons, as well. In some cases existing homes
lose their views to monster homes. Sometimes roosters get confused in
the shadow of the monster home and "Cock-a-doodle-do!" at the wrong
time of the day. My question to the people that don't want them is,
"Why not?" Is that big bully (monster house) picking on you again?
All neighborhoods on the east side have big houses. Every one of
them. I'd be all for cleaning up the monster homes restrictions if we
could clean up the rest of our acts, first. Let's take care of our
yards, junk collections, sidewalks, and fences. Let's clear trees and
shrubs away from stop signs so people don't blow through them. I
guess I feel like we've got many battles from which to choose, and
some of them make a bigger difference in the community than others.
Oh, and for the record, I live in one of those little houses,
comparatively speaking.
Tony Fantis
East Millcreek
3/15/09
$6,000 grant for Utah new home purchases
The Utah legislature just took some of that federal money coming our way and pushed it into the waiting hands of soon-to-be new home buyers. While the program, dubbed the Home Run Grant, has been approved, it will likely be the end of this week or next before any funds will be available through Utah Housing.
With any grant or government program, there are many stipulations. First, the home or condo must must be new. Generally a new home is considered to be one that has not been lived in before.
The next stipulation is based on income. The limits have been set high, with $75,000 for an individual or $150,000 for a couple filing jointly. Married couples filing jointly get a nice workaround for the $75k limit, as one person could make $100,000/year as long as the total joint income is less than $150k.
Another great feature of Home Run is that it can be combined with the $8,000 first time home buyer tax credit. It is possible the $6,000 will be taxed by the IRS, though the final decision on this is still pending at press time.
Before you give up on this incredible tax benefit, be aware a first time home buyer is generally considered someone who has not owned a primary residence in the last three years. There are also a couple of divorce considerations such as a single parent or a displaced homemaker.
The loan must be a 30 year, fixed rate loan. Most common loan types qualify, and the application must be made by a Utah licensed mortgage lender. Your lender makes application for the loan for you through Utah Housing. It's a good idea to stay in communication with your lender or request documentation of progress. In my own business as a Realtor, I do this on a regular basis for my clients.
A total of $10 million has been set aside for 1,666 buyers in Utah. The grants will be issued on a first-come, first-serve basis, which is expected to be determined at the time of final underwriting. Other early information has pointed toward a '30 day lock,' which would create the ability to get funds conditionally approved 30 days prior to closing. Bare in mind the final details are forthcoming.
The new home must be occupied as the buyer's primary residence within 30 days of closing. There may be a co-signor in some circumstances, and the funds will be available immediately upon closing.
The Home Run Grant program is expected to quickly eliminate the inventory of existing new homes. It will stimulate the economy further by boosting new home construction. New home construction will create much-needed jobs in an industry that has been hit the hardest since the market correction beginning in late 2007.
There are many programs in place to help home buyers obtain loans in Utah. Most people can still qualify for home loans. Be sure to check with your trusted lender for more information.
To search all real estate listed by every Realtor in the Salt Lake City area, visit www.saltyhomes.com. No registration is required to use the site.
With any grant or government program, there are many stipulations. First, the home or condo must must be new. Generally a new home is considered to be one that has not been lived in before.
The next stipulation is based on income. The limits have been set high, with $75,000 for an individual or $150,000 for a couple filing jointly. Married couples filing jointly get a nice workaround for the $75k limit, as one person could make $100,000/year as long as the total joint income is less than $150k.
Another great feature of Home Run is that it can be combined with the $8,000 first time home buyer tax credit. It is possible the $6,000 will be taxed by the IRS, though the final decision on this is still pending at press time.
Before you give up on this incredible tax benefit, be aware a first time home buyer is generally considered someone who has not owned a primary residence in the last three years. There are also a couple of divorce considerations such as a single parent or a displaced homemaker.
The loan must be a 30 year, fixed rate loan. Most common loan types qualify, and the application must be made by a Utah licensed mortgage lender. Your lender makes application for the loan for you through Utah Housing. It's a good idea to stay in communication with your lender or request documentation of progress. In my own business as a Realtor, I do this on a regular basis for my clients.
A total of $10 million has been set aside for 1,666 buyers in Utah. The grants will be issued on a first-come, first-serve basis, which is expected to be determined at the time of final underwriting. Other early information has pointed toward a '30 day lock,' which would create the ability to get funds conditionally approved 30 days prior to closing. Bare in mind the final details are forthcoming.
The new home must be occupied as the buyer's primary residence within 30 days of closing. There may be a co-signor in some circumstances, and the funds will be available immediately upon closing.
The Home Run Grant program is expected to quickly eliminate the inventory of existing new homes. It will stimulate the economy further by boosting new home construction. New home construction will create much-needed jobs in an industry that has been hit the hardest since the market correction beginning in late 2007.
There are many programs in place to help home buyers obtain loans in Utah. Most people can still qualify for home loans. Be sure to check with your trusted lender for more information.
To search all real estate listed by every Realtor in the Salt Lake City area, visit www.saltyhomes.com. No registration is required to use the site.
3/6/09
How to get the best price for your home
There are a lot of great things you can do to ensure you get the best price possible on the sale of your home. But first things first, emotionally detach yourself. You're going to need that to make a few key changes...Got yourself emotionally seperated? Whew! Now for the big, important changes:
1. Pack up the personal stuff. Pack up those photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."
2. De-Clutter!
Consider this: if you haven't used it in over a year, you probably don't need it.
o If you don't need it, why not donate it or throw it away?
o Remove all books from bookcases.
o Pack up those knickknacks.
o Clean off everything on kitchen counters.
o Put essential items used daily in a small box that can be stored in a closet when not in use.
o Think of this process as a head-start on the packing you will eventually need to do anyway.
3. Rearrange Bedroom Closets and Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
o Alphabetize spice jars.
o Neatly stack dishes.
o Turn coffee cup handles facing the same way.
o Hang shirts together, buttoned and facing the same direction.
o Line up shoes.
4. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What is this room used for?"
5. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won't want it. Once you tell a buyer she can't have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.
6. Make Minor Repairs.
o Replace cracked floor or counter tiles.
o Patch holes in walls.
o Fix leaky faucets.
o Fix doors that don't close properly and kitchen drawers that jam.
o Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don't give buyers any reason to remember your home as "the house with the orange bathroom.")
o Replace burned-out light bulbs.
o If you've considered replacing a worn bedspread, do so now!
7. Make the House Sparkle!
o Wash windows inside and out.
o Rent a pressure washer and spray down sidewalks and exterior.
o Clean out cobwebs.
o Re-caulk tubs, showers and sinks.
o Polish chrome faucets and mirrors.
o Clean out the refrigerator.
o Vacuum daily.
o Wax floors.
o Dust furniture, ceiling fan blades and light fixtures.
o Bleach dingy grout.
o Replace worn rugs.
o Hang up fresh towels.
o Bathroom towels look great fastened with ribbon and bows.
o Clean and air out any musty smelling areas. Odors are a no-no.
8. Scrutinize.
o Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
o Linger in the doorway of every single room and imagine how your house will look to a buyer.
o Examine carefully how furniture is arranged and move pieces around until it makes sense.
o Make sure window coverings hang level.
o Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
o Does it look like nobody lives in this house? You're almost finished.
9. Check Curb Appeal. If a buyer won't get out of her agent's car because she doesn't like the exterior of your home, you'll never get her inside.
o Keep the sidewalks cleared.
o Mow the lawn.
o Paint faded window trim.
o Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
o Trim your bushes.
o Make sure visitors can clearly read your house number.
Want to check out some great Salt Lake real estate? Go to Saltyhomes.com for the most user friendly and comprehensive Utah housing list around.
1. Pack up the personal stuff. Pack up those photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."
2. De-Clutter!
Consider this: if you haven't used it in over a year, you probably don't need it.
o If you don't need it, why not donate it or throw it away?
o Remove all books from bookcases.
o Pack up those knickknacks.
o Clean off everything on kitchen counters.
o Put essential items used daily in a small box that can be stored in a closet when not in use.
o Think of this process as a head-start on the packing you will eventually need to do anyway.
3. Rearrange Bedroom Closets and Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
o Alphabetize spice jars.
o Neatly stack dishes.
o Turn coffee cup handles facing the same way.
o Hang shirts together, buttoned and facing the same direction.
o Line up shoes.
4. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What is this room used for?"
5. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won't want it. Once you tell a buyer she can't have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.
6. Make Minor Repairs.
o Replace cracked floor or counter tiles.
o Patch holes in walls.
o Fix leaky faucets.
o Fix doors that don't close properly and kitchen drawers that jam.
o Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don't give buyers any reason to remember your home as "the house with the orange bathroom.")
o Replace burned-out light bulbs.
o If you've considered replacing a worn bedspread, do so now!
7. Make the House Sparkle!
o Wash windows inside and out.
o Rent a pressure washer and spray down sidewalks and exterior.
o Clean out cobwebs.
o Re-caulk tubs, showers and sinks.
o Polish chrome faucets and mirrors.
o Clean out the refrigerator.
o Vacuum daily.
o Wax floors.
o Dust furniture, ceiling fan blades and light fixtures.
o Bleach dingy grout.
o Replace worn rugs.
o Hang up fresh towels.
o Bathroom towels look great fastened with ribbon and bows.
o Clean and air out any musty smelling areas. Odors are a no-no.
8. Scrutinize.
o Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
o Linger in the doorway of every single room and imagine how your house will look to a buyer.
o Examine carefully how furniture is arranged and move pieces around until it makes sense.
o Make sure window coverings hang level.
o Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
o Does it look like nobody lives in this house? You're almost finished.
9. Check Curb Appeal. If a buyer won't get out of her agent's car because she doesn't like the exterior of your home, you'll never get her inside.
o Keep the sidewalks cleared.
o Mow the lawn.
o Paint faded window trim.
o Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
o Trim your bushes.
o Make sure visitors can clearly read your house number.
Want to check out some great Salt Lake real estate? Go to Saltyhomes.com for the most user friendly and comprehensive Utah housing list around.
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