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2010-01-01 13:21:34
Utah's Best Real Estate Stories for 2009 (Part 2)

 HAPPY NEW YEAR!  In yesterday’s blog post we outlined the first five stories in 2009 that impacted our real estate market. They included:

1.  Unemployment and its impact on loan delinquencies.

2.  Mortgage Rates and their positive impact on home unit sales

3.  Population Growth and the fact that Northern Utah continues to see an influx of new residents

4.  The recovery of home prices to their 2007-08 level is expected to be slow. It may be 2018-2022 before values return to the peaks we have seen in the past.

  1. 5. 'Investment Opportunities… do I invest in stocks or in real estate'?  Which will give the better return?

Please feel free to review these stories at your leisure.

Today we will review the rest of the top ten list that had a major impact on real estate in 2009.

  1.  The change in the RESPA and HUD-1 Statement.  Consumers have consistently dealt with the complexities of shopping for home mortgages. At the same time, lenders have struggled to explain those same details in an easy-to-understand format. In November of 2008, The Real Estate Settlement Procedures Act, a 1974 law affectionately known as RESPA was modified to help simplfy the process. Further improvements are coming in 2010 to the HUD-1 Statement and the 'Good Faith Estimates', which mortgage loan officers provide for their potential clients,  which will make it much easier to compare mortgage programs in the future.  Here are further details of the new Department of Housing and Urban Development Rules.
  2. Technology:  Technology is always changing but the speed of that change has accelerated for Northern Utah residents.  Agents now have the ability to map out their directions for home showings in order to minimize the buyer’s time as they search for homes.  Buyers can now use interactive mapping technologies to search for properties on line.  A good example of this technology can be found on our company website at http://www.welchrandall.com/fine/real/estate/mapsearch.  Technology used in 2009 not only allows you to conduct a map search, but also allows you to choose an area on the map and have the website automatically send new listings as they are posted for that are, and also sends you any price changes which may affect your 'favorites' list.  Buyers can now use PDF units and get property information on their Blackberry or IPhone units.  They can then call agents for additional information if they so choose.  Another plus for marketing properties is increased website syndication which allows a property to be linked with many websites to expand the exposure the property receives.
  3. The New MLS, UtahRealEstate.com.  The most sought after site to search for real estate in Utah is the MLS, or http://UtahRealEstate.com.  It is the most popular site because it has the most current and accurate real estate information available.  The MLS supervises all data input and requires it’s subscribing agents to be accurate with the details of their transactions.  New capabilities of the MLS include search and mapping technologies, open house announcements, direct contact access to the listing Realtor, and auto hot sheets wherein individuals can receive new listings and changes in prices.  The addition of addresses allows users to view the properties in their travels.  These changes come as consumers require more information and the most current information be made available to them on line. Agent’s access the MLS by use of an IDX feed  allows subscribing agent’s websites to have all the MLS listings on the personal or corporate websites such as http://www.welchrandall.com.  This change was very important in 2009 as buyers sought for complete access to current information as they took advantage of the 'First Time Home Buyer’s Tax Credit.'
  4. The Impact of Social Networking: There is no doubt that social networking has changed how potential clients choose their agent and brokerage, how properties are marketed by agents, and how clients follow the trends and changes in the real estate market.  More local information is now available and subscribing clients can have the information sent via e-mail directly to their PDA.  The use of Facebook, Twitter, and LinkedIn websites allows for better communications between clients and agents and expands marketing exponentially.   Dinding Room Remodel
  5. Cost vs. Value Comparison’s of 2009.  Sellers had a rough year in 2009 in Northern Utah.  They faced more competition with many homes for sale in the marketplace, and increases in short sales and foreclosures which impacted the prices they could expect to receive for their homes.  Concessions had to be made..which reflected additional seller contributions for closing costs and diminished sales prices... and only the homes in the best condition sold first.  Some Sellers must to move and have no choice but to deal with today’s market.  Other sellers may want to move, but may also want to consider remodeling or expanding their home as a possible alternative to selling their home and 'moving up'.   Here are the top 10 projects done in 2008 (latest report) that bring back the largest portion of the investment.  Before doing any remodel project it is wise to know which will bring the greatest return.  For more details please e-mail us for more specifics. 

We have learned much from 2009 and are excited about the opportunities and challenges of 2010.  We look forward to keeping our consumers informed on what is happening in the marketplace and our clients up to date on the forces that will impact their properties.  WELCOME TO 2010!

Contributed by Steve Randall; steve@welchrandall.com

 
Blog Archive
2010-01-22 06:36:31
Cost vs. Value, Financing Can Add Value to a Home

2010-01-13 20:10:36
Bountiful Home...Outstanding Utah Value

2010-01-11 16:32:32
Inman-Where Real Estate Meets Marketing Technology

2010-01-09 22:55:00
Can You Sell My Home?

2010-01-08 10:53:06
How Does a Buyer or Seller Hire an Agent?

2010-01-06 21:18:22
Kitchen Remodels- Do They Payoff?

2010-01-05 23:43:14
Getting Your Home to Sell Fast!

2010-01-04 16:22:29
The Utah Lifestyle! The Greatest Snow on Earth

2010-01-02 11:26:02
Seller's Corner: How to Price Your Home Today!

2010-01-01 13:21:34
Utah's Best Real Estate Stories for 2009 (Part 2)

2009-12-31 14:30:51
Utah's Best Real Estate Stories for 2009 (Part 1)

2009-12-30 20:08:09
Top Ten Stories of 2009

2009-12-29 08:26:45
Ring out the Old and Ring in the New for 2010

2009-12-29 07:27:52
New Year, New Website, New Blog & More Information


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