Spanish Fork, UT

We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.

PRICE ACTION

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.

SUMMARY

Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom. This is NOT a good time for those with low and/or no risk tolerance to purchase.

High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.

Some are trying to time the market and market timing is risky. Trying to time the bottom is not for the inexperienced buyer and extremely difficult.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators.

Buy and hold is the best buying strategy.

Data considered accurate... However is NOT Guaranteed. Contact your Mark Watterson your Local Property Resource Specialist for the most up-to-date data and help to determine your specific risk tolerance.

_______________________________________________________________________________________________________________________________________

Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC

Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties. View comprehensive property resource information at www.markwatterson.com

It's Not About the Money -It's about life long relationships that are based on Customer Service Excellence.

The "Voice of the Customer" is where it all begins. Customer Service Excellence is not just words. It's our CULTURE.

My customers refer their family and friends because of the exceptional attention to detail, customer focus and the value added services they receive. An unmatched passion and love for providing these services is the thread that binds the entire business process together making it a smooth and seamless event.

In fact it doesn't even seem like business. Because it's all about you, your goals and objectives.

You should expect the highest level of service and you deserve it. It's about you, the right property and your GOALS. YOU Deserve the BEST!

Home Buyer, Pre-Approval Comes First, Utah County Real Estate

Buying your first home, maybe your second, well this can be a wonderful experience for you or this could be a disaster. It all depends on how prepared you are when the process starts. Your first step is getting Pre-Approval in Utah County Real Estate.

Financing a home can be a difficult process for you, especially finding the right loan. What you need to be concerned about is not getting the financing, but getting the right financing. You will want to find the best terms at the lowest cost. You will want to meet with a loan officer to review your financing options; you will need to meet with a lender who can explain all of the different types of loans that you will be able to afford as well as the program that will help you meet your goals. Once you determine with the lender how much you can afford, you will be able to narrow down your housing search to a specific neighborhood.

It is very important to have a pre-approval letter from your lender when you make your offer on a Utah County home. Your pre-approval letter is not a final commitment for the loan, but it is a necessary step in order to look at homes with an agent. Some require, and some recommend it. It shows that you will have the ability to complete the purchase of a home. Otherwise, agents and sellers could think you are just wasting their time. Sellers do not want to get into the final hours before closing and find out that the buyer cannot get financing. Also, if you don't meet in advance with a loan officer, you could be rushed into making a decision about your financing without taking the time to think about what is best for you. It is a strain to try and get a lender and find a loan program once you have already found the house that you want to buy.

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Median sold price in Spanish Fork decreased about $39,000 and average sold price decreased about $45,000. Real Estate in Spanish Fork sold almost 17% less homes, from 95 to 79. Inventory for Spanish Fork homes is 10.33 months and about 272 homes can be found listed for sale on the MLS.

We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.

PRICE ACTION

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.

SUMMARY

Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom. This is NOT a good time for those with low and/or no risk tolerance to purchase.

High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.

Some are trying to time the market and market timing is risky. Trying to time the bottom is not for the inexperienced buyer and extremely difficult.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators.

Buy and hold is the best buying strategy.

Data considered accurate... However is NOT Guaranteed. Contact your Mark Watterson your Local Property Resource Specialist for the most up-to-date data and help to determine your specific risk tolerance.

_______________________________________________________________________________________________________________________________________

Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC

Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties. View comprehensive property resource information at www.markwatterson.com

It's Not About the Money -It's about life long relationships that are based on Customer Service Excellence.

The "Voice of the Customer" is where it all begins. Customer Service Excellence is not just words. It's our CULTURE.

My customers refer their family and friends because of the exceptional attention to detail, customer focus and the value added services they receive. An unmatched passion and love for providing these services is the thread that binds the entire business process together making it a smooth and seamless event.

In fact it doesn't even seem like business. Because it's all about you, your goals and objectives.

You should expect the highest level of service and you deserve it. It's about you, the right property and your GOALS. YOU Deserve the BEST!

Going through a bankruptcy can be a very traumatic event, both emotionally and financially. Your confidence in your ability to function financially may have been shaken and you may be wondering if there is any hope for your credit after this bankruptcy. The good news is that you can establish good credit again and there will even be lenders willing to loan money to you in the future.

First, you need to realize that bankruptcy does not affect your credit forever. While it can appear on your credit report for as long as ten years, if you immediately start managing your finances better and paying your bills on time, the bankruptcy will have less and less bearing on your credit score as the time passes.

Remember though, that your bankruptcy effort on your credit will only lessen as you make wise, responsible financial decisions. This may mean changing some of your old habits. If your bankruptcy was the result of consistent overspending on your part, it is time to learn how to live within your means by using a budget. If a financial crisis or medical emergency was the cause of your bankruptcy, it will be important to focus on building up your savings as a safety net for future calamities. Whatever your financial downfall was now is the time to learn from your mistake and make the necessary changes to rebuild your credit.

You also need to reestablish yourself with some credit soon after a bankruptcy. While you may not qualify for a normal credit card immediately afterwards, you can obtain a secured credit card to start with. This means that you must first deposit a certain sum of money as collateral for your credit expenditures. The deposit will often be equal to the limit you can spend on your card. Once you get this card, you have to be careful not to max it out even though your limit may be small. You are trying to rebuild your credit and that will take consistent smaller charges that you pay off on time every month. Resist the urge to charge more than you can afford to repay at the end of the month. After a period of time of responsible activity with your secured card, your credit will have improved enough to move you up to an unsecured card again.

Another important way to re-establish your credit is with some sort of installment debt. These types of loans might include student loans, mortgages, or car loans. If you have any existing installment loans that were not discharged by the bankruptcy, you should start with these and be very careful to always make your payments on time. If you can, try to pay these loans off quicker than just making the monthly payment requirement would allow for. Your credit will receive a great boost anytime you pay down your debts faster. If you do not have any carry-over loans, you may be disappointed to find that obtaining an installment loan soon after a bankruptcy will probably require you to pay a much higher interest rate. Just realize that this is a necessary part of rebuilding your credit and that you will usually be able to qualify for lower rates after a period of timely payments with the higher interest rate.

A recent bankruptcy will not cripple your credit forever. The key is to change your old financial habits and start anew in building up good credit through smart and sound spending principles.

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