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2 posts from November 2010

November 23, 2010

Utah foreclosure rate dropping

Utah's foreclosure rate is finally showing signs of dropping, according to a new report by the Mortgage Bankers Association.

At the end of this year's third quarter, the percent of Utah loans that had been foreclosed (bank-owned) fell to 3.23 percent, down from 3.35 percent in this year's second quarter.

Foreclosures had been climbing in Utah for the past three years -- since the third quarter of 2007 when the rate was at 0.66 percent. Utah's foreclosure rate peaked in the first quarter of 2010 at 3.43 percent, according to the MBA report. Since then, Utah's foreclosure rate has steadily fallen over the past two quarters.

Still, over the past 12 months, Utah's foreclosure rate has exceeded the 3 percent mark, a level that hasn't been seen in the state since 1979, when MBA started keeping foreclosure data. In addition, foreclosure starts in Utah reached an all-time high in the third quarter at 1.35 percent of all outstanding mortgages.

Other states also are seeing slight declines in the foreclosure rate. Florida, which had a foreclosure rate earlier this year above 14 percent, has seen its rate decline to 13.68 percent. Nationally, the foreclosure rate in the third quarter was 4.39 percent, down from 4.57 percent compared to the second quarter.

November 12, 2010

Give Yourself a SOLD SIGN for Christmas

T'is the Season to be Jolly (think positive) ~ turn up the heat, and turn up the price

Contrary to what some Utah home sellers think, I believe there is no better time of year than right now (November through January) to put your house on the market if you are considering selling it in the near future. The gardens have been cleaned up for the winter, the lawns have had their final manicure of the season, the garlands and outdoor decor has been put into position, and soon the interior will smell of baking goodies and wassail.

Why is this a good time of year to sell?  There is often a lack of inventory of homes for sale on the market during the timeframe immediately following Thanksgiving, and this can put homeowners thinking of selling, in an envied position.

Lack of homes on the market often means, aside from maybe getting a higher sale price from real buyers (yes they are always out there) - the ones that must buy to fulfill obligations they have personally undertaken, such as having sold their own place already, not thinking about what might be available for them to choose from elsewhere, in a different market area (even across town) - and they are ready, willing, and able to buy your house.  There are other people having special reasons for needing to buy at the moment, often looking for a quick closing, who are sometimes prepared to pay a premium, just to bring their house hunting to an end.

Let’s not forget the snowbirds looking for a second home in Park City , or a permanent home in Sandy, Draper and Cottonwood Heights for that matter, close to the greatest snow on earth!

And guess what? As a homeowner taking advantage of the season and all the community twinkling of lights, you might even get a boosted price for your property, rather than waiting until February to go to market, and possibly competing with your neighbors whose houses will come on the market then too, at variable prices. And those asking prices might be less than you could currently get for yours.

Your home will never show better than during this season of jewel tones that permeate the atmosphere making such a beautiful show. And it might just happen really fast for you. No muss, no fuss, and a quick sale at a great price.

It would be ideal to leave festive interior lights on for viewings, such as the Christmas tree and lighted garlands, and perhaps a fireplace turned on -BUT- only if you are just stepping out when the potential buyers arrive and staying outside, next door or across the street while the showing is taking place, so you can keep an eye on your house and return immediately following the showing.  Making your selling atmosphere optimal is never worth doing dangerous things, like leaving an unattended fire and tree lights plugged in.

For Fresh Air: bring half a cup of apple cider to a soft boil, then turn it off.  Toss in a cinnamon stick, a bay leaf, and a pinch of nutmeg.  Cover and let sit on a back burner, turned off.  Don't drink this, just keep it warmed before viewings.

This is a completely natural way to enhance the air.  By the way, even in winter, open a window for fifteen minutes each day, even on cold days, to change the air around in your house, so it doesn't smell stuffy to visitors, and if anyone has a cold it helps to chase away the germs.  There are magical pots available in shops throughout the season, but this is inexpensive and serves the purpose well. Can be reused indefinitely and does not impact the atmosphere negatively with chemicals.

This all could help bring the magical gift of a SOLD SIGN to your house for Christmas, and perhaps help you establish a new (high) norm in pricing for your neighborhood.

Is it time to take advantage of the market?

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