| Welcome to eNewsletter |
Welcome to our monthly eNewsletter - coming to you each month with the latest happenings in the Utah Real Estate market.
We are local Real Estate professionals. In this increasingly complex market, it is our duty to keep you informed with current industry issues and market conditions. If you have any real estate needs, call or email us at anytime. We hope you have a safe and wonderful holiday season. See you next year!
Regards,
zoomUTAH.com
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| The New Expanded Tax Credit |
We now have an expanded version of the $8000 first time home buyer tax credit. The legislation also includes a $6500 tax credit for seasoned homeowners.
$8,000 First-time Home Buyer Tax Credit at a Glance
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up/Repeat Home Buyer Tax Credit at a Glance
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
This is a basic guide that should not replace personalized service. I welcome your questions and will guide you to success in getting your tax credit...putting the cash in your hand usually within 3-6 weeks after you close on your purchase. Feel free to call or email me anytime.
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| Charitable Giving - We Need Your Help! |
This year, zoomUTAH has joined forces with 'The Road Home' in hopes to collect items that are desperately needed for the winter season. We are very thankful for all we have been given, and want to give back to our community that has given us so much!
The Road Home is a private non-profit social service agency that assists individuals and families experiencing homelessness in Salt Lake County and along the Wasatch Front. Their mission is to help people step out of homelessness and back into our community. Zoom Real Estate has also adopted that mission in hope to for the month of December.
We invite you to assist us in giving back! There are certain items we are collecting on their behalf, to help get through the cold winter months. Here are the items that the agency is in desperate need of:
- Socks (for all ages)
- Blankets (all sizes)
- Gloves (for all ages)
- Bath Towels
- Winter Hats
- Pillows
We would prefer to collect new items, however if the items you being donating are used, we ask for them to be clean (washed) and in good condition.
We will also make a $200 donation IN YOUR NAME for every home sell/purchase/refinance that you do with us during the month of December and January.
Donations can be delivered between 9am and 5pm Monday-Friday to our office. The address is conveniently located at 5941 S. Redwood Road Taylorsville, UT 84123. For other arrangements, questions or directions to our office, please contact us at 801-999-8005.
* You will receive a receipt upon delivery of your donation, which can be used for tax purposes. We suggest consulting your tax professional.
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| Mortgage Market Update |
Compare our bond market to last month, and you will see we are in much better shape. Mortgage interest rates are near the best levels in all of 2009.
In late November, the Treasury announced they will unload $118,000,000,000.00 in securities the following week. Take a look at that number...there are a lot of zeros there! These treasury sales are a regular, weekly event. This particular sale included a record $44 billion in 2-year notes on 11/23/09, a record $42 Billion in 5-year notes on 11/24/09 and another record $32 Billion in 7-year notes on 11/25/09.
This is an enormous amount of supply that the market must sop up. Luckily, China (and other foreign countries) still has faith in the U.S. and our ability not to default on our debt. As soon as they get any inkling that we are struggling, or that our credit rating will fall below AAA status, we will have another problem on our hands that will prove to be widespread and long lived.
Let's look at the positive side...the Utah housing market has hit bottom and is "sopping" up the inventory produced by builders, foreclosures and short sales. Values will start to inch slightly upward as demand continues to grow and the inventory continues to slide.
The Expanded Tax Credit is going to be a huge success. I have fielded dozens of calls from those confused with the deadlines and guidelines. I do not believe that it will get extended again and I vigorously encourage you to get going NOW if you are looking to capitalize on free money to purchase a home. As always, please call for a consultation. We are the experts that are dedicated and equipped to help you with all your purchase and refinance needs.
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| Market Snapshot - FREE |
Market Snapshot is our latest and greatest tool available to both Buyers and Sellers that we provide to our members AT NO COST. It is a fully interactive MLS enabled home search that gives you all the latest Active and Sold listings in the area of your choosing, as well as full satellite map of the location of all the listings.
It also enables you to compare list prices vs. sold prices, days on market and number of homes listed vs. homes sold.
If you are interested in finding more about your local market or neighborhood, register for Market Snapshot today!
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| zoomFLIGHT |
A new flight simulator feature has been added to zoomUTAH.com allowing Buyers to get a birds eye view on any home listed for sale.
This interactive program enables Buyers to fly over a property of interest and use their keyboard to navigate around and check out the surrounding areas.
You can see a demo of this new feature by clicking here.
We would love your feedback on this feature and would also like to learn how this feature can be more helpful!
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| Recent Market Trends |
Active Listing Inventory
This report shows you how many active listings were on the market at the end of each month. Inventory has been slowly getting absorbed which means we are headed for a more stable market.
| Month |
Month End
Listings |
June |
31,282 |
| July |
31,476 |
| August |
31,022 |
| September |
30,183 |
| October |
29,771 |
| November |
28,424 |
Monthly Sales
This report shows you the last 3 months price per square foot averages on sold homes as well as the average days on market for their respective counties.
| Month |
Avg $ Per Square Ft |
Avg Days on Market |
| Salt Lake County |
| September |
$104 |
79 |
| October |
$102 |
77 |
| November |
$101 |
77 |
| Utah County |
| September |
$83 |
97 |
| October |
$82 |
89 |
| November |
$82 |
87 |
| Davis County |
| September |
$91 |
80 |
| October |
$90 |
78 |
| November |
$90 |
67 |
Home Sales By Quarter
This report shows you the home sales in 2008-2009 by quarter. **Update Coming Soon
| Quarter |
Avg Sold Price |
Total # of Homes Sold |
Total # of Homes Listed |
| Salt Lake County |
| 4th/2008 |
$261,700 |
2,114 |
5,411 |
| 1st/2009 |
$262,300 |
1,745 |
6,250 |
| 2nd/2009 |
$273,213 |
2,483 |
6,401 |
| 3rd/2009 |
$266,927 |
3,078 |
6,275 |
| Utah County |
| 4th/2008 |
$246,400 |
946 |
2,695 |
| 1st/2009 |
$248,200 |
814 |
3,221 |
| 2nd/2009 |
$240,554 |
1,117 |
3,245 |
| 3rd/2009 |
$245,911 |
1,576 |
2,884 |
| Davis County |
| 4th/2008 |
$231,200 |
677 |
1,597 |
| 1st/2009 |
$236,500 |
586 |
1,780 |
| 2nd/2009 |
$233,140 |
781 |
1,853 |
| 3rd/2009 |
$233,959 |
1,011 |
1,837 |
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| Mortgage Rate Watch |
Today's Rates
| FHA/VA 30 Year Fixed |
4.75% * |
| Conv. 30 Year Fixed |
4.750% ** |
| 15 Year Fixed |
4.250% *** |
*APR of 5.700%
**APR of 5.044%
***APR of 4.655%
Rate Trends (Last 3 Months)
To get a personalized mortgage
quote call us at 801-266-2466.
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