There is a long standing argument that by selling your home For Sale By Owner (FSBO), you can get out of paying real estate commissions and save yourself some money. So when Colby Sambrotto, the founder and former COO of forsalebyowner.com decided to sell his home you would expect this to be a slam dunk. Well maybe not.
A recent article in the Wall Street Journal reported that after trying to sell his New York condo for six months, he decided enough was enough and employed the help of a Real Estate Broker.
Here is a quote from the WSJ:
“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”
But here is the real killer, not only did the Broker sell his home, he sold it for $150,000 more than Mr Sambrotto was asking for it when trying to sell it FSBO.
So what’s the moral of this story? Trying to save money may not always save you money and you should probably rely on the services of a professional. After all it could save you money.
Tags: For Sale By Owner, FSBO
There was some encouraging Salt Lake County home sales data for July 2011, with the number of homes sold rising over 34% year on year, increasing from 744 to 1,002.
While the number of Salt Lake UT Homes sold was up, home prices over the last year were down 14% with the average sales price for a home being $223,942. Month on month the average price per square ft. ticked up to $92 per square ft.
The average amount of time taken to sell a home was 86 days, which while higher than last month, is down from the peak of 98 days seen earlier this year.
Looking forward, August 2011 sales are also looking good, with sales set to be somewhat higher than those seen last year.
Total Sales 1,002
Average List Price $231,235
Average Sale Price $223,942
Sale Vs List 97%
Average Sq. Ft. 2,432
Price Per Sq. Feet $92
Days on Market 86
You can read this post about Salt Lake County July 2011 Housing Sales and other posts on my real estate blog.
Tags: Home Prices, Home Sales, Real Estate Market, Salt Lake County, Salt Lake County Home Prices, Salt Lake Housing Market
Salt Lake Homes sales data for Salt Lake County showed some of the most positive signs of recovery we have seen for some years now.
While year on year prices for Single Family Homes and Condos declined from $208,000 to $189,900, compared to the last quarter prices actually seemed to stabilize, and even showed a slight increase going from $187,000 to $189,900. The number of homes sold was the best we have seen for a full year and the average time taken to sell a property (84 days) also dropped to the lowest level for a year.
Time will tell if this is truly a bottom, or just a breather on the way down.
2nd Quarter 2011
Median Home Price: $189,900
Homes Sold: 3034
Avg. Days on Market: 84
1st Quarter 2011
Median Home Price: $187,000
Homes Sold: 2168
Avg. Days on Market: 95
4th Quarter 2010
Median Home Price: $200,000
Homes Sold: 2324
Avg. Days on Market: 90
3rd Quarter 2010
Median Home Price: $219,925
Homes Sold: 2245
Avg. Days on Market: 88
2nd Quarter 2010
Median Home Price: $208,000
Homes Sold: 3500
Avg. Days on Market: 82
You can read this Salt Lake Homes Sales Data for the Second Quarter 2011 post on my real estate blog.
Tags: Home Prices, Home Sales, Homes Sold, Salt Lake County Home Prices, Salt Lake Housing Market
Salt Lake was recently named 7th in the top 10 markets for real estate investors. The top 10 cities were:
1. Indianapolis-Carmel, Ind.
2. Winchester, Va.-W.Va.
3. Gainesville, Fla.
4. Tucson, Ariz.
5. Tallahassee, Fla.
6. Hagerstown-Martinsburg, Md.-W.Va.
7. Salt Lake City, Ut
8. Richmond, Va.;
9. Gainesville, Ga.
10. Winston-Salem, N.C.
The study by Inman News took into many criteria, including economic, housing and demographic data. The analysis considered markets with high affordability, low and dropping prices, a high market share of foreclosure sales, high population growth, an improving unemployment rate that is close to or better than the national average, high projected return on investment (ROI) over the next decade, and a low total cost of ownership-to-rent ratio.
The Salt Lake City Real Estate Market was positioned high on the list due to its low unemployment rate and high population growth.
Most of the 10 top markets were in the South and West of the country, which is what you would expect given that they were hit the hardest during the downturn.
One interesting fact mentioned in this study was that investors seemed to be more confident about the housing market than homebuyers, with 77% of investors saying it was a good time to buy, compared to 68% of homebuyers.
You can read this Salt Lake City 7th Best Market for Real Estate Investors post on my real estate blog.
Tags: Income Property, Real Estate Investment, Real Estate Investors, Salt Lake Housing Market, Salt Lake Real Estate
Homes prices for Salt Lake County actually increased for the second month in a row. The median home price for April 2011 was $219,720 a small increase of 0.7%, and maybe a sign that prices have at least stabilized. Year on year prices fell 6.56%. There were 914 homes sold with an average size of 2,455 square ft. The average price per square foot increased from $89 to $90. Average number of days it took to sell a home decreased from 92 to 88.
All in all this is the best data I have seen for some time, with most of the indicators going in the right direction. Hopefully this is a sign of something positive rather than just a blip.
Total Sales 2455
Average List Price $226,643
Average Sale Price $219,720
Sale Vs List 97%
Average Sq. Ft. 2,455
Price Per Sq. Feet $90
Days on Market 88
You can read this post about Salt Lake County April 2011 Housing Sales and other posts on my real estate blog.
Tags: Average Home Prices, Home Prices, Home Sales, Homes Sold, Salt Lake County Home Prices, Salt Lake Housing Market
Garbett Homes is preparing to break ground for its Terra Sol green housing development. This 59 unit single family home community is being billed as ‘the greenest community in the state’. The development is located at 3545 South 300 East on 6.5 acres. Homes will have 1600 to 3000 sq. ft, small yards, 2 car garages, 3 bedrooms, 2.5 baths and basements at prices starting at $200,000. They will have thermal solar systems similar to those found in their Daybreak Solaris Development. More information to follow…
You can read this Garbett Homes Terra Sol Green Housing Development article on my Salt Lake Real Estate Blog.
Tags: Daybreak Utah, Garbett Homes, Green Building, Green Homes, New Home Developments, New Homes, Terra Sol
The Salt Lake housing market remained depressed in the first quarter 2011. The Salt Lake County home prices dropped 9.66% over the last 12 months, with the new median sales price for all types of home being $187,000.
Salt Lake County Single Family Home Sales
First Quarter 2011
Median Home Price: $200,000
Average Home Price: $234,338
Average Days on Market: 91
Homes Sold: 1787
First Quarter 2010
Median Home Price: $218,500
Average Home Price: $260,761
Average Days on Market: 81
Homes Sold: 1800
Salt Lake County Condo Sales
First Quarter 2011
Median Home Price: $150,000
Average Home Price: $162,225
Average Days on Market: 112
Homes Sold: 355
First Quarter 2010
Median Home Price: $164,000
Average Home Price: $179,914
Average Days on Market: 95
Homes Sold: 378
Utah County Single Family Home Sales
First Quarter 2011
Median Home Price: $192,000
Average Home Price: $220,385
Average Days on Market: 109
Homes Sold: 908
First Quarter 2010
Median Home Price: $215,750
Average Home Price: $249,562
Average Days on Market: 102
Homes Sold: 844
Utah County Condo Sales
First Quarter 2011
Median Home Price: $134,000
Average Home Price: $141,635
Average Days on Market: 122
Homes Sold: 172
First Quarter 2010
Median Home Price: $145,900
Average Home Price: $152,458
Average Days on Market: 87
Homes Sold: 198
Davis County Single Family Home Sales
First Quarter 2011
Median Home Price: $195,000
Average Home Price: $213,393
Average Days on Market: 91
Homes Sold: 506
First Quarter 2010
Median Home Price: $210,000
Average Home Price: $236,286
Average Days on Market: 83
Homes Sold: 575
Davis County Condo Sales
First Quarter 2011
Median Home Price: $150,750
Average Home Price: $152,670
Average Days on Market: 119
Homes Sold: 59
First Quarter 2010
Median Home Price: $165,250
Average Home Price: $164,502
Average Days on Market: 85
Homes Sold: 83
You can see detailed Salt Lake County median home price information for all zip codes in Salt Lake County on my Best Salt Lake Homes website. You can also view information about Davis County Home Prices and Utah County Home Prices.
You can read this post about 2011 First Quarter Salt Lake Home Prices and other posts on my real estate blog.
Tags: Average Home Prices, Davis County, Davis County Home Prices, Home Prices, Home Sales, Homes Sold, Housing Market, Salt Lake County, Salt Lake County Home Prices, Utah County, Utah County Home Prices
With the recent economic downturn there’s been a lot of fear and concern regarding the housing market. Well, I’m here to tell you real estate in Logan Utah is weathering the storm quite nicely. Like many markets in Utah, home sales have declined in Logan, but considerably less than most other Utah markets. With a reasonable unemployment rate, many of Logan’s residents have been able to afford their mortgages to maintain a semi-healthy real estate market.
The best sign that Logan’s market is weathering the storm is the amount of foreclosures. Currently there are only twelve Logan Utah foreclosures on the market out of a total of 269 properties. With a ratio like that, the distressed properties that are pushing home values down in other markets aren’t having the same affect here in Logan. The best thing we can hope for is to maintain a small amount of distressed homes, and that includes short sales.
Short sales have a higher market share than foreclosures in Logan, yet I still feel they are at a healthy level. There are currently eighteen Logan Utah short sales on the market making a total of thirty properties where homeowners lost their home to foreclosure are facing a short sale situation. At any given time, the distressed property market makes up only 11-13% of the market share.
As a home buyer this means your home is going to hold value long term. Distressed properties suppress values due to banks selling them for less than what a normal home owner would. Knowing that Logan is one of the few markets in the entire nation with such a low distressed property rate, you should have confidence in your home purchase. The only problem home buyers should face in our market is choosing where to live.
There are some great areas to live in Logan from The Island just below Utah State University where you can find cheaper homes within just a few minutes drive to the university, to Cliffside with some of Logan’s most expensive housing options. If you want luxury, the Quail Bluff neighborhood provides some of Logan’s most exclusive properties within a gated community.
Nature provides a beauty that humans can’t, and Logan is full of spectacular mountain views, unrivaled hiking and biking trails in the famous Logan Canyon, and the starting point for a most enjoyable adventure for bikers called The Lotoja. The views of Logan’s mountian ranges are absolutely stunning and can be seen from anywhere in the valley.
If you’re worried about housing prices don’t be, with a median house value under $170,000 home prices are quite affordable. There are many options for any home buyer from the the smaller first time homes just west of downtown that are all priced under $160,000 with many even being under the $100k mark. To the many condo and townhome developments such as the luxury townhomes in Lexington Village to the small first time home buyer condos at Blackhawk.
If you’re looking for a place that provides affordable housing, a safe community, and world class outdoor activities Logan, Utah is a great choice. We have great snow in the winter for skiing at Beaver Mountain and endless fun filled days in the summer swimming at first dam. If you don’t enjoy getting wet or skiing, you’ll love the many restaurants Logan has to offer including the best Italian restaurant in Northern, Utah at Le Nonne’s.
This article was provided by Lisa Udy principal broker of Platinum Real Estate Group in Logan, Utah. If you’re looking for Logan Utah homes for sale please visit Lisa’s real estate website at www.LisaUdy.com.
I have been asking myself this question for some time now and still cannot think of any reason, why banks can not let people who are underwater with their mortgage refinance their loan. I don’t mean the people who cannot pay or are not paying their mortgage, I am talking about people who pay their mortgage every month, but would dearly love to refinance into today’s low rates. According to a CNBC report currently 23% of all mortgages are underwater, so the potential for refinancing is quite considerable.
Now obviously there would have to be some restrictions, and rules.
1. The borrower must refinance with the same mortgage company where they currently have their loan. After all banks are unlikely to want to take on other banks underwater loans, and I can’t blame them for that.
2. The borrower cannot refinance for more than their current loan amount.
3. The bank must offer the same interest rates regardless of if the customer is underwater or not (obviously credit score etc still comes into play).
If we did let people refinance, what would be the benefits? As far I can see it would have two major benefits.
1. Free up extra money for the consumer, which would be an immediate stimulus for the U.S. economy.
2. Provide more incentive/make it easier for people to stay in their homes, reducing the number of short sales and foreclosures.
On the down side (if there is one), the extra stimulus could potentially be too much, driving up inflation too fast, and overheating the economy (although somehow I doubt it).
Now obviously this idea will not be popular with banks, but after all that has happened maybe the banks need to give a little bit back to society.
You can find the original post Allowing Underwater Mortgages to Refinance on my Salt Lake Real Estate Blog.
Tags: Home Foreclosures, Mortgages, Real Estate Market, Refinancing, Short Sales
The annual mortgage insurance premium is due to increase on the 18th April, by 0.25%. For loans whose LTV (loan to value) is <= 95% the rate will increase from 0.85% to 1.10% and if the LTV is > 95% from 0.90% to 1.20% (assuming length of mortgage is more than 15 years).
For those of you that don’t know, mortgage insurance or PMI, is designed to protect the lender if the borrower does not repay the loan. It is required for all FHA loans, where the borrower makes less than a 20% down payment when the loan is taken out.
So what does this mean if you are buying a home? It means that your monthly repayment amount is going to increase. For example, if you have a mortgage for $157,259, your annual mortgage insurance premium will go from $118 to $151.
In order to ensure that you pay the old rate you will need to ensure that you have a case number assigned before the 18th April 2011.
You can read this post about Mortgage Insurance Increase and other posts on my real estate blog.
Tags: Annual Mortgage Insurance, Mortgage Insurance, Mortgages
