Fixed Rate Mortgages Sore...

According to Daily Real Estate News,
Freddie Mac reports in its weekly mortgage market survey... 

 

Fixed-rate mortgages soared higher this week, reaching their highest averages in a year!The 30-year fixed-rate mortgage -- the most popular choice among home buyers -- has climbed nearly half a percentage point since the beginning of this month  from 3.35 percent to 3.81 percent this week 

"Fixed mortgage rates followed long-term government bond yields higher, following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” says Frank Nothaft, Freddie Mac’s chief economist. “Improving economic data may have encouraged those views.”

Despite the uptick, mortgage rates remain low by historical standards, Freddie Mac reports.

The mortgage giant reports the following national averages with mortgage rates for the week ending May 30:

• 30-year fixed-rate mortgages: averaged 3.81 percent, with an average 0.8 point, rising from last week’s 3.59 percent average. A year ago at this time, 30-year rates averaged 3.75 percent. 
• 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.7 point, rising from last week’s 2.77 percent average. Last year at this time, 15-year rates averaged 2.97 percent. 
• 5-year adjustable-rate mortgages: averaged 2.66 percent, with an average 0.5 point, also up from last week’s average of 2.63 percent. Last year at this time, 5-year ARMs averaged 2.84 percent. 
• 1-year ARMs: averaged 2.54 percent, with an average 0.5 point, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.75 percent. 

Source: Freddie Mac

The Real Life Advantages to Offering Virtual Tours

Virtual Tours Separate Looky-loo’s from True Prospects

This month’s release of National Housing Data from realtor.com shows yet another rise in list prices, which, as expected, apparently spurred more previously reluctant sellers to put their homes on the market. The pressure to jump on board continued as “the home buying season shifted into high gear…”

With more Salt Lake City listings competing for prospects’ interest, one of the features I like to provide for my clients are the increasingly valuable virtual tours.  

The advantages are many, both for Salt Lake City sellers and the prospective buyers they attract. Online marketing has long enabled maximum exposure. Where the audience for a new listing used to be limited to the area reached by local advertising outlets, we now cross state and international borders instantaneously. But what virtual tours add in terms of marketing power is immense: instead of words and a single picture, now the most remote prospect can really get a feel for a property — and even end up buying! When a virtual tour sets your home apart from the others, there’s no doubt it adds measurably to its marketability.  

And there are other advantages when virtual tours are added to a Salt Lake City listing. They can help sort out potential time-wasters. Online house hunters can take a 360-degree look at key areas before requesting a live tour, which can sort out the idly curious. It means that you save time prepping for showings to window-shoppers. You can focus your efforts on the prospects who will wind up making a serious offer.

Virtual tours also allow your potential buyers the ability to look at the property over and over again following an in-person viewing. They don’t have to try to remember the points that attracted them to your home: they can view them as often as they like. They can share your virtual tour with their own families and friends…the spillover enthusiasm can become the final impetus that spurs a winning offer.

If you’re considering selling your home in Salt Lake City and Beyond, why not contact me or your area real estate agent today? As professionals real estate agents, we will talk over a marketing plan that moves your property for top dollar in today’s market!

Zombie Foreclosures: “Plight of the Living Debt”

Keeping an Eye Out for Zombies in Salt Lake City and Beyond

If you’ve come across the term "zombie foreclosures" in recent months, it wasn’t referring to voodoo parlors whose priests couldn’t pay the mortgage.

Not exactly dead, but not exactly alive, they are properties stuck in a kind of zombie-like limbo. They are homes that have been abandoned by their former owners at some point before foreclosure. Now they are sitting there, accumulating ongoing taxes, liens, and gradual deterioration while the bank decides what to do (or not do) about them.

According to RealtyTrac, there are probably 302,000 "zombies” nationwide, so the odds are, some are going to be here.

Whenever you search for bank owned properties in Utah or your own home state, keep an eye out for the zombies. Because the legal owner has moved on, he or she is likely to be highly motivated to sell via a short sale. But…while bank owned properties — those that have completed the foreclosure process — have any outstanding taxes clearly listed on court records, a zombie property may be harder to investigate. That’s one reason why knowing you are dealing with a zombie is important.

Before writing an offer for zombies or bank owned properties, inspecting is vital. If a home spent time as a zombie before being listed in foreclosure, damage could have resulted from neglect, or even vandalism (nowadays, copper piping is a frequent target). Lack of central heating during cold and wet periods can lead to mold — and zombies seldom pay utility bills.

Some areas are more affected by foreclosures than others, and a concentration of zombie properties creates its own problems. An empty neighborhood is more likely to attract squatters or looters; neither of which help property values. But in some areas, that’s a temporary situation. Realistically gauging a neighborhood’s impact on long-term value is a key part of the common sense approach that makes for good investing.

Zombie foreclosures aren't exactly alive, not quite dead, and not really foreclosures, either (at least not yet). I’m happy to report that even as the market heats up, you can still identify bank owned properties in Salt Lake City and beyond that are worth investigating. Call me today!

Weekly Events in Salt Lake City and Beyond

Weekly Event Update

May 21, 2013

EVENT SPOTLIGHT:

Day Out with Thomas: The GO GO Train Tour! May 24-27, 2013 Heber Valley Railroad - Heber City Day Out with Thomas: The Go Go Thomas Tour 2013 is a fun-filled event that provides children of all ages the opportunity to climb aboard and take a ride with Thomas as well as participate in Thomas & Friends themed activities.The tour kicked off in March and is expected to welcome nearly one million passengers through November. For one weekend, little engineers and their families are invited to take a 25 minute ride on their favorite engine, meet Sir Topham Hatt®, Controller of the Railway and enjoy a day of Thomas & Friends themed activities including arts & crafts, storytelling and more. < More Info

FEATURED EVENTS:

Street Car Named Desire May 3-31, 2013 Diamond Lil's - Salt Lake City     They will transport you to 1950's steamy New Orleans and surround you with cool swamp grass hanging from ancient logs and sultry jazz bellowing from the streets as the temperature rises in balmy Louisiana, so does the passions of Williams's intrigues. You will feel you are right in the middle of it all, as the jazz sends you, along with our characters, right to and over the edge. You will have a night you will not soon forget starting with a delicious prime rib dinner with Louisiana flare and ending, upstairs in our private and intimate unique theatre experience which is cross between quote un quote live film and a play. Intermission lets you escape the adventure for a minute with a decadent desert before returning you to the surprise and twists that are Tennessee Williams. This is An American Pulitzer award winning classic that you won't want to miss performed by amazingly talented and provocative actors. < More Info

Dvorak and Brahms May 24-25, 2013 Abravanel Hall - Salt Lake City A production of Mozart and Berlioz featuring Augustin Hadelich, Violin and Christian Arming, Guest Conductor.  < More Info

Ogden Music Festival - 6th Annual May 31-June 2, 2013 Fort Buenaventura State Park - Ogden  Sam Bush Ogden Music Festival is a 3-day outdoor event featuring bluegrass, folk, and alt-country music held at Weber County's Fort Buenaventura featuring Sam Bush, Tim O'Brien, Boxcars, Elephant Revival, and Run Boy Run. Band and instrument workshops will be featured on the workshop stage. Instrument petting zoo provides hands on instrument playing. < More Info

Weekly Events in Salt Lake City and Beyond...

Weekly Event Update

May 14, 2013

EVENT SPOTLIGHT:

Armed Forces Day Concert May 18, 2013 The Gallivan Center - Salt Lake City Music Director Sterling Poulson and the Choral Arts Society of Utah invite you to an evening dedicated to honoring our men and women in the Armed Forces. The event begins at 4:30pm with a performance by Dizzy Desoto, at 4:45pm, followed by Fire on the Mountain at 5:45pm. The Utah National Guard 23rd Army Band, with conductor  Denny Saunders takes the stage with the Choral Arts Society of Utah at 7:45pm. The concert includes a Variety of Music, including the great Patriotic favorites you love to hear and ends with a spectacular fireworks display as the band plays John Philip Sousa's  Stars & Stripes Forever . Enjoy plenty of food, fun and support service booths along with the great entertainment. < More Info

FEATURED EVENTS:

La Cage Aux Folles May 9-May 25, 2013 SLCC Grand Theatre - Salt Lake City     A son brings his fiancee's conservative parents home to meet his flamboyant family. A farcical romp, garnering six Tony Awards and a Laurence Olivier Award, this crowd pleaser entertains with a witty book, physical comedy and a sweet reminder that no matter what, a family sticks together. < More Info

Brit Floyd May 16, 2013 The Maverik Center - West Valley City Celebrating the music of David Gilmour, Roger Waters, Rick Wright, Nick Mason and Syd Barrett. Featuring note-for-note performances of five full Pink Floyd album sides from The Dark Side of the Moon, Wish You Were Here, The Wall, The Division Bell and Animals. < More Info