Pleasant Grove, UT

By: Robert A. Hulme - Realtor

It certainly is a buyer's market right now. There is a large number of homes being offered for sale, with many being offered at a very low price. You need to determine how to avoid selling your home for too little money or too many different changes that could end up costing too much for the value price of the home. There are many different things one should think about before selling their home and about how to sell their home.

•· Understand and know the true value before you sell your home. Buyers are going to come in with an idea of how much the house is worth, how much they willing to buy it for, and how much the neighbor's house is worth. It is up to you to know how much your house is worth, how much the surrounding homes are worth, and try to keep their expectations much like your own.

•· Determine how much you are willing to sell the house for and list it higher. Now when buyers come forward, and offer you less, you will be able to get what you actually want for the house. There are some individuals who feel that the home is worth the higher amount and are willing to purchase the home for that amount, rather than attempt to bargain for a lower price.

•· Many buyers are willing to pay more for a home if there is a guarantee on it. Let's say a buyer wants to pay less for a home or have something replaced or changed. The guarantee may end up costing the seller more than just lowering the price.

•· Offering closing costs over a lower home price. Typical closing costs are a few thousand dollars. If the seller were to take those costs rather than a lower sale price, the seller would definitely be making more on the deal and the buyer would not have to come up with the additional cash for closing.

How is your Credit Score determined?

By: Robert A. Hulme - Realtor, Loan Officer

Credit Scores range between 300 and 850. Usually scores above 600 are considered to be desirable for obtaining a home loan. There are five main factors that are considered when your score is calculated.

Payment History

Do you pay your credit card obligation on time?

Credit balances

High credit card balances usually are an indication that you are over extended.

Length of Credit History

Longer the credit history the better.

How Much New Credit You Have

New Credit, either installment payments or new credit cards, are considered more risky, even if you pay on time.

Type of Credit you use

Generally it is better to have more than one type of credit installment loans, credit cards, and mortgage, for example.

Are Properties Owned by Banks a Good Deal - Utah County Real Estate

By: Robert A. Hulme - Realtor

Banks are not in the business to hold onto an inventory of homes. They want to get rid of these homes yesterday. This makes for a great opportunity for you, the home buyer or investor, because most of these homes are well below market value. Once the bank owns the property they will handle eviction if any, take care of some repairs, pay past HOA and/or other maintenance dues, and then will negotiate with the IRS, removal of tax liens, if any.

How do banks sell REO's (Real Estate owned by the Bank)

Most banks have an REO department that handle the sale of these properties. They certainly would like to get the best price of course. When you make an offer, the banks will usually make a counter offer. Don't be surprised to get a higher counter offer than you might expect. Banks want to show their shareholders and investors that they are trying to get the highest possible price for the house. You should counter the counter offer. Your offer will likely be reviewed by an approval panel. Even after they accept your offer they include wordings like "subject to Corporate approval".

Condition of the Property

These homes are almost always sold "as is" with the right to inspect. You incur the inspection expenses (termite, general home inspection, mold, etc.). An inspection contingency period must be included in your offer that will allow you to terminate the sale if any of the inspection reveals damage that the bank will NOT correct.

Make sure you have someone representing you who understands this process, when you are trying to negotiate on a Bank owned property. It is important that you have someone who knows how to handle repairs and all the steps necessary for a smooth closing.

Here are some unofficial numbers for homes sold in Pleasant Grove during 2007:

Number of Homes sold: 240

Average Market Time days on Market: 50

Average Home Sales Price $307,993

Median Home Price $257,500

Number of Condo Sales: 163

Average Days on Market: 37

Average Condominium Price: $193,407

Average Median Price: $191,280

Number of Homes in Preforeclosure Status: 35

Number of Bank Owned Homes: 4

Right now there are close to two hundred houses for sale in the Pleasant Grove area. Home prices have increased substantially the past few years. The average price of single family homes in Pleasant Grove listed on the MLS is $414,500 with a median price of almost $330,000. The least expensive house listed $91,000 while the most expensive home is 1.4 million. Houses have been on the market for an average of 87 days, which is much longer than the 2007 average of 50 days.� It looks to me like there has been a little too much speculative building in the high end homes, and they will likely be on the market for a while. Pleasant Grove Foreclosures will likely increase in 2008.

Data gathered from Realty Trac and the WFRMLS.