Feb
11
Price your home right to get it sold
Posted by fondahomes under Uncategorized
Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all.
Every seller wants to net the most money possible on the sale of his home. The price he asks for the home directly affects whether he will make a profit and how much. It is also a deciding factor in how long the home sits on the market. The assistance of a good real estate agent with knowledge of the overall market as well as what™s selling or not selling is invaluable in helping to determine the sales price. The goal would be to choose a price low enough to cause the home to sell without leaving any money on the table.
Many sellers want to price their home high then come down on price later if they have to. This can actually hurt them because the most interest in the real estate community and among buyers is generated in the first 30 days. If it is not priced properly from the start this peak level of interest is missed.
If you are thinking of selling your home contact me for a free, no obligation, comparative market analysis of your home™s value.
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Jan
7
Condition of home affects ability to sell
Posted by fondahomes under Uncategorized
In Salt Lake County there are approximately 6600 homes for sale with only about 700-800 selling each month. When a home is placed for sale in the real estate market the seller should have in mind that he is entering his home into a competition to be one of those that sells. The condition of the home is one important factor that affects the seller™s ability to win or lose the competition.
Sellers should look at their home from a buyer™s point of view. How does the house look from the street? Keeping the lawn mowed and weeds pulled helps. Perhaps the windows need cleaned and the front door needs fresh paint.
Inside, any furniture that interrupts the flow or makes the rooms appear smaller should be removed. Next clean, paint, repair, and de-clutter. If necessary, a storage unit could be rented for that excess furniture and clutter. Pay attention to how the house smells. Pet odors quickly turn buyers away while apple spice or vanilla scents make a home feel warm and inviting.
Before each showing, the seller should turn on all the lights, hang fresh towels, and stage the dining table for a fancy dinner party. Then vacate the property while it™s being shown.
If you are thinking of selling your home contact me for your free copy of œGetting Your Home in Top Selling Condition so you can be a step ahead of your competition.
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Dec
5
Steps to buying a home
Posted by fondahomes under Uncategorized
Since the real estate market peak in 2007, the median price of homes sold in Salt Lake County has fallen as much as 13 percent. While this has caused distress for many sellers, more affordable prices combined with today™s low interest rates have created good opportunities for buyers.
The process of buying a home doesn™t have to be complicated. The real estate agent expertly coordinates all the professionals involved in the home purchase and acts as an advocate for the home buyer and his interests throughout the transaction.
The lender evaluates the home buyer™s ability to repay a loan based on his income, credit history and if he has a down payment. The lender informs the agent of the qualification and the home selection process begins.
Upon choosing a home, an offer is made. After the buyer and seller come to an agreement the buyer has a period of time to do his due diligence. Homes are generally purchased as-is so an inspection can give the buyer peace of mind about his purchase or help him decide to choose a different home instead.
When the loan is approved and a final walk through the home has been done, the buyer delivers his down payment to the title company and signs paperwork. The loan is funded and the deed is recorded. Routine maintenance and cleaning protect the investment and the new owner enjoys the many benefits of home ownership.
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Sep
27
Information on available grants in Salt Lake County
Posted by fondahomes under Uncategorized
When my husband and I moved our growing family to West Valley eighteen years ago, we used a $2000 grant from West Valley City to help with the down payment. It enabled us to afford our six bedroom home that eventually housed 8 children.
Help is available today for low to moderate income, first-time homebuyers in West Valley City, Magna and other areas of Salt Lake County. In West Valley City $5000 can pay all or part of your down payment or closing costs. Be sure to complete the application process for the grant before you offer on a home; otherwise, your application will be denied. The purchase price cannot exceed $180,000 and you should plan on living in your new home for at least 5 years. For more information go to http://www.wvc-ut.gov/index.aspx?NID=934.
How about a home in Magna or Kearns? Homebuyers in these communities can participate in the œOwn in Salt Lake County program administered by the Community Development Corporation of Utah (CDC). After you go under contract on a home under $230,000 you can apply for up to 6% of the home™s purchase price, not to exceed $10,000 for down payment and closing costs. If you move out or refinance before 15 years you may have to pay it back. Go to http://www.cdcutah.org/downpaytassist5-20-10.html to learn more.
If you have questions about this topic or have suggestions for future real estate articles call 801-554-6051 or email fondahomes@gmail.com.
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Aug
9
Another great reason for low income families to buy a home now
Posted by fondahomes under Uncategorized
Interest rates have hit an all time low. Home prices are down. Utah is still a pretty, great, state. Is there anything keeping you from buying a home? Maybe you don’t have a down payment saved.
There are now down payment assisitance grants available for Murray, Magna, Kearns, Sandy and West Valley Cities. Income limits apply. Call me, 801-554-6051, for more information on these programs.
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Dec
7
Considerations for buyers
Posted by fondahomes under Uncategorized
If you are thinking about buying a home soon here are some things to keep in mind:
If you desire to take advantage of the home-buyer tax credit, get started now. You have the best chance of getting the home you want if you give yourself plenty of time. If you need to sell a home first, price it aggressively for a quick sale. The April 30 deadline to have your new home under contract in order to qualify for the tax credit will be here before you know it. Though you may be tempted to think otherwise, this credit will not be around forever.
Likewise, low interest rates will not be around forever. Today’s rates are among the lowest in history, hovering near 5% for a 30 year fixed rate. Interest rates will gradually go up as the job market improves. (Hopefully, the job market will improve soon!) Rates could also go up as the US treasury stops buying mortgage backed securities.
If you have ever considered investing in real estate, now may be a good time to start. The opportunities are all around. The low interest rates, combined with lower home prices and plenty of renters on the market, make a good combination for investors.
Whatever your reason for buying a home in the near future, the conditions are right to help make your experience worthwhile.
5 Responses to “Considerations for buyers”
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Nov
23
Home Buyer Tax Credit
Posted by fondahomes under Uncategorized
Recently the homebuyer tax credit was extended and expanded. We used to call it the “first time home buyer tax credit” but the “expanded” part of the bill includes opening up the credit to buyers who have used their existing home for their primary residence for at least 5 of the last 8 years. These buyers can claim a credit of $6500 compared to the $8000 for a first time home buyer.
The “extended” part of the bill allows purchases to happen until next Spring. The contract must be signed by April 30 and Closed by June 30.
Unfortunately there have been a large amount of fraudulant claims for the first time home buyer credit so it is now required to include a copy of the properly executed settlement statement with their return. Duh!
Click this link if you want more information about the credit:
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Oct
26
Borrowing money for repairs
Posted by fondahomes under Uncategorized
Sometimes a home that is for sale is in need of some repair and will not qualify for an FHA loan without the work being done. An interesting solution for an FHA buyer is to obtain an FHA 203K loan where the cost of repairs is included in the loan.
Here is an excerpt from an article about this by Greg Cutt of I-Net Mortgage:
If you’ve been passing up on buying a home because of the expense of anticipated cosmetic repairs, you’re missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or worse, a mortgage plus a short-term loan for repairs that often had a much higher interest rate). This is not the case anymore if you qualify for an FHA Streamlined 203(k) loan.
The Department of Housing and Urban Development’s FHA Streamlined 203(k) loan allows qualifying home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home.
With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. And the best part is, the additional funds are combined into your mortgage, so you only have to worry about one loan.
A friend of mine recently bought a home this way and is thrilled with the great deal she got on the home and loves being in control of the repairs. She can do it her way. If you or someone you know is thinking of buying a home this way give me a call. I’ll help you find the right home and put you in touch with a lender that can help with financing.
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Oct
3
Surprise! Homes are more affordable now than a couple years ago
Posted by fondahomes under Uncategorized
Utah home prices are more affordable than they have been since 2005 according to the Housing Opportunity Index report issued Aug. 19.
Of all the Utah metro areas reported, Ogden-Clearfield has the highest affordability ranking with 68% of homes being affordable to those earning the median income in the state of $65,300.
The Provo-Orem area is showing improved affordability with nearly 50% of homes being affordable which is a big jump from the third quarter of 2007 where only 22.5% were considered affordable.
In St. George a 2006 report showed that only 16% of the homes were affordable but that has improved to 37% currently.
Salt Lake fits somewhere between Ogden and Provo in affordability. An interesting thing to note about Salt Lake houses is that the median single family home sales price of $234,200 is actually up slightly from last year.
So Surprise!!! Homes are more affordable now that they were a couple of years ago. I don’t think we really needed anyone to tell us that.
Call me with your real estate questions.
Fonda Oliphant
801-554-6051
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Aug
21
Search all homes all the time
Posted by fondahomes under Uncategorized
My website has recently been updated with a feature called Search For a Home. You can enter your own search criteria and find all the homes that fit. You have the capability to save your searches and go back to them the next time you log in.
An additional feature is a map search. On the left side of my home page click on Quick Map Search and you will be able to zoom into an area on the map that you are interested in.
Using either search method you can refine your search by price, area, home size etc. Do you want to live in a specific subdivision or school district? Do you need a garage and a fireplace? These are just a few of the items you can specify.
Check it out at http://fondahomes.com then let me know how I can help you achieve your real estate goals.
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I like your Post and the alltimes good Informations.
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Thank you for your help!
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