| Welcome to eNewsletter |
Happy spring and 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 anytime.
Regards,
zoomUTAH.com
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| $6,000 Grant Update - 115 Left! |
Most of you have heard about the $6,000 Utah Home Purchasing Grant that is available to most Buyers who purchases a never lived in home. The grant started out with 650+ grants and they are down to their last 115! I don't anticipate this grant will be available in the coming weeks so if you are looking to buy a new home and want to take advantage of the $6,000 grant (can be used as your down payment), you better call me ASAP!
>> Read more about the $6,000 grant
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| New Wasatch Front MLS |
Starting this week the Wasatch Front Multiple Listing Service (WFRMLS) is launching new systems providing Realtors® with additional tools to service their clients. Although the new system will not be completely available until the end of the year, there are many new features available now.
The Realtors® at Zoom Real Estate utilize technology on a daily basis so the new tools have been a welcome asset. We have taken it upon ourselves to become familiar with the new systems and have already started integrating them into our business. As a Buyer or Seller in Utah this will allow more refined searches and additional information on all listings.
One feature this will have a positive impact on is our Listing Alert service. Instead of wading through 30,000+ listings each day to find out what is new on the market, I can set you up to receive a daily email that only includes new or updated listings that match your specific search criteria. If you are interested in this no-obligation/no-cost service just hit reply on this email with details on the home you are looking for and I will have you setup with in 24 hours!
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| It's a Balancing Act! |
The Circus Masters of Barnum and Bailey want its audience to enjoy the thrill of the tight rope walkers and the high trapeze performers. In reality most of the skill in these performances is a balancing act.
So it is with anything else in our lives. Our lives are consumed with a series of balancing one thing after another. When we are out of balance consequently other things follow and the scale is tipped too far to one side. There is no where to go but down. That is just what has happened in Real Estate and in our economy.
The Mortgage laws were such that consumers were being qualified for homes that they really could not afford and over inflated prices priced us right out of balance. Suddenly, the risk taking tight rope walkers fell to disaster. Now we're looking for a safety net.
Most foreclosures today are priced at what home prices should have been in the beginning. Regardless of who is losing or benefiting for the most part we are trying to correct our balancing act. Until it is corrected we will struggle.
My experience in real estate has proven to me that, "No matter what market you buy in if you do it right you will never lose money. Real Estate has always been and will always be the best and safest place to invest. YOU JUST HAVE TO KNOW HOW TO DO IT RIGHT...In all markets and in all situations."
Look for our next month's newsletter and learn our unfailing formula of how to buy and sell real estate. Or if you can't wait until next month, give me a call.
"And until then Happy Balancing!!!"
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| Mortgage Market Update |
We have dealt with many dynamics in the Mortgage market over the last several months. We have gone from extreme volatility and have mellowed out to an almost a predictable level of daily ups and downs. In the last week and a half, we have dealt with huge swings in trading in Mortgage Backed Securities (MBS). What's interesting is that Lenders have not adjusted their interest rates in relation with the swings, as much as we would predict. The reason being is that Lenders have programmed in the huge profits they have built into their pricing over the last few months. When rates should have gone down a lot, they lowered them a little. When MBS'es traded up, they raised the rates more than normal. So, now, they have the tolerance to lessen the impact of daily swings due to the padding they built into market.
We are fully engaged in a Purchase and Refinance boom. We at zoomUTAH have seen applications double in recent months. There is a troubling development in all of this. Many Lenders are lengthening their time frames to get purchase or refinance loans through the system. We are going through a situation where the Lender is not being forthright in their time frames. This causes a chain of consequences. The Lender relays information to us that the Lender knows is inaccurate. The promises are relayed to the Builder or Seller, appraiser, Broker, Processor, Realtor, Title Officer, Inspector, move in crew, delivery personnel, etc...and most important, the Borrower. We have been devastated by this phenomenon on two loans. Allow me to put it this way...do not do business with Sierra Pacific Mortgage. We, as a result of this unexpected result, have changed who we use for our clients. Our main objective has always been to take the utmost care of our clients. We no longer do business with SPM. I will never relive the apathy, the lack of concern and the unwillingness they have shown in doing what is necessary to achieve a reasonable underwriting process. They are not prepared and they could care less about you and me. Enough said...
We have performed extensive research determining which lenders are capable of delivering what our Members expect. We refuse to be victims of the same abuse twice. The fact of the matter is...Many Lenders are taking 30-45 days to close a loan. Some are recommending locking a loan on a lock lasting up to 60 days. Some are honest of their turn times and others are lying to get more loans in their system. We choose to deal with those that are honest. We can deal with facts, based on our customer's expectations. I refuse to be lied to and agonize my clients. If you haven't noticed, the Utah Housing Market is recovering. With a $6000 down payment program, an $8000 tax credit and between $2000-$15,000 city credits, we are flying. If you have been on the fence...it IS time to act. I feel you will regret it if you wait 1 month. The $6000 Home Run Grant is quickly getting used up. Call me for details on each incentive detailed above as each have their own qualifying criteria.
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| New zoomUTAH.com Price History Feature |
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Starting on the 1st of July you will be able to see a full price history on any listing. In addition, you will be able to "watch" a particular listing that may interest you and be notified when a price change occurs. We hope you find this feature useful!
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| Did you know zoomUTAH.com members average over 40.74 page views per visit while on our site? In comparison, the average page views per website is 3.89. |
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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. Over the next few months we wouldn't be surprised to see listings go up however, which is usually the case in spring and summer.
| Month |
Month End
Listings |
| December |
31,845 |
| January |
30,969 |
| February |
30,816 |
| March |
31,009 |
| April |
31,205 |
| May |
32,301 |
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 |
| March |
$98 |
89 |
| April |
$101 |
82 |
| May |
$102 |
84 |
| Utah County |
| March |
$85 |
95 |
| April |
$84 |
83 |
| May |
$84 |
103 |
| Davis County |
| March |
$89 |
80 |
| April |
$88 |
88 |
| May |
$89 |
74 |
Home Sales By Quarter
This report shows you the home sales in 2008 by quarter. *2nd quarter 2009 data will be released shortly.
| Quarter |
Avg Sold Price |
Total # of Homes Sold |
Total # of Homes Listed |
| Salt Lake County |
| 2nd/2008 |
$274,300 |
3,238 |
8,143 |
| 3rd/2008 |
$266,700 |
3,098 |
7,697 |
| 4th/2008 |
$261,700 |
2,114 |
5,411 |
| 1st/2009 |
$262,300 |
1,745 |
6,250 |
| Utah County |
| 2nd/2008 |
$250,400 |
1,233 |
4,115 |
| 3rd/2008 |
$250,000 |
1,365 |
3,323 |
| 4th/2008 |
$246,400 |
946 |
2,695 |
| 1st/2009 |
$248,200 |
814 |
3,221 |
| Davis County |
| 2nd/2008 |
$248,100 |
985 |
2,148 |
| 3rd/2008 |
$238,200 |
919 |
2,116 |
| 4th/2008 |
$231,200 |
677 |
1,597 |
| 1st/2009 |
$236,500 |
586 |
1,780 |
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| Mortgage Rate Watch |
Today's Rates
| FHA/VA 30 Year Fixed |
5.625% * |
| Conv. 30 Year Fixed |
5.625% * |
| 15 Year Fixed |
5.375% ** |
*APR of 6.000%
**APR of 5.500%
Rate Trends (Last 3 Months)
To get a personalized mortgage
quote call us at 801-266-2466.
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