Dwell Utah Real Estate Blog 
Homes Sales Up in Salt Lake City
Wednesday, October 12th, 2011 at 7:08am. 104 Views, 0 Comments.
You may have noticed--I certainly have--that consumer confidence in the Utah real estate market is on an upswing. I see it in the increased number of buyers that contact me about buying a new home and, even better, in the number of buyers making offers and the associated increase in the number of closed purchases. You probably notice it in your increased interest in looking at homes and thinking about buying a new home, without experiencing a knot in your stomach and the associated heartburn. Things are getting better!
Salt Lake Homes Sales Increase Nearly 25%
This increased consumer confidence isn't just a "feeling", as recently released housing statistics from the Salt Lake Board of Realtors point out: Salt Lake home sales in August 2011 were up 23.5%…
717 E Mont Clair Now Approved For Short Sale
Tuesday, December 14th, 2010 at 5:45pm. 651 Views, 0 Comments.
Mountain Retreat With City Convenience
717 East Mont Clair Drive, in North Salt Lake, Utah is one of those unique residences that provide all the amenities of a resort-type property with the convenience of a home in the city--Salt Lake City, to be precise.
Located within 40 minutes of 8 world-class ski resorts, 717 E Mont Clair, is also just 12 minutes from the rich cultural amenities, restaurants, and shopping of Downtown Salt Lake City. In addition, Mont Clair boasts the security of a private gated community and the convenience of community-provided landscaping and property maintenance.
One of the Finest Homes For Sale in Salt Lake City
717 E Mont Clair features nearly 4300 square feet of living space with tremendous views of both the Great Salt Lake and…
Salt Lake City Real Estate Market Grows!
Thursday, April 15th, 2010 at 6:28pm. 594 Views, 1 Comments.
As a Real Estate professional, it has been hard to watch our Utah real estate market grind to a very disappointing halt over the last year and a half. Prices have been pressured to lower levels than we're used to, and even more significant, both 1st-time homebuyers and move-up homebuyers have virtually disappeard from the marketplace.
Utah Homes Sales Up 31%, Year over Year
With that preface, you can easily understand my excitement at the housing market statistics recently released by the Salt Lake Board of Realtors: Salt Lake home sales in the last six months are up 31% from the corresponding six-month period a year ago. In Salt Lake County, home sales in the last 6 months totaled 5,230 units vs. 3,990 units in the previous year. Now that is a trend we…
New FHA Rules Will Affect Utah Home Buyers
Tuesday, February 23rd, 2010 at 2:54pm. 670 Views, 0 Comments.
Several new Federal Housing Administration (FHA) rules will have a significant impact on the ability of home buyers to obtain FHA insured mortgages. These rules, though designed to financially strengthen FHA and better assist them in meeting their mission of providing affordable home loans to a wide range of buyers, will nevertheless make it more difficult for many home buyers in Utah to purchase a home. Here are the details of the new FHA rules:
Higher Mortgage Insurance Premium
When a home is purchased with an FHA loan, the buyer is required to pay a mortgage insurance premium at the time of the loan origination and then monthly, thereafter. Currently, the "up-front" premium is 1.75% of the original loan amount. On April 5, 2010, a new rule…
Salt Lake Home Sales Increase
Tuesday, February 16th, 2010 at 10:21am. 805 Views, 0 Comments.
The Salt Lake Board of Realtors recently released home sale statistics for the fourth quarter of 2009. The number of homes sold in Salt Lake County in Q4 2009 was 3,011, up 39% from the year ago quarter. In Davis County (suburbs just north of Salt Lake), 868 homes were sold in Q4 2009, up 25 % from a year earlier.
Some of this increase can be attributed to a last minute rush to take advantage of an expiring home buyers tax-credit. (But not all, since the tax-credit was extended throught the middle of next year.) A large part of the home sales increase is due to the pent-up demand that has been waiting for house prices to stabilize and for credit markets to recover sufficiently to make home loans more affordable. We are seeing improvement in both these…
Federal Tax Credit Expanded for Utah Home Buyers
Thursday, November 12th, 2009 at 12:14pm. 411 Views, 2 Comments.
For anyone considering buying a home in the next few months: Great News! President Obama just signed into law an extension and expansion of the popular economic stimulus incentive for home buyers. Set to expire on November 30, 2009, the original $8,000 tax credit incentive has been extended to homes that are under contract by April 30, 2010 and that close by June 30, 2010. Further, the incentive has been expanded to provide up to $6,500 in tax credits for repeat (i.e., non-first time) homebuyers. Restrictions do apply, so read further for all the details.
Buy A Home Now And Get $8000 Government Incentive
Tax Credit Available for First Time Buyers: For 1st time homebuyers, you can receive ten percent of the purchase price of your home, with a maximum…
Real Estate Investment Opportunities Today
Tuesday, October 13th, 2009 at 12:27pm. 507 Views, 2 Comments.
In the Utah real estate market, the worst seems to be over: housing prices are stabilizing, buyer demand is increasing, and sellers are accepting the reality of the newly adjusted marketplace. Unlike many areas of the country where a stable housing market is still years away, Utah's real estate recovery seems to be closely following the general economic recovery. With Utah housing prices now recovering from their recession lows, now is a good time to explore investment opportunities in Utah real estate.
Opportunities in Multi-Unit Housing
In our current housing market, I really like the idea of investing in multi-unit residential real estate: duplexes, triplexes, four-plexes, and small apartment buildings. In order to reduce risk, I prefer smaller…
New Housing Grant For Utah: $4,000 For New Homes
Wednesday, September 9th, 2009 at 2:51pm. 356 Views, 1 Comments.
Utah Housing has just announced a new mortgage assistance program that grants $4,000 to home buyers who purchase new homes for sale in Utah. This grant is available to buyers who
- wish to build a new home, or
- purchase a new home that is currently under construction, or
- buy a new home that has been completed, but has never been lived in
Eligibilty For The Home Run 2 Grant
To be eligible for the Home Run 2 Grant, buyers must have not received a grant under the recent completed Home Run 1 program. In addition, buyer must meet the following restrictions:
- Income cannot exceed $75,000 if single, or $150,000 if married.
- The home must be occupied as the buyer's primary and permanent residence.
- If a mortgage loan is required, the loan must be a 30-year term or less and…
Condo Sales May Slow Down In Coming Months: Find Out Why
Monday, August 31st, 2009 at 5:56pm. 370 Views, 4 Comments.
Some of you know that condominium developments must meet stringent qualifications in order to qualify for FHA insured financing. Most of you don't know, however, that on October 1, 2009, all previously approved condominium projects must re-certify before any additional FHA loans can be approved. OK, so what's the big deal?
FHA Eligibility Requirements
To reduce the risk that FHA assumes when it insures condominium units, the FHA requires all condominium projects to meet certain eligibility requirements, such as:
- At least 50% of the condominium units must be owner occupied
- No more than 30% of the units in a condominium development can be insured by FHA
- The condominium HOA must demonstrate that they have enough reserve funds to meet ongoing capital expenditure…
Sharp Increase in Utah Home Sales
Thursday, July 16th, 2009 at 12:25pm. 356 Views, 1 Comments.
Homes sales in Utah were up dramatically in the 2nd Quarter 2009 compared to 1st Quarter results, possibly indicating a bottom to the difficult housing market we have recently experienced. In Salt Lake County, 3,047 homes were sold in Q2 2009 (2nd Quarter), a 70% increase over home sales in Q1 2009, and the first increase in quarterly sales since June 2008.
In Davis County, 886 homes were sold in Q2, up from 593 homes in Q1--a 49% increase. This was also the first increase in homes sales in the county since June 2008.
Utah County posted similarly impressive numbers with 1,360 homes sales in the 2nd Quarter, up from 841 home sales in Q1, or an increase of 62%.
This increase in home sales in all three counties was supported by a similarly dramatic reduction…
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