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

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Betty Jo McKinlay
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    ABR - Accredited Buyers Representative
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    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 ‘utah’

Ending of Tax Credit and Difficulty in Securing a Construction Loan Affect Nationally and Locally in American Fork, UT, and Utah County

Friday, June 18th, 2010

RISMEDIA, June 18, 2010—(MCT)—Residential-construction starts fell in May 2010 to their lowest level in a year, as an anticipated slowdown in sales after the expiration of the home buyers’ tax credits took hold of the market.

The Commerce Department reported recently that overall housing starts fell 10% from April, while building permits were down 5.9%. The biggest hit in starts came in the single-family sector—down 17.2% from April. Still, both overall starts and permits were up from a year ago, 7.8% and 4.4%, respectively.

“The plunge in housing starts in May underlines that a sustained housing rebound has yet to get under way,” said economist Nigel Gault, of IHS Global Insight in Lexington, Mass. “The improvement in starts through April was driven by the extended tax credit, which expired April 30. Now, the credit is gone.”

Although interest rates remain low—fixed 30-year mortgage rates are under 5%—and prices have declined enough since the peak of the national real estate boom in 2006 to make purchases affordable, Gault said credit remains tight and the market continues to be overstocked with homes.

National Association of Home Builders chief economist David Crowe said, “No doubt, a certain amount of building and buying activity that would have taken place in May was pulled forward to accommodate the tax-credit program’s end date, which is why we have projected some softening of the numbers.”

Sales of both newly constructed and previously owned homes began to slump almost immediately after the April 30 tax-credit deadline.

Naroff said the May decrease in building permits indicates that “builders are trying to keep inventory under control.” But Crowe of the builders’ association suggested that there would be more houses under construction if lenders would loosen their purse strings. “Ongoing difficulties builders are having in obtaining financing for viable new projects are complicating factors that are slowing the industry’s recovery,” Crowe said.

The second quarter stats for American Fork and Utah County will be interesting to review to see any correlation with the national statistics for residential-construction statistics.  Currently, it is difficult to sell land in American Fork and Utah County, especially lots,  due to the difficulty of builders and buyers in securing a construction loan.  Builders are waiting to build until they have a client and a construction loan.

How Can You Improve Your Credit Score in American Fork, Ut, Utah County?

Thursday, June 17th, 2010

June News You Can Use – What determines your credit score?

Whether you have had recent credit struggles, or are just trying to build up enough credit to qualify for a mortgage to purchase or refinance a home, here are some helpful tips.

Your credit score is calculated on information obtained from your personal credit file.  This information is then analyzed in five different categories to produce your three-digit FICO® score.

Payment History: 35% of your score is based on paying your credit related accounts on time. Late payments or slow pays can drop your score quickly.

Credit Utilization: 30% of your score is based on how much credit you have and how you are using it.  If you are close to utilizing the entire amount of your credit limit on a credit card or line of credit, it can reflect negatively on your credit score.

Length of Credit History: 15% of your score is based on good payment history over a period of time.

New Credit and Inquiries: 10% of your score is based on the number of recent inquiries and opened accounts coming from creditors. If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage you do so in a fairly short period of time. The FICO® score treats multiple inquiries in a 45-day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed.

Types of Credit: 10% of your score is based on having a variety of credit accounts such as a home mortgage, auto loans, credit cards, etc.

Overall the best way you can improve your credit score is to:  Correct errors. Pay your bills on time. Pay down your debt. And apply for credit sparingly.

Very helpful information for buyers given by UCAR Weekly, June 14, 2010.

Good News for Single-Family Home Sales in Salt Lake City, UT

Thursday, April 29th, 2010

The following was released from the UAR, Utah Association of Realtors, UAR E-News, Volume 7, Issue 1, April 29, 2010:  “Sales of Salt Lake single-family homes climbed 15.3 percent in this year’s first quarter, according to a report released Tuesday from the Salt Lake Board of REALTORS®. There were 1,716 homes sold in Salt Lake County from Jan. 1 through March 31 compared to 1,489 home sales in the same three-month period a year earlier. Sales of condominiums in the first quarter in Salt Lake County were up 26.8 percent.

The median price of single-family homes sold in the first quarter in Salt Lake County dropped to $217,000, down 8.8 percent compared to a median price of $238,000 in the first quarter of 2009. Condo prices increased to $162,000, up 1.3 percent compared to $160,000 a year earlier.

Single-family home sales were also up 17.1 percent in Utah County, 13.5 percent in Tooele County, 4.5 percent in Davis County and 0.7 percent in Weber County. The complete report is available at http://www.slrealtors.com/stats/.

March Home Sales Up, American Fork, Utah

Thursday, April 22nd, 2010

The news has been reporting that home sales were up in March to a high of 6.3% exceeding expectations.  Perhaps, the sales exceeded expectations because some predictions were based on cold weather in the winter months of January and February.  Since January 1st, my sales have increased – the majority being in$200,000 and under.  Many buyers have been looking to purchase before the April 30th under contract deadline for the Federal $8,000 tax credit back program.  If you are looking for a home in American Fork, Utah area or in Utah County, contact me – one great week left!

Spring Flowers in Indoor Gardening in American Fork, Utah, Utah County

Monday, April 19th, 2010

Taken from my April Newsletter:  Courtesy of ARA Content

Do images of flowering trellises laden with yellow, pink, green and purple blooms dance through your dreams? You may be ready for some warm spring-like temperatures, but the weather outside is still a little frightful. Ignore the weather and bring spring inside with some indoor gardening.

Not only does bringing spring inside help brighten your home, but houseplants can also improve the quality of the air you’re breathing. A NASA study found that houseplants remove up to 87 percent of toxic indoor air inside a sealed chamber within 24 hours.

By planting now, while winter is still in the air, you will have vegetables, herbs and flowers primed for transplanting when warmer weather finally arrives. And since they’re inside, you can watch the plants as they shoot their little green stems out of the fresh dirt, monitoring them as they grow.

  • Use loose potting soil to promote root growth. Outside, worms and insects tunnel through the dirt, naturally breaking it up to help plants spread their roots. To mimic their effect indoors, use potting soil mixed with peat moss, vermiculite and perlite to create a light texture that won’t compact after a couple of waterings.
  • Make sure the natural light is adequate. Some plants like direct sunlight and must be located near a south-facing window, while others prefer a few hours of indirect light. But to really keep your herbs and flowers looking strong all season long, consider using artificial light like the Grow Light Pro White from Wards.com, which can also help you get your spring garden started early with seedlings. The Grow Light has four lights that can be turned on as a unit or individually, and it has an adjustable bottom shelf so you can alter the light level as your plants grow.

    When plants don’t get the light they need, they start to appear thin and frail. As your plants begin to grow, make sure to rotate the pots so the stems grow straight, rather than bending unnaturally toward the source of light.

  • Keep the humidity level above 50 percent with a humidifier. Not only will your plants appreciate the extra moisture, but so will you. When the humidity drops below 50 percent, most plants suffer from water loss through their leaves, and it’s difficult to regain that water balance, even with frequent watering.
  • Really bring spring inside your home with beautiful pots and decorating accents. Visit Wards.com to find beautiful and creative birdhouses that not only are functional, but stylish enough to hang inside. Consider hanging a wire birdhouse in the shape of an acorn in the kitchen window, or using a set of two birdhouses as a unique decoration for your entryway.
  • Mix art and fun together with some ivy. Ivy topiaries are very easy to grow, and there are many creative planters and forms you can use to support the ivy as it winds its way toward the sun. Are you a music fan? A guitar and music stand with little pots incorporated into the design can help brighten up your living room. Or maybe you prefer a vintage look created by placing a Madeline Dress Form over your vines, allowing them to grow and construct the skirt. Both styles are available at Wards.com.

Courtesy of ARA Content

Out of the Woods with Foreclosures in American Fork, UT, Utah County?

Monday, March 8th, 2010

According to RISMEDIA as to whether we are out of the woods with foreclosures:   Posted By susanne On March 7, 2010 @ 1:08 pm: “RISMEDIA, March 8, 2010—(MCT)—A smaller percentage of mortgages were delinquent and the rate of those entering the foreclosure process slowed in the fourth quarter of 2009, possible signs that the foreclosure crisis that has gripped many of the nation’s housing markets is finally starting to ease, a trade group has reported.

“We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007,” said Jay Brinkmann, (more…)

Beware of Five Mortgage Scams in American Fork, UT, Utah County

Thursday, February 18th, 2010

I thought this Press Release from the Salt Lake City FBI concerning mortgage scam fraud would be of interest:

Press Release

white spacer
For Immediate Release
February 4, 2010
FBI Salt Lake City
Contact: Debbie Dujanovic Bertram
(801) 579-4735
Salt Lake City FBI and Utah Division of Real Estate Name Top Five Mortgage Scams in 2010
Special Agents and State Investigators Warn Utahns to Beware

  • Is someone letting you live in a home for free?
  • Did a builder offer you deep discounts to move into a newly constructed house?
  • Has a company offered to refinance your mortgage for a fee?

If the answer to any of these questions is “yes,” then you may be a victim of a scam. FBI special agents and the state investigators with the Utah Division of Real Estate have compiled a list of top five mortgage related scams in 2010.

1. Reverse Mortgage Scam: Reverse mortgages can be a legitimate way for senior citizens to take equity from their homes without a monthly payment. However, con artists convince senior citizens they can live in a home for free, obtain a home loan under the occupant’s name, and disappear with the equity, leaving the victim to repay the mortgage.

2. Short Sale Fraud: A “short sale” transaction involves a lender agreeing to sell a property for less than the mortgage amount. Fraud occurs when a distressed homeowner finds a prospective buyer and they secretly set a low sale price. Unbeknownst to the lender, the buyer is willing to pay more for the property and the homeowner pockets the difference.

3. Builder Bailouts: Simply put, builder bailouts are a “kick-back” scheme. They may be more common in a troubled real estate market where builders may have a surplus of unsold properties. The builder offers excessive “incentives” to the purchaser. These incentives are disclosed as a down payment which leads the lender to believe there is equity in a home. Under these circumstances the builder and the buyer are committing fraud.

4. Loan Modifications: The FBI Salt Lake City Field Office issued a consumer alert about loan modifications in the fall of 2009. Special agents and state investigators are concerned homeowners may fall for this same scam in 2010. Companies charge up to $2000, promising to make a homeowner’s mortgage payment more affordable. But some homeowners report that they didn’t get what they paid for. For more information on loan modification scams please find the 2009 news release at: http://saltlakecity.fbi.gov/pressrel/pressrel09/slc110409.htm.

5. Affinity Fraud: Affinity fraud is an ongoing concern for the Salt Lake City FBI Field Office and the Utah Division of Real Estate. Fraudsters who promote affinity scams frequently are, or pretend to be, members of a particular religious, ethnic, or professional group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme. They convince those people that a fraudulent investment is legitimate and worthwhile. Many times those leaders become unwitting victims of the fraudster’s ruse.

For more crime tips or information on how to file a complaint with the FBI, please go to http://saltlakecity.fbi.gov/ or call (801) 579-1400. Consumers are also urged to visit the Utah Division of Real Estate website at http://realestate.utah.gov/.

Press Releases | Salt Lake City Home

How to Manage Credit Card Debt in American Fork, Utah and Utah County

Friday, February 5th, 2010

Tips to manage credit card debt

Loan consolidation has its ups and downs, but, if handled properly, it can help a family afford to get out from under debt.

The average American household had $8,329 in credit card debt in 2008, according to the Nilson Report in April. And that didn’t depend on if the household currently had an active credit card open.

“Debt control and management is a possibility for everyone,” says Daniel Wesley at CreditLoan.com. “And there are many resources available – ranging from credit consolidation companies to credit counselors – that can help people bring their debt to a manageable level.”

Some tips to help evaluate if debt consolidation is an option for you are:

  • Get organized
    List all the debts you have, all the interest rates you’re paying and all the annual income your family brings in. Having all this information in front of you will help you to determine the best steps for bringing your debts under control.
  • Do the math
    Calculate the interest rates for all the debts you’re paying now, and then calculate what your new interest payments will be for all the different consolidation options. The concern is that the new single interest rate through your credit card or bad credit loans will probably be a higher amount, so you need to make sure your overall payments are fewer than what you’re currently paying on multiple debts.
  • Determine the risk
    You can consolidate all your debt to one credit card that has a lower interest rate now, but there is the risk that those rates will increase in a year. And if you don’t have your debt paid down that quickly, this type of consolidation probably won’t make the best sense. Another type of consolidation is taking out a home equity loan, but with this, you have the risk of your home being taken away if you default on the payments.

Courtesy of ARA Content per my February Newsletter

Buyers and Sellers Think Homes’ Heating and Cooling Costs are Important in American Fork, UT and Utah County

Friday, February 5th, 2010

Marketing Homes to Energy-Conscious Buyers

For homeowners looking to sell their properties (as well as the real estate professionals who assist them), they may want to take into account the fact that current home buyers are placing greater significance on homes’ heating and cooling costs as well as energy efficient appliances and lighting in their home-buying decisions. According to NAR’s 2009 Profile of Home Buyers and Sellers, 88 percent of recent home purchasers indicated a home’s heating and cooling costs were at least somewhat important in their home–buying decision. In addition, roughly 70 percent said that energy–efficient appliances and efficient use of lighting was important. In fact, reducing energy costs through energy efficiency appears to take priority over other energy or environmentally friendly home features such as “Landscaping for energy conservation” and “Environmentally friendly community features” which about half of home buyers said were important to their buying decisions.

Homeowners may need to consider improving their homes or retrofitting in order for their current properties to be more energy efficient. A few things need to be considered such as the length of time home owners plans to own their homes (the median, according to NAR’s 2009 Profile of Home Buyers and Sellers, is about 7 years) and the cost of the upgrades. There are a few ways that homeowners can benefit from upgrades. First, homeowners will save on energy costs. Some projects have longer payback periods (i.e., the amount of time that it takes to recoup the cost of the energy efficient upgrade through reduced energy usage), while others have a universally low payback period like programmable thermostats which are relatively cheap and easy to install. The energy savings from a programmable thermostat can be recouped in as little as a year. However, some projects may be more expensive to undertake and the payback period can vary greatly depending on the region where the home is located. For example, sealing air ducts or replacing windows may be much more cost effective with a shorter payback in regions where heating costs are greater. Second, since home buyers are increasingly aware of energy efficiency, certain upgrades may increase a home’s resale value. Finally, there is the “peace–of–mind” benefit that homeowners may feel by being friendlier to the environment.

Potential Impact

Federal policy options should take into consideration a variety of factors like the variations in region, age of homes, and mix of homeowners when creating new laws. Likewise home buyers and sellers making updates to homes should be aware of such factors when making upgrades to their existing home or when purchasing a home.

Reprinted from REALTOR® Magazine January 2010 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2010. All rights reserved per my February Newsletter.

Moving During Holidays in American Fork or Utah County?

Thursday, December 10th, 2009

We’re all enjoying the single digit freeze we’re experiencing currently in American Fork and Utah County!  Just kidding!  Now, if you like to ski and you are relocating to American Fork or Utah County – there is some serious snow for you to enjoy in our big Utah ski resorts; but, more than likely, you have other thoughts on your mind than skiing!  Just a few things to remember:

Keep those warm clothes out – you’re not moving to southern California or Florida!  You sure don’t want to be going through boxes to find your kids’ boots or second pair of gloves!  A good tip from “Tips for a Successful Relocation during the Holidays”, posted by Susanne, 12/9/09 in Consumer News and Advice, is to keep a shovel handy for any last minute snow removal on either end of the move.  Since it’s been snowing almost every weekend for the past month, and it’s forecast to snow this weekend – keep that shovel and warm gloves handy!

According to Relocation.com founder Sharon Asher, one of the hardest parts of moving close to the holidays can be the sadness of leaving behind holiday traditions that were associated with your old home. “Finding creative ways to migrate old traditions to your new home can help to ease the emotional difficulties associated with a holiday move, especially for families moving with children,” Asher says.

Mail a few of your presents to your new house and the kids will be happy Santa knows where their new home is!  According to Susanne, “Moving can be stressful, but relocating as a family can also be a fun new adventure  and if you’re all working to pack, travel and unpack during the holiday season, at least you’ll be spending lots of quality time together!”  Happy moving and welcome to American Fork and Utah County!

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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