"Home Sales are DOWN"
It is the big news today. We hear it daily on every news broadcast. I heard another quote today that home sales in Utah are down 40%! Compared to WHAT??
I am looking at the real numbers. When I look at our Wasatch Front Regional Multiple Listing Service statistics I can see the actual numbers. Yes, when we compare home sales to the first quarter of 2007 then we are down about 40%. But when I look at home sales for the first quarter of 2004, we are down only by about 10%.
Homes sales for fourth quarter in UTAH COUNTY
(winter months/end of year):
Fourth Quarter for 2004 was 1,362
Fourth Quarter for 2005 was 1,703
Fourth Quarter for 2006 was 1,746
Fourth Quarter for 2007 was 952
Homes sales for the first quarter in UTAH COUNTY
(Winter months/beginning of year):
First Quarter for 2004 was 1,017
First Quarter for 2005 was 1,204
First Quarter for 2006 was 1,481
First Quarter for 2007 was 1,518
First Quarter for 2008 was 901
It is not 'doom and gloom' as the news likes to make us feel! Back in 2004 we were not hearing news about homes sales dropping by 40%. We thought the market was just fine. Then beginning in late 2005 we had an amazingly large increase of home sales that lasted over the past two years. Now when we go back to 'normal' home sales like we had in 2004, the media wants us to believe that we are in a recession. It is just not so.
I have posted home sales for Utah County. I would also like to mention that in Salt Lake County the number of homes sold in the first quarter of 2004 was 2,837 and the first quarter of 2008 was 2,284 (which means Salt Lake County is only down by less than 3%). Also, in Weber County the home sales in the first quarter of 2004 were 691 and in the first quarter of 2008 it was 697 (that is an INCREASE!)
As I have shown here some of the home sales are down slightly from the 2004 numbers. But we have to consider all of the bad press, the problems with mortgage loans, home sales in other States, and being an election year. Once we look at ALL of the statistics we can be assured that the housing market is stable. Buyers are buying and sellers are selling!
Thursday, April 24, 2008
Tuesday, April 22, 2008
1955
Comments made in the year 1955:
"I'll tell you one thing, if things keep going the way they are, it's going to be impossible to buy a week's groceries for $20."
"Have you seen the new cars coming out next year? It won't be long before $2000 will only buy a used one."
"If cigarettes keep going up in price, I'm going to quit. A quarter a pack is ridiculous."
"Did you hear the post office is thinking about charging a dime just to mail a letter?"
"If they raise the minimum wage to $1, nobody will be able to hire outside help at the store."
"When I first started driving, who would have thought gas would someday cost 29 cents a gallon. Guess we'd be better off leaving the car in the garage."
"Kids today are impossible. Those duck tail hair cuts make it impossible to stay groomed. Next thing you know, boys will be wearing their hair as long as the girls."
"I'm afraid to send my kids to the movies any more. Ever since they let Clark Gable get by with saying 'damn' in 'Gone With The Wind,' it seems every new movie has either "hell" or "damn" in it.
"I read the other day where some scientist thinks it's possible to put a man on the moon by the end of the century. They even have some fellows they call astronauts preparing for it down in Texas."
"Did you see where some baseball player just signed a contract for $75,000 a year just to play ball? It wouldn't surprise me if someday they'll be making more than the president."
"I never thought I'd see the day all our kitchen appliances would be electric. They are even making electric typewriters now."
"It's too bad things are so tough nowadays. I see where a few married women are having to work to make ends meet."
"It won't be long before young couples are going to have to hire someone to watch their kids so they can both work."
"Marriage doesn't mean a thing any more; those Hollywood stars seem to be getting divorced at the drop of a hat."
"I'm just afraid the Volkswagen car is going to open the door to a whole lot of foreign business."
"Thank goodness I won't live to see the day when the Government takes half our income in taxes. I sometimes wonder if we are electing the best people to congress."
"The drive-in restaurant is convenient in nice weather, but I seriously doubt they will ever catch on."
"There is no sense going to Atlanta or Memphis anymore for a weekend. It costs nearly $15 a night to stay in a hotel."
"No one can afford to be sick any more; $25 a day in the hospital is too rich for my blood."
"If they think I'll pay 50 cents for a hair cut, forget it."
Do you remember the year of 1955?
"I'll tell you one thing, if things keep going the way they are, it's going to be impossible to buy a week's groceries for $20."
"Have you seen the new cars coming out next year? It won't be long before $2000 will only buy a used one."
"If cigarettes keep going up in price, I'm going to quit. A quarter a pack is ridiculous."
"Did you hear the post office is thinking about charging a dime just to mail a letter?"
"If they raise the minimum wage to $1, nobody will be able to hire outside help at the store."
"When I first started driving, who would have thought gas would someday cost 29 cents a gallon. Guess we'd be better off leaving the car in the garage."
"Kids today are impossible. Those duck tail hair cuts make it impossible to stay groomed. Next thing you know, boys will be wearing their hair as long as the girls."
"I'm afraid to send my kids to the movies any more. Ever since they let Clark Gable get by with saying 'damn' in 'Gone With The Wind,' it seems every new movie has either "hell" or "damn" in it.
"I read the other day where some scientist thinks it's possible to put a man on the moon by the end of the century. They even have some fellows they call astronauts preparing for it down in Texas."
"Did you see where some baseball player just signed a contract for $75,000 a year just to play ball? It wouldn't surprise me if someday they'll be making more than the president."
"I never thought I'd see the day all our kitchen appliances would be electric. They are even making electric typewriters now."
"It's too bad things are so tough nowadays. I see where a few married women are having to work to make ends meet."
"It won't be long before young couples are going to have to hire someone to watch their kids so they can both work."
"Marriage doesn't mean a thing any more; those Hollywood stars seem to be getting divorced at the drop of a hat."
"I'm just afraid the Volkswagen car is going to open the door to a whole lot of foreign business."
"Thank goodness I won't live to see the day when the Government takes half our income in taxes. I sometimes wonder if we are electing the best people to congress."
"The drive-in restaurant is convenient in nice weather, but I seriously doubt they will ever catch on."
"There is no sense going to Atlanta or Memphis anymore for a weekend. It costs nearly $15 a night to stay in a hotel."
"No one can afford to be sick any more; $25 a day in the hospital is too rich for my blood."
"If they think I'll pay 50 cents for a hair cut, forget it."
Do you remember the year of 1955?
Monday, April 21, 2008
New Area Code
New 385 Area Code For Utah
On July 11, 2007, the Utah Public Service Commission issued an order approving the deployment of a new area code for use in the area presently served by the 801 area code.
The new area code, 385, will provide additional telephone numbers that are necessary to support the growth in Utah residents, telecommunications service providers, available telecommunications products, and additional lines.
The new 385 area code will cover the same geographic area as the existing 801 area code. In general, the introduction of the 385 area code will affect residents in the following counties: Davis, Morgan, Salt Lake, Weber, and Utah.
When will the new 385 area code become effective?
As early as March 29, 2009, new telephone numbers will be assigned with the new 385 area code.
What will change as a result of the new area code? Specifically, how will telephone dialing change?
The way customers dial a local call will change; customers will be required to dial 10 digits for all local calls, whether the telephone number they utilize is in the 801 area code or the new 385 area code.
So, when will customers be required to use this new dialing arrangement?
Permissive 10-digit dialing begins June 1, 2008 and ends March 1, 2009. During permissive dialing, calls can be dialed with either 7 or 10 digits.
Mandatory 10-digit dialing begins March 1, 2009. After this date, calls dialed with 7 digits will not go through. The caller will get a recorded announcement instructing them to hang up and dial their call with 10 digits.
What will not change as a result of the new area code?
Customers with existing 801 area code telephone numbers will HAVE NO CHANGE to their area code or telephone number.
Local calling areas will remain the same; the price of a call, coverage area, or other rates and services will not change. In other words, if it is presently a local call, it will still be a local call without any toll charges.
Customers can still dial just three digits to reach 911 and 411.
What should I do to ensure that my home telephone service continues to operate smoothly?
You may want to do some of the following things to make sure your calls will complete as dialed:
If necessary, reprogram equipment such as automatic-dialers, fax machines, and computer modems before mandatory dialing begins.
Be sure everyone in your household is aware that 10-digit dialing for all local calls will be required.
On July 11, 2007, the Utah Public Service Commission issued an order approving the deployment of a new area code for use in the area presently served by the 801 area code.
The new area code, 385, will provide additional telephone numbers that are necessary to support the growth in Utah residents, telecommunications service providers, available telecommunications products, and additional lines.
The new 385 area code will cover the same geographic area as the existing 801 area code. In general, the introduction of the 385 area code will affect residents in the following counties: Davis, Morgan, Salt Lake, Weber, and Utah.
When will the new 385 area code become effective?
As early as March 29, 2009, new telephone numbers will be assigned with the new 385 area code.
What will change as a result of the new area code? Specifically, how will telephone dialing change?
The way customers dial a local call will change; customers will be required to dial 10 digits for all local calls, whether the telephone number they utilize is in the 801 area code or the new 385 area code.
So, when will customers be required to use this new dialing arrangement?
Permissive 10-digit dialing begins June 1, 2008 and ends March 1, 2009. During permissive dialing, calls can be dialed with either 7 or 10 digits.
Mandatory 10-digit dialing begins March 1, 2009. After this date, calls dialed with 7 digits will not go through. The caller will get a recorded announcement instructing them to hang up and dial their call with 10 digits.
What will not change as a result of the new area code?
Customers with existing 801 area code telephone numbers will HAVE NO CHANGE to their area code or telephone number.
Local calling areas will remain the same; the price of a call, coverage area, or other rates and services will not change. In other words, if it is presently a local call, it will still be a local call without any toll charges.
Customers can still dial just three digits to reach 911 and 411.
What should I do to ensure that my home telephone service continues to operate smoothly?
You may want to do some of the following things to make sure your calls will complete as dialed:
If necessary, reprogram equipment such as automatic-dialers, fax machines, and computer modems before mandatory dialing begins.
Be sure everyone in your household is aware that 10-digit dialing for all local calls will be required.
Tuesday, April 15, 2008
Take The Stress Out
Here are the top ten ways to take the stress OUT of homeownership!
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, just as there's no perfect time to sell. If you find a home now, don't try to second-guess interest rates or the housing market by waiting longer - you risk losing out on the home of your dreams. The housing market usually doesn't change fast enough to make that much difference in price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family - the people who will be living in the home.
4. Accept that no house is ever perfect. If it's in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself - room size, kitchen, etc. - that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don't lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is to serve as a comfortable, safe place to live.
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, just as there's no perfect time to sell. If you find a home now, don't try to second-guess interest rates or the housing market by waiting longer - you risk losing out on the home of your dreams. The housing market usually doesn't change fast enough to make that much difference in price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family - the people who will be living in the home.
4. Accept that no house is ever perfect. If it's in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself - room size, kitchen, etc. - that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don't lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is to serve as a comfortable, safe place to live.
Monday, April 7, 2008
It is Good in Utah
With all the negative news in the national media we need to remember how good it is in Utah. Lets look at some facts from 2007 statistics…
· 25,000—30,000 new households were formed in 2007
· Utah population growth was 3.2% in 2007 (the US population growth was 0.9%)
· Utah job growth rate was 4.5% in 2007 (the US job growth was 1.3%)
· Employment is expected to grow in Utah at 3.3% in 2008
AND
· Utah Unemployment is expected to stay at 2.9% for 2008
· Personal Income growth was 9% in Utah in 2007
So things are looking good in Utah!
Information provided by:
Ryan Osborne
Mortgage Planner
801.440.9200
· 25,000—30,000 new households were formed in 2007
· Utah population growth was 3.2% in 2007 (the US population growth was 0.9%)
· Utah job growth rate was 4.5% in 2007 (the US job growth was 1.3%)
· Employment is expected to grow in Utah at 3.3% in 2008
AND
· Utah Unemployment is expected to stay at 2.9% for 2008
· Personal Income growth was 9% in Utah in 2007
So things are looking good in Utah!
Information provided by:
Ryan Osborne
Mortgage Planner
801.440.9200
Wednesday, April 2, 2008
Tips To Get a Better Interest Rate
Credit Tips That Will Score Lower Interest Rates
Courtesy of Ryan Osborne
A good credit score translates into lower interest rates for home borrowers. In a mortgage lender's eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans. If this is you, don't panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter.
Here are a few suggestions:
Should I pay off all my past due balances?
This is usually a good idea, but you only need to worry about the past due balances that have occurred in the last two years. Items more than two years old have little effect on your current credit score. In fact, if you pay off delinquent items over two years old, it can actually bring your credit score down - something you don't want to do. Bringing that score up means you'll get a better interest rate on your loan.
Should I close existing credit card accounts that I don't use?
No. Part of your credit score is based upon credit history. If you have old credit cards that you don't use very much, you still have the benefit of the credit history they represent. Rather than trying to pay off all your credit cards, you can move part of the debt from one card to another to even out the distribution of debt. Try to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. Also, if your credit provider will increase your line of credit, the ratio of debt to available credit is automatically reduced. When married couples have separate credit card accounts, the debt can be transferred from one spouse to another to clear up credit issues for the other spouse. That spouse with clean credit can be designated as the sole borrower on the loan, but ownership of the home can still go in both names.
What about errors on my credit report?
If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau. They are obligated to rectify this within 30 days. If there are items on your credit report that are less than two years old, send in your payment if possible and mark the back of the check with the following notation: "Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record." If necessary, the cancelled check will be proof that this should be promptly removed from your credit report if it interferes with the closing of your loan.
Any other mortgage questions please contact:
Ryan Osborne
Mortgage Planner
801.748.4877
Courtesy of Ryan Osborne
A good credit score translates into lower interest rates for home borrowers. In a mortgage lender's eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans. If this is you, don't panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter.
Here are a few suggestions:
Should I pay off all my past due balances?
This is usually a good idea, but you only need to worry about the past due balances that have occurred in the last two years. Items more than two years old have little effect on your current credit score. In fact, if you pay off delinquent items over two years old, it can actually bring your credit score down - something you don't want to do. Bringing that score up means you'll get a better interest rate on your loan.
Should I close existing credit card accounts that I don't use?
No. Part of your credit score is based upon credit history. If you have old credit cards that you don't use very much, you still have the benefit of the credit history they represent. Rather than trying to pay off all your credit cards, you can move part of the debt from one card to another to even out the distribution of debt. Try to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. Also, if your credit provider will increase your line of credit, the ratio of debt to available credit is automatically reduced. When married couples have separate credit card accounts, the debt can be transferred from one spouse to another to clear up credit issues for the other spouse. That spouse with clean credit can be designated as the sole borrower on the loan, but ownership of the home can still go in both names.
What about errors on my credit report?
If you have items that are showing up on your credit report that you know you have already paid, request that these items be removed by the credit bureau. They are obligated to rectify this within 30 days. If there are items on your credit report that are less than two years old, send in your payment if possible and mark the back of the check with the following notation: "Accepting this check is evidence that the transaction is complete and this charge will be deleted from my credit record." If necessary, the cancelled check will be proof that this should be promptly removed from your credit report if it interferes with the closing of your loan.
Any other mortgage questions please contact:
Ryan Osborne
Mortgage Planner
801.748.4877
Subscribe to:
Posts (Atom)
