Archive for the ‘Salt Lake City homes’ Category

« Older Entries

Is it a good time to buy Salt Lake City homes as an investment?

Friday, November 11th, 2011

When there are fewer home buyers, there are more renters.  When the demand for rental units increases, so does the cost to rent.  With increasing rents, decreasing home prices and low interest rates come cash flowing properties for rental property investors.

 

This year I have seen many entry level single family homes in Salt Lake City and the surrounding suburbs, that will cash flow with 20% down.  It’s the first time I’ve seen this scenario in a very long time and it’s due to higher rents, lower home prices and low interest rates.

 

As this trend continues I”d expect that this will contribute toward an  increased demand for Salt Lake City homes.

 

Kevin Coyle

SLC Homes

M: (801) 243-0699

E: Kevin@SLCHomeBuyer.com

Tags: , ,
Posted in Salt Lake City homes, Salt Lake City real estate | No Comments »

Fewer Salt Lake City home buyers = More Salt Lake City renters

Wednesday, November 2nd, 2011

Fewer home buyers = more renters.  When the demand for rental units increases, so does the cost of rent.  Right now in Salt Lake City, rents are going up, home prices are falling and interest rates are at all time lows.

 

At some point it makes sense for a renter to become a home owner because the amount of rent per month vs. the cost of home ownership makes it worth while to buy.

 

I have a friend who told me that she paints every rental she moves into to make it how she wants it.  Her landlord is saying, “thank you for the free labor”!

 

The Salt Lake City real estate market has been declining for over 4 years.  As renters get tired of increasing rents, more and more of them will become home owners.

 

Kevin Coyle

SLC Homes

M: (801) 243-0699

E: Kevin@SLCHomeBuyer.com

Tags: ,
Posted in Salt Lake City homes, Salt Lake City real estate | No Comments »

When will prices of Salt Lake City homes rise again?

Tuesday, October 25th, 2011

The question I ask in the title “When will prices of Salt Lake City homes rise again?” is a question I am constantly asked and not an easy one to answer.

 

Right now interest rates are at all time lows and they have been for the last couple years.  Yet the demand for housing remains low in most areas, supply is high and prices have been falling for over 4 years in the Salt Lake City real estate market.

 

Salt Lake City real estate values are affected by many factors.  Some of the obvious factors are supply, demand, interest rates and unemployment.

 

Right now  supply is high due to the bad economy which has created high mortgage default rates causing housing inventory to rise and prices to fall leaving many home owners upside down on their homes, owing more than its worth.  The upper end has been hurt even more due to the unwillingness and inability for many home owners to move up.

 

Over the last couple years, the U.S. government has had to buy mortgage backed securities, big packages of home loans, in order to keep this train rolling due to lack of interest from outside buyers such as China.  As a result, it has become more difficult for buyers to qualify for a mortgage.

 

If you think about it, it makes sense.  If interest rates are at all time lows, and there aren’t many buyers for mortgage backed securities, those who have the money will play it safe, especially when they are using the U.S. tax payer dollars and running up a huge national debt in order to make it happen.

 

As a result, the number of home buyers has decrease due to tighter restrictions on loans, higher credit requirements to qualify and lack of alternative/creative financing such as zero down and stated income loans.

 

So my answer to the question, “When will prices of Salt Lake City homes rise again?”, is when housing inventory drops and when federal policy and banks, mortgage brokers and credit unions start to make it easier to qualify for a home loan and offer alternative financing.

 

Kevin Coyle

SLC Homes

M: (801) 243-0699

E: Kevin@SLCHomeBuyer.com

Tags:
Posted in Foreclosures, Salt Lake City homes | No Comments »

Inman News ranks Salt Lake City in the Top 10 Best Markets for Real Estate Investors

Friday, June 3rd, 2011

I was recently interviewed by a reporter from the Inman News about the Salt Lake City real estate market.  Today she sent me an email of the article she wrote which puts Salt Lake City as 1 of the 10 best markets for Real Estate investors in the nation.  Of the 10 cities on the list, there are only 2 cities west of the Mississippi River and they are Tuscon, Arizona and Salt Lake City, Utah!

http://www.inman.com/news/2011/06/3/10-best-markets-real-estate-investors

 

Kevin Coyle
REALTOR  Principal Broker  MBA
SLC Homes
Cel: 801-243-0699
Kevin@SLCHomeBuyer.com
Providing Buyer Representation for real estate buyers throughout Salt Lake

Tags:
Posted in Salt Lake City homes, Salt Lake City real estate | No Comments »

It’s March 2011 and multiple offers are happening in the Salt Lake City real estate market!

Tuesday, March 22nd, 2011

I haven’t been blogging much lately because I’ve been selling a lot of homes.  Today I have a personal statistic for you.

I’m representing a few sellers and a lot of buyers right now and since President’s Day weekend 2011, more than half of the offers I’ve written for clients or received for sellers have ended up in a multiple offer situation.

I’m guessing we are experiencing pent up demand. 

The federal tax credit for home buyers ended June 30, 2010.  After that there was a lag in demand for Salt Lake homes, then winter came, still slow, now possibly we are experiencing pent up demand.  We’ll see.

Thank you to everyone who has been keeping me busy selling Salt Lake City real estate!!!

Kevin Coyle
REALTOR Principal Broker MBA
SLC Homes
(801) 243-0699 Mobile
Kevin@SLCHomeBuyer.com

Tags: , , ,
Posted in Kevin Coyle, Salt Lake City home values, Salt Lake City homes, Salt Lake City real estate | No Comments »

Utah is a stand out among economic national rankings!

Friday, February 4th, 2011

In 2010 Utah made high honors on many national rankings:

  • #1 “Best States for Business” (Forbes)
  • #1 “Most Fiscally Fit State” (Forbes)
  • #1 U of U “Research Institution for Startups” (Association of Universtiy Technology Managers)
  • #1 “Best Quality of Life” (Business Facilities Magazine)
  • #2 “Best Education Climate” (Business Facilities Magazine)
  • #5 Salt Lake City “Best cities for the next Decade” (Kiplinger)
  • #9 Utah “States that will create more jobs annually through 2015 (IHS Global Insights)

Wow!  Utah and Salt Lake City in a postive economic light!

The Salt Lake County real estate market has been declining for over 3 1/2 years and at some point prices will stop dropping and the market will flatten out, but it’s highly doubtful that this will happen in all areas at once.  Some price ranges and areas will recover before others due to inventory levels and demand for housing.

I expect the first time buyer to lead the recovery.  It’s not rocket science, just simple supply and demand economics.  Without first time home buyers, those sellers can’t move up, and so on, and so on.

The areas that will recover first will most likely be those where you can’t build a house without tearing one down, have the highest appeal and are within the price range of many first time home buyers.  Established Salt Lake City neighborhoods will most likely leed the recovery.

Interest rates are still very low and have been hovering around 4 3/4% for a 30 year mortgage.  It’s a good time to be a Salt Lake City home buyer!

Kevin Coyle
REALTOR  Principal Broker  MBA
SLC Homes
801-243-0699 (Phone)
Kevin@SLCHomeBuyer.com

Tags: , ,
Posted in Salt Lake City homes, Salt Lake City real estate | No Comments »

Down payment can be gift from a family member if you use an FHA loan

Thursday, August 5th, 2010

If a home buyer uses a FHA loan for their purchase of a home, all or part of the down payment can be a gift from a family member.  FHA loans currently require just 3.5% down too.

 

Kevin Coyle
MBA, Associate Broker
Kevin@SLCHomeBuyer.com
801-243-0699 (Mobile)
SLCHomes Real Estate

 

 

 

Tags:
Posted in FHA Loans, Salt Lake City homes, Salt Lake City real estate, Salt Lake County homes and condos | No Comments »

Using Zillow to determine real estate values in Salt Lake City and Utah

Wednesday, July 28th, 2010

Over the last few weeks, I’ve had a couple clients ask me what their home was worth.  In both cases I came up with a value for their home based on the most recent sales of homes nearest and most similar to their home.

One home is in West Jordan and I determined that it was worth about $195,000.  They checked on Zillow.com and Zillow said it was worth about $220,000.  The home is worth $195,000.

The second home is in Holladay and the owner was concerned because Zillow said their home was worth $275,000.  I did an analysis of their home and it is worth about $360,000.

Utah is a non-disclosure state meaning that the sale price of homes are not public record.  As a result Zillow isn’t very accurate in determining your home’s value in Utah.  Zillow is a great resource, just not for determining the value of Salt Lake City and Utah homes.

An experienced Salt Lake City Realtor can determine your home’s value, the level of inventory in your area and advise you on what to do to help get your home sold.

Kevin Coyle
MBA, Associate Broker
Kevin@SLCHomeBuyer.com
801-243-0699 (Cel)
SLCHomes Real Estate

Tags: ,
Posted in Salt Lake City home values, Salt Lake City homes, Salt Lake City real estate, Salt Lake County homes and condos, Utah Homes | 1 Comment »

Good News for Salt Lake City home buyers!

Tuesday, May 25th, 2010

I just read two articles about Salt Lake City as a place to live and Salt Lake City foreclosed homes.

According to the Salt Lake Tribune and Realty Trac, the number of home foreclosures in Salt Lake City is at it’s highest levels since the beginning of our downward trending real estate market.  Sounds like doom and gloom, but not if you’re renting and thinking about buying.

The second article came from Portfolio.com which ranked Salt Lake City #5 out of 67 cities for quality of life.  Two key factors they used to determine this ranking were that “No market has a lower jobless rate for workers between the ages of 25 and 64 than Salt Lake City and only Washington has a larger share of homes with at least nine rooms.  One-fifth of Salt Lake City’s houses are that size.”

Our unemployment is low, you get a lot of home for the money and our foreclosures are at an all time high.  Our quality of life is great here, I wouldn’t live anywhere else!  And again, as I mentioned last week, interest rates are very low.

It’s a great time to buy Salt Lake City homes and condos!  Representing SLC Home Buyers is what I do best.  Let me know if I can help you.

Sincerely,

Kevin Coyle
MBA, Associate Broker
Kevin@SLCHomeBuyer.com
801-243-0699 (Cel)
SLCHomes Real Estate

Tags: ,
Posted in Salt Lake City condos, Salt Lake City homes, Salt Lake City real estate | No Comments »

Interest rates on mortgages remain stable in April 2010. Good news for buyers of Salt Lake City homes and condos!

Tuesday, April 27th, 2010

At the end of March 2010, the Federal Reserve ended their policy of buying mortgage backed securities to keep mortgage rates low.  I blogged about this on  March 29, 2010.  So far, this change in policy doesn’t appear to have affected interest rates.  Rates are still in the low 5% range for a 30 year fixed rate mortgage which is about where they were in March.

If interest rates start to climb, that would decrease the buying power for buyers of Salt Lake City homes and condos.  Let’s hope these low rates continue!

Kevin Coyle
Associate Broker, GRI, MBA
Kevin@SLCHomeBuyer.com
801-243-0699 (Mobile)
SLCHomes Real Estate

Tags: ,
Posted in Interest Rates, Salt Lake City condos, Salt Lake City homes, Salt Lake City real estate | No Comments »

Only 1 week left for the First time and Repeat Home Buyer Tax Credit

Friday, April 23rd, 2010

The Federal Tax Credit, up to $8,000 for First Time Home Buyers and $6,500 for Repeat Home Buyers, requires that you have a home under contract by April 30, 2010 and close on that home by June 30, 2010.  So far I haven’t heard or read anything about an extension.

Tags: ,
Posted in Salt Lake City homes, Utah Homes | No Comments »

Salt Lake County home sales surge 31% over the past 6 months

Wednesday, April 14th, 2010

This news was just released by the Salt Lake Board of Realtors.  It looks like the federal tax credit is working!

Home Sales Surge 31% Over Past Six Months

Home sales in Salt Lake County are surging. Since October 2009, home sales have shown double-digit gains on a year-over year basis.

In fact, if you compare home sales from October 2009 through March 2010 with the same six-month period a year earlier, home/condo sales have climbed an astonishing 31 percent (5,230 sales vs. 3,990 sales)!

This year is indeed a turnaround from the past three years. The sales increases we’ve seen are in line with what economist James Wood predicted in a report commissioned by the Salt Lake Board earlier this year. Wood predicted that as many as 10,000 single-family homes could be sold this year in Salt Lake County, a nearly 10 percent increase compared to sales in 2009.

Much of the sales increases are due to low mortgage interest rates, more affordable home prices and the federal government’s home buyer tax credit.

These conditions continue to make this year the right time to buy a home. It’s a message all potential home buyers need to hear.

Salt Lake Board of Realtors in the News

REALTORS: Come In and Make Yourself At Home

The Salt Lake Tribune highlighted the successful statewide and national Open House event held on April 10.

“The events are coming at a time when single-family home sales in the Salt Lake City area appear to be perking up,” the Tribune reported.

Preliminary numbers from the Salt Lake Board of REALTORS for the first quarter of 2010 indicate that single-family home sales were up 21 percent, although the median price was down 10 percent — or $219,000 from $243,000 from the same period a year ago.
Dave Anderton, a spokesman for the Salt Lake Board, said the event today is being held in conjunction with a similar nationwide initiative promoted by the National Board of REALTORS.
“Open houses are popular with potential buyers and a good sales tool,” Anderton said. “People like to see what is available to them.”

The Golden State vs. The Best Managed State

California continues to teeter on the verge of financial collapse. The dire situation is forcing businesses and people to flee the Golden state and move to Utah, named the Best Managed State in 2008 by the Pew Center.

Bryan Kohler, CEO of the Salt Lake Board, highlighted the economic advantages Utah offers to businesses and peopl in an April 1 column in City Weekly.

Tags: , , ,
Posted in Salt Lake City homes, Salt Lake City real estate, Salt Lake County homes and condos | No Comments »

Utah still growing fast! Long term outlook for Salt Lake City real estate market is good!

Tuesday, January 26th, 2010

I was down in Sandy last week right before sunset at a friend’s house with a view.  I noticed that the gap between Herriman, Riverton and South Jordan has shrunk quite a bit over the last 10 years, filled in with homes and businesses.  Most of that growth occurred prior to Summer 2007 while the market was booming.

According to the 2010 Utah Econocmic Summary put out by the Governor’s office, the state of Utah had the second fastest population growth rate in the nation, at 2.1%. 

This growth is second only to our neighbor to the East, Wyoming.  In 2009, Utah had a population of 2.8 million.  Wyoming had only about 532,000 people.  The average U.S. state is growing at a rate of 0.9%.  Utah is more than double that!  So we’re growing pretty fast.

The projections for population in Utah by 2020 is 3.7 million people.  The average person in Utah is 27 years old. 

Considering that between 75 and 80% of Utah’s population currently live on the Wasatch Front and about 35% of the population live in Salt Lake County, it seems like our long term outlook for the value of real estate in Salt Lake and the Wasatch Front is good, because demand will likely be there.

Eventually young people buy homes and the first time home buyer creates more opportunities for current home owners to move up or down.  In time our down market will change and demand for Salt Lake City homes will increase. 

Right now a smart buyer can get a lot home for the money compared to a few years ago and finance that Salt Lake City home at historically low interest rates.  It’s also possible to get up to an $8,000 tax credit.

One last thing and this is important.  The average person lives in their home for 5 to 7 years which from now would be 2015 to 2017.  So let me ask you 3 questions:

Do you think prices will be higher in 2015?

Do you think interest rates will be lower?

Do you think the federal government will be giving tax credits up to $8,000 if you buy a home?

The Salt Lake City real estate market is constantly changing.  Having an experienced Salt Lake City Realtor to be your guide can make your home search a lot more enjoyable.  If you need help with the purchase of a home, condo or duplex, contact me.  I’ve been a Salt Lake City Realtor since 1999 and over the last year, 80% of my clients have been buyers.
Helping Salt Lake home buyers is my thing, so send me an email or give me a ring!

Kevin

Kevin Coyle
Associate Broker, GRI, MBA
Kevin@SLCHomeBuyer.com
801-243-0699 (Mobile)
SLCHomes Real Estate

Tags: , , ,
Posted in Home Buyer tax credit, Kevin Coyle, Salt Lake City homes, Salt Lake City real estate, Salt Lake County homes and condos | No Comments »

Salt Lake City Homes: The Home Buyer Tax Credit has been extended for First Time Home Buyers and expanded to Repeat Home Buyers

Monday, November 9th, 2009

The $8,000 First Time Home Buyer tax credit has been extended.  In addition to the extension, an additional tax credit for Repeat Home buyers has been added up to $6,500.  The deadline for these two programs is to have a home under contract by April 30, 2010, and close it by June 30, 2010.  The First Time buyer’s has to have not owned a home which was a primary residence for the last 3 years.  The Repeat Home Buyers have to have lived in there home (primary residence) for at least 5 consecutive years of the last 8 years.

 

Also part of this bill, is an extension of the tax credit for military personnel that have served at least 90 days outside of the United States.  The deadline for this part is June 30, 2011.  This bill also contained a provision to extend unemployment by 14 weeks in all states and additional 6 weeks on top of that in states where unemployment exceeds 8.5%.

 

For details on the tax credits, go to: http://www.federalhousingtaxcredit.com/

 

If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me.  I’ve been a Salt Lake City realtor for over 10 years and this year so far, 80% of my clients have been Buyers of homes and condos in the Salt Lake City metro area.

 

Kevin

 

Kevin Coyle

Realtor, Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

Tags: , , , ,
Posted in Home Buyer tax credit, Salt Lake City homes, Salt Lake City real estate | No Comments »

Salt Lake City Homes: When looking at Salt Lake City Homes, search within your pre-approved price range.

Friday, October 16th, 2009

This may sound obvious, but here it is anyway.  Salt Lake City home buyers should look within their pre-approved price range. 

 

Here are some of the reasons I can think of:

  1. Why waste your time looking at Utah homes you can’t afford?
  2. Sometimes Salt Lake City home buyers qualify for more than they really want to spend.  What will you cut back in your budget for that more expensive home?
  3. You might miss out on a home within your price range that you didn’t see because you were wasting your time looking at ones you can’t afford.
  4. Why set yourself up for disappointment looking at homes you can’t afford?
  5. Sellers go out of their way to allow you to see their home, why inconvenience them?  If it’s an open house and you’re actively looking, take a look.
  6. Looking at homes is not a sport or a hobby. Go ride a bike, read a book, go to a movie and have fun!
  7. OK honestly, I can see if you can afford $200,000 that you might look at Utah homes up to $210,000 for purposes of negotiation, but beyond that probably not.

If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me.  I’ve been a Salt Lake City realtor for over 10 years and this year so far, 80% of my clients have been Buyers of homes and condos in the Salt Lake City metro area.

 

Kevin

 

Kevin Coyle

Realtor, Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

Tags: , ,
Posted in Salt Lake City homes, Salt Lake City real estate, Salt Lake County homes and condos, Utah Homes | No Comments »

« Older Entries