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Gary W. Jones
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Posts Tagged ‘First time home buyers in Payson Utah’

Monday, January 25th, 2010

Gary W. Jones Utah REALTOR® Is so excited after completing my monthly Utah County market report. In 2009 there were 5,094 homes sold, which brings us up 523 more homes sold than in 2008. In Jan. 2009 there were 223 homes sold and to date there is 174 sold and 292 put under contract in the last 30 days. Active Properties 3,770, Under contract-292,… Sold- 5,007 Our Absorption Rate of 8.54 Months. Numbers don’t include (For Sale By Owner) This is GREAT news for the Utah County Real Estate Market.

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Posted in Payson Utah and Utah County Real Estate Market Report | No Comments »

Friday, January 15th, 2010

I would like to share an experience with you that happened today that made me scratch my head and ask myself, what was Bank Of America thinking? I have a Buyer that I am working with and we put an offer on a Short Sale, yes I know there is nothing short about a short sale. This particular short sale should have been a slam dunk, considering that Bank Of America (the first lien holder) was not going to lose a dime, just the second and third were losing. The second would have still got something and of course the third was out of luck all together. Now we started this process on October 6, 2009. Now here we are January 14, 2010 and we were told earlier this week, that the auction that was scheduled  for today was going to be postponed. I get a call this morning from the listing agent that the home had been sold at auction, that in itself was not the worst news, that came when the agent told me that the home sold for almost $50,000.00 less than what our offer was. Now you can call me crazy, but wouldn’t that  be considered a pour business decision? You know I thought I heard somewhere that banks were hurting. I truly believe they are hurting because if this is how they do their business, then maybe instead of bailing these banks out, we should have just let them fail. This makes you wonder how many of these deals do they just toss $50,000.00 or more out the door. The purpose of this blog is hopefully people will read this and more people people will share their experiences like this and maybe if we are really lucky, our government will crack down on these banks and apply some really stringent  rules and regulations on these banks. It would not even hurt to apply some penalties on these banks.

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Posted in Short Sale Disaster | No Comments »

The Tax Credit Has Been Extended For Payson, Utah And The Rest Of The Country.

Tuesday, November 10th, 2009

O.K. The tax credit has been extended and it is even better than before. Between the New and Improved Tax Credit and the Home Run Grant (2) a first time home Buyer can afford to Buy a new home and the same goes for repeat home Buyers. Go to this Link


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Posted in First Time Home Buyers Tax Credit. | No Comments »

The House Passes The New Tax Credit Extension For Payson, Utah And The Rest Of The Country.

Friday, November 6th, 2009
I felt like this was worth a second look at, The New Tax Credit extension for Payson, Utah and the rest of the country, the news just keeps getting better. Lets just keep beating this dead horse, we might just get lucky and revive him.WASHINGTON, Nov. 3 (UPI) — The U.S. House Tuesday approved legislation that would extend unemployment benefits and expand an $8,000 tax credit for first-time homebuyers.

The tax credit is scheduled to expire Nov. 30. The bill would extend it to apply to home purchases under contract before May 1, 2010.

The tax credit is attached to a bill that would extend unemployment benefits by up to 20 weeks for people who have been out of work for long periods. Unemployment reached a 26-year high of 9.8 percent in September, and the latest figures are to be released Friday.

The Senate could vote on its version of the measure as early as Wednesday night and the House could take it up for final approval this week, The New York Times reported Tuesday.

The measure approved by the House Tuesday would expand the homebuyer tax credit to apply to people who have owned a home for at least five years. They could get a $6,500 tax credit on the purchase of a new home.

Income restrictions would be relaxed, meaning more people could take advantage of the program.

The extension and expansion of the tax credit would cost an estimated $11 billion in addition to the $10 billion that has been spent on the existing homebuyer tax credit.

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Posted in The New Improved And Revised Tax Credit | No Comments »

Some Interesting Facts About Our Real Estate Market In Payson, Utah.

Thursday, October 29th, 2009

You hear everyday how bad the Real Estate Market is, so I decided that I wanted to see for myself and then share my results with my readers. I went to the (WFRMLS)  Wasatch Front Regional Multiple Listing Service’s web-site and then the fun began. My biggest decision was how far back and what areas do I want to look at, the areas I chose were a no brainer since I do the majority of my work in Payson, Utah and little bits here and there around Utah County. Now as I mentioned earlier I got my info from the (WFRMLS) and these numbers do not reflect the homes sold (For Sale By Owner). Well now to the questio of how far back do I go, I have been in Real Estate for going on 6 years now plus the (WFRMLS) only goes back so far so I went back to 2005 up to present. These numbers include Single Family, Condos and Town Homes. So now that I have laid out the ground rules, lets get down to the TRUE HONEST TO GOODNESS FACTS.

In Utah County in 2005 there were 6,793 homes sold and out of those 6,793 there were 393 homes sold in Payson, Utah.

In Utah County in 2006 there were 7,513 homes sold and out of those 7,513 there were 399 homes sold in Payson, Utah.

In Utah County in 2007 there were 5,933 homes sold and out of those 5,933 there were 292 homes sold in Payson, Utah. (GOING DOWN).

In Utah County in 2008 there were 4,568 homes sold and out of those 4,568 there were 189 homes sold in Payson, Utah. (AT THE BOTTOM).

Alright are you ready for these numbers? HOLD ON TO YOUR SEATS!!!!

In Utah County from January 1, 2009 up to October 29, 2009 there has been 4,194 homes sold and there are currently 1,070 homes under contract and we still have 2 more months to go. I am projecting that by the end of 2009 there will have been approximately 5,600 homes sold in Utah County for 2009. (WE ARE MOVING ON UP).

Now out of those 4,194 homes sold in Utah County 131 were sold in Payson, Utah from January 1, 2009 up to October 29, 2009. There are currently 39 homes under contract in Payson, Utah and again we still have 2 more months to go. I am projecting that by the end of 2009 there will have been approximately 200 homes sold in Payson, Utah. (YEEE HAAA I THINK I CAN SEE THE END OF THE RAINBOW) or just winter coming on!!!!

Again remember that none of these numbers reflect the homes that were sold by (For Sale By Owner) and I am not a betting man so please don’t hold me to my projections. Now that you have seen these numbers with your own eyes, you decide what you think the Real Estate Market is doing in Utah County and Payson, Utah. HAVE A GREAT DAY!!

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Posted in Payson Utah's Real Estate Market | No Comments »

Buying your first Home in Payson Utah

Wednesday, August 19th, 2009

Well I think that weather or not this is your first, Second or Third home purchase these steps will help any home Buyer accomplish a smooth home buying experience.

1. Find a Mortgage company or Loan Officer and give them all the info. that they may require in order to get the ball rolling. By doing this you not only get the process moving in the right direction, you also will find out what you are actually qualified to buy, (Payment & Purchase Price). You will also have an ideal of how much money you will need for your down payment & closing cost. Remember when you search for a Mortgage company it is like searching for a new car, interview more than one Mortgage company and see who has the lowest loan cost. Ask for a good faith estimate from each lender.

2. O.K. this is a hard one, find a good Real Estate Agent that lives or works in the areas that you may be looking at. Now #1 & #2 can be done at the same time but it will help your Real Estate Agent in his/her home search for you if he or she knows what they are looking for price wise.

3. Alright, we are ready to start looking for your dream home. Try not to over whelm your brain by scheduling so many homes that you can not remember which one is which. Even as agents we can go through so many homes and it is hard to keep up with all of them, so looking at 7 to 10 homes in a day is plenty, unless you are really pressed for time (Out of State Buyers).

4. Carry a camera with you and a note pad to help you remember each home. I like to use a scoring system for location, paint, condition, bedrooms, layout ect……. from 1 to 10 this has proved to be very helpful in comparing homes especially when its gets down to your top three or four picks.

5. Remember it is not your agents job to sell you on any specific home, the right home for you will sell itself. As an agent, I will point out some of the positive and negative points of a home if there are any.

6. You have found your dream home and it is time to write an offer. Writing an offer is not guess work, your agent will do a CMA (Comparable Market Analysis) to see where this home should be priced at to insure you the Buyer  are not going to offer to pay to much. The home has to appraise or the banks will not lend on it. Once you have an offer on the table, time is of the essence, meaning if you do not respond A.S.A.P. there could be another offer come in and buy the home.(So Move Quickly)!!!

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Posted in First Time Home Buyers | No Comments »

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