Every month I look at neighborhoods where homes were sold. I also look at where buyers wanted to buy last month. I call these neighborhoods Hot Spots.

In our unique market there is often a shortage of good homes. In Hot Spots homes may receive multiple offers and sell quickly. If you live in a Hot Spot, people want to live there now. It is essential to get your home on the market while the area is HOT.

Alpine (84004)      Price Range:  $300K - $350K
Homes for sale      Sales History

West Jordan (84081)     Price Range:  $300K - $350K
Homes for Sale     Sales History

Spanish Fork (84660)     Price Range:  $350K - $400
Homes for Sale     Sales History

Salt Lake City (84105)  Price Range:  $200K - $250K  and $300K - $350K
Homes for…

1160 Views, 0 Comments

Read Full Post

Considering a Short Sale or Foreclosure

There are two things to consider when deciding whether or not to short-sale or foreclose: Equity and Cash Flow. If you have positive equity in your home you should not Short Sale or Foreclose. If you no longer wish to make your payments you should be able to sell your home without a Short Sale. If you have negative equity (owe more than your home is worth) you need to consider cash flow before making any decisions.

Positive cash flow means the mortgage can be paid each month with your income (not using savings, gifts, or increasing your debt). If you have positive cash flow (break even or better) you should keep your property. Even if it has negative equity. If you can continue to make your payments, do so. If…

25013 Views, 0 Comments

Read Full Post

The weather may start cooling down this month, but things are still pretty HOT for housing... in the right areas. Last month we saw some interesting statistics. Utah County had 15% more homes sell last month than during August of 2010. Sale Lake County saw 30% more sales compared with last year. Tooele County had DOUBLE the number of homes sell this August! 


So where exactly are all the homes selling? That is where UtahDave's Hot Spots come in. We track the hottest locations based on how many homes sold, how many are currently on the market, and how many buyers are looking in that area. It is a prime time to sell your home if you live in a Hot Spot! If you are looking to purchase a home that will retain it's value over the years, purchase a home in a Hot…

1157 Views, 0 Comments

Read Full Post

Location, location, location.

Where should you buy? When should you sell?
The answer is UtahDave's HOTSPOTS

1. West Jordan 84081 ($300K - $350K)
Sales History     Current Homes on Market

2. Salt Lake City 84108 ($200K - $250K)
Sales History     Current Homes on Market

3. Orem 84097 ($200K-$250K)
Sales History     Current Homes on Market

4. Apline 84004 ($300K-$350K)
Sales History     Current Homes on Market

5. Salt Lake City 84118 ($250K-$300K)
Sales History     Current Homes on Market

Sales History for All Zip Codes

1212 Views, 0 Comments

Read Full Post

Knowing when to put your home up for sale is critical in today's market. I keep a close eye on the number of homes for sale in each area and compare those numbers with how many homes go under contract in that area. When there is a high demand, and low inventory, you can get top dollar for your home.

Knowing there is demand in your area will increase the likelihood of selling your home. Utah's Hot spots are the areas that had the highest demand for the month. Economic improvement and recovery start in hot spots and spread to other areas of the valley. Purchasing a home in one of these hot spots will give you a front row seat to economic recovery.

  1. Sandy (84092)     $200K - $250K     History     Homes for Sale

2. Orem (84097)     $200K -…

1252 Views, 0 Comments

Read Full Post

Congress has proposed new limits on FHA loans. How will this affect people in Utah? It will reduce your purchasing power is some price ranges. If you want to purchase a home in Salt Lake county close to $600,000, or if you are intending to purchase a home in Utah county anywhere above $270,000, you may not be able to get FHA financing. Anyone who wants to purchase a home above the FHA limit will have to get a conventional loan for that house. Conventional loans have more strict requirements, and may have a higher rate. One thing for sure, you WILL be required to make a larger down payment for a conventional loan.

If you, or anyone you know, will be purchasing a home near the proposed limit you need to close soon. If passed, these limits will go into…

1258 Views, 0 Comments

Read Full Post

I keep hearing home buyers say the same things they were saying in 2004 and 2005. "The selection is low, and all the good homes are all getting multiple offers." This makes it a prime time to sell your home. ESPECIALLY if you live in a home that buyers are looking for. How can you know where they are looking? HotSpots!

I analyze how many homes sell in each zip code and in every price range. More importantly, I look at how many homes go Under Contract. This helps me determine the HotSpots for the coming month. If you have been waiting to sell your home, now is a great time to do it. You can still take advantage of the low prices and low mortgage rates on your next home purchase. But because you live in a HotSpot, you can get good money for your…

1263 Views, 0 Comments

Read Full Post

A recently completed study has identified the top 10 real estate markets in the nation for investors. Based on national statistics Salt Lake City is ranked 7th in the nation!

Find YOUR investment properties here

A combination of factors make Salt Lake City an excellent location for investment properties. What makes Salt Lake so good?

  • We have a high affordability rate for homes (it is a great time to buy).
  • There is a supply of foreclosures which are great deals!
  • We have a high population growth which means the projected return on investment is high. 
  • Our unemployment rate is already below the national average, and it is improving faster than most of the nation.
  • Living in Salt Lake City also has a relatively low cost of…

1220 Views, 0 Comments

Read Full Post

Navigating an upside-down home value. The ins and outs of short sales.

Out of the 14,000 homes on the market across the Wasatch Front over 25% are short sales. Why are there so many short sales on the market? Some misconceptions about the purpose of short sales have led many to frustration, loss of money, and even getting scammed. It is important to be educated, patient, and complient when considering a short sale.

Short Sale Graffiti

As the market continues to dip, the number of people with hardships increases. This is one cause for so many short sales on the market. However, another theory suggests the popularity of short sales is more psychological. Malcolm Gladwell included the "Graffiti Theory" in his book Tipping Point. In New York the…

1160 Views, 0 Comments

Read Full Post

I just came across a report that confirms what I've been saying for almost 2 years! People are getting tired of living in crowded homes and putting their lives on hold. The "demographic component of housing demand is strong; it’s just the economic and psychological components that are holding things back". New households are being created faster this year than they have since before 2007.  With a low inventory of homes available this could go a long way to help jump-start the housing market.

Over the past few years we have seen an increase in the "moving-back-in-with-Mom-and-Dad" phenomenon. College graduates have been unable to find jobs upon graduation and return to live with their parents. Now that employment is begining to recover these graduates are…

1405 Views, 0 Comments

Read Full Post