This movie is for all agents, sellers, buyers and friends of agents. Watch and learn…enjoy!!!!
Presented by Cornerstone Real Estate Professionals
Your Source for Logan Utah Real Estate
To Qualify:
1. Buy or enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
2. If purchased in 2010 you can file for the credit on your 2009 or 2010 return.
3. “Long Time Homeowners” who buy a replacement residence may claim a credit of up to $6,500. They must have lived in the same principal residence for any 5 consecutive year period during the eight year period that ended on the date the replacement home is purchased.
4. “First Time Homebuyer” is a taxpayer who has not owned and occupied another main home at any time during the three years beginning on the date of purchase.
Hopefully that will help straighten out the main concerns. Please ask if you need more details.
This is some information for Alan Barker who is our very own in house market stat coordinator. I thought his finding were interesting and good for current sellers to understand.
Within the last two weeks, the number of homes on the market in Logan, Utah has risen by nearly 5%. Exactly one week ago, Cache County had 687 residential real estate listings. Right now there are 720.
Last year we did hit inventory levels this high until around March, when the Spring listing season typically hits. March and April are typically big months for listing homes for sale.
Some of the increase in inventory can be attributed to the $6,500 move up tax credit. People want to sell by April so they can get the government money when they buy their new homes. However, this sharp spike in the number of homes for sale in Logan is alarming. Home prices will continue to decline as long as there are more homes on the market than there are buyers. At last years pace of home sales, we have more than 9 months of Cache County real estate inventory right now.
After years of dropping real estate prices, it looks like things are finally starting to get better. Prices are increasing on a national level and the first time home buyer tax credit is keeping things moving for the winter.
I read an article in which James Wood, who is the main housing economist for Univeristy of Utah said that he believes homes in the Salt Lake area reached their low point in the first quarter of 2009. Other national economists agree with this as far as a national bottom as well.
So what does this mean for real estate in 2010? I will tell you what some forcasts are…
1. Sales will improve over the next 2 years but not reach normal trend levels until 2012
2. US home sales will be 15% higher in 2010
3. The US bottom for home prices may not hit until mid 2010 due to Obama’s loan modification plan. This plan delayed many foreclosures that will now come onto the market next spring causing prices to drop again.
4. US home prices could increase 3 to 5 percent next year once the distressed homes sales begin to decline.
5. Utah home prices will bottom by spring or summer 2010.
So, we are on the mend. Now is a great time to buy and the outlook is getting better for sellers. In todays market the most important factor for sellers is to price their home right. For ideas on this please visit my sellers section or give me a call!
Merry Christmas and Happy Holidays!
My website and blog are currently under some major construction, but things should be ready by the end of next week.
So I am new to the world of blogging. I have a feeling this may be a slow and painful process, but hang in there and I promise I will provide valuable information!
