Ron Ogden's Blog: All Categories

While many parts of the country struggle with the ongoing housing recession, the Utah real estate market has faired fairly well.  Utah home values have declined, but only moderately for the majority of homes for sale.  Of course, there is a significant segment of distressed properties--homes subject to foreclosure or short sale--that are selling at a larger discount from previous prices.   But the Utah real estate market as a whole seems to be improving and growing stronger daily, as evidenced by increases in demand (more home buyers entering the market) and stable prices.

Now Is A Good Time To Buy, But . . .

So, is now a good time to buy a home?  Well, yes.  But don't expect to see big increases in your home value--appreciation--over the next few…

5321 West 5200 South, Salt Lake City, UT  MLS #903229

This is a great little starter home in Salt Lake City, Utah and is currently being offered as a short sale.  Priced at $138,900, this home offers some nice features, including:

• 5 Bedrooms and 1 and 3/4 Baths
• New Roof
• New Vinyl Window
• New Water Heater
• Some New Carpet and New Paint
• 1,756 square feet on a .16 acre lot

Utah Housing is the lender on this home and they've told me this will be the easiest short sale ever.  If you're looking for a great starter home with a lot of potential, this is it!  Get the details and see photos here:  5321 West 5200 South.

Qualify For The $8,000 Tax Credit?

And remember that you may qualify for the government's $8,000 tax credit if…

Two new government rules will have an impact on how quickly you can buy or sell Utah real estate.  Being aware of these rules now will help you avoid unexpected delays and frustrations with your real estate transaction.

Truth In Lending Requirements

For years, federal Truth In Lending requirements have protected home buyers from unscrupulous lending practices.  Two new additional requirements have just been implemented that will further help you avoid undue pressure when you buy a home.  First, Truth In Lending (TIL) now requires a waiting period of at least a week from the time you apply for a loan until the time of closing.  In reality, most loans close in 30 days; but this new rule ensures that the occasional "rushed" closing still has enough time for…

One of the key predictors of the health of the Utah economy and of the Utah real estate market is the state unemployment rate.   And for several months running, Utah's unemployment rate has been among the lowest in the nation!

Utah Employment Remains Strong

Good news for Utah!  The recently released unemployment rate for Utah was a low 5.7% in June--the fourth lowest rate in the nation.   The three states with lower rates include North Dakota, South Dakota, and Nebraska.  June's level puts Utah at almost half of the national unemployment rate of 9.5%.

Utah's strong employment rate drives confidence in the Utah economy and will also strengthen consumer confidence about making large purchases, such as cars and homes.  This is one reason why the Utah real…

Now, granted, I am biased.  I've been affiliated with RE/MAX for almost three years.  I love their business model.  I love their agent services--including Remax.com, Remax.net, and the RE/MAX Satellite Network for agent training.  I love their brand, one of the most respected brands in my market--Salt Lake City, Utah.

But most of all, I love the fact that when times are tough, RE/MAX just tries harder, works smarter, and continues to build the business.  The perfect example of this came out just last week as national television advertising results for the 1st quarter of 2009 were announced.  For national real estate franchises "share of voice" in national TV advertising,  RE/MAX came out on top.  Of course, RE/MAX had to come out on top:  they were the…

The Obama Administration recently announced a new program to assist lenders, borrowers, and buyers with short sales.  A "short sale" arises when a home's value falls below the remaining mortgage balance on the home.  Lenders will often accept a "short sale", that is, less than they are owed on the property, in order to avoid a greater loss that might occur if the property went to foreclosure.  This new program, the Foreclosure Alternatives Program (FAP), works together with the Making Home Affordable Modification (MHA) program to encourage less costly work-arounds than foreclosure for those who are struggling financially with homeownership.

Financial Incentives under the Foreclosure Alternatives Program (FAP)

The new FAP guidelines provide financial…

Will Google Really Be Prohibited From Indexing and Displaying Real Estate Listing Search Results?  Yes!

The Metropolitan Indianapolis Board of Realtors (MIBOR) has just enacted a policy that may have far reaching implications for buyers and sellers of real estate throughout the US.  MIBOR has ruled (and NAR seems to be backing them up) that search engines such as Google should not be allowed to index listing content from Agents' websites.  Doing so, they say, is the same as "scraping" and is an unauthorized use of proprietary real estate information.

Google Helps Buyers Find Homes

How wrong-headed can this ruling be?  If Google is not allowed to index real estate listings, then NO ONE will be able to search for homes for sale on the internet.  Is this…

I just closed another short sale last week and I continue to wonder why I jump through all those hoops to get a deal done--it certainly isn't because of the money.  See if this sounds familiar:

Working hard to market a potential short sale property, I originally priced the property at what was owed to the bank, then gradually reduced the list price to a level that supported several showings per week.  Soon after, we received a decent offer that the bank quickly approved, based on a preliminary HUD-1 which included the full commission I had negotiated with the seller.  Smooth sailing from day one--maybe short sales aren't so bad after all!

Short Sale Gone Awry

Wrong.  Twelve hours before closing, my title company calls to tell me the bank has adjusted…