First Time Homebuyer in American Fork, Forclosures in American Fork UT, Short Sales in American Fork

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Betty Jo McKinlay
Professional Real Estate Agent

    ABR - Accredited Buyers Representative
    PMN - Performance Management Network
    C-21 MMS - Century 21 Mature Move Specialist

Direct: 801-830-1989

Office: 801-756-9559

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Century 21 At The Rockies
792 E State Rd
American Fork, Utah
801-756-9559

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National Stats

Market Trends:

  • Ave. Home Sale: $379,000

  • Ave. Days on Market: 69

Posts Tagged ‘short sales’

Info on Housing Market from American Fork, UT, Utah County

Monday, July 26th, 2010

Information from Guild Mortgage Company, Brandon Horrocks and Roger Gill, Senior Mortgage Bankers:

INFO THAT HITS US WHERE WE LIVE  Tuesday, June Housing Starts came in down 5.0% from May to a 549,000 annual rate. This was below expectations, but still up 15.1% from the low they hit in April 2009. Most of the drop came from volatile multi-family starts. Single-family starts were down a mere 0.7%. Most significantly, housing completions shot up 26.2% in June, the biggest monthly gain going back to the late 1960′s. Builders clearly shifted focus from starting to finishing, as they pushed to close sales qualifying for the homebuyer tax credit. Finally, Building Permits were UP 2.1% for June, beating expectations, so things are looking up for the months ahead.

Thursday saw June Existing Home Sales down 5.1% to an annual rate of 5.37 million. But this beat expectations for the fourth time in five months and was 9.8% above sales a year ago. The median price for an existing home also gained in June, coming in at $183,700. This is up 1.0% from last year. In addition, the FHFA price index for homes financed by conforming mortgages went up 0.5% in May, increasing for the third month in a row.

National average rates for fixed rate mortgages hit new lows, according to Freddie Mac’s weekly survey of conforming loans. So refinance applications shot up 7.6% over the week before, but best of all, purchase loan applications were also up a healthy 3.4%.

It is a great time to buy or invest in the real estate market.  Why?  the average rates for fixed rate mortgages are below 5%,  most sellers have reduced the price they want on their homes to meet current market demands and there are still plenty of short sales and bank owned properties.  Now is the time for buyers in the American Fork, Utah County housing market!

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Posted in Housing Market | No Comments »

Real Estate Dreams vs Real Estate Reality in 2009 for American Fork, Utah in Utah County

Sunday, November 22nd, 2009

Real Estate in 2009 – real estate dreams that have come true vs real estate reality. We all like to see our dreams come true!  Let’s use two examples:  First, a young couple as first time home buyers completing a successful escrow.  They have finished signing the last paper, their transaction has funded and recorded and is closed and the home belongs to them.  The second example is a home owner who is able to sell their home for a  purchase price that exceeds the amount they paid for it so they have a little to put down on the next home they are buying.  Ah, real estate dreams -  how we like them to come true!

Real estate reality: 2009 has been a challenging year for many a home owner and for many a buyer.  With the downturn in the economy many owners have found the equity they thought they had in their  home is no longer there.  If they borrowed against that equity, then they may owe more on their home than it would sell for in today’s market.  Then, if the company they worked for was downsized or they were laid off, they find themselves between a rock and a hard place and face a short sale, a foreclosure or a bankruptcy.   Such is the plight of many home owners today.  They never “dreamed” they would be in a short sale, foreclosure or a bankruptcy situation.

And what about the first time home buyer?  Well, they’ve had some help with lower home prices, the Federal Tax Credit and State Credit.  However, many of them have put offers on “short sales” (where more money is owed on the property than the current market price will bear).  They find themselves waiting several months to a year to find out if the “third party”, the lender, will approve their offer.  By that time, market conditions have changed even more, interest rates have changed and loan approval is more difficult.  Now, they don’t know if they can get the home due to their loan.

First time home buyers and home owners will find their real estate journey to be a smoother one if they work with a professional real estate agent who knows current market conditions who will guide them to understand the difference between reality vs dreaming in the real estate market.

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Posted in Housing Market | No Comments »

First Time Home Buyers Weigh Tax Credit and Short Sales in American Fork, Utah County

Monday, October 5th, 2009

There has been a positive increase or gain in home sales over the past 7 months that leads to the opinion that the Federal Tax Credit has been an impetus for first time home buyers in the housing market.

According to Les Christie, CNNMoney.com staff writer:  “The August Pending Home Sales Index from the National Association of Realtors (NAR) surged 6.4%, the seventh straight month-over-month improvement in the indicator. The increase far exceeded economists’ expectations — a panel of analysts surveyed by Briefing.com had forecast a 1% rise.”

“No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month,” said Lawrence Yun, NAR’s chief economist.

“That doesn’t mean that closing deals hasn’t been a challenge for the housing market. ’The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding,’ he said.”

What does that mean for the housing market in cities as American Fork, Pleasant Grove, Cedar Hills, Highland, Lehi and Alpine in northern Utah County in Utah?  It means that first time home buyers should understand that now is the time to buy or invest  to be able to use the 2008 Federal Tax Credit ; however, there may be a waiting period from 2 to 6 months if they offer on a short sale property.  If the deadline for the tax credit arrives before the closing of their short sale transaction, their deal will not qualify for the tax credit.  First time home buyers need to weigh their options before they offer and choose wisely.

 

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Posted in Short Sale | No Comments »

American Fork Real Estate: Tax Credit Helps Spur Pending Home Sales

Saturday, September 19th, 2009

According to RisMedia, http://rismedia.com/2009-09-09/tax-credit-helps-spur-pending-home-sales/: [1]RISMEDIA, September 10, 2009—(MCT)—A gauge of future U.S. home sales rose more than expected in July 2009 to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors recently said its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2% to 97.6. It was the sixth straight increase, and 12% higher than the same month last year. The index of pending home sales could indicate how sales completed this month and next will turn out.

A 12% jump in sales contracts in the West and a 3% increase in the South drove July’s overall increase. Low home prices combined with the Nov. 30 expiration date of the $8,000 tax credit for first-time home buyers contribute to a spur in sales.

The NAR projects that about 2 million first-time buyers will take advantage of the credit this year and says it is spurring 350,000 additional sales that wouldn’t have happened otherwise.

Many real-estate professional are urging the federal government to extend the first-time home buyer tax incentive. Coy said there are even efforts to increase the credit to $15,000 and make it available to all home buyers.

Short sales, foreclosures, bank owned properties, lower interest rates, the Home Run 2 Grant in Utah and the $8,000 tax credit are strong motivators for buying now, says Betty Jo McKinlay, Century 21 At  The Rockies in American Fork, UT.   Now is a great time to buy a home! (more…)

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Posted in 2008 Tax Credit for Home Buyers | No Comments »

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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