Robert W. Bowen

This morning KSL.com posted an article by Mary Richards, Home Prices Down Along Wasatch Front. The article discusses falling prices of homes up and down the Wasatch Front. Is this the truth, or another attempt by the media to grab readers attention? Do you really believe your home has dropped significantly in value?

It was an interesting article to say the least and I know it sparked panic among many Utah residents. I ran some statistics this evening from the Wasatch Front Multiple Listing Service. Here is what I found:

Cache County
Single Family Home Average Sales Price YTD - $199,872 (up 1.09% from 2007 YTD)
Condo Average Sales Price YTD - $127,783 (up 16.45% from 2007 YTD)

Box Elder County
Single Family Home Average Sales Price YTD - $170,257 (down 1.36% from 07 YTD)
Condo Average Sales Price YTD - $117,055 (down 1.13% from 07 YTD)

Weber County
Single Family Home Average Sales Price YTD - $192,006 (up 4.67% from 07 YTD)
Condo Average Sales Price YTD - $142,312 ( up 6.95% from 07 YTD)

Davis County
Single Family Home Average Sales Price YTD - $250,494 (down 2.82% from 07 YTD)
Condo Average Sales Price YTD - $180,661 (up 9.81% from 07)

Salt Lake County
Single Family Home Average Sales Price YTD - $289,106 (down 1.57% from 07 YTD)
Condo Average Sales Price YTD - $189,054 (down 1.61% from 07)

Utah County
Single Family Home Average Sales Price YTD - $267,880 (down 7.94% from 07 YTD)
Condo Average Sales Price YTD - $167,501 (down 3.02% from 07)

As the article states from quoting Salt Lake Board of Realtors President Jillinda Bowers, we are seeing an adjustment in prices. This is part of an economy and it happens naturally. Prices are not down as much as the news would have you think.

Your home value is not necessarily dropping, but with so many homes on the market right now sales prices are being lowered to attract buyers. Now is a great time to buy as prices have come down to be more affordable. And to add to this benefit, interest rates are still low. Real estate is still a safe investment in the long run.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

Once again Logan, Utah has made some National headlines. Yes, believe it or not, our small community has been recognized over and over for our quality of living. This time we are in the public eye for our local job market. CareerBuilder.com often recognizes communities for their job market, highest paying jobs, etc. This article from October 6, 2008 recognizes the 25 Best Markets to Find a Job.

On the list at number seven, Logan heralds an unemployment rate of 2.8%. The article doesn't go into the reasons for our great job market. Here in Logan we have a diverse job market with jobs in technology, industry, professional organizations, service, education, agriculture, etc. Our diverse job market attracts a diverse population.

In the past, Logan has also been recognized as one of the safest cities in the U.S. to live. So why wouldn't you want to make your home in Logan, Utah? Nestled in the mountains, Logan is a great place to live, work, and play. The locals love the environment in which we live and dread the day they will ever have to leave.

Other cities nearby that made the list are:

• Idaho Falls, Idaho at #2
• Salt Lake City, Utah at #21
• Provo, Utah at #22
• Pocatello, Idaho at #25

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.

Yesterday I began a discussion of Buyer's Due Diligence (If you missed it, click here). I hope that you were able to take a few deep breaths after yesterday. As a buyer you have a lot to be responsible for when buying a home. This is where a good real estate agent comes in. As an agent we can help you through this process. Let's pick up where we left of yesterday.

10. Square Footage / Acreage: Did you know that the square footage quoted on the info sheet of a home is only guaranteed to be an approximation? If you want to know the exact size you do have the right to measure it yourself or hire someone to do that for you.
11. Utility Services: It is up to you as the buyer to find out what utilities are available to the home and how much it will cost. This also includes finding out if the appropriate internet connection speeds are available to you at that residence.
12. Water: In the State of Utah water is of big importance. Believe it or not, Utah is a desert. Most city lots are on city water and that is all you have to worry about. But older homes, or homes on acreage may rely of water shares from a canal company, private well, etc. When you are purchasing a home make sure that the water shares are being transferred to you as the new owner and that you are aware of them. In some instances if the shares aren't used, you will lose them.
13. Geologic Conditions: If you plan on living on a hillside pay close attention to this. Remember years back of all the mudslides in California when homes were sliding down the hill? It is important to make sure that the ground the home is built on is stable. If the home has a basement you may also be concerned with the level of the water table.
14. Mold: Not only is mold disgusting, but it can cause health problems. Mold is a concern on older homes. It is wise to have your home inspector check the home out for the possibility of mold.
15. Housing Compliance: When you move into a new home there are certain things that become important to people such as the proximity to schools, churches, industrial areas, commercial areas, etc. And some people are concerned with law enforcement statistics. You do have the right to check this out. You can talk with neightbors, visit the local police department, etc. Your real estate agent will comply with all Federal and State Fair Housing Laws.
16. Property Taxes: Yes, taxes are a certainty in owning property. Check out how much the taxes are so you aren't suprised after you move in.
17. Income Tax/Legal Consequences: And last of all, guess what? I'm not an attorney, accountant, inspector, etc. As a real estate professional I can give you my opinion on these items, but you are advised to consult the appropriate professionals.

OK, that wasn't too difficult right? I can't stress enough how important buyer's due diligence is. This is a big investment on your part. Take the time to make sure it's a good one. You will glad you did in the long run.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Last week I posted a blog, Should I Sign That Buyer Agency Agreement?. This week I'd like to continue the discussion of things buyer's need to be aware of. In the State of Utah the Buyer Agency Agreement references Buyer's Due Diligence. What exactly is buyer's due diligence?

This is a question I get a lot from my buyer's as we are discussing the details of the agency agreement. And I always respond, "that's a great question, let's talk about it." I then whip out the copy of the Buyer's Due Diligence and we proceed to go through it line by line.

Buyer's Due Diligence is something that every buyer needs to be aware of. And in addition to being aware of it, they need to actually check the property out before purchasing. This is your right as a buyer, either exercise it or forfeit your right to object after the sale.

So what items should a buyer be concerned with? and why?

1. Building Code / Zoning Compliance: Does what you intend on doing with the property fit with the zoning? This actually can be a big issue for people. Take for example someone who wants to have horses on their property. Even though the home sits on an acre doesn't necessarily mean that it is OK with the city for you to house your horses there. And even though the owner you are buying the home from has his horses there doesn't mean the right transfers to you. This has been the source of much stress for home buyers. This also has to do with operating a business out of your home. Check this one out. It is important.
2. Rental of Property: If you are buying this home to rent, you better make sure that is OK. Here in Logan, Utah there are zoning laws for how many people can live in a rental dwelling. This has become an issue for some people that want to rent out a home to students. It is always better to check this out rather than assuming that it is ok.
3. Hazardous Waste and Toxic Substances: This is important and becoming ever so more relevant. I recently sold a home that tested positive for methamphetamine during an inspection. My buyer's are very happy that they followed my advice to have inspections done on the home prior to purchasing. They ended up purchasing the home, but only after the owner had the property properly cleaned.
4. Surveying and Staking: How upset would you be to find out a few years down the road after buying the property that what you thought were your property boundaries really aren't. What if you built a fence, a shed, etc. This can be a huge headache. If you are buying a place where the boundaries aren't clear you may want to have a survey done.
5. Home Warranty Plans: Do you know what a home warranty is? This is a great thing that is relatively low in cost and it protects you against many problems you could have with your home. Ask your agent about getting a home warrant plan. You will be thankful you did if anything goes wrong in your first year at the home.
6. Flood Zone and Insurance: If you are getting a mortgage your lender will most likely check this out for you. Flood insurance can be expensive.
7. Homeowners Insurance: If you have a mortgage loan you have to carry insurance on the home. Be advised that you should shop different companies to find out what coverage they are offering you. Homeowners insurance protects you against a lot of things that could happen. Make sure the coverage protects you well.
8. Title Issues / Homeowner's Association: It is wise to know the details of the homeowners association so you know what you can and can't do to your new home. Here in Utah you will have to get a policy of title insurance. This will cover you against leins on the home that could be found. Ask your agent to give you more information about this.
9. Physical Condition: You have the right to inspect the property prior to finalizing the purchase. I always advise my clients to hire a professional home inspector. They will give you a detailed report that reveals all problems and potential problems with the residence. This will give you the opportunity to know what you are getting into. Don't ever assume that everything is fine because the home looks good. There could be problems lurking in places you wouldn't expect.

Pull out the brown paper bag and take some deep breaths.That's a lot to be responsible for as a buyer. Now maybe you can see why having an agent can help you out in a big way. I'll give you some time to digest this before I throw out some other items you should be concerned with. Check back tomorrow for part 2 of this post.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

I picked up the Herald Journal newspaper this morning and my attention was grabbed by a headline on the front page, Odd Laws. I read through the article and thought some of them were pretty comical. Here are a few for your personal enjoyment. In Logan it is illegal to:

• Obstruct a sidewalk by playing marbles.
• Operate a bicycle without a license.
• Ride side-saddle on a motorcycle.
• Allow mosquitoes to breed in a private body of water.

and my favorite one...

• Fornicate.

I post these to warn you that you may be in trouble if you are caught doing these things.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.