Jared Wangsgard

In the older neighborhoods of Salt Lake City are shelf basements and crawl space areas that were never meant to be used for living space. For Salt Lake City home owners, increasing living space in these types of homes is less complex, due to the fact that the homes were already designed with some basement support.

Home owners in crowded cities are digging deep to find space for a subterranean extra bedroom or family room. Plans have to be carefully drawn by an engineer. "The most dangerous point is when you have the whole basement dug out, and it is supported on dirt," says builder David Perez. If it rains, the house can collapse, taking a neighbor’s home with it. The process is also expensive and time consuming – one Washington, D.C. excavation contractor estimates that a 700-square-foot basement excavated three feet down and carefully supported would cost about $44,000 before any finish work is done. But some home owners say it is worthwhile, because there simply isn’t any other way to increase the size of their homes.

Source: The Washington Post, Elizabeth Festa (05/30/2009)

Check Out Utah's Most Advanced Home Search @ ownslc.com

Zillow.com provides information regarding the real estate market and home prices. The service offers "Zestimates" to buyers and sellers who want to know how much a home is worth.

Zillow is a fun and useful site and has it's place in the real estate world. However when using it to determine the value of a home, use caution. While is some cases the Zestimates are fairly accurate, often times the estimates are too high, or worse for sellers, too low.

Home estimates on Zillow are 100% automated, and are based on tax values, recent sales where available, square footage, and home features. Often times bad comparable properties are used to determine the value of a particular home on Zillow because the computer is not smart enough to distinguish good comparables.

I recently sold a home in Layton, Utah for $167,500, a price that was actually higher than I expected. According to Zillow the home is worth $222,500. Additionally, the comparable properties listed on Zillow are located miles away, across major roadways and in areas that are drastically different from the subject property. Bottom line, use Zillow with caution.

Had I listed that particular home for $222,500, it would have sat on the market without a single showing. Zillow is a good source for certain information, however when it comes to pricing a home, a detailed CMA should be completed by a qualified real estate professional.

Visit my site to receive a comprehensive CMA on the price of your Salt Lake City Home.

According to a recent survey by Pew Research, the majority of people wish they lived somewhere else. The most ideal destinations according to those surveyed are near mountains, sandy beaches, and green & rainy landscapes.

Apparently, people love the mountains, warm sandy beaches, or rainy and green landscapes. That's quite a spread. The Pew Research survey found Denver, San Diego, and then Seattle as the top three places people want to live. An informal survey around here was a little different. Opinions we heard included: "Denver? No."

It is no wonder that Utah continues to be one of the fastest growing states. Interestingly, the survey also revealed that the majority of people would rather live near a Mcdondald's than a Starbucks. View the complete article

Believe it or not there are still buyers out there wanting to purchase homes. The problem in today's real estate recession is finding a lender willing to work with you. According to the Standard Examiner, the price of credit today is great; it's the availability of credit that's causing real problems.

If you're looking for a home loan, the biggest criteria will be your credit scores -- and what constitutes an acceptable score continues to rise as the economy gets worse. The credit score is, effectively, your profile as a consumer. Credit agencies statistically figure your risk to lenders in repaying loans as a score, based on several factors. Their scores are between 300 to 800, with typical scores ranging between 600 to 700.

The average credit score in the United States is 680. If your credit score is in the high 600's you are considered a low risk borrower. If your credit score is below 680, you may want to consider taking some steps to improve your credit score.

Tips On Improving Your Credit Score

• Pay everything on time. Records of late payments stay on your credit report for 2 years.
• Do not use more than 30% of your available credit. Do not max out your credit cards. If you have a credit limit of $5,000; try to keep your balance below $1,500
• If your planning on purchasing a home soon, refrain from opening any new credit accounts.
• Keep your accounts in good standing and do not close them. Consistently make your monthly payments to show a positive, long term payment history.

The Credit Formula

Your credit score is based on five separate factors.

1. Payment history accounts for 35% of your score.
2. Total amount owed accounts for 30% of your score.
3. Length of credit history accounts for 15% of your score.
4. New credit accounts for 10% of your score.
5. Type of credit accounts for 10% of your score.

Alternative Options

With the economy in such a poor state, sellers play an important role in helping a buyer purchase a home. Seller financing is becoming popular again, as well as lease options and other creative financing. If your struggling with credit issues, it may still be possible to get into a home now, while your work on fixing your credit. Consider negotiating a lease option with a seller. This will lock in a sales price and allow you to move into your new home while you work on qualifying for a bank loan to finalize the purchase six to twelve months down the road.
Visit ownslc.com for more.

Unfortunately many buyers and sellers do not take the time to review market statistics when purchasing and selling Real Estate. Often times this is because the real estate agent does not provide them with this crucial information. I believe that taking the time to educate clients on the current market conditions is a must and is crucial to helping them get the most out of their transaction.

Why Statistical Information is Important

Market statistics tell you a lot. When buying or selling a home you should always ask yourself the following questions. All of which can be answered by referring to the local market statistics.

Buyers should always consider the following questions before making an offer on a property:

How much should I offer on the home? Is the home over priced when compared other homes in the area? Will there be instant equity in the home? Will I be okay if the market shifts down the road? What is the community like? Are the values in this area expected to rise or fall within the next few years?

Sellers should ask themselves the following when preparing to list their home for sale:

How motivated am I to sell this home? What prices have homes sold for in my area recently? Am I prepared to offer concessions to a buyer? What price should I list my home for in order to have it sold by my deadline? How can I get the most money out of my home and still sell it quickly?

Know your market by reviewing market statistics on a regular basis.

This site provides market statistics for individual communities throughout Northern Utah. You may also request more specific market statistics for your neighborhood by contacting us directly. When reviewing statistical data pay close attention to the following: Average Sales Price, Average List Price, Days on Market (DOM), Number of Sales, and Number of New Listings. This information will give you a good idea of how you stack up against the competition.

To request detailed market stats on a specific neighborhood in Utah please contact me.