FORBS MAGAZINE NAMES UTAH #1

We already knew Utah has alot going for it, and here's another endorsement - this time from FORBS.com
Take a look!

SETTING THE PRICE ON YOUR HOME

Along with location and condition, the pricing of a house is a major component of the reasons why a house will--or will not--sell quickly. Although the pricing should not be dealt with lightly, some sellers have a tendency to put too much emphasis on the price and not enough on the condition, ending up with a house that is overpriced for it s current condition and the overall market. Even if you find an unaware buyer that appears willing to pay the high price, when the buyer applies for a mortgage, the chances are good that the lender's appraisal will force the price back down to market value.

It's important to get it right the first time

Care and time should be taken when establishing the original listing price for several reasons:

1.   If the house is overpriced, it won't well. If it doesn't sell and sits on the market the listing quickly becomes stale.

2.  If you overprice the house with the intention of reducing the price later just to "see what the market will bear", when the price of the house is lowered, it signals to buyers that it was (and still may be) overpriced.

3.  If the house is under priced, it most likely will sell quickly--to the detriment of your net proceeds. Some factors that affect the price of a home.

Some factors that affect the price of a home

1.Location: You can't get away from this one. If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.

2.  Condition: A house that has been better maintained and shows better will always sell for more than one that has had deferred (neglected) maintenance and needs work.

3.  Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.

Methods of setting the price

CMA (Comparable Market Analysis): A comparison of similar properties in the same general area that compares actual sold prices. A Real Estate Agent can generate a CMA.

USDA Rural Housing Guarantee Fee Changes

I am passing along some information to you concerning the Rural Housing Loan which I received from Rock Reber with Academy Mortgage. 

The USDA has announced changes to the Single Family Housing Guaranteed Loan Program (per A.N. 4551, dated 2/3/11) with the implementation of a new annual fee for the life of the loan, and decreasing the up-front fee for all conditional commitments receices on purchase transactions on or after 10/1/2011.  The purpose of this change is to eliminate the need for tqaxpayer subsidy of the program.

This means that if you qualify for a Rural Housing Loan, your up-front fee will be only 2% rather than 3.5% but you will pay an annual fee on your mortgage of .30% of the outstanding principal balance.  For example, on a loan with the principal balance of $100,000, the new annual fee would be $300.

How To Buy A Home With Nothing Down - Part I

UTAH HOUSING CORP.

Utah housing Corporation (UHC) loans allow an eligible borrower to borrow their down payment and closing costs. 
Borrowers are able to purchase a home with little or no cash investment at a competitive interest rate.  Up to 6% of the first mortgage can be borrowed for your down payment and closing costs in a second mortgage.  The second mortgage is a 30 year fixed rate mortgage with an interest rate 2% above the first mortgage rate.  First time Homebuyers, Single Parent, or Veteran.  660 FICO and income limits.

Thanks, Rock Reber for this information.

Finding a Way to Finance Your New Home

So, say you are looking to buy a home but, what about financing? You keep avoiding this step because, lets face it, you are afraid of being turned down or worse, embarrassed! Here's how to tackle it:

1. Start first with the object of educating yourself. This way, no embarrassment, you were just asking!
2. Make an appointment with a reputable loan officer in your area.  Ask for your FREE Washington County, UT list.
3. Come prepared to share with him/her your monthly income, and if you are ready to know more, he/she can check your credit as well. With this information he/she can give you an estimate of the amount you can expect to qualify to borrow and how much if any down payment you will need.
4. Be sure to study the benefits each lender offers, including the interest rate you may qualify for.
5. Make more appointments with other loan officers. Interview each one. Learn how they compare, and decide which one will work for you.

If you are not ready financially to make the step into home ownership, your loan officer can give you tips on how to prepare yourself .

MAKE A PLAN, step by step, to move yourself from just thinking about it, to DOING IT! You'll be glad you did.

WHY DO YOU NEED A REALTOR?

If you have every wondered why you would need my help to buy or sell your home, I am re-printing this great article by Janna Rankin Scharf, who has explained it well.  Thank You, Janna, for your great article!

Do You Qualify For A Home Loan?

Isn't this one of the biggest questions we have when be begin thinking about a new home?  Most home buyers are looking for the best way to finance their new home purchase.  So, stop just thinking about it and find out more!
Before finding your perfect house, you need to find your perfect financing.  Ask your Real Estate Professional to give you a list of potential lenders. 
Make appointments with as many as you have time to meet.  This will give you a competitive edge and help you see the various options you may have.  Before meeting with them, make a list of questions.  These questions should include 1. What are their closing costs and fees?  2.  What types of loans are available and which loan would be best for you?  3.  Compare Mortgage Rates between each of the companies.  They do differ and you can save yourself some bucks.  4.  What type of down payment is required?  5.  How much cash will you be required to bring to the closing?  (This amount is also affected by items not in the control of the lender)  6.  THE BIG ONE:  How much money do you qualify for?