Sales of existing homes rose unexpectedly in February by 5.1%, making up ground from a dismal January report, according to the National Association of Realtors. Sales rose to 4.72 Million units, from 4.49 Million Units, much better than the expected drop to 4.45 Million Units.
According to the report, first-time homebuyers made up half of all purchases, and distressed properties accounted for over 40% of all sales.
Sales were especially strong in the Western U.S., such as Utah, with sales increasing more than 30% over last years numbers.
The national home inventory is at 9.7 months, with Logan, Utah at around 8.3 months.
Monday, March 30, 2009
Wednesday, March 25, 2009
New Homes for Under $180,000!!!
Brand New Homes for under $180,000. Pebblestone Subdivision in Logan, Utah has only two homes left. Located just two blocks west of Utah State University, these 3 bedroom, 2 bathroom homes are a steal. They all include a 2 car garage, A/C, and vaulted ceilings. They also qualify for up to $14,000 in federal and state tax credits and grants. Plus the $1000 Buyers Rewards Cash that we offer, see the details and homes at www.CacheRealtors.com.
Tuesday, March 24, 2009
New Growth Numbers Out
According to data recently released by the U.S. Census Bureau, the Logan, Utah Metropolitan Area was the 9th fasting growing area in the United States between July 2007 and July 2008 with a growth rate of 3.2% during that period. 4 out of the 10 fasting growing areas were in Utah and Southern Idaho. Most of the growth is attributed to the high birth-rate, low unemployment, and good housing increases drawing outsiders into these areas.
In other good news, Money Magazine recently reported an expected home-appreciation in Logan, Utah for the next two years to be around 14%. Logan also has been named as one of the best places to retire, safest communities, and has been featured on CNBC as a community that is weathering the economic recession exceptionally well.
In other good news, Money Magazine recently reported an expected home-appreciation in Logan, Utah for the next two years to be around 14%. Logan also has been named as one of the best places to retire, safest communities, and has been featured on CNBC as a community that is weathering the economic recession exceptionally well.
Monday, March 23, 2009
$6000 Housing Grant Approved
Utah Gov. John Huntsman signed into law the $6000.00 New Construction Grant for the first 1,600 participants. This is for existing new construction only. Give us a call to find out all the details.
Wednesday, March 18, 2009
New Construction Grant
New Home Buyers in Utah can get a $6000.00 grant just for buying a new home. Utah Senate Bill 260, sponsered by Sen. Scott Jenkins, R-Plain City, offers grants of $6000.00 to all those who buy a new home in Utah. The money is set aside from $10 Million from the federal stimulus package and is meant to help the struggling Utah construction industry.
Combined with the federal tax credit of $8000.00, a homebuyer could get $14,000.00 just for buying a new home in Utah.
Call Grey & Andrea Wilson with @Home Realty at 435.757.1107 or visit www.CacheRealtors.com to get more information on Logan and Utah Real Estate. Plus you could qualify for an additional $1000.00, from their Buyers Rewards Program, for a total of $15,000. The state grant is only available to the first 1,600 participants, so the time is now.
Combined with the federal tax credit of $8000.00, a homebuyer could get $14,000.00 just for buying a new home in Utah.
Call Grey & Andrea Wilson with @Home Realty at 435.757.1107 or visit www.CacheRealtors.com to get more information on Logan and Utah Real Estate. Plus you could qualify for an additional $1000.00, from their Buyers Rewards Program, for a total of $15,000. The state grant is only available to the first 1,600 participants, so the time is now.
Friday, March 13, 2009
Home-Value Insurance Idea Tossed Around
A new plan to allow homeowners the ability to purchase an insurance policy that guarantees the value of their home has been investigated as a possible solution the the current economic crisis. "If you want to restart home sales, you have to deal with the biggest factor impacting sales today, which is the erosion of home values," said Joe Hanauer, who's chairman of Move Inc., operator of the Realtor.com listings site for the National Association of Realtors.
Stay tuned for more information about this interesting idea.
- Some information taken from www.news-press.com
Stay tuned for more information about this interesting idea.
- Some information taken from www.news-press.com
Tuesday, March 10, 2009
Logan, Utah Houses Continue to Appreciate
A highlty respected website, www.HousingPredicter.com, forecasts Logan, Utah homes to appreciate 1.4% in 2009. That makes Logan, Utah one of only 11 communities with annual appreciation in 2009. Don't miss out on a great time to buy a house in Cache Valley.
Monday, March 9, 2009
Buyer's Rewards Program
Just a quick reminder on our Buyer's Rewards Program. We give $1000 CASH to all buyers at closing. You can use that towards the purchase of your home, to buy a new couch or 42" HDTV, go on a vacation, or just take the cash.
Please see http://www.cacherealtors.com/ for all the details.
Please see http://www.cacherealtors.com/ for all the details.
Friday, March 6, 2009
Distressed Homeowner: What Are Your Options?
Most distressed homeowners will have many options to choose from and must consider all the information before making a potentially very important decision on what actions to take involving their home. This information is only a small insight into a much larger process. Please consult the necessary Realtors, attorneys, and accountants before you make a decision.
Most homeowners fit into at least four of these categories, so please get professional help in deciding which one works best for you.
Loan modification: Also called a mortgage modification, this enables the homeowner to negotiate a workout solution with the lender to catch up on late or missed payments and lower the monthly mortgage payment by adjusting the terms of the loan. This is currently one of the best, most available, and most popular options.
Forbearance: Forbearance provides the borrower with a payment plan for catching up on missed payments. The homeowner is typically allowed to pay a few hundred dollars extra each month over the course of 18-24 months to catch up.
Reinstatement: Homeowners may be able to borrow money from relatives who are in a position to do so, to pay any balance that is currently overdue and then pick up on monthly payments as though nothing ever happened. (This is a practical option only for those who have recovered from a temporary financial setback and can now afford the house payment along with any payments required to pay back their relatives.)
Refinancing: Given the fact that credit is still pretty tight right now, this option may not be available. If the homeowner can qualify for a fixed-rate, low-interest loan to pay off a higher interest loan and perhaps even consolidate their debts, refinancing could be one of the best options.
Short re-fi: With a short re-fi, the lender agrees to accept as payment in full less than is required to pay off the balance due on the mortgage, and the homeowner takes out a refinance loan to make that payment in full. The end result is that the homeowner has a new mortgage with a lower balance and lower monthly payments.
Government loan programs: The federal government, through FHA, offers down-payment assistance programs and is developing other programs to enable homeowners to keep their homes. Encourage homeowners to contact their local HUD office to find out what’s currently available.
Bankruptcy: For homeowners who are buried in unsecured debt, including credit card debt, bankruptcy may be the best option. If you know some good bankruptcy attorneys in your area consider teaming up with them to offer your clients this option.
Selling the home: For homeowners who cannot or do not want to keep their homes, selling the home to “get out from under it” may be the best option. This is where you can really help – by listing the home and helping the homeowners find more affordable accommodations.
Short sale: For homeowners who face the prospect of selling the home at a loss, you may be able to negotiate a short sale with the lender on their behalf. With a short sale, the lender agrees to accept as full payment a partial payment of the loan. In most cases, a lender is more likely to go along with the idea if you already have an offer from an interested and qualified buyer.
Selling to an investor: If you know investors in your area who have the cash to purchase properties, you may be able to put the homeowner and investor in touch with one another to work out a win-win deal. Investors are often in a better position to move quickly on a deal, and when you are in a foreclosure situation, time is often of the essence. (Be careful not to get yourself into a conflict-of-interest scenario here.)
Deed in lieu of foreclosure: For homeowners who are unable to make payments (even significantly lower payments) and cannot sell the property and at least break even on the sale, the lender may accept the deed in lieu of foreclosure. The homeowner should hire an attorney, however, to make sure that the deal allows them to walk away totally debt free and prohibits the lender from seeking a deficiency judgment. In some cases, the lender may be willing to pay the homeowner a small amount in exchange for keys and leaving the property “broom clean,” which the homeowner can use to move to more affordable housing.
Redemption: If you do business in a state that allows redemption, the homeowner has the right to buy back the property after the auction by paying the buyer the purchase price along with any qualifying expenses the buyer paid for. Check with a foreclosure attorney in your area or your county’s register of deeds to determine the redemption rights in your state.
Abandoning the home: Walking away is an option, but it is not always the best option, because it can leave some legal strings untied. In some jurisdictions, for example, the lender can sell the house at auction and then pursue a deficiency judgment against the homeowner for the difference between what the house sold for and the balance of the mortgage.
Do nothing: One of the worst options (second only to being victimized by a foreclosure rescue scam) is to do nothing, in which case the homeowners lose their home along with any equity they may have had in it and have to go through the humiliation of being evicted.
Excerpts from article by Ralph Roberts. See the original article in its entirety at: http://realtytimes.com/rtpages/20090223_options.htm
Most homeowners fit into at least four of these categories, so please get professional help in deciding which one works best for you.
Loan modification: Also called a mortgage modification, this enables the homeowner to negotiate a workout solution with the lender to catch up on late or missed payments and lower the monthly mortgage payment by adjusting the terms of the loan. This is currently one of the best, most available, and most popular options.
Forbearance: Forbearance provides the borrower with a payment plan for catching up on missed payments. The homeowner is typically allowed to pay a few hundred dollars extra each month over the course of 18-24 months to catch up.
Reinstatement: Homeowners may be able to borrow money from relatives who are in a position to do so, to pay any balance that is currently overdue and then pick up on monthly payments as though nothing ever happened. (This is a practical option only for those who have recovered from a temporary financial setback and can now afford the house payment along with any payments required to pay back their relatives.)
Refinancing: Given the fact that credit is still pretty tight right now, this option may not be available. If the homeowner can qualify for a fixed-rate, low-interest loan to pay off a higher interest loan and perhaps even consolidate their debts, refinancing could be one of the best options.
Short re-fi: With a short re-fi, the lender agrees to accept as payment in full less than is required to pay off the balance due on the mortgage, and the homeowner takes out a refinance loan to make that payment in full. The end result is that the homeowner has a new mortgage with a lower balance and lower monthly payments.
Government loan programs: The federal government, through FHA, offers down-payment assistance programs and is developing other programs to enable homeowners to keep their homes. Encourage homeowners to contact their local HUD office to find out what’s currently available.
Bankruptcy: For homeowners who are buried in unsecured debt, including credit card debt, bankruptcy may be the best option. If you know some good bankruptcy attorneys in your area consider teaming up with them to offer your clients this option.
Selling the home: For homeowners who cannot or do not want to keep their homes, selling the home to “get out from under it” may be the best option. This is where you can really help – by listing the home and helping the homeowners find more affordable accommodations.
Short sale: For homeowners who face the prospect of selling the home at a loss, you may be able to negotiate a short sale with the lender on their behalf. With a short sale, the lender agrees to accept as full payment a partial payment of the loan. In most cases, a lender is more likely to go along with the idea if you already have an offer from an interested and qualified buyer.
Selling to an investor: If you know investors in your area who have the cash to purchase properties, you may be able to put the homeowner and investor in touch with one another to work out a win-win deal. Investors are often in a better position to move quickly on a deal, and when you are in a foreclosure situation, time is often of the essence. (Be careful not to get yourself into a conflict-of-interest scenario here.)
Deed in lieu of foreclosure: For homeowners who are unable to make payments (even significantly lower payments) and cannot sell the property and at least break even on the sale, the lender may accept the deed in lieu of foreclosure. The homeowner should hire an attorney, however, to make sure that the deal allows them to walk away totally debt free and prohibits the lender from seeking a deficiency judgment. In some cases, the lender may be willing to pay the homeowner a small amount in exchange for keys and leaving the property “broom clean,” which the homeowner can use to move to more affordable housing.
Redemption: If you do business in a state that allows redemption, the homeowner has the right to buy back the property after the auction by paying the buyer the purchase price along with any qualifying expenses the buyer paid for. Check with a foreclosure attorney in your area or your county’s register of deeds to determine the redemption rights in your state.
Abandoning the home: Walking away is an option, but it is not always the best option, because it can leave some legal strings untied. In some jurisdictions, for example, the lender can sell the house at auction and then pursue a deficiency judgment against the homeowner for the difference between what the house sold for and the balance of the mortgage.
Do nothing: One of the worst options (second only to being victimized by a foreclosure rescue scam) is to do nothing, in which case the homeowners lose their home along with any equity they may have had in it and have to go through the humiliation of being evicted.
Excerpts from article by Ralph Roberts. See the original article in its entirety at: http://realtytimes.com/rtpages/20090223_options.htm
Wednesday, March 4, 2009
Logan - Best Place to Retire
Money Magazine selects Logan, Utah as one of the best places to retire... Along with Bert Sperling of BestPlaces.net
Population: 44,599
15-year population growth: 28.6%
Median home price: $205,400
Home price 2-year forecast: 14.3%
This popular stop-off on the way to Yellowstone is for those who enjoy the simple life. Home to Utah State University, Logan boasts a buffet of recreational offerings including water sports at Bear Lake and places to soak in what life was like in the Old West. The historic downtown and Logan Canyon Scenic Byway offer simplicity in all its splendor. Of course, the skiing isn't half-bad either.
See story at:
http://money.cnn.com/galleries/2007/moneymag/0703/gallery.bp_retireyoung_new.moneymag/3.html
Population: 44,599
15-year population growth: 28.6%
Median home price: $205,400
Home price 2-year forecast: 14.3%
This popular stop-off on the way to Yellowstone is for those who enjoy the simple life. Home to Utah State University, Logan boasts a buffet of recreational offerings including water sports at Bear Lake and places to soak in what life was like in the Old West. The historic downtown and Logan Canyon Scenic Byway offer simplicity in all its splendor. Of course, the skiing isn't half-bad either.
See story at:
http://money.cnn.com/galleries/2007/moneymag/0703/gallery.bp_retireyoung_new.moneymag/3.html
Subscribe to:
Posts (Atom)
Posts
