Murray Real Estate Blog

Mortgage rates are currently hovering around a 50 year low.  Freddie Mac Vice President said, “With today’s rates, home buyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June.”   Freddie Mac also reported that the average 30 year fixed rate was 4.57.  If any of you are on the fence about buying a home keep in mind that home prices are relatively low and rates are also at record lows!

I am continually asked how home sales are doing in Salt Lake County.  The Salt Lake Board of Realtors reports that, “While U.S. home sales in May showed a surprising fall, in Salt Lake County home sales rose more than 20 percent, according to a story in the Salt Lake Tribune.”  This does not come as a surprise to me.  Although Salt Lake has had months not as good as others as a whole the market is doing well compared to many other cities around the nation.  Also, with interest rates below 5% it is a perfect time to look into buying a home or refinancing the current home you own!!!

So many people are asking how the housing market is doing in Salt Lake City.  The Salt Lake Board of Realtors states, KSL-NBC TV reported that “nearly every ZIP code in Salt Lake County saw increases in single-family home sales” in this year’s first quarter compared to last year. “Salt Lake’s west side saw the biggest jump of more than 122 percent,” the story noted. Sales of single-family homes climbed 15.3 percent during the first quarter of this year, according to the Salt Lake Board of REALTORS.”  

So it looks like homes sales are up.  A good reason they are up is because of the First Time Home Buyer Tax Credit and low rates.  We will have to continue to watch the market to see how it will respond with the $8,000 tax credit no longer available.

Those of you interested in getting this credit remember you have till the end of this month to get a home under contract.  You also must purchase the home by the end of June.   If you have any questions about the tax credit let me know.  You are eligible whether you buy a home in Murray, buy a home in West Jordan, buy a home in Salt Lake, or buy a home anywhere in the United States.

Saturday April 10th is National Open House Day.  This is a day that is bringing attention to the fact that the $8,000 tax credit is almost gone.  There will be a ton of open houses that day.  If you are interested to see which homes will have open houses I would love to send you a list. 

If you are looking to buy a home in Murray, buy a home in West Jordan, or buy a home in Salt Lake City these open houses would be a great way of finding a place or starting your search.

Rates are low and home prices are as low as they have been in years.  So what type of home is the best buy???   Obviously it depends on several factors such as city, location, square feet, acres, etc.  High end homes and million dollar homes will be a great buy because the value on those homes have gone down the most.  Another good buy is the home around $225,000.  The Salt Lake Tribune reports, “Buyers are getting more for this amount of money than anytime in the past five years. And even though plenty of houses in this range are selling, there is no shortage of inventory.”   To read the full article click here http://www.sltrib.com/ci_14657084?IADID=Search-www.sltrib.com-www.sltrib.com

Just a reminder that the $8,000 First Time Home Buyer Tax Credit is still available.   Homes must be under contract by April 30th of this year and must be bought by the end of June 2010.  If you have any questions or would love to get started please contact me at taylornelson@homerealty.com  Also if you would like more info on the tax credit below is a great website with lots of questions and answers.   http://www.federalhousingtaxcredit.com/faq1.php

People always want to know what mortgage rates are at.  The Salt Lake Board of Realtors reports that the national average on a 30 year fixed rate is 5.05%   These are some of the lowest rates we have seen in a long time. 

Remember that mortgage rates can go up or daily on a daily basis.  If you are interested in buying a home the best thing to do would be to talk to a lender.  They can tell you what you are approved for and what rates are at that time.   If you don’t have a specific lender I can direct you to a lender that is knowledgeable with lots of experience.

The Salt Lake Board of Realtors has released its 2010 Housing Forecast.    There are many interesting facts and predictions.  We were told that home sales were up 3% in 2009 as opposed to 2008.  They also predict that homes sales could rise nearly 10% in 2010.

Many people ask about the price of homes and the Salt Lake Board of Realtors predicts that homes could continue to decrease 3 to 5% before starting to rebound.  Even though the Salt Lake Board of Realtors predicts that home values will decrease it is still a great time to buy.  Whether you are looking to buy a home in Murray, buy a home in West Jordan, or buy a home in Salt Lake County prices are relatively inexpensive and interest rates are still great.  Also remember there is an $8,000 tax credit to all first time home buyers who purchase or have a contract in place by the end of April 2010.

Many of you are wondering about the $8,000 tax credit.  This is just a reminder that if you are a first time home buyer and you purchase by April 30th, 2010 you will receive the $8,000 tax credit.   In cases where you have a signed contract by April 30th and you purchase by the end of June you are still eligible for this tax credit.  Whether you buy a home in Murray, buy a home in West Jordan, or buy a home in Salt Lake City, it is a perfect time to buy.  Don’t miss out!!!