http://www.youtube.com/watch?v=BC0b86_rO8c

Click to see listing in Roy…you won”t need to fix this up…it’s ready to move in.  Very quiet neighborhood and close to schools, shopping, and I-15.

Interest Rates for Monday, November 7, 2011.  Mortgage rates are about the same as they were 2 months ago.

30 yr fixed  4.09%             last week   4.20%

15 yr fixed  3.38%             last week   3.45%

5/1 ARM     3.01%             last week    3.00%

30 yr Refi   4.17%             last week    4.29%

15 yr Refi   3.50%              last week    3.56%

Please keep in mind these are general figures because credit scores, lenders, and geographical areas differ and the rates change daily. 

It is still a great time to buy a home in Ogden and the surrounding area.  Please contact me so I may help you use these historically low interest rates to purchase your first or your next home.

Companies Expanding In Top of Utah

The Home Depot Inc. accepted incentives last Thursday from the Governor’s Office of Economic Development to open an 80,000 square foot online customer service center in the Business Depot in Ogden. The Home Depot is the world’s largest home improvement retailer based on net sales for the fiscal year ended Jan. 30. The company operates 22 stores in Utah, with 2,200 stores in four countries.  This customer service center will employ 691 workers. 

That same day, the Governor’s Office of Economic Development authorized incentives allowing Lifetime Products, Inc. to undertake a $41 million expansion of its plastics manufacturing facility in Clearfield, Utah this will result in 142 new employees being hired over the next decade.  Lifetime, as a global company, is always looking for product and processes that allow us to expand globally, domestically, and especially locally in Utah, where we were founded 25 years ago and are headquartered still today Lifetime will retain its current work force and over the next decade will add 142 new full-time positions with salaries in excess of 125 percent of the Davis County average. The GOED Board has authorized a single post-performance tax credit of $3.1 million to Lifetime for new and retained jobs, as well as the expansion of the Clearfield manufacturing facility payable in increments over 20 years. The new state tax revenue to be paid by the company is expected to be in excess of $12 million.

The Home Depot customer service center will open in August and will lease space in a new building that will be built off Depot Drive.  Construction on the customer service center building will begin in the next few weeks and will be completed in Spring 2012.  The center will provide national support for the company’s online business, www.homedepot.com.   The Home Depot will invest more than $5 million in tenant improvements to the structure.  The Ogden location was one selected out of about 80 cities.  The GOED Board of Directors approved Thursday a 10-year post-performance tax credit of up to $521,867 over the life of the project. The state estimates that The Home Depot will pay more than $2.6 million in new state tax revenue over 10 years. The city will not provide any cash incentives to The Home Depot but will work with The Boyer Company, which manages Business Depot Ogden, to ensure that the lease on the customer service building is affordable.

Based on the job market, buying and selling homes in Ogden and the surrounding area is a great idea.  Please take advantage of the incredable mortgage rates and purchase the home you have been thinking about.  Whether you are selling your home or purchasing of a new home, whether you are a first time buyer or moving up, contact me at the above number or email me at kalleen.foster@utahhomes.com.

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Five Ways the Market is Telling You NOW is the Time to Buy

Taking a look at the real estate market over the past several decades, a cycle is emerging. Usually there is a steady increase in prices, the prices then peak; that is then followed by a relatively sharp decline which the results in a flattening of the market. The last time the market hit a peak was in 2006. Since then, prices in many areas have declined with a surplus of homes for sale.

If we take a page from the history books, it is likely that the next step is for the market to hit bottom. At some point, the market will begin the steady climb we have seen so many times before; but the question is when will that happen? Is it happening now?

You may be surprised to know that some economists believe that the market actually gives us subtle signals as to what it may do and where it may be going. We just need to look a little more closely at the ways in which the market is communicating those trends.

The following five factors may indicate that the market may be approaching its final descent. For sellers, that could mean that your patience may soon pay off. For buyers – this may be your best time to buy.

Fewer new homes are being built – In a September 15, 2011 white paper for the global investment management firm, GMO, titled “Between Errors of Optimism and Pessimism – Observations on the Real Estate Cycle in the United States and China,” financial commentator and consultant Edward Chancellor said that “at the bottom of the cycle, new construction comes to a virtual standstill”, which, according to federal statistics is now happening.

When fewer existing homes are selling, most home developers slow down or cease building new homes. To achieve a balance between supply and demand takes time before the market can turn around – which seems to be happening. In its September 20th report on new residential construction, the U.S. Census Bureau and Department of Housing and Urban Development reported privately-owned housing starts hit a three month low in August and were down 5% from the month before, down 5.8% from August 2010, and more than 25% from September 2006 when new housing construction may have hit its peak. At the same time, The National Association of REALTORS reported existing home sales hit a five-month high in August and rose 7.7% from July 2011 and 18.6% from August 2010. That may be a sign of demand catching up with supply.

A growing demand for housing – It’s a simple fact of life – people need somewhere to live. Buyers may be wary of the process right now, but there is an entire section of the population who will undoubtedly consider buying in the near future. In an Inman News article released October 4, 2011 entitled “5 Signs a Real Estate Recovery is Near,” David Stevens, President and CEO of the Mortgage Bankers Association, reminds us that Generation Y (people born between 1977 and 1994) is estimated to include approximately 80 million people, or 25 percent of the U.S. population and those consumers “are now entering their prime time for starting their careers, their families, and for buying a home.”

Keep in mind that the U.S. Census Bureau predicts the country’s population to reach 423 million by 2050. That’s an increase of 112 million people in just 40 years. Those people will need housing and there will be an inevitable demand for homes to purchase. It stands to reason that this population growth will lead to fewer homes available for sale and prices will rise.

Rents are rising – Because more people are choosing to rent instead of buy in the present market, the cost of renting is rising. An article in USA Today titled “Rising rents make housing less affordable,” Zillow economist Stan Humphries noted that rents are expected to rise about 4% this year and that increase will continue in 2012. He attributes the price increases to the strong demand created by homeowners who have lost their homes to foreclosure.

High rental prices can be a good thing for the health of the over-all real estate market. The closer the average cost of renting comes to the average cost of owning, the more attractive it is to buy. In his GMO paper, Chancellor said; “Whilst people remain cautious of homeownership, the first effect of rising demographic demand is felt in the rental markets as rents start to rise. In time, rising rents push up the prices of existing homes and spur new construction.”

Homes may be more affordable – Let’s face it, we’re seeing prices that we may never see again. The National Association of Realtors’ most recent Home Affordability Index finds the national median priced existing single-family home was $168,400 in August 2011, and the average interest rate was 4.69%. That’s compared to a median of $221,900 and a 6.58% average interest rate in 2006. Low housing prices are a key in sparking renewed interest in owning real estate and can be the launching pad for a recovery.

It can’t get much worse – Pessimism appears to be at an all-time high, and it seems just about the time experts believe things couldn’t get any worse – they start getting better.

In his GMO paper, Chancellor says “In the good times, a house is seen as a highly levered asset that only goes up. In the downturn, the same property is viewed as illiquid, expensive to maintain, and heavily taxed.” Maybe we should start thinking of bad news as good news – a sign that a turnaround may be right around the corner and that now may truly be the best time to buy.

So, as these signs point to the market approaching its trough, what does that mean for you? The prices you’re seeing now may be the lowest for many years to come. You may not want to make the mistake of waiting until we’re in another boom to make your move. If you’re thinking about buying or selling a home in the Ogden area and would like to explore your options, please give me a call. I’d be happy to help.

The Ogden metropolitan area added jobs faster than virtually all other major metropolitan areas in the nation during the second quarter of 2011, according to a new national report released last week!  Brookings Mountain West, a partnership between the Brookings Institution, a nonprofit public policy organization based in Washington, D.C. and the University of Nevada at Las Vegas. 

Ranking second among the nation’s major metros, Ogden-Clearfield Metropolitan Statistical Area, which includes Weber, Morgan and Davis counties, posted a quarterly job gain of 1.8 percent during the second quarter.  The Provo metro area was first with 1.9 percent in job growth. By comparison, the nation’s overall job gains during the second quarter measured 0.3 percent.

The job gains in the Ogden-Clearfield metro have been sparked largely by growth in the leisure, manufacturing and hospitality industries.  These gains may seem modest, but the figures are telling the condition of the national economy. With Ogden pushing to become an outdoor-recreation equipment-manufacturing hub looks like it’s paying off. Davis County has added about 3,000 acres of property for business sites. Developing this land has created many jobs as well.

When you seem to think things are grim, the old saying that “things may not be as they appear to be” is quite true.

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Lance Armstrong, seven-time Tour de France winner is considering in competing in the Xterra USA Championship on September 24, 2011 at Snowbasin Ski Resort.  Armstrong did a surprise visit to Snowbasin last Wednesday, scouting the course for the event.  Lance biked along an 18-mile course from Pineview Reservoir to Snowbasin and then completed a six-mile trail run to help decided whether he will participate in the championship. Lance Edward Armstrong (born Lance Edward Gunderson on September 18, 1971) is an American former professional road racing cyclist and the founder and chairman of the Lance Armstrong Foundation for cancer research and support. He last rode for (and helped found) UCI ProTeam Team RadioShack.

In October 1996 he was diagnosed as having testicular cancer with a tumor that had metastasized to his brain and lungs. His cancer treatments included brain and testicular surgery and extensive chemotherapy, and his prognosis was originally poor. He went on to win the Tour de France each year from 1995 to 2005, and is the only person to win seven times, having broken the previous record of five wins.

In 1999, he was named the ABC Wide World of Sports Athlete of the Year. In 2000 he won the Prince of Asturias Award in Sports. In 2002, Sports Illustrated magazine named him Sportsman of the Year.  He was also named Associated Press Male Athlete of the Year for the years 2002–2005. He received ESPN’s ESPY Award for Best Male Athlete in 2003, 2004, 2005, and 2006, and won the BBC Sports Personality of the Year Overseas Personality Award in 2003. Armstrong announced his retirement from racing on July 24, 2005, at the end of the 2005 Tour de France, but returned to competitive cycling in January 2009, and finished third in the 2009 Tour de France.  If Lance participates, this would be the first major venue to welcome Lance since his recent retirement. 

Welcome to Utah Lance!!

~Royals Athletic Hall of Honor~

Guess who is going to be inducted to Roy High’s Royals Athletic Hall of Honor? Jim McMahon!  The school’s student body has been preparing this week for a visit from the famous alum Jim McMahon. McMahon who engineered a Super Bowl XX victory with the Chicago Bears in 1985 will be inducted on Friday.  There will be festivities for the school’s student body on Friday and then on Friday night’s game with Box Elder it will continue.  The tickets at $5.00 each for the game.  That night during half time Edwards and Ernie Jacklin , McMahon’s head coach at Roy, will address the crowd.  Other events include showcasing the Royal Choir, marching band, Royalaires and cheerleaders. Roy has also had an impressive 3-1 start to this year’s season. Jim played for the Royals in 1976 and 1977 and then went onto play for BYU. 

Roy is also planning a “White-Out” for the game, so fans will be encouraged to wear white for the contest.  Also, don’t be surprised to see plenty of headbands and sunglasses which were McMahon’s trademark during his NFL career. McMahon now lives in Scottsdale, Arizona and his parents as well as his siblings and former teammates will participate in this event. McMahon is also planning on participating in a fundraising golf tournament on Monday at the Ogden Golf and Country Club. Pretty fantastic to have a little bit of fame come back to the home town of Roy, Utah!

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Interest Rates for Tuesday, September 13, 2011.  Mortgage rates have fallen again…see below.

30 yr fixed  4.15%             last week   4.18%

15 yr fixed  3.36%             last week   3.37%

5/1 ARM     2.95%             last week    2.98%

30 yr Refi   4.25%             last week    4.28%

15 yr Refi   3.49%              last week    3.50%

Please keep in mind these are general figures because credit scores, lenders, and geographical areas differ and the rates change daily. 

It is still a great time to buy a home in Ogden and the surrounding area.  Please contact me so I may help you use these historically low interest rates to purchase your first or your next home.

http://money.cnn.com/real_estate/