Kalleen Foster's Real Estate Blog | Ogden UT | Roy UT | Homes for Sale, Buying a House, Selling a House, Real Estate Market
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Direct: (801) 589-2220
Coldwell Banker Residential Brokerage
2225 Washington Blvd #100
Ogden, UT 84401
http://lowes.inman.com/newsletter/2011/07/20/news/147570
It is a great time to buy or sell a home in Ogden Utah…where the livin” is fun–no matter what time of year–indoors or out!
Local Housing Market in the Top of Utah
Homes in Weber, Davis & Morgan counties have had declining prices and shrinking inventory. This has been reported from the Northern Wasatch Association of Realtors comparing data for April 2011 & 2010. The drop in prices is because of bank foreclosures and sellers who are increasingly motivated to engage in short sales and are willing to negotiate with buyers in the soft housing market. The prices may be down, but these counties have fewer homes to choose from. In Davis County, home sales were down 19.9 percent in April and inventory was down 32.7 percent in Morgan County. Homes were also on the market 38 percent longer in Davis County and 14.4 percent longer in Weber County in April.
The availability of a federal tax break makes Northern Utah a home buyer’s market. For example, a home owner would pay taxes on $45,000 of income, if a homeowner makes $50,000 a year and pays $5,000 in mortgage interest. The national mortgage interest rate has been lowered to 5.11 percent on a 30-year fixed mortgage also is a great benefit to buyers. Also new home construction is starting progress now that the weather is getting better.
Since 1998, Northern Wasatch Association of Realtors and Northern Wasatch Home Builders Association have partnered to provide a home at a substantial discount to military families and special-needs families in the area. They look to help people with median incomes who don’t have much of a chance buying a home under normal circumstances.
This program is called Have A Heart. The newest home being rolled out is almost completed at 469 E. 1625 N. in North Ogden. The house is estimated to be worth about $200,000 not including the donations. The Association of Realtors started the program by refurbishing existing homes. To keep the costs down in all of the homes built for the program, many contractors and businesses have donated time and materials, knocking about 25% of the total price. What isn’t donated is usually purchased at discounted prices.
This is such a neat way that the people and businesses are giving back to their community here in Ogden and this is why I love living here!
The Ogden River comes down out of the Ogden Canyon and rolls on down past Rainbow Gardens and down along the parkway and it keeps going and going. There is a $50,000 plan developed by Pittsburgh-based Urban Design Associates. This plan was unveiled to the public back in January and is awaiting approval from the RDA board which is made up of city council members.
This plan is to have a development that will have 750 housing units, including lofts, apartments, townhomes and single family dwellings. The master plan also recommends that the project be built in multiple phases by several developers so that housing has a variety of architectural styles including traditional and Victorian. This development would also feature a green space along the Ogden River and a half-acre community garden. As many as 1,400 people could ultimately live within the project area and would also accommodate 25,000 square feet of retail space.
This is just another way that Ogden and it’s people are planning for the future and making Ogden such a great place to live!
Is it the right time to make a move into real estate? That is a question that a lot of first time buyers are asking themselves. Below is a reality check list to help first time buyers know if they are ready to buy.
*Basis Point-A term used in the mortgage industry which simply means 1/100th of 1%.
*Closing costs-These are the fees required to process and close your loan.
*FHA-Federal Housing Administration
*FRM & ARM-Fixed rate mortgage loan is a loan where the interest rate stays the same the life time of the loan. ARM is an Adjustable-Rate Mortgage with variable interest rates.
*GFE-The Good Faith Estimate is a document explaining all costs involved in getting a loan.
*TIL-The Federal Truth In Lending Form document that tells you the costs and fees of the loan.
*Lis pendens-An official notice that there is a pending lawsuit over real estate.
*Per Diem Interest-Interest you pay per day.
*Underwriting/Underwriting fees-Underwriting is the process that the lender performs to qualify a borrower for a loan.
*Warranty deed-A legal document guaranteeing the seller has a right to sell a property.
Last but not least, find a realtor that you believe will make the right fit with you to help you find the home of your dreams. A realtor will become a life- long partner in buying and selling real estate.
Now is a great time to buy or sell in the Ogden area. Do you need help to take advantage of this historic time? You may contact me anytime.
Sitting on the fence and wonderting if you should buy?
Next month on April 18, 2011, the monthly mortgage insurance factor for FHA 15 & 30-year mortgages will rise a quarter (.25) of a percentage point. The current factor is .90 and will increase to 1.15. This means if you use FHA for your mortgage, you will be paying approximately $20.00 more a month per $100,000 in sale price and this could limit your buying power and chances of qualifying. You must have a property and have an assigned FHA case number prior to this date.
This is great information to know when considering a FHA loan. Please feel free to contact me if you have any questions or concerns.
Christmas is three days away and what a wonderful present to buy you and your family–a new home! Take advantage of the low interest rates and the abundant supply of homes and pick out the one you have been dreaming about.
The holidays are perfect for home buying. Between Christmas and New Years, we usually have more time to look and don’t have to leave work to write an offer.
A few weeks ago a friend wrote, “Buying a new home wasn’t even planned! It just happened to be the right house at the right time. Our mortgage is $7 more than our rent. That includes insurance, taxes everything!! Plus our interest rate was only 4.25%–how can you not take advantage of that!! We are so excited to finally call something our own!!! I must say we are extremely happy and so are our girls!!!”
I smiled as I pictured a happy family on Christmas morning in their new home.
Why not take advantage now and call me to help you realize your dreams this Christmas. Buying a home in the Ogden area is one of the best presents you could give yourself this year and the years to come!
There has been quite a discussion lately about the value of homeownership. The National Association of Realtors (NAR) released a study concerning homeownership and here are a few of the facts.
A study was released at the 2010 REALTORS® Conference & Expo. It states “home buyers today have affirmed a long-term view of home ownership, the typical seller is experiencing positive returns and the vast majority of home owners see their property as a good investment, according to the latest consumer survey of home buyers and sellers.”
“Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.”
Furthermore, ” NAR 2010 President, Vickie Cox Golder stated, “Sellers who purchased at the top of the market and had to sell in a short time frame were hurt by the price correction, but the vast majority who are able to stay for a normal period of home ownership generally built enough equity to make a trade-up purchase,” Golder said. “Despite swings in the housing market in recent years, the fact is most long-term owners see healthy gains in the value of their property.”
To view the article in its entirety, please visit this link:
http://www.realtor.org/press_room/news_releases/2010/11/survey
I hope this article helps you decide homeownership is a valuable asset to you and your family. If you are thinking or wanting to buy a home in the Ogden, UT area, as you know, interest rates are still at historic rates. There is still plenty of inventory. If I can be of service to you in your search for a new home, please contact me.
I like to read the newspaper. I guess you can tell what generation I am from because I still get one delivered to my home every morning and a day seems weird if I don’t walk out and pick it up.
Lately, the Standard Examiner has run a few articles about how great Ogden is and I would like to recap.
There you have it: education, recreation and all that Forbes measured and ranked…the arts scene, job prospects, safety, and affordability.
With interest rates at a historic low and an excellent supply of inventory, it is a great time to buy or sell a home in Ogden, UT.
PS~May I send you an invitation?
Tax time again. Are you wondering how you can reduce the amount of tax you will pay?
The government has an incentive in place. If you purchase a home or are a first-time homebuyer, you will receive a credit on your taxes. However, the contract to purchase the home must be binding (buyer and seller agree) by April 30th, 2010 and the settlement date by June 30th, 2010.
Now this is the tricky part. It is April and only four weeks until the deadline. Please, if you are thinking of purchasing a home, please do so in the next several weeks. After the credits expire, it will be too late.
As you know, interest rates are at an historic low. With the tax credits and low interest rates, home buying is very affordable. You can save on taxes and have an affordable mortgage payment. Can’t hardly beat that.
Now is a great time to refinance, especially if you have an Adjustable Rate Mortgage (ARM). I would advise you to refinance as soon as you can. Even if you don’t have an ARM, by refinancing to a lower interest rate, you can lower your monthly house payment and save money.
If you are like me, you want to know all the facts. Below is the IRS link for more information about the tax credits.
A word to the wise–please don’t hesitate if you are considering a home purchase in the near future.
Avg. Sales Price: 379,000
Avg. Days on Market: 69
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