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.
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