​See more info at www.5456AutumnCreek.com

As of March 15^th, 2012, the time frame for banks to pursue a deficiency judgment after a short sale changed from 6 years to 3 months.  This is a significant change, and important to know if you're involved with a short sale, especially if the deficiency was not negotiated or addressed during the short sale. 

I have a link to more information on this below.  Please feel free to pass it along to anyone you know who has been involved in a short sale or might be in one soon.

http://utahcommerciallaw.com/

http://shortsaleadvocate.cc/deficiency-laws-utah-changed-short-sales/

NEW YORK (CNNMoney) -- Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Some economists, like Trulia's Jed Kolko, expect home prices to pick up even more quickly. Trulia's data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011.

Mortgage payments at lowest level in decades

"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said.

Prospective homebuyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

Hoffman, for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and will rise 4.2% for the 12 months through September 2013.

Foreclosures start to fade. One major factor that will drive the trend is the cooling of the foreclosure crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans 90 days or more late, a good predictor of future foreclosures, is "falling fast."

That percentage dropped 15% year-over-year to 3.1% through the end of 2011, according to the Mortgage Bankers Association. And the decline is accelerating: More than 70% of the decline came in the last three months of the year.

Before things slow down, however, buyers should brace themselves for a temporary spike in the number of foreclosures as banks start expediting the processing of hundreds of thousands foreclosures that were stuck in the system following the robo-signing scandal. That backlog should move more quickly now that new guidelines for processing foreclosures have been outlined in the $26 billion foreclosure settlement.

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out -- often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations.

Home buying much cheaper than renting

"That could have a significant impact on the market overall in terms of providing a rising floor to home values," he said.

In some markets hit hard by foreclosures, the turnaround in prices is already underway. Phoenix recorded an 8.4% jump in home prices during the three months ended April 30, compared with the three months ended January 31, according to Clear Capital.

"It's crazy," said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. "Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000."

Miami saw a 4.6% increase quarter-over-quarter through April, and Tampa, Fla., was up 4.4%, according to Clear Capital.

Goodbye 3.8% mortgage. In addition to home prices, mortgages could also move higher.

Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low.

But rates aren't expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will "stay very reasonable."

The Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.

Greater demand for loans will help fuel the increase, according to Lebda.

6 Ways to get a great mortgage deal

Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimates that homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion.

As housing markets stabilize and prices stop falling, homebuyers will be even more confident about buying, said Humphries.

"People can now see the light at the end of the tunnel," he said. "And that can be enough to get them off the fence." 

As part of the Home$tart Program, first-time home buyers will get up to $5000 that they can use towards their down payment, closing costs or even home renovations!  The program will match $3 for every $1 that the buyer saves towards the purchase of their new home.

See the KSL link below for additional details or give me a call!  801-652-8600

http://www.ksl.com/?nid=960&sid=19964851

This home for sale is a great find.  I have to say it's in one of the best neighborhoods in the Riverton/Herriman area!  My client built this home from scratch with DR Horton and really customized it to the way she wanted and has absolutely loved living here.  The only reason she wants to sell is that it's time for her to down-size.

Below is the website for this particular home that has a lot more info about the house!  Let me know if you'd like to see it!

www.13591Buckeye.com

Over the weekend I was able to list a beautiful condo in Bountiful.  The sellers, Jason and Becky, have lived there for many years and have loved it.  Over the last few years their family has expanded and now they need another bedroom.

One of the features they'll miss about this condo is the secured entrance to the building.  This provides that extra sense of security and safety.  Another is the oversized family room.  They've been able to have many friends and family over to spend time with.

Below are some pictures of the condo and the website for additional information.  Please let me know if you'd like to see this great place to live!

www.BountifulManor310.com

Every good buyer knows that once you are under contract on a home you need to a have a thorough inspection done. This important step can keep you from making a big mistake or on the opposite hand give you some peace of mind about your purchase.

Did you know there are things you can look for, even as a novice, before an inspection, though, that can clue you into the health of a house? It's true. Here are five things that all home buyers should be on the lookout for when viewing a home.

1.  Be on the lookout for water damage, leaks, or mold. Look beneath counters, behind shower curtains, and around sinks. Do you see evidence of leaks or of moisture build-up? Are there tiles rotting off walls or dampness under sinks?  You can also smell moisture as soon as you enter some homes.

2.  View the attic. You can tell a lot about a house by looking at the attic. Is the house properly insulated? If not, what are the average heating and cooling bills? Does wiring look safely installed?

3.  Look at is the age and state of some of the more costly repairs and replacements. Ask about the functionality and age of appliances, water heaters, siding, and paint. Knowing when you'll need to replace these items next can help you at the negotiating table.

4.  Walk around the outside of a house. Take a look at the foundation and look for any visible cracks. Also look at landscaping and be sure it's not too close to the house, which can cause moisture issues. Large trees can also cause root issue for both plumbing and foundations. You can also diagnose foundation issues by looking at the inside walls and ceilings of the home. Are there large cracks? Is the house shifting and settling?

5.  Take a good hard look at the neighborhood as you stand outside. What state are these houses in? Many will have been built in the same time-frame as your home. How do they look? Are people taking care of their yards? Is the neighborhood noisy? Does it smell good?

These tips are no substitute for a professional inspection of the property, but they can give you some real clues as to whether this home is what you're looking for or willing to get into. And​ when you do find a home and get it under contract, I have a great list of qualified and licensed inspectors that I've worked with.  Just let me know if you want my referral list! 

Nothing says "family home" like the actual family in the real estate photo!

Decoration gone a little too far...I hope everyone has great aim in this house!

Clutter!

Wow!  Where's my Claritin?

Really?  Maybe the agent should have just left this "room" off the photo tour.

Did they change Christmas to March?  Time to update the photo's!

Ummm...

This is a REAL photo from the MLS!  I did not alter it in anyway!

This one too...I can't believe it!

The photo's you have of your home are so important.  With the internet playing such a huge role in home sales, the photographs make the difference between a potential buyer coming to see your home and deleting it off their list!

Utah didn’t make the top ten best or worst but here’s who did:

MOST STRESSFULL AREAS:

1. Tampa, Florida
2. Las Vegas, Nevada
3. Miami, Florida
4. Jacksonville, Florida
5. Detroit, Michigan
6. Orlando, Florida
7. Riverside, California
8. Sacramento, California
9. Seattle, Washington
10. West Palm Beach, Florida

The study based its findings on stress factors such as high levels of divorce, suicide, unemployment, turbulent real estate (Florida) and high crime rates.

Minneapolis is the most stress-free. Other least-stressed cities, ranking in the top ten, included: Long Island, NY; Cambridge, MA; San Jose, CA; Washington, DC; Orange County, CA; Virginia Beach; Pittsburgh; Dallas; and Cleveland.

Where’s your Least Stressful Place to Live?  I’d love to know, comment below.

What does this mean to you?  We should see a lot more bank owned homes coming on the market in the next few months!

Warren Buffett appeared live on CNBC this week. He was asked about the current real estate market and whether he felt now was the time to buy. He emphatically said:

“If I had a way of buying a couple hundred thousand single-family homes I would load up on them.”

He also said:

Why invest in real estate now? 

“It’s a way, in effect, to short the dollar because you can take a 30-year mortgage and if it turns out your interest rate’s too high, next week you refinance lower. And if it turns out it’s too low, the other guy’s stuck with it for 30 years. So it’s a very attractive asset class now.” 

Is buying your own home better than investing in stocks right now?

“If I knew where I was going to want to live the next five or 10 years I would buy a home and I’d finance it with a 30-year mortgage… It’s a terrific deal.”

Should we buy multiple houses?

“If I was an investor that was a handy type and I could buy a couple of them at distressed prices and find renters, I think it’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.”

To see an informative and entertaining video about Warren Buffett's interview, click the picture above.

These days we all-too-often hear about someone losing their job and deciding they need to sell their house. I can only imagine the sadness of having to give up a home you’ve lived in for years. If it’s happened to someone you know, feel comfortable to use me as a trusted real estate consultant to explore the pros and cons of all the options, including short sale, renting, and refinancing.

If selling is the best option, then selling quickly and moving on seems to be the best medicine. A slow sale just seems to add insult to injury by dragging out the process and creating more stress.

If you know someone who’s weighing all their options because of a job loss, please call me at 801-652-8600, or email me at: jen@jengilchrist.com. I’ll send you my free report How to Sell Your House For the Most Money In the Shortest Possible Time, so you can give it to them!

Who’s the next person you know could benefit from a fast sale, job loss or not? I’ll be happy to talk with them about selling quickly.

Today’s market is tough, especially when it comes to selling your home.  Sometimes it’s hard to know when to accept an offer and when to wait for a better one.  

Taking the emotion out of this decision is probably the hardest hurdle to jump.  But it must be done in order to get your home sold.  (Which is your ultimate goal.)  This is hard to do however because most people love their homes and it’s hard to put a number on the memories that come with it.

Once you do take the emotion away you can realize that your home is a commodity and is worth what someone is willing to pay.  At this point the decision about a current offer becomes a bit easier.

When an offer comes in you need to ask yourself a few questions:

1. Is it a “low ball” offer?
2. How long has your home been on the market?
3. How many showings are you getting each week?
4. What are the other terms besides price?
5. How soon do I need/want to move.
6. Are you at risk of becoming a distressed sale?
7. What does the “market” say your home is worth?

This is where you need the expertise of a realtor.  They will be able to help walk you through this process and help you get the best price possible in today’s market.

Utah’s housing market is improving as more people buy homes.  Utah home sales in 2011 were the highest they’ve been since 2007.  Utah REALTOR® sold nearly 33,000 homes in 2011, up nearly 9 percent compared to 2010 sales.  Home sales have been on the rise since June and are expected to continue the upward trend.

Pending sales, which measure future home sales activity, were up 11 percent for 2011 compared to 2010l  Jim Wood, of the University of Utah’s Bureau of Economic and Business Research forecasts home sales will rise 15 percent in Salt Lake County in 2012.

The sales increases are the result of increased home-buyer confidence and improved employment conditions.  The Utah Association of REALTORS® Housing Affordability Index was at its second-highest level on record in December while Fannie Mae reported that more customers believe that home prices will rise within the next 12 months.  Mortgage rates also remain at record lows, with Freddie Mac reporting that the average rate on a 30-year fixed mortgage in January was the lowest on records. Another positive influence on the housing market is the fact that Utah is in the top five states for employment growth.

Together, these factors have pushed down housing supply.  For the past 10 months, inventory declines have been in the double digits, with the number of active listings failing for more than a year.  The number of homes on the market has not been this low since March 2007, and inventory is being absorbed as its quickest pace since July 2007.  In December, it would have taken 7.2 months to sell all of the homes on the market, significantly lower than last year’s 10.5 months.

The tighter supply and increased demand should help put upward pressure on home prices.  A report from Fiserv, with analysis from Moody’s Analytics, says Utah home prices are set to rise 1.5 percent by the end of the summer 2012 and more than 7 percent during the subsequent year.

Have you been surfing the web looking for the perfect house to make a home for you? I bet you have been looking for several weeks now and if you’re like me when I bought my first home you may feel that you don’t know where to start.  

When my husband and I bought our first home I felt like a deer in the headlights.  All I knew was how much we qualified for and generally what I wanted in a new home.

Not ONE of the real estate agents we talked to sat down with us and explained the importance of a CMA, market statistics, home inspections, closing costs, negotiating the offer or anything!

Now that I am a Realtor and know these things, I realize the importance of educating my clients of these and other very important things.  Buying a home is a huge investment and I don’t want anyone looking back (as I do now) and wishing they had someone on their side!

Here are my top 5 reasons why you need a great agent looking out for your best interests!

1. I can recommend great financing options that will help you with your purchasing goals.  (Low to zero down, no MI etc.)  Working with proven lenders really can be the difference between moving into your new home vs. not even closing on the loan.
    
2. I can educate you on the process of buying a home and what it really takes to jump into this rapidly changing market.
    
3. I can provide price counseling via a CMA to give you power to make an educated offer on the home.
    
4. I can negotiate on your behalf, working hard to get you the lowest price and best incentives (i.e. home warranty, seller paid closing costs, etc.)
    
5. I will help you reach your home buying goals and what’s best for your situation.

According to the Salt Lake Board of Realtors, here are top 5 best selling cities:  (Info taken from fourth quarter of 2011.)

1.  Kearns/Taylorsville
2.  Lehi
3.  South Jordan
4.  Farr West
5.  Clearfield.

Over this time last year prices have dropped 10% and sales have increased by 18%!

BOTTOM LINE:  It's a great time to buy a home!