We Think We’re Going To Believe Grandpa

Posted in 1st Time Homebuying, General Musings

Now, we would love you to believe that we write EVERYthing that goes into this blog…but in this case, this post comes from the KCM Crew at www.keepingcurrentmatters.com and it has such great thoughts, we are reposting with thier kind permission.

New Construction Condo Community At Midvalley Station in Salt Lake City, Utah

Posted in Communities, New Construction Homebuying

New Construction Condo Community
at Midvalley Station in Salt Lake City, Utah

Condos and townhomes are a great alternative for first time homebuyers to get into a home for an affordable price and still get the upgraded amenities that a buyer would expect in a more expensive home. In fact, condos and townhomes seem to be the new construction choice for Salt Lake City, and these condo units at Midvalley Station are certainly well priced and beautiful.

Available Midvalley Station Condos

This new little townhome complex is situated in the middle of the Salt Lake Valley where you have the convenience of city living with a country feel.  The developers have planned beautiful landscaping and have just installed over 60 trees to surround the condos with privacy. These new condo units are close to Trax stations for traveling to and from downtown Salt Lake City, close to shopping, and close to Rio Tinto stadium and the restaurants and entertainment of Jordan Commons.

Condo living is ideal for those buyers who are not quite ready to mow those lawns or shovel that snow, and this newly built community will be the same. Full maintenance of the grounds is included with the HOA dues, which will also include insurance on the buildings and outside water.

The townhome units themselves are well thought out architecturally and the finish work is beautiful.  Each of these new condos is built with 3 bedrooms,  2 1/2 baths and 2 car garages.

Other amenities included in the price of the new construction townhome units are granite in the kitchen, central air conditioning (it’s getting warm again you know), and black appliances. All the upgrades that you would expect in a more expensive single family home, for a price of around $200,000.

This beautiful newly constructed condo community also has some units that will be available for the $8000 first time homebuyer tax credit…if you hurry.  You can still pick your colors and cabinets And qualify for the tax credit if you sign your contract this week.

other condos available in Salt Lake City, UT

You will love this beautiful new construction condo community at Midvalley Station in Salt Lake City, Utah.  It’s our  new construction recommendation of the week.

Get our New Construction Update list!

Each week we send out a list of builders offering incentives for new construction condos and single family homes.  Get the information quickly and with no obligation.  Just sign up here and we will send it to your inbox each week!

Til later, ciao

New Home Construction-Are You Leaving Money On The Table?

Posted in For Buyers, New Construction Homebuying

New home construction is alluring…I know this because I have built most of my homes rather than bought existing.

I have also had lots of experience helping my buyers (especially first time homebuyers) get great deals on new construction. There is just something wonderful about picking your own colors, moving walls around to suit the designer within you, and having a home that smells of fresh paint and new carpet and that no one has ever lived in.

Now, more than ever, homebuilders are offering incentives to catch the interest of first time homebuyers and move up homebuyers, but you must be careful not to leave money on the table when you buy a new construction home.  Here are some tips:

1. Have Buyer Agent representation. The model home agent will be nice and accommodating, but remember they work for the seller.  It is their job to protect the homebuilder and even though they tell you they are required to be honest and fair with you…how will you know if they are, they don’t represent you?
2. Don’t think  the price you are quoted on new construction homes is written in stone. Different builders give discounts that won’t be offered, you need to ask.  Your Buyers Agent will know what they are,  because, well….that’s what we do… and can most times negotiate a better price for you.
   

   We recently negotiated $20,000 off of the price on a new build home and additionally negotiated $35,000 in upgrades for some clients…they didn’t think they could get that kind of a deal  cause the model home agent told them “the price was the price”….

3. Check out financing options before you commit. Homebuilders often offer to pay closing costs, give additional upgrades and put your first born through college if you use their lender.  And, while that may seem to be nigh on to a miracle (the southerner in me comes out occasionally) to get soooo much free stuff, there is no free lunch.
   • Be sure to do your homework on loans (or better yet allow your buyers agent to Help you check it out), and shop and compare.  It may be that you are not actually saving anything.
   • Sometimes you will find that paying your own closing costs
     (or rolling them into the back end of your loan) will save you more money than using the homebuilder’s lender.
   • The Builder may not cover All your closing costs , so you might end up bringing more money into closing than you were prepared for.
   • Oh, and by the way, those “extra upgrades” can usually be negotiated anyway.
     
4. Beware of  Builder’s contracts. Builders, at least here in Utah, get to use their own contracts, so there may be some troublesome clauses that you will not know about unless you read through the whole contract (now be honest, are you really going to do that?).  Don’t sign anything you don’t understand!This is where a Buyers Agent comes in handy as well .  We have Read the contract, we Know what to look for, and we can Explainit to you so you understand what you are signing. We have been known to have clauses and wording taken out of a contract that allows builders to do things like i.e.
   • Continue to market your lot as you are building and if a better offer comes in, you lose out on the lot, the home… And lose your construction fee
   • Require you  to get “underwriting approval” with their lender in addition to your own (this usually costs you money and is an attempt to get you to use their lender).
5. Watch for the extra charges. Most builders will charge you a Per Diem Fine if you don’t close within a certain amount of time (5-10 days) of Substantial Completion.The problem with “substantial completion” is the builders definition may not include the certificate of occupancy which is required by the lender to complete the loan.  You could be paying a fine for something you cannot control. If the fine is $50.00 per day, it could add up substantially.

When you use Buyers Agent, you can be assured that We are paying attention to all those details…so you don’t have to, and we go to bat for you if there is a problem. Makes you kinda think we Buyers Agents are here to save the day huh? But…we Are only human (hiding big red S on her chest while smiling slyly).

Til later, ciao!

How To Buy A Foreclosure

Posted in For Buyers, Foreclosures, General Musings

Foreclosures have been one of the best real estate purchases of late. However, Foreclosed homes can be tricky transactions. 

Salt Lake County Market Update

Posted in General Musings, Market Statistics

Market Update For Salt Lake County

Boring statistic time! Now comes before us the Salt Lake County market update for February 2010.  This time we are approaching things a bit differently and comparing year to year .  Yes, I know that most everyone has come out comparing 4^th quarter 2009 to 4^th quarter 2008 with weaping, wailing, and gnashing of teeth however, in our humble opinion, this information is not entirely accurate.  Pricing and sales fluctuate during a quarter , so to accurately gage what is happening in the market, let’s take a look at the year to year trend.

For example

Let’s take a look at single family homes in Salt Lake County over the last 3 years.  The average price for a single family home in Salt Lake County increased from 2006 to 2007 by 9.56 % (the last year of the madhouse sellers market).

Now we all know, unless you were on a deserted island and had no TV or internet news channels, that sales prices  (we are talking Utah here, remember Real Estate is a local issue) decreased in 2008 and 2009.  However, in Salt Lake County the decrease in 2008 was only 2.76% and 6.99% in 2009.

Therefore, at the beginning of 2010 we are dead even with 2006 prices.  So, like Walmart, we have “rolled back the prices” to 2006 levels, which means that most areas of the Salt Lake Valley are in the affordable category again.  Similar trends have happened in Tooele, Davis, Utah counties.

Now, if you’re a first time homebuyer…

This means great things to you.  Not only are prices more affordable, but there are incentives like the $8000 first time homebuyers tax credit and extremely low interest rates to help you into that home.  Likewise, if you have lived in your home for 5 years and are ready to move up, the same interest rates AND a $6500 move up tax credit is available to you.  And by the way, those can be claimed THIS year to help you furnish that new home, put in a yard, or what ever you want to do.

If you are thinking, or know someone who is, about making a move, give us a call.  We can answer your questions and give you the information you need to make an educated decision…besides, we love to talk! Call us today!