About Cache County, UT

I wrote this with the idea that I could give it to Realtors to let them know a little bit about me and how I work as a loan officer. Let me know how I could improve it or if there is an element that is missing. Any and all suggestions or criticisms are much appreciated.

John Neil's Mortgage Manifesto...for Realtors

Receiving referrals from Realtors is a vital part of my success as a loan officer. As such I am constantly thinking of ways that I can meet more Realtors and get to a point where they are comfortable to hand out my business card to their clients. I realize that getting to this point might take much more than passing out a few rate sheets or greeting them at an open house or Realtor luncheon. Without first-hand experience (closing a transaction together), there is no way for a Realtor to know for sure that I know what I am doing and that I can get the job done. Without ever having closed a transaction together, it is going to take a leap of faith on the Realtors part. Thus I am writing this mortgage manifesto for Realtors to help them understand what I am all about as a loan officer and perhaps, to help them take that leap of faith to recommend me to their clients.

My Manifesto

•1. There is no "I" in team: The real estate agent and I become a team when a buyer is under contract and the loan is in process. As a team, we work with each other and never against each other. With our words and actions, we work towards the ultimate goal of not just getting to the closing table, but more beyond, to provide such a good experience for our mutual client that the client is eager to refer business and also be a client for life. I understand that I have my role as the mortgage professional and I will never step outside of this role. I also recognize that part of my role is to promote the Realtor in the eyes of the client and recognize their authority in the transaction.

•2. Communication: There is no such thing as too much communication in a real estate transaction. I will be available as much as possible, including nights and weekends to answer questions and will promptly return any missed calls. Information about the loan process will be provided as often as possible. News, good or bad, will be communicated honestly and if problems arise, I will provide honest and accurate solutions along with realistic time lines.

•3. The Pre Approval: If I am referred a client and I cannot get them approved I will provide possible solutions to get them to that point, short term or long term and I will be willing to work with them until they can get approved. If they are approved, I will provide a detailed pre-approval letter. I will consult with the real estate agent about how to make the pre-approval letter as strong as possible. I will not provide a pre-approval letter until I have verified their income and assets with the appropriate documentation and my letter will state this fact. The letter will give specific details about the loan program, rate, loan amount, whether the approval came from an automated source (DO/DU), an underwriter, or mortgage professional, and if any conditions to the approval are outstanding, along with complete contact information for myself.

•4. Full Time or Not at all: I owe it to myself, the Realtor, and the client to be a full time loan officer. The mortgage industry is very dynamic and it is impossible to take a loan from start to finish successfully if I am not keeping up to date on the changes in processing and underwriting. I will stay up to date on changes and educate myself on new products as they come out. I will also make sure the Realtor is aware of these changes and how they might affect their role in a transaction. Being full time, also entails being at every closing to support the client and the Realtor.

•5. Time is of the Essence: I understand that it is imperative to meet the deadlines of the purchase contract whether it is the financing and appraisal deadline or the settlement deadline. Of the loans in my pipeline, be it a refinance, a for sale by owner purchase, or a purchase with Realtors involved, the latter will always be the top priority for processing and underwriting.

In Providence Utah there are 58 currently active real estate listings on the Providence Utah MLS.

In Providence Utah there are currently 5 homes under contract.

In January of 2010 there were 3 Providence Utah homes that sold.

Those homes sold were on the market an average of 66 days and sold at an average price of $222,667 at an average of $68 a square foot.

Out of those 3 homes sold, 2 of them were priced over $200,000.

Compare To 2009

In Providence 2009 there were a total of 4 Providence Utah homes sold.

Those homes sold were on the market an average of 93 days and sold at an average price of $215,500 at an average of $99 a square foot.

Out of those 4 homes sold, 2 were under $200,000 and 2 were sold over $200,000.

HOME SALES PER QUARTER PROVIDENCE UTAH JANUARY2005 DECEMBER 2009

This graph shows homes sold, median sold price, and the amount of inventory of homes on the market from January 2005 to the end of 2009. The 3rd quarter of last year, the Providence market had it's best quarter, which was helped by the first time home buyer tax credit.

The graph also shows the median price of the Providence Utah real estate market has remained steady over the last 3 years. The graph also shows a decline in home sales in Providence beginning in the 1st quarter of 2007. Although home sales have decreased, the price of those homes sold has leveled off, which is a good sign as we move into the recovery from the recession.

It will be interesting to see if the amount of homes sold increases in the first quarter of 2010 compared to the first quarter of 2009. The second quarter is going to show a descent amount of sales with the extended home buyer tax credit expiring.

In Smithfield Utah there are 78 currently active real estate listings on the Smithfield Utah MLS.

In Smithfield Utah there are currently 13 homes under contract.

In January of 2010 there were 6 Smithfield Utah homes that sold.

Those homes sold were on the market an average of 114 days and sold at an average price of $152,417 at an average of $66 a square foot.

Out of those 6 homes sold, all of them were sold for less then $200,000.

Compare To 2009

In January 2009 there were a total of 3 Smithfield Utah homes sold.

Those homes sold were on the market an average of 62 days and sold at an average price of $145,200 at an average of $65 a square foot.

Out of those 3 homes sold all were under $200,000.

These numbers support the tale of two markets here in Cache Valley. There is the active market of homes priced under $200,000 and then there is the slower market of homes priced over $200,000. You can view all Smithfield Utah homes for sale by following that link.

HOME SALES PER QUARTER SMITHFIELD UTAH JANUARY 2005 - 2009

Graph provided via Wasatch Front Regional Multiple Listing Service

This graph shows homes sold, homes listed, and the median sales price of the Smithfield Utah real estate market from January 2005 through the end of January 2009. As we can see in the graph above, the market in 2008 had a lot less homes sold then any other year with just 79 homes sold. Compare that to 2009 and we had 109 homes sold, which is 30 more homes.

However, the market definately shows a decline in the median home price of solds, which is in large part to the two different markets. The higher end market, homes above $200,000, just aren't selling they like did before the recession hit in 2007. The reason there are two different markets is the difficulty in qualifying for a home loan above $200,000 as well as the looming fear of job insecurity in the national news.

It will be interesting to see if the amount of homes sold increases here in 2010, which would be a great sign for the market, and could be an indicator of a market recovery heading forward.

Logan Utah Real Estate Market Statistics For February 2010

In Logan Utah there are 259 currently active real estate listings on the Logan Utah MLS.

In Logan Utah there are currently 43 homes under contract.

In January of 2010 there were 17 Logan Utah homes that sold.

Those homes sold were on the market an average of 111 days and sold at an average price of $125,333 at an average of $75 a square foot.

Out of those 17 homes sold, all of them were sold for less then $200,000.

Compare To 2009

In January 2009 there were a total of 15 Logan Utah homes sold.

Those homes sold were on the market an average of 97 days and sold at an average price of $155,000 at an average of $81 a square foot.

Out of those 15 homes sold 10 were under $200,000 and 5 were sold over $200,000.

HOME SALES PER QUARTER LOGAN UTAH JANUARY 2009

Graph provided via Wasatch Front Regional Multiple Listing Service

As we can see from the graph as inventory rises in the spring and summer months in 2009, the number of homes sold goes up. However in the last quarter of 2009, we can see the median price range of homes sold go way down. Why is this? I would say it's because our market bottomed out, like most markets in the country. This may be an artificial bottoming out, however, as the first time home buyer tax credit was due to expire. After the credit expired home sales went way down in the last part of the year. We will see a similar trend as the extended first time buyer credit expires in June of this year.

It will be interesting to see how the next few months pan out with the new tax credit pushing buyers to get under contract by April 30th. You can expect to see a large jump in homes under contract and sold over the next 4 months, with a decline in sales coming in July and August. If you are interested in buying or selling in the Logan Utah real estate market, please feel free to contact my team for expert knowledge to help in all of your real estate needs.

My blog is officially dedicated to mortgages but occasionally I like to write a blog post about a business or attraction that I think would be of great interest to the citizens of Logan, Utah. About a month ago I wrote a blog post about Tummy Yummies, the best frozen yogurt in Logan, Utah. Today, I'd like to write briefly about one of the best shows in Utah, The Pickleville Playhouse.

I came across the Pickleville Playhouse about a year ago when I was invited to see their Christmas Production, "Once Upon a Christmas". I had heard from several people that they put on a great show and I knew that it must be good because it was sold out every night but that did not really prepare me for the extreme hilarity that I experienced that night. The next day my stomach was sore from laughing so much.

The Pickleville Playhouse is based in Bear Lake, Utah but occasionally they will bless Logan, Utah with an appearance, and I have information that they will be coming to Logan soon with one of their most popular shows, "The Hanging of El Bandito". I have heard from a source close to the program that it is filled with even more gut busting hilarity than their Christmas program. Now this I have gotta see!

"The Hanging of El Bandito" will be showing February 13th and 15th at USU's Eccles Conference Center in Logan, Utah for three shows only. For tickets you can contact them at 435-755-0968 or visit their website at www.picklevilleplayhouse.com.

If you are a Logan, Utah resident or will be visiting the Cache Valley area for Valentines day I highly recommend you see this show. Just don't do any stomach crunches that week or you will be too sore the following day. You will need to call quickly though as their shows do sell out fast.