Utah Real Estate Market Conditions

 

Open Houses in Northern Utah are hard to find this time of year.

This Saturday, February 28th Cornerstone Real Estate Professionals will be holding a mass Open House with over 15 Cache Valley Homes open to the public. These homes range from $99,000 to more than half a million. Several of these homes are already priced below market value and are waiting for an offer. You can view these homes online, with pictures, addresses, and detailed information. Find out specific times for the homes by visiting UtahCornerstone.com

 

And get $25,000 Cash Back!

Okay, so that sounds a little too good to be true, but it is reality.

First time buyers who buy a home this year will get an $8,000 tax credit. If this tax credit is used to pay down the principal of the loan, buyers can save approximately $25,000 in interest and will pay off their home loan 40 months earlier.

The catch is that the savings is realized at the mortgage term and not right now.

Lets suppose you buy a $160,000 house with a $10,000 down payment, giving you a loan amount of $150,000. With a ridiculously low interest rate of 5% (which is available today), you would have a principal and interest payment of $805.23 on a 30 year mortgage. Not a bad payment for a nice home.

Over the course of the loan you would pay $139,884.83 in Interest. Now if you hurried and bought a house now, and were able to get the $8,000 tax credit this year, and immediately applied that $8,000 to paydown the principal owed on your mortgage, It would reduce the interest you would ultimately pay to $114941.74 a savings of $24,963 PLUS you would pay your house off 40 months faster, saving you $32,200 in house payments... So essentially, if you buy a house this year, it could save you more nearly $60,000 over the next 30 years.

What a deal.

Start shopping today by searching all available homes for sale at Real Estate Logan.com

Act NOW! Before you miss out!

This Deal is ONLY available if you buy with Cornerstone Real Estate Professionals, or any other real estate agent, or if you just buy a house from your Grandma without the help of an agent.... okay, so any qualified first time buyer can get it.

 

Attention First Time Buyers:

If you buy a home this year (before December), you will receive an $8,000 direct tax credit. This $8,000 will NOT have to be repaid if you stay in your home for atleast three years.

You can buy any home you like, a townhome, a condo, a foreclosure, a short sale, or a nice house with a yard. It can be listed by ANY Realtor, or can even be listed for sale by owner. This $8,000 rebate is yours to use as you like. It can save you even more if you use this $8,000 to actually pay off your house.

Some other details of this homebuying stimulus package include:

• Tax credit is up to 10% of the value of the home. So, homes purchased for less than $80,000 won't get the full $8,000.
• Full Credit is available for individuals who make less than $75,000 per year and couples with annual incomes less than $150,000. Partial credits are available for people who make more money.
• People are eligible as First Time Buyers if they haven't owned a home for atleast three years.
• The credit amount must be repayed at sale of home if home is sold before thre years.
• Applies to all homes purchased between January and November of 2009.

Take advantage of this $8,000 rebate and start shopping homes for sale at Real Estate Logan.com

 

 

 

 

 

 

President Obama is expected to release his homeowner stability initiative soon. This plan is designed to help struggling homeowners who can't make their mortgage payments by giving them affordable refinance options despite their present credit and homes value. It should also help to reduce inventory of foreclosures on the already oversupplied real estate market.

This will be another expensive Government project that will cost all taxpayers for years to come. Right now Obamas plan looks to have $75 billion proposed to curb foreclosures. It is expected to help 5 million homeowners in default as well as an additional 4 million who are struggling.

Many fear that people will literally stop paying their mortgages if they feel the the government will step in, lower the amounts due, and their monthly payment amount.

Experts are especially worried about this problem in areas like California and Arizona where a huge portion of homeowners owe more on their properties than they are currently worth.They also feel that $75 billion would only scratch the service for a foreclosure epidimec that is expected to spread.

From a bill paying homeowners perspective, why should the government give a $50,000 bail out to a neighbor who hasn't been making payments, when they get nothing because they have been responsible? This could be really hard to swallow for those who are bearly making ends meet.

Will the $50 billion in future taxpayer dollars do more good for the health of the overall economy, or will it do more harm?

I think it would do more good than harm, but is it worth $50 billion? And if this bill is to pass, the government really needs to be careful to make sure it has some strict guidelines to prevent deadbeats and free loaders from abusing a program designed to help others.

 

Alan Barker

Cornerstone Real Estate

Logan Utah Real Estate

2009 hasn't started of very well for Utah County Real Estate. January had the lowest single month of home sales in 9 years with only 207 residential homes sold. While home sales were down, the average price of homes sold was actually up. This is probably in large part because some of the really huge Utah County homes are actually selling now that the prices are dramatically less. January had the highest average square footage for homes sold ever. This graph shows just how much average square footage of homes sold has jumped. The interesting thing is that the price per square footage is going down, while the average sold price is staying pretty consistent. These graphs show the last nine years of home sales stats broken down by month.

This graph shows the average price of homes sold over the past nine years. The red line indicates a 4% appreciation rate.

Home prices have come way down and there are a lot of deals to be had and. It's a great time to buy Utah Valley Real Estate.