Linda Kirk Real Estate Blog

4 Reasons It’s Time to Sell your Salt Lake Home

Linda Kirk — Tue, 09 Feb 2010 02:58:03 +0000

4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business. Call Linda 801-803-1436 I will sell your home in 45 days or less!

10 Features Salt Lake Home Buyers Want

Linda Kirk — Tue, 02 Feb 2010 17:07:17 +0000

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

Large kitchens with islands
Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
Home offices
Main-floor master suite
Outdoor living space
Ceiling fans
Soaking tub in the master suite and/or an oversize shower with a seating area
Stone and brick exteriors rather than stucco or vinyl
Community walking paths and playgrounds
Two-car garages, but three-car garages are even more desirable

6 Facts About Home Buyer Tax Credit 2010

Linda Kirk — Sat, 23 Jan 2010 01:13:40 +0000

6 Surprising Facts About the Buyer Tax Credit
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
Call Linda 801-803-1436 for more information.

Honey, Should We Buy a House in Salt Lake?

Linda Kirk — Wed, 20 Jan 2010 22:03:09 +0000

Most experts agree that Salt Lake City’s housing market has bottomed out. But don’t expect housing prices to rise any time soon. There’s still too many foreclosures that need to be sold.

Historically low mortgage rates make home buying more affordable, and today’s reasonable home prices can make a good case for buying rather than renting, say advisors quoted in USA Today. While many first-timers are leery of making a long-term contract, here is a way you could determine if the move is a wise one.

* Divide the price of a home you are considering by the annual rent for a comparable place. If the number falls below 15, buying starts to look like a good idea.

*Do your homework on line first. That way you’ll be able to recognize the real bargains. Then let a REALTOR structure your contract, protect your interests, and negotiate with the sellers, so your transaction actually closes.

Call 801-803-1436

Salt Lake Mortgage Modification-Interest Rate vs Principal Reduction?

Linda Kirk — Tue, 05 Jan 2010 22:06:00 +0000

Cutting Mortgage Principal Decreases Defaults
Borrowers whose loan modifications reduced their loan balances – not just their interest rates – are most likely to avoid re-defaulting on their mortgages, according to a new study by the Federal Reserve Bank of New York.

These findings contradict the government’s recommendation, which focuses on reducing monthly payments by lowering interest rates and extending the loan terms.

The New York Fed concludes that a borrower’s probability of defaulting within one year when interest rates are lowered is reduced by 11 percent. But when the loan balance is reduced by 25 percent and the interest stays the same or is reduced slightly, the borrower’s probability of default within one year is reduced by 26.5 percent.

The New York Fed also found that borrowers who owe 15 percent or more than their homes’ values have a 51 percent greater risk of defaulting in any given month.Mortgage Default.
                              Learn ALL your options. Get a pro on your side.
                                            www.SaltLakeHomeAlerts.com
                                                                        801-803-1436

Salt Lake City homeowners have many options to Foreclosure or

Make sure you get the right help before it’s too late.

Salt Lake City Foreclosures and Short Sales in 2010

Linda Kirk — Sat, 02 Jan 2010 19:45:07 +0000

Short Sales & Foreclosures Maintain High Visibility

After increasing more than 30% per year for the last four years, some estimate that foreclosures will drop to about 1.75 million in 2010/11.

The Treasury Department continues to place pressure on mortgage lenders to make trial loan modifications permanent. Furthermore in December the Treasury set long-awaited guidelines designed to simplify and speed up the short sale process through its Home Affordable Foreclosure Alternatives Program.

Until now the short sale process has been cumbersome for all involved; taking as long as eight to ten months to get a transaction to close.

The program goes into effect April 5, 2010.

Call 801-803-1436 to see every foreclosure and short sale in Salt Lake City and Sandy!

2010 Salt Lake Housing Outlook

Linda Kirk — Tue, 22 Dec 2009 17:44:14 +0000

2009-12-22 09:52:10
2010 SALT LAKE HOUSING OUTLOOK

Extending the Good News for Home Buyers
By Lawrence Yun, Chief Economist, NAR Research
Let’s first turn to the terrific news regarding the housing stimulus. Earlier this month, the U.S. Congress overwhelmingly passed and the President signed into law new measures to maintain the momentum for a housing market recovery. The home buyer tax credit, originally scheduled to expire at the end of November will now be available through the middle of next year and more potential buyers will be able to take advantage of it. The income limit was also increased and many move-up buyers – not just first-timer purchasers – also will qualify. Furthermore, loan limits will not shrink as was planned for next year; in high-cost areas, the loan limit will remain at near $730,000 in 2010, thereby permitting more consumers to tap into the historically low mortgage rates.

As most of us are aware, the housing market recovery to date has been concentrated in the lower-end starter home segment. While the mid-priced market has begun to show signs of life, it is still far below normal activity. The upper-end remains sluggish. Therefore, enlarging the tax credit to include move-up buyers will add the necessary ‘juice’ to broaden the recovery. The accompanying increased velocity in home sales will mean more economic activity. Also, even though there may be less impact in the overall net inventory (a person sells before buying so it looks as a ‘wash’ on inventory), the months’ supply will fall because of rising sales. Increased sales have the added benefit of making HVCC and appraisal issues less problematic since more comparables will be available.
Adding it all up, home sales are now expected to get a boost by roughly 15 percent next year. Existing-home sales are forecast to post 5.7 million units in 2010 (up from 5 million units in 2009). New home sales will also rise, reaching 550,000 (from 400,000). More importantly, inventory will likely fall to a 6-7 months’ supply by the middle of next year. That draw down of inventory means that that there are likely to be modest home price gains. Roughly speaking a 2-5 percent price gain is likely in many parts of the country in the next year.
Rising home values will prevent home prices from overcorrecting even further. Home prices have, indeed, been overcorrecting and have led to sizable destruction in middle-class housing-related wealth. By contrast, stock market and financial wealth have experienced spectacular gains in the past nine months. Despite those gains, however, consumer confidence still continues to tread near historic lows.

Why is there a disconnect between the rising stock market and low consumer confidence? Most middle-class families have the majority of their wealth tied to housing and less to the stock market. So as long as home values fall, then consumer confidence and the broader economy will face challenges. Therefore, housing-focused stimulus measures will help households build up their housing-wealth (again) and lay the foundation for a sustainable economic recovery.

As always, there are some caveats. The 30-year fixed rate is likely to reach 5.7 percent by the end of 2010 from the current 5.0 percent.
Despite the risks of rising mortgage rates and rising unemployment, the housing outlook has significantly improved. As the fear of falling home values disappears, that one key negative factor that has held back home sales will no longer be in play. Happier days are ahead.

How to Get Best Deal on Foreclosures in Sandy

Linda Kirk — Tue, 01 Dec 2009 23:22:45 +0000

Daily Real Estate News | December 1, 2009 | Share

How to Get the Best REO Deal
REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed.

Here are some suggestions for expediting the deals:

The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.
Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.
Seek out houses in Sandy that have been on the market for a shorter time. You should find less damage to the exterior and landscaping.
Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.
Buyers shouldn’t focus on price alone. Homes that are in poor Salt Lake or Sandy neighborhoods, have serious maintenance issues, or have terrible floor plans aren’t bargains despite the price.
Get support and advice from a Professional REALTOR…remember the Seller will pay their commission.
See free listing of all foreclosures in Sandy and the greater Salt Lake City area at www.SaltLakeHomeAlerts.com

Source: Inman News, Bernice Ross (11/30/2009)

First Time Home Buyers and Financial Security

Linda Kirk — Tue, 24 Nov 2009 20:24:18 +0000

first time home buyers
want long-term financial security.

2 year recession has taught them
healthier financial options…
and they plan to continue.

Read article here.

Adopting Healthier Financial Lifestyles

A new financial survey assessing spending habits of Americans reveals that 61 percent of Americans were adversely affected by the recession, and many plan to permanently change their debt and spending habits.

One in four (25 percent) say they would like to be less reliant on credit and debt in the future, 21 percent plan to keep a lid on spending on non-essentials, and 18 percent think they will save and invest more. 15 percent say they will now develop and stick to a financial plan.

Touting resiliency, Keith Brannan, vice president of Financial Security Planning for Country Financial says, “Making permanent. positive changes in how we all handle our money will make a big difference in achieving long-term financial security. Despite the financial set-backs that may have been outside of our control, most families can still build a financially secure future for themselves with proper planning.”

With the two year anniversary of the recession approaching, Americans predict a gradual road to recovery. As we begin to emerge from the recession, 48 percent of those surveyed rate the way their family coped with the effects of the economic downturn as excellent or good, more than half (52 percent) of this group believe it will take at least two years for their financial situation to recover…

First Time Home Buyers in Salt Lake City
jump-started the housing market.

Living a Healthier Financial Lifestyle will keep it going.

Foreclosure Shopping?

Linda Kirk — Mon, 23 Nov 2009 20:39:02 +0000

4 Tips for Buying Foreclosures in Salt Lake City

The National Assoc. of Realtors, NAR, published these 4 tips for buying foreclosure properties.

1. Don’t pay too much.
Many exuberant buyers all bidding for the same property, can bid the price higher than property’s worth.

2. Talk to the banks, and Asset Managers.
Many of the best deals can be found before they get listed on the MLS.

3. Factor in fix-up costs.
Most foreclosure properties are sold as-is. Good idea to take Contractor with you
when viewing the property.

4. Bid smartley.
A good REALTOR can give you inside information about other bids on the property.

Salt Lake foreclosures www.saltlakehomealerts.com 801-803-1436