Posts Tagged ‘Home Buyer Representation’

Salt Lake City real estate: The best deals are attracting multiple offers

Thursday, March 31st, 2011

Last week I said that more than half of the offers I write or receive on Salt Lake City homes are multiple offers situations since President’s day 2011.  The multiple offers are coming in on homes that are the best values on the market.

Short sales frequently attract mulitple offers, but it’s not the same.  Buyer’s typically wait and wait and wait for these homes and most of the time, get tired of waiting, lose to someone else or the home goes into foreclosure before the short sale is complete.

The mulitple offer homes I’ve seen have not been short sales.  They have been either foreclosed homes priced below market value or regular sales (non-distressed homes) that are a good value or one of a kind. 

Then there are the rest of the Salt Lake City homes for sale that are over priced and sitting on the market getting no offers at all.  That’s the majority of Salt Lake homes right now.

Salt Lake City Homes that are priced right and show well will usually be the first to sell and some of those homes are attracting mulitple offers right now.

Kevin Coyle
REALTOR Principal Broker MBA
SLC Homes
Cel: (801) 243-0699
Kevin@SLCHomeBuyer.com
“Specializing in SLC Home Buyer representation”

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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

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How much is that Salt Lake City home worth?

Friday, June 11th, 2010

There are some key items to consider when attempting to put a value on a home including square feet, condition and improvements, age, lot size and location. Values of homes vary greatly from Salt Lake City to Sandy and from Mill Creek to West Valley City and everywhere in between.

When I became a Salt Lake City Realtor in 1999, I thought I understood this, but I soon realized that values can vary not only from city to city, but from neighborhood to neighborhood.  The best example I can think of is the neighborhoods of Salt Lake City, but the same can be true in any area.

All of the various neighborhoods have values of their own and they can change in just a block or two.  The value in Liberty Wells is different from 9th and 9th.  Lower Sugar House is different from 15th and 15th.  15th and 15th is not the same as Harvard Yale.  In Rose Park values increase as you go North.  Upper Aves is not the same as Lower Aves or Federal Heights.  Condo communities across the street from one another can be different.  You get the idea.

When buyers go it alone without a Realtor, it’s risky business and this is one of the many reasons why.  You might think you know the value of that home, but do you really?  If you were off by just 3% on a $250,000 house, that’s $7,500.  Also, if the price was to high, the appraisal might fail during your attempt to buy that Salt Lake City home and then the transaction becomes really tricky.

There’s more to buying Salt Lake City homes than most people think.  Hiring an experienced Salt Lake City Realtor to help you with your home search and all the details, can make your home buying experience much more enjoyable and smooth.

Hire and experienced Salt Lake City Realtor, it’s worth it!

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

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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

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Salt Lake City condos harder to finance due to elimnation of spot approvals on FHA loans

Tuesday, March 2nd, 2010

FHA loans have been the recent choice for low down payment residential buyers offering loan programs that require just 3.5% down.  Recently FHA decided that they will only lend on condos that are on the FHA approved condo list.  FHA use to allow for spot approvals if a condo was not on the list and this policy changed in February 2010.

So now buyers of condos not on the FHA approved list will need to go with a conventional loan and unfortunately that means a bigger down payment and higher credit requirements.  I’ve checked with lenders I frequently work with and 10% down is a possibility if you have really good credit, but it’s not easy to find and many lender require 20% down for a Conventional condo loan.

This will decrease the number of buyers for condos in projects that are not FHA approved which will most likely effect values in these condo projects.  FHA approved condos may end up actually benefiting from this and there may be more demand for inexpensive single family homes too, but that’s yet to be seen.

The Salt Lake City real estate market is constantly changing.  If you need help with the purchase of a Salt Lake City home, condo or duplex, contact me.  I’ve been a local Realtor for 10 plus years and over the last year, 80% of my client have been buyers.

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

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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

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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

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Salt Lake City homes and condos: Find out what areas have the most short sales in Salt Lake County

Wednesday, August 26th, 2009

I was searching for homes today on the Wasatch Front Regional MLS for one of the Buyers I’m working with and noticed a neighborhood that had an extremely high percentage of short sales.  41% of the homes in that neighborhood are short sales.

 

It made me stop and wonder about how many short sales are in other areas of Salt Lake County.  Here are the results of that search which includes Salt Lake County homes and condos in all price ranges.

                                               

City                                                       % short sales of Active listings

Salt Lake Aves/Cap Hill                                           3.9%

Salt Lake Central City/South Salt Lake                  10.6%

Salt Lake East City/Mill Creek                                  5.3%

Salt Lake Rose Park/Glendale                                  24.4%

Holladay/Cottonwood Heights                               10.6%

Murray                                                                         9.8%

Midvale/West Sandy                                                 15.6%

East Sandy                                                                  14.5%

Draper                                                                          23.5%             

West Valley City/Kearns/Magna                             27.4%

West Jordan/South Jordan/Copperton                   24.8%

Riverton/Herriman/Bluffdale                                     31.1%

 

Salt Lake County                                                       18.6%

 

*All data taken from Wasatch Front regional Multiple Listing Service on 8/26/09 on Salt Lake County homes & condos.

 

One thing that intrigued me was the closer you get to downtown Salt Lake City, the fewer short sales there are overall.  Yes, I live downtown, but that’s not why I was so intrigued. 

 

I have a theory.  During our last housing boom in Salt Lake County, 2005-2007, the areas that the majority of the residential new construction homes and condos were built were further away from downtown Salt Lake where the vacant land exists which is on the South and West side of Salt Lake County.

 

By early 2005, the cost of new construction in Salt Lake County was much greater than the cost to buy an existing home of comparable size and location.  This was due to the escalating cost of land, building supplies and a tight labor market.  Also during this time, money was easy to borrow regardless of your credit score so there were plenty of people who could buy.

 

The cost of existing homes in those areas quickly adjusted upward as a result of the increasing cost of new construction creating instant equity for those who bought before 2005.

 

But by 2007 there was 12 months of inventory in new construction, which is primarily located in the South and West part of Salt Lake County.  Then in August 2007 our banking crisis started which led to higher credit standards for home loans and fewer low down payment loan programs.

 

Two things I think happened here are there are many people who bought later in the boom and have now lost their job or had some other hardship.  If they bought with nothing down, and most did, they are upside down on their mortgage.  Short sale! 

 

The other thing I think happened is many people had their home value increase by $50,000 or more in less than a year and took some of their equity out to improve their home, buy toys or pay off other debts. Short sale! 

 

Eventually some of the short sales sell, some owner get loan modifications and some homes go into foreclosure. 

 

There are more theories that can be drawn from the varying percentage of short sales and if you look at smaller areas, some areas are higher and some are lower.

 

This something to consider when buying Salt Lake City homes and condos.

 

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 the majority of my clients are buyers of Salt Lake City homes and condos.

Thanks!

Kevin Coyle

Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

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Salt Lake City homes and condos: Are residential Short Sales harder to buy than non-short sale homes and condos in Salt Lake County?

Tuesday, August 18th, 2009

It seems like every buyer I meet wants to know about short sales and for good reason, they are a big part of the inventory of homes and condos in Salt Lake.  Most people think short sales are a great deal and some short sales are, but most are a challenge to buy.

 

Over the last few months, short sales on homes and condos in Salt Lake County have been harder to buy than homes and condos that are not short sales.  The table below compares homes and condos in Salt Lake County that are listed on the Wasatch Front Multiple Listing Service.  It shows the number of homes and condos that are Active, Under Contract and Sold in the last 90 days and compares short sales vs. non-short sales.

 

                                                Short Sales                     Non-Short Sales

Listing Status              Volume / % vs. Actives        Vol / % vs. Actives

Active Listings for sale           1,410                                       6,238  

Under Contract                          254 / 18%                             1,408 / 23%

Sold in the last 90 days             329 / 23%                             2,868 / 46%

*Data taken from Wasatch Front regional Multiple Listing Service on 8/18/09 for Salt Lake County homes and condos.

 

As you can see, a much lower percentage of short sales have been successfully sold over the last few months.  There are many reasons for this.

 

One is the length of time that the buyer must wait to buy most short sales.  The Buyer makes an offer to the Seller, a deal is struck and it is submitted to the bank.  A “short sale addendum” is used in the negotiation between Buyer and Seller which gives the lender third party approval.  This is used because the lender and mortgage insurance company have to agree to take a loss.  This is where the process typically slows down.  It can take weeks, months, and sometimes it never happens.  And it can get more complicated if there is a second mortgage.

 

So the Buyer is waiting for a response from the lender.  During this time there is the risk that other offers will be made on the property because it’s a long process. 

 

Some Buyer’s have a time frame in which they hope to move into their new home due to a lease expiring, a new job starting or some other reason.  With a short sale, it’s hard to know how soon you’ll be able to accomplish your move.

 

Finding a home you like is a challenge on its own.  Short sales frequently add to this challenge.  This is something to consider when buying Salt Lake City homes and condos.

 

If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me.  I’m an experienced Salt Lake City realtor and the majority of my clients are buyers of Salt Lake City homes and condos.

 

Kevin Coyle

Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

 

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How to Buy a Salt Lake City Home, Condo or Duplex if you lack the Down Payment and Closing Costs

Thursday, July 23rd, 2009

Just a few years ago there were many ways to buy a Salt Lake City home, condo or duplex with no money down.  You could borrow 100% of the money you needed to purchase the home.  At that time, the market was going up and lenders were loose with their money.  Times changed quickly and those home loans are gone.

 

So how do you buy a Salt Lake City home, condo or duplex if you lack the down payment and closing costs?

 

FHA loans only require 3.5% down for the purchase a home, condo or duplex as long as the buyer intends to move in and occupy the home as their primary residence.

 

FHA also allows for a family member to gift all or part of the down payment and closing costs.  So if your mom, dad, grandpa, grandma or other family members are doing well, they can give you a gift for all or part of the down payment and closing cost for the purchase of your Salt Lake City home, condo or duplex.  It has to be a gift, not a loan.

 

Also, if you don’t have the closing costs, they are frequently negotiated into the deal so that the Seller pays all or part of the Buyer’s closing costs.

 

Regarding Salt Lake City condos, the condo project must be FHA approved to qualify for an FHA loan.  FHA might do a spot approval if the condo is not FHA approved, but that isn’t a sure thing.

 

And I mention again, the buyer must move into the home and occupy the property as their primary residence.  If you’re an investor breaking the rules and get caught, FHA will call the loan due and mess up your life, so please don’t do that.

 

If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me.  I’m an experienced Salt Lake City realtor and the majority of my clients are buyers of Salt Lake City homes and condos.

 

Kevin Coyle

Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

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Posted in FHA Loans, Kevin Coyle, Salt Lake City condos, Salt Lake City homes, Salt Lake City real estate | 2 Comments »

Salt Lake City homes and condos: Supply and Demand

Thursday, June 11th, 2009

Many Salt Lake City home buyers focus on price per square feet as an indicator of how good a deal they are getting.  This is one factor to consider, but there are many other factors like condition, location, commute, schools and the potential for appreciation.  Today we’ll look at potential for appreciation as it relates to supply and demand.

 

It’s hard to know for sure how good of an investment a specific Salt Lake home or condo will be or what the demand will be for it in the future, but you can look at what the current supply and demand is if you’re working with a Salt Lake City Realtor who has access to that information.  It’s a key factor to consider, because supply and demand affects price and appreciation over the long term.

 

To make this comparison we will compare two fantasy condo complexes and the number of units in each that are for sale, under contract and sold in the last 3 months.  From this information we’ll determine how many months it will take to sell all the units in each condo compelx.

 

Primo Condos             OK Condos

Active (units for sale)                                              6 units                      12 units

Under Contract (accepted offer, not closed)         1 unit                          0 units

Sold in the last 3 months                                          3 units                        1 unit

Time to sell current inventory (months)                6 months                  36 months

 

Right now, the OK condos have high condo supply and low buyer demand.  If the supply is high and the demand is low, eventually prices will need to drop to attract more condo buyers.  At some lower price, the OK condos will sell faster, but for now there is 36 months of inventory with only 1 condo unit selling every 3 months.  There is a good chance that the prices will decrease down due to the high inventory in the OK Condos.

 

There is clearly more demand for the Primo condos with 1 selling per month and only 6 months of inventory.  If this trend continues, the prices in the Primo Condos would outperform the prices in the OK Condos.

 

If you were a Salt Lake City condo buyer and you were interested in buying a unit in either the Primo Condos or the OK Condos, all other things equal, it would most likely be a better investment to buy a unit in the Primo Condos.

 

This is one key factor that most of the buyers I work with consider when they work with me to find their Salt Lake City home or condo.

 

If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me.  I’m an experienced Salt Lake City realtor and the majority of my clients are buyers of Salt Lake City homes and condos.

 

Kevin Coyle

Associate Broker, MBA

SLCHomes Real Estate

Mobile: 801-243-0699

Office: 801-466-8977

Kevin@SLCHomeBuyer.com

 

Further explanation and notes on the examples given above:

 

The Math for the OK Condos: There are 12 units for sale. If 1 sells every 3 months, 4 will sell in a year and it will take 36 months (3 years) to sell all 12 units.

 

The Math for the Primo Condos: There are 6 units for sale. If 3 sell every 3 months, that’s 1 unit sold per month, so in 6 months they would all sell.

 

This example is like looking at a snap shot, a moment in time for sake of comparison and is only one factor to consider when buying Salt Lake City homes and condos.  Also, it’s not a guarantee of price appreciation.

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About Kevin Coyle GRI, MBA, Associate Broker

Wednesday, April 1st, 2009

Biography -
Home Buyer Representation

Exclusive Buyer’s Representation is representing the Buyer only, not the Seller.

When I represent a Buyer, I don’t really sell anything. 
I help the Buyer, find and purchase real estate that they choose.

So how am I different from other Salt Lake Realtors?
Two words, Education and Listening!

Educating my clients is a priority for me. I help them learn the market and walk them through the real estate buying process, so they can make an informed decision. My belief in educating my clients is the reason for this free web site.

I ask questions and listen to my clients so that I understand what’s important to them.

One last thing I want to mention, the Buyer doesn’t have to pay for my services. The Seller pays the commission for both real estate agents and brokers.

I want to be your Realtor and you must need one 
or you wouldn’t be here. So contact me today and we’ll get together to talk about what you’re looking for.

Comments From Past Clients & Associates:

“Your Attention to detail & organization was a great help to a smooth transaction. You are a true professional!”
Lyle D

“Thank you for making my home purchase, such a good experience. You have made what I thought would be stressful, a lot easier, and in fact, a lot of fun! Thanks to your expertise and valuable input, I really feel like I bought the perfect house.” Pam H

“I recommend Kevin Coyle to anyone looking to buy or sell property. Kevin is without a doubt the most honest and hard working agent and is a great negotiator.” Carl & Betty O

“Kevin has done 7 transactions for me, 5 purchases and 2 sales, and has successfully closed every one of them. His understanding of the market and hard work has helped me tremendously with my real estate investments.”
George T

Real Estate Education:

Licensed Associate Real Estate Broker in Utah 2005
GRI (Graduate: Real Estate Institute) 2002
Licensed Real Estate agent in Utah 1999
Licensed Real Estate agent in Illinois 1990-1995
MBA from DePaul University in Real Estate Finance Chicago, IL 1994
BS from Rochester Institute of Technology Rochester, NY 1987

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