Chris Sloan Tooele Real Estate

When you Buy a New Home in Stansbury Park, Utah, you get all the incentives.

If you hurry you can buy a New Home or Condominium in Stansbury Park and qualify for the $6,000 dollar New Home Incentive.( there is only so much money available so you need to get moving before that money is gone)

If this is your first home or you haven't owned a home in the last 3 years, you can probably qualify for the Federal First Home Buyer Tax Incentive.

That's another $ 8,000 in savings for your family.

Actually you can take advantage of these incentives in a number of Utah Communities, but I mention Stansbury Park, because it's a bedroom community to Salt Lake City, its a great place to live and it offers the most New Home inventory in Tooele County.

Look at the New Home Choices In Stansbury Park:

Fieldstone Homes: The "Big Home, Small Price" people have at least three models in Stansbury Place for under $200,000 dollars.
These are new construction homes and with todays mortgage rates should appeal to first time buyers.

Richmond American Homes: One of the nations top builders and the developer of Stansbury Place, Starside, and Picket Lane feature 3 floor plans from the $170s.

Ivory Homes: Utahs Premier Home Builder has Town homes for sale @ Benson Mill Crossing in the $ 140,000 range. These are a must see, as Ivory Homes has an additional incentive. Ivory Homes will match the $8,000 Federal Tax Incentive as their own personal gift to First Time Home Buyers.

THAT MEANS A POSSIBLE $22,000 DOLLAR SAVINGS is available for those first time home buyers that buy a new home @ Benson Mill Crossing from IVORY HOMES.

So need I say More? Call your agent today and get out there. Tour the models, talk to the builders agents, find out if the builder is offering other incentives.

If you don't have an agent, Call us @ 435-840-5029. You do need an agent to make sure you are represented if you decide to buy. It's FREE and It's SMART.

Want to know how we do this business? Check out our web-site Tooele Real Estate.

We can show that when you buy a New Stansbury Park Home, You get all the Incentives.

If you want to be a player in the Utah Real Estate market you had better learn about credit and your credit score.

With all the promotions , opportunities, and ballyhoo about this being a buyers market, your not a buyer unless you can qualify for a home mortgage. ( cash buyers forgive me. Both of you).

Rules on how credit and credit scores have changed.

That's why I thought that this weeks Presidents message would be timely and helpful, as we approach that time of year when many Utahans prepare to "make a move".

Here's what we had to say.

Ready Your Credit Score for Homeownership

President's Message

Chris Sloan

These days the news is abuzz with information about housing stimulus programs, low mortgage interest rates and real estate deals. But before you start bargain hunting, make sure to take a critical look at your credit score. In our post-subprime era, these scores play a significant role in determining who gets a mortgage and the best rates.

While there are steps you can take to quickly increase your score (e.g., making sure the information on your credit report is accurate), credit score improvement doesn't happen overnight. So if you're thinking about buying a home in the next few months, or even in the next year, now is the time to make sure your credit is in order.

Lenders use credit scores, which range from 300 to 850, as a measure of risk. The higher your credit score, the more likely you are to repay a loan. Although there are several types of credit scores, the most common is the FICO score created by the Fair Isaac Corporation.

FICO scores are calculated from the information contained in your credit report, which means you can have up to three FICO scores, one from each of the three major credit bureaus - Experian, TransUnion and Equifax - which can vary depending on the agency's information.

Because the scores are generated directly from the credit report information, you need to make sure each of your three reports contains accurate data. A U.S. Public Interest Research Group study discovered in 2004 that 23 percent of consumers had mistakes on their credit reports that were serious enough to result in a credit denial.

You can monitor your credit reports through the three major reporting bureaus and can obtain one free report every 12 months from each through the Web site www.AnnualCreditReport.com. If an error is found, you can request the error be corrected using either the www.AnnualCreditReport.com Web site or by writing a letter to all three bureaus. Patrick Richie, author of the book "The Credit Road Map," suggests including relevant documentation in the letter such as a canceled check showing payment. It is also a good idea to correct the problem at the source by contacting the creditor who reported the inaccurate information.

When reviewing your credit report, watch for accounts you don't recognize, inaccurate credit limits and erroneous account balances. Correcting errors can be one of the most immediate ways to raise your score.

Fair Isaac uses five categories to calculate a FICO score: payment history (35 percent), amounts owed (30 percent), length of credit history (15 percent), new credit (10 percent) and types of credit in use (10 percent).

Payment history is a record of whether you have paid your bills in the past. The score takes into account payments made on-time, late payments, and any bankruptcies or foreclosures. Even if you've had problems in the past, one of the most effective ways to raise your score in this category is by making on-time payments. Keep in mind, closing an old credit card account will not eliminate any late payments associated with it.

In the amounts owed category, the score looks at how much debt you have compared to your available credit. For example, if you're close to maxing out a credit card, that is associated with a higher credit risk and can lower your score. Fair Isaac suggests keeping your credit card balances low and paying down debt. Be careful when closing old accounts because that could interfere with your debt-to-available credit ratio.

Credit length is how long you've been managing credit. In general, the longer your history, the better your score. Fair Isaac warns those with short credit histories to avoid opening too many accounts too quickly, because it can lower your average account age, which can lower your score. Closing an unused credit card could also shorten your credit history.

The new credit section evaluates whether you're taking on too much new debt. Making multiple inquiries for credit and opening lots of new accounts can lower your score. To make sure shopping for a single mortgage or car loan isn't confused with a search for multiple lines of credit, Fair Isaac recommends limiting the process to 14 days.

Finally, the FICO score takes into account the types of debt you have. Having both revolving loans, like credit cards, and installment loans, like car loans, can help raise your score.

Of course, lenders will consider other factors when deciding whether to approve your mortgage application, such as your employment history and income. If you're concerned about your credit score, also keep in mind that mortgage programs like FHA are specifically tailored for those with less-than-perfect credit. For more information and tips on how to raise your score, visit www.MyFico.com.

I hope this information was helpful, and will be a resource as you continue to look for a new home in Utah.

For any additional help you might need stop by my website at Utah Online Real Estate For Sale. You'll find a ton of information and a willingness to help.

Good Luck.

It's been a pleasure helping you learn about Credit and your Credit score.

Avoid pitfalls when buying foreclosures

President's Message

Chris Sloan

Even with all the uncertainty in our economy today, we know one thing for sure: bargains abound. From vacationers to car shoppers, consumers in good financial position are scooping up low prices and big incentives on everything from new pants to cell phone service.

Real estate is no exception. Not only are homes priced to move, but other incentives are adding even more reasons to buy. Combine 50-year low mortgage rates, the government's $8,000 tax credit for first-time buyers and the state's $6,000 grant program for newly constructed homes, and buyers are seeing thousands upon thousands in savings.

For particularly price-conscious buyers, one area of interest may be the foreclosure market, where buyers have the chance of picking up super-competitively priced homes. With the downturn in the economy, this market has expanded, with more than 1,800 properties in Utah in some phase of the foreclosure process in February, according to RealtyTrac.

But buyers should beware. A foreclosure purchase is not your typical real estate transaction, and there is no guarantee you'll save money by buying one. There are risks involved as well as the possibility of significant delays. This article will discuss some of the items of which to be aware before you start your foreclosure search.

The first step you should take is to contact a Realtor who has experience in helping clients buy foreclosures. Not only will your agent be able to help you identify properties, but he or she will help guide you through a particularly complicated real estate transaction.

The next thing to do is get pre-approved for a mortgage. This will help you determine what you can afford and will make the buying process go smoother. Some lenders may be particularly picky about financing foreclosures or properties with serious defects, so you'll want to know ahead of time the type of properties for which you'll be able to obtain financing.

The foreclosure process basically consists of three buying opportunities: during pre-foreclosure, at a public auction and from the bank.

Pre-foreclosures are homes where a notice of default is publicly filed and the property owners are in default on their mortgage. In Utah, owners have about three months to remedy their problem. It's during this time or before that the seller may try to sell the property or participate in a short sale, where a bank forgives a portion of the seller's mortgage debt.

Foreclosure auctions are known as the second state of foreclosure. A sheriff or trustee sale notice is publicly filed and the foreclosing lender "hosts" an auction, which takes place at the county courthouse. The foreclosure sale begins with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs associated with the foreclosure process. Successful bidders receive the property in "as-is" condition, which may include someone still living in the property. There may also be liens and other debts against the property. This is the most risky type of foreclosure property because there is little opportunity to inspect the property or its title. The other drawback is the fact that these properties must be purchased with cash.

REO properties are the result of unsuccessful auction sales. Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property reverts to the bank.

In this stage, the bank will handle the eviction, if necessary, and may do some repairs. It will negotiate with the IRS for removal of tax liens and pay off any homeowner's association dues. Once any title issues are cleared up, many banks will put the properties back up for sale through a traditional real estate brokerage. Other banks will elect to auction these properties through an auction house, selling the real estate without any liens or debts - unlike the foreclosure auctions at the courthouse.

Regardless of which type of foreclosure property you choose, it is imperative that you research home values to see if you are really getting a good deal, especially when you factor in the cost of repairs. Your Realtor will be an excellent resource in helping you determine whether the property is a good value. For more information or help finding a Realtor, visit UtahRealtors.com.

St. George real estate sees return to affordability

President's Message

Chris Sloan

As I write this article and see winter's latest offering out my window - a traffic-snarling March snowstorm - I can't help but envy those in Utah's Dixie who are going to be enjoying 70-degree weather this weekend. With its mild climate and warm sunny days just a few hours away, St. George offers a convenient - and now affordable - winter escape for those who live along the Wasatch Front.

Once the nation's leader in home price appreciation, St. George's high-flying real estate market has finally come back down to earth with affordable prices now being the norm rather than the exception. A recent search of St. George single-family homes under $200,000 showed 164 for sale - an inventory number that would have been unheard of a couple years ago. A search including townhomes and nearby cities like Washington and Santa Clara yielded even more choices in the under $200,000 price range.

As the U.S. home price boom took place over the mid part of this decade, St. George real estate followed the trend, also seeing huge increases in prices. In the first quarter of 2006, St. George had the highest appreciation in the U.S., with prices increasing about 38 percent over one year, according to statistics from the Federal Housing Finance Agency. Similar statistics from the Utah Association of Realtors show during the boom period from 2004 to 2006, the average home price in Washington County increased by about $130,000.

The double-digit home price gains during the period put St. George ownership completely out of reach for many would-be Wasatch Front buyers looking to relocate or buy a second home. In fact, the competition to buy homes was so intense that some buyers waited in lines to just get into open houses, and homes often sold for 15 percent more than the seller's original asking price.

But that has all changed, and now buyers are the ones who hold the cards. With a large supply of homes on the market, buyers can choose from any number of houses in a variety of neighborhoods, with the homes commanding much lower prices. The most recent statistics from February show the average St. George home price down about 24 percent, or about $65,000, compared to February 2007. Keep in mind that this figure is just the average; high-priced properties, short sales or foreclosures may offer even greater discounts.

Combine the incredibly low home prices with super-low mortgage rates and we see an even greater improvement in affordability. Since 2006 at the height of the St. George housing boom, mortgage rates have fallen by more than a percentage point, which alone reduces the price of a home by 10 percent.

Numbers from the National Association of Home Builders/Wells Fargo Housing Opportunity Index illustrate the substantial affordability improvements. In the final quarter of 2006, only 16 percent of St. George homes sold were considered affordable to those earning the area's median income. In the two years since then, affordability has almost tripled, increasing by about 26 percentage points. The Housing Opportunity Index takes into account a number of factors that affect affordability, including home prices, incomes and mortgage rates.

Naturally, there may be some concern among potential buyers who are fearful of further price declines in the area. But even if prices continue to fall, buying now could still make sense. Gus Faucher of Moody's Economy.com recently told the Salt Lake Tribune that interest rates are so super low that there's a strong argument for buying now because he's predicting interest rates to creep up in the second half of the year. That would mean even if home prices continue to drop, you could have the same mortgage payment next year because of the higher interest rates.

There are also signs that buyers are beginning to renew their interest in St. George real estate. Local Realtors are reporting multiple offers on some properties, a sign that more buyers are in the market, and the Washington County Board of Realtors is seeing declines in their high inventory levels, a trend that if continues will begin to help properties hold their value.

Recent activity in former boom markets is also a good sign. Nearby market Las Vegas has recently seen a 27 percent increase in its home sales because of its moderating prices, making it No. 15 on BusinessWeek's list of ZIP codes with the most improved sales. If history is any indicator, St. George, which tends to follow the Las Vegas market, could be in for some home sales increases of its own.

Affordable homes, ample selection, seller incentives and low mortgage rates make St. George the perfect buyer's market. For more information about buying a home in Utah's Dixie, visit www.SGTrends.com or contact a Washington County Realtor.

$14,000 incentive to buy a New Home in UTAH? It's finally happened!

Who wouldn't want $14,000 in incentives to buy a New Home in Utah?

Impossible you say?

It's finally happened!

Governor Huntsman signed SB260, the "Home Run" stimulus bill! As I previously outlined, the Home Run program will allow buyers that purchase a new, never been lived in home to qualify for a $6000 dollar grant that can be used for down payment assistance or closing costs.

Combine this with a possible $8000 from the feds in a tax credit for first time buyers, and it's reality!

The fund will allow for a bit more than 1600 grants, targeted at one of the biggest housing obstacles we have in Utah, empty new construction.

There are between 3500 and 4000 New Homes/Condominiums available in Utah. They are putting a stranglehold on the economy.

Almost half of these New Homes for sale are priced under $300k. Those are exactly the homes that need to move, making some of the more entry level homes available as these new homes are purchased by the "move up" buyer.

I've talked about the advantages to the buyers, but the Guv had some other things in mind as well. It is anticipated that this package will generate or restore over 8800 jobs and generate tax revenue of around 27.7 million dollars.

Obviously for us, the big deal is moving some product which is stopping up the process. Hats off to the Governor for pushing this legislation which will help the Utah economy recover quicker than it might have otherwise.

As of today, homebuyers who go through the process outlined in the Home Purchase Grant link at www.uthc.org can receive the grants. Obviously they are limited and there are a few hoops to jump through, but it's all worth it.

The phones are already ringing! It truly is going to be a "Home Run"!

For more information about Real Estate In Utah, stop by our Web Site, Utah Real Estate , or give us a call @ 435-840-4029.

We can show you how to apply for that $14,000 incentive to buy a New Home in Utah. It's finally happened !