Provo, UT Real Estate News

By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - First Time Home Buyer Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more.  Some home loan guidelines are longer than that.  There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers.  First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Buying a home in Utah can be an adventure. Utah County ha...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - First Time Home Buyer Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more.  Some home loan guidelines are longer than that.  There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers.  First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Search Utah MLS Listings - Utah's Finest MLS Home Search,...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Home Ownership is Forced Savings One of the really nice things about Homeownership is that it helps you by creating an automatic savings account.  Many people are not very good at saving money.  By owning a home you can accumulate savings in two ways.  Every month a portion of your payment goes directly toward principal.  Early in the mortgage very little goes to principal but over time it accelerates. Second, your home appreciates.  The average appreciation on a home is approximately 5%.  Your appreciation will vary from year to year, and in some years it may even depreciate.  Overtime, history has shown that owning a home is one of the very best financial investments. Search Utah MLS Listings - Utah's Finest MLS Home Search, Utah County's Exclusive Home Buyer...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
 Utah County Homes Sold in Provo, Utah - 2010 Month Jan 2010 Units 33 Sales Volume $6,959,541.00 Avg. List Price $224,900.00 Avg. Sold Price $185,000.00     Sq. Ft. 2,093 Per Sq. Ft. $84.90       Feb 2010 37 $7,222,472.00 $190,000.00 $180,000.00   1,732 $97.95       Mar 2010 51 $10,196,525.00 $191,900.00 $185,000.00   1,948 $91.97       Apr 2010 53 $9,376,300.00 $175,000.00 $166,000.00   1,650 $102.21       May 2010 81 $15,192,654.00 $179,900.00 $167,000.00   1,671 $97.55       Jun 2010 48 $11,476,189.00 $189,900.00 $180,000.00   2,091 $90.70       Jul 2010 44 $8,636,678.00 $185,000.00 $175,000.00   1,603 $100.17       Aug 2010 64 $11,733,002.00 $184,900.00 $174,950.00   1,394 $102.87       Sep 2010 45 $7,933,235.00 $190,000.00 $170,000.00   1,926 $88.50       Oct 2010 34 $7,059,309.00 ...
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We performed energy audits on five different multi screen movie theaters last week in Utah County, UT. These were medium size (4-8 screen) around 25,000- 40,000 square foot buildings. There was one thing in common with 4 of the 5.  No Makeup Air!!  These cinemas were using the Christie Xenon projectors that need exhaust cooling fans connected to the outside. Christie recommends 400 - 750 cfm fans for their projectors. We tested these exhaust fans to be right at 600 cfm. If you multiply 600 cfm by 6 or 8, we are talking about 4,000 cfm being pulled out of the building, mostly through the doors in the lobby. This amounts to multiple ACH (air changes per hour) and the main reason for the $600-800 monthly heating bills. In the energy audit report we highly recommend the installation of an A...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - First Time Home Buyer Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more.  Some home loan guidelines are longer than that.  There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers.  First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Search Utah MLS Listings - Utah's Finest MLS Home Search,...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - First Time Home Buyer Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more.  Some home loan guidelines are longer than that.  There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers.  First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Search Utah MLS Listings - Utah's Finest MLS Home Search, Ut...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Foreclosure Process Is a distressed Property right for you? Distressed sales are a sad fact of the Real Estate market.  While no one wants to see a homeowner lose their home, these properties also present unique opportunities for buyers.  To determine whether you are a candidate for such a purchase, it's important to learn all you can about distressed properties - and to work with qualified buyer's representative who can guide you through each step of these complex, non-traditional transactions. Foreclosure is a process, with buying opportunities at each stage: Stage 1.  Pre-Foreclosure A period of time that begins with the initial mortgage default and ends when the distressed property is sold Stage 2.  Foreclosure Sale When the property is auctioned to the ...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Renting Downside There are certainly some advantages and disadvantages to renting versus owning your own home.  When you rent, you are normally limited on what you can do to improve your home.  You have to get permission to make changes or improvement to the home.  It really doesn't make sense to paint, put in new carpet, tile or window coverings when the main person who benefits is the landlord.  The landlord wants to keep expenses to a minimum and will probably not be spending much to improve the property as well.  When you own the home you do pretty much whatever you want to.  You get the benefit of any improvements you make.  You can really make your home a home. Search Utah MLS Listings - Utah's Finest MLS Home Search, Utah County's Exclusive Home Buyer...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Improving Your Credit Score Generally speaking the number one criterion a Mortgage lender considers when qualifying a Home Buyer for a mortgage loan is a good Credit Score.  The higher Credit Score, usually the lower the Interest Rate.  Other factors are obviously considered when determining the interest rate, but all lenders look at the Credit Score first.  That being said, it is very important to understand how you maintain or improve your Credit Score before applying for a Home Loan. There are no quick fixes for improving your credit score, but you can raise your score over time by demonstrating that you consistently manage your finances responsibly.  Listed below you will find a number of tips that you should consider when attempting to raise your credit...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Homeownership - Forced SavingsOne of the really nice things about Homeownership is that it helps you by creating an automatic savings account.  Many people are not very good at saving money.  By owning a home you can accumulate savings in two ways.  Every month a portion of your payment goes directly toward principal.  Early in the mortgage very little goes to principal but over time it accelerates. Second, your home appreciates.  The average appreciation on a home is approximately 5%.  Your appreciation will vary from year to year, and in some years it may even depreciate.  Overtime, history has shown that owning a home is one of the very best financial investments. Search Utah MLS Listings - Utah's Finest MLS Home Search, Utah County's Exclusive Home Buyer...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Source of Funds for Closing Source of funds for your down payment and closing costs is one of the major concerns when it comes time to close on your home loan.  Lenders will require statements for the last two or three months on any of your liquid assets.  This includes checking and savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.  It is very important that there not be a lot of movement between the accounts mentioned above just prior to or during the closing process.  Lenders will require a complete paper trail of all the withdrawals and deposits.  Moving your money around, even if you are consolidating your funds to make it easier could make it more difficult ...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Mortgage and Down Payment How do you know which type of mortgage product is best for you?  There is no simple answer to this question?  The right type of mortgage for you depends on many different factors: •·         Your current financial situation •·         How much you expect your finances to change •·         How long you intend to stay in your house •·         Your tolerance for having your mortgage payment changing from time to time. Most important is to consult a mortgage loan professional when it is time to decide what is right for you. The down payment required with your loan quite probably will be less than you think.  Many first-time buyers are surprised to learn there is no fixed answer to this question.  Usually the down payment will range anyw...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Seller Disclosures and the Offer When touring prospective Utah County properties to purchase, we are very careful to look at the walls and the ceiling, turn on faucets, and play with light switches, but how thorough should we be?  The seller has years of knowledge about his or her home and there may be things you want to find out about as quickly as possible.  For this reason, you should require certain disclosures as part of the offer. You want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home.  This must include any problems with the house, whether the property is in a flood zone, a noise zone, or any king of hazardous area. When you have a Utah County Realtor representing you, this is almos...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Comparable Sales Access One of the most accessible sources of comparable sales is the public record.  When someone buys a home the property is deeded from the seller to the buyer.  In most circumstances, this deed is recorded at the local county recorder's office.  They combine sales data with information already known about the property so they can assess property taxes correctly. Accessing the data can be somewhat difficult for the general public.  Realtors gain access through title insurance companies.  The title companies either compile the data directly from the county recorder's office or purchase it from other companies.  One problem with the public record is that it tends to run a little behind.  By the time the consumer is able to access the informatio...
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Energy Auditing Municipal Buildings for the city of Provo, Utah | Information gathered from any Utah energy audits of the city government buildings in Utah County can be used to determine energy efficiency, retrofitting and weatherization projects. Retrofitting projects will include air infiltration, energy efficient windows and doors, insulation levels, weather-stripping and caulking, and electric base loads.   Using the data from the energy audit to retrofit and improve the energy efficiency of a number of it's municipal buildings that will result in substantial reduction in energy usage.   DOES ADDING INSULATION REALLY HELP?    Third Party Energy Auditing Verification by Alamo Infrared on Episode 116 of Homes Today Utah. An old home was chosen in Salt Lake City, Utah for an energy re...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Refinance or Upgrade With the real estate market going through all the changes it is presently going through, many new questions start to come up.  Should I buy a new home?  Should I re-finance my present home?  Should I rent out my present home and Upgrade to a new home?  The scenario I see quite often these days is the later.  Many of my home buyers are looking into renting their present home due to the high demand that there is for rentals.  Once they find a good qualified renter, the next step is to take advantage of the great deals available on new homes and the low interest rates that make it possible to upgrade and keep their payment reasonable. The re-finance scenario is more difficult to accomplish, due to the decline in the home values and the loan to...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Title Insurance (Owner's Policy and Lender's Policy) The last process that takes place just prior to recording is the closing.  At closing the Title or Escrow company provides the buyer with Title Insurance or an Owner's Policy.  They insure that you have clear title to the property.  If there are any problems later you can always go back to the Title Company and have them clear it up.  During the closing the Title Company also provides a Lender's Policy.  The Lender's policy insures your mortgage lender that there are no liens or judgments against the property and that the property and the mortgage company will be in the first position.  In other words, should you sell the property or refinance it, their mortgage gets paid first, before any other claims aga...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Federal Housing Authority (FHA) Home Loans The FHA (Federal Housing Authority) doesn't actually fund your home loan in any way.  The FHA simply provides mortgage insurance to help consumers become Home Owners.  The FHA actually insures the lender from losses resulting from Home Owner default.  The FHA helps mortgage lenders prepare loans for people who might not otherwise qualify. One of the big advantages of an FHA Loan is that a smaller down payment is possible.  As of January 1, 2009, the down payment for a FHA Loan is 3 ½ percent of the principle loan amount.  In today's market the down payment on conventional loans can be as much as 20 percent.  FHA loans make it possible for many people to enter the Home Buyer market, just with the lower down payment a...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Private Mortgage Insurance (PMI) Private Mortgage Insurance is used by Home Loan Buyers to insure the lender against default if the borrower has less than 20 percent down.  Private Mortgage Insurance can be a very costly insurance premium that is necessary as part of loan qualifications set by Fannie Mae and most secondary market investors.  With the right loan, it doesn't have to be an obstacle.  How much does Private Mortgage Insurance Cost? PMI increases your monthly payment and could be tax deductible.  PMI varies, but can be estimated by taking about one-half percent of the total loan amount.  With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approximately $1,350 annually or an extra $112...
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