Below is an outline of closing costs one can expect with the purchase of a home. There are separate costs for the seller at closing. It can be a little daunting to understand the numbers game and to know what your can expect to net from a sale as a seller, and what you can expect to bring in cash to close as a buyer (or request from a seller as part of the offer.) As a part of our premium real estate service, we can easily help you through this messy numbers maze. We provide easy to use excel spreadsheets that can assist you in playing with these numbers and planning for different scenarios. As with every step of the transaction, we will walk you through the process and explain every detail as we go. If you would like to see a sample net sheet or discuss this topic further, contact us and we’d be happy to offer a free consultation.
Categories: For Buyers · For Sellers · Our Premium Service
Tagged: Buyer Agent Utah Real Estate, Closing Costs Utah County Real Estate, Selling Agent Utah Real Estate
Many buyers today are quite savvy and like to do their home searching on their own. We’ve made it a little easier by offering full client MLS access on our website. Unlike many other websites that share information with the local MLS, ours is a complete listing INCLUDING addresses! Many buyers have requested access to this service and want to be able to drive by properties to preview them without calling a Realtor every time.
So here it is… start searching the MLS with complete access! If you would like us to watch the MLS for you and e-mail you when a new listing matches what you are looking for, you can also request a FREE daily watch.
Categories: Buyer Information
Many have been waiting for some relief to our current market conditions. A bit of relief has arrived today… FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development.
$323,750 for Utah County –whoowhooo!
Below is an excerpt from the President of the National Association of Realtors on how this change will impact the housing market:
We expect the impact of these loan limit increases on thehousing market to be significant because of the infusion ofcapital into the mortgage market, which should result inlower interest rates across the board. In addition, therewill be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.
As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill’s signing by President Bush on February 13. NAR strongly supported this economic stimulus package because of the relief we felt it would bring our members.
Regards,
Dick Gaylord
2008 National Association of Realtors President
Categories: Market Updates · Networking
Tagged: FHA Update, Tips for Buyers, Utah County Real Estate
Utah recently began offering a Utah Housing Opportunity license plate for Realtors. A majority of the proceeds go directly to the Utah Association of REALTORS Housing Opportunity Fund (UARHOF) to help low-income Utahns with their housing needs. We had our set of plates personalized. Maybe you’ll see us around town…
Categories: Uncategorized
We have added and are continuing to add spanish content and services to our website. For a Spanish-English and English-Spanish dictionary of Real Estate terms, you can now use our website.
I and Brigham, both speak Spanish and would welcome any Spanish speaking clients and referrals. We also know Spanish speaking lenders who would be of excellent assistance in the home buying process.
Categories: Uncategorized
A recent Time Magazine article will help any fence sitters make that leap of faith that now is the time to buy! Many buyers ask if now is the right time to buy or if they should wait until the market “bottoms out”. Here’s a quick answer to that…
This article essentially shows that buying now, with interest rates low, is better than expecting a 10% drop in prices and buying then. Of course they have the caveat that interest rates would be up at that time after the drop which is a little bit of a stretch. From the article…
Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 5.5%(Today’s rate is around 6.13 or so). Monthly principal and interest come to $994.31. Let’s say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you’d have saved nothing. Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you’d rather not be.
For more information on buying in Utah County you can visit the our website section for BUYERS. One helpful resource is to sign up for a daily watch. You tell us the criteria you are looking for and we’ll e-mail you each morning with any properties that come up newly listed.
Categories: Buyer Information · For Buyers · Media
Tagged: Buy in Utah, Invest Utah Real Estate, Utah Real Estate
$159,000
Provo-4 Bedroom Potential!
Complete Remodel, Brand New Kitchen
2 BD, 1 BA, 2 Car, 1456 SF, 1939, .16 Acres
Categories: Our Listings
As part of our premium real estate service, we continue giving service to our clients beyond the date of closing. Each year as the tax season arrives, we contact our clients to remind them of what documents to provide to their accountant to ensure all possible real estate deductions are being made to save the most money. We even mail our clients a copy of their HUD statements from closing that are necessary in obtaining those needed tax deduction numbers. These are essential to figure out your home’s cost basis.
Our website also has direct links to all IRS web pages pertinent to buying and selling tax deductions. Click here to see the IRS Publication 523, “Selling Your Home.”
Categories: For Buyers · For Sellers · Tax Infomation
