Demand for rental homes and units in many parts of the country is on the rise as many homeowners who are unable to refinance their mortgages to today's lower rates because their property values have declined have sold their homes "short" or left them altogether after foreclosure. Increased restrictions for obtaining mortgage financing (high credit scores and larger down payments) have also reduced the pool of renters who "qualify" for homeownership.
As demand rises for rental units, the cost of renting should rise. As inventory of homes available for purchase grows, and demand shrinks (or is reduced due to a smaller pool of buyers who "qualify"), the downward pull on home values takes its toll.
For those with excellent credit, stable employment and a reasonable down payment (about 5% or more will do), this may be the best time ever to purchase a home. Not only have prices been "slashed" by as much as 10-50% in many areas, but interest rates are about as low as they have ever been (just above or just below 5% in recent days).
First time buyers (defined as those who have not owned any real estate in the past 3 years) who make up to $150,000 combined or $75,000 alone, may qualify for up to $8,000 in the form of a refundable Federal tax credit. $6,000 is available for any Utah Buyer who purchases New Construction (1600+ grants available first-com first-served. You do NOT have to be a first-time buyer, but similar income restrictions apply).
You used to be able to say it was smart to buy if you were planning on staying in a home for at least 3 years. This was because it took that long for appreciation to cover the costs associated with selling the home. During the boom, you may have been able to buy a home and sell it in 3 months without taking a loss.
In today's economy, it probably still makes sense to buy a home if you plan to stay in it for an extended period of time (5 years +).
If you do buy a home in Salt Lake City or the Surrounding Area in today's economy, make sure you get an Agent on YOUR side of the transaction! Make sure you hire an E B A!
If you have excellent credit and will be buying a $300,000-$800,000 home in the next 1-3 months and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
Exclusive Buyers Agents do not list homes and never represent Sellers. They represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2009 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...

Earnest Money is applied as a credit to you at Settlement.
The settlement sheet is basically a balance sheet. The money you owe is on the top of your side (purchase price, closing costs, your portion of property taxes, etc.)
All the money paid on your behalf (loan proceeds, earnest money, the seller's portion of property taxes, etc.) is on the bottom of your side and is a credit to you.
The difference between what you owe and what you have paid (including the Earnest Money) is what you have to bring in to closing (or what is refunded to you if you have brought in too much).
In other words, the earnest money is credited on your behalf, but not directly for any specific cost.
Whatever your total cost to close would have been with no Earnest Money, it will be reduced by the amount of the Earnest Money Deposit you have paid, and you will bring in that much less at closing.
A good lender and title company should have these figures for you and your broker a day or two before settlement. You and your broker should review the Settlement Statements for accuracy and have any corrections made prior to Settlement.
A good Exclusive Buyer's Agent (EBA) can help you select lenders and title companies who perform in a timely manner. Having a reliable lender and a responsive title company will add to the smoothness of your transaction and can eliminate a lot of stress and frustration.
If you are buying a home in Salt Lake City or the Surrounding Area, make sure you get an Agent on YOUR side of the transaction! Make sure you hire an EBA!
If you have excellent credit and will be buying a $300,000-$800,000 home in the next 1-3 months and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
Exclusive Buyers Agents do not list homes and never represent Sellers. They represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2009 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...

Utah once again ranked as the Best State to live in overall based on a Forbes.com report of a recent Gallup-Healthways poll.
Utah ranked first for both Well-Being and Work Quality, and ranked second for Life Evaluation. It also ranked in the top 10 for Physical Health, Emotional Health and Basic Access.
If you are moving to Salt Lake City or the Surrounding Area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $300,000-$800,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
Exclusive Buyers Agents do not list homes and never represent Sellers. They represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2009 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...


The State of Utah is offering purchasers of new construction a $6,000 grant that does not have to be repaid. You do not have to be a first time home buyer to qualify, but there are a few limitations.
Here are the basics of the "Home-Run" grant:
Does the amount of the grant vary? Is it up to $6,000? No. The amount of the grant for qualified applicants will always be the full $6,000.
Does it have to be re-paid? No. The $6,000 grant does not have to be re-paid.
Do I have to live in the home? Yes. The grant is for owner-occupied transactions. You must move into the home as your primary residence within 30 days of closing.
Do I have to be a first-time homebuyer? No. You need only to purchase a newly constructed home that has not yet been lived in.
Where did the money come from? From the Federal stimulus money given to Utah.
Are there income limitations to qualifying? Yes. A single Buyer cannot earn more than $75,000 per year and a couple that files jointly cannot earn more than $150,000 combined.
Does taking this grant disqualify me from the $8,000 Federal Tax Credit being offered by the Federal Government? No. There is an up to $8,000 federal tax credit for first time homebuyers who purchase a home between January 1, 2009 and December 1, 2009. (Details here) If you qualify for the $8,000 tax credit, you probably qualify for the $6,000 grant and can receive a total of $14,000 in credits/grants if you purchase new construction in Utah.
How long does this program last? While supplies last. There are only about 1600 grants available and once they are gone, they are gone for good.
Why the $6,000 grant? Lawmakers believe that this will help move some of the over 2,000 completed new construction homes on the market that are currently unsold.
How do I receive the money? When you have identified a property, your lender can submit the paperwork to reserve one of the grants available. At closing, $6,000 will be wired to the title company to be used on your behalf. It can be applied toward closing costs, fees, even down payment.
Are there any other restrictions? You must purchase the home with a 30 year (or less) fixed-rate mortgage. (FHA, VA, Utah Housing, Conventional are all options)
Bill text: http://le.utah.gov/˜2009/bills/sbillamd/sb0260s02.htm
Signed into law by Governor Jon Huntsman March 19, 2009
If you are considering buying new construction in Salt Lake City or the Surrounding Area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $300,000-$800,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2009 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...

Great Article in the New York Times Friday, featuring a good friend and colleague of mine, Ira Freireich of Long Island, NY.
The article points out how many homebuyers are becoming more savvy and aware of how they can get the best level of representation in the real estate transaction: Exclusive Buyer Agency.
Some key points:
If you are Buying a home in Salt Lake City or the Surrounding Area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $300,000-$800,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
©2009 Homebuyer Representation, Inc. "The Real Estate Agents on the Buyer's Side" TM Exclusive Buyers Agents (EBA) - All Rights Reserved
Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2009 Homebuyer Representation, Inc. - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...

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