Taylor Nelson Real Estate | Murray, West Jordan UT | Buying a Home, Selling a Home, Real Estate Market, First Time Home Buyers

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Taylor Nelson
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Direct: 801-518-9808

Office: 801-270-9110

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7985 S. 700 E.
Sandy, UT 84070
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MORTGAGE RATES TIE RECORD LOW

Friday, July 16th, 2010

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!

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SALT LAKE HOME SALES FOR MAY 2010

Tuesday, June 29th, 2010

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!!!

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$8,000 1ST TIME HOMEBUYER TAX CREDIT ALMOST GONE

Thursday, April 22nd, 2010

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.

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NATIONAL OPEN HOUSE DAY

Wednesday, April 7th, 2010

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.

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GETTING MORE BANG FOR YOUR BUCK

Thursday, March 25th, 2010

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

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WHAT ARE INTEREST RATES AT???

Wednesday, March 3rd, 2010

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.

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$8,000 TAX CREDIT

Thursday, February 4th, 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!!!

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MILLION DOLLAR HOMES

Wednesday, December 2nd, 2009

One part of the market that is really struggling it high end homes.   There are several reasons why this is the case.  One reason is because several years ago new construction and million dollar homes were being built at a rapid pace.   With a slow down in the market there are more million dollar homes than people are buying.  Another reason these home might not be selling is because it is harder to get a loan today than it was a few years ago.  This is even more true with Million Dollar Homes.  

The Salt Lake Board of Realtors reported that “In the first nine months of 2009 in Salt Lake County, there were 40 sales of homes at $1 million or greater. That is down 34 percent compared to 61 sales above the million dollar mark during the same January through September period a year ago (there were 71 home sales at $1 million or greater in Salt Lake County for all of 2008).   In 2007, the year home prices peaked in Salt Lake County, there were 134 homes that closed at $1 million or greater. In 2006, there were 133.”

The news that million dollar homes are harder to sell in this market it not good for current home owners, but at the same time this can be good for those that are in the market for a high end home!! 

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WHAT ARE THE DIFFERENT TYPES OF LOANS??

Wednesday, November 25th, 2009

One of the first steps to buying a home is getting qualified for a loan.  This is a very important step because once you are qualified for a loan you will know how much you are approved for, what type of loan you need, and how much you will need to bring in as a down payment.  

Here are a few different types of loans:

FHA LOAN

An FHA Loan is a loan insured by a government agency called the Federal Housing Agency.  Typically on this type of loan a buyer would need to bring in about 3% of the purchase price for a down payment.  There are also still some programs out there today where you can get a loan for virtually nothing down.  An FHA loan is very common today and is good to do if you do not have enough for a big down payment that other types of loans may require.  One important thing to remember on an FHA loan is that there are limits on the amount of the loan.

VA LOANS

VA Loans are for those that are qualified by military service or other entitlements.  This type of loan is not extremely common, but may be a good option for you if you have served in the military.

CONVENTIONAL LOANS

Conventional Loans are also another popular type of loan.  Typically you need a 5% down payment so many people opt to go with an FHA loan.   This type of loan in not guaranteed or insured by the Federal Housing Agency, but typically these types of loans offer good interest rates.

This is just a brief overview of loans.  There are so many types of loans such as an ARM, 15 year, or 30 year loan.  If you have questions feel free to ask or I can direct you to a loan officer who would be well qualified to answer your questions.

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$8,000 FIRST TIME HOME BUYER TAX CREDIT, SETS RECORD

Friday, November 20th, 2009

So the $8,000 tax credit was put in place to help stimulate the economy and help home sales.  It looks like it is working.  During the last year there have been more first time home buyers than ever before.  The National Association of Realtors reports that ”the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year’s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991.”

For those of you that own a home hopefully this $8,000 tax credit will help keep home prices stable and help keep home sales moving.   For those of you that are looking to buy a home and take advantage of low prices & low interest rates remember the first time home buyer tax credit expires the end of April 2010.  Also, remember it doesn’t matter if you buy a home in Murray, buy a home in West Jordan, or buy a home in Salt Lake, you are eligible for this tax credit.  To check out more info about this article I have attached a link.    http://www.realtor.org/press_room/news_releases/2009/11/survey_record

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