Orem, UT Real Estate News

By Alan Barker
(Boomerang Leads)
Sellers of Orem homes were fortunate to have the median sold price increase 6.26% and the average sold price increase 5.47%.  Number of homes in Orem sold decreased by one quarter and with 517 active listings, there are 17 months of inventory. 
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
With all of the turmoil in the subprime mortgage market, many people with poor credit that would have qualified for a home loan a year ago are no longer being considered for mortgage funding. As more and more bad-credit homeowners file for foreclosure, lenders are taking fewer risks on those with less-than-perfect credit. If you fall into this category, and you are hoping to buy a home soon, you may need to first concentrate on improving your credit score before you will be approved. First you need to understand what a credit score is. It is a number generally between 300 and 800 and is a composite of several different factors, including your history of on-time or late payments, the number of credit accounts you have and the balances on those accounts, and the length of time you have ha...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Most regions around the country are experiencing a housing market slump at the present time. Existing home sales have generally been falling since the beginning of the year and median home prices have also been dropping compared with their year-ago numbers. Property value appreciation has been slow in most markets of the nation and some areas have even experienced stagnated prices or devaluation of properties. On top of that, foreclosure rates have been rising among subprime or poor credit homeowners, meaning that the inventory of homes on the market keeps rising. This might seem like a scary time to jump into the housing market. Yet if you are a first-time home buyer, you may find this a good time to score a great deal as sellers compete ferociously for your business. First-timers have...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Buying a home can be a dream come true for many Americans. Holding on to that house can sometimes turn into a nightmare though. Things like unexpected medical bills or other financial crises can deplete the funds you would have put toward a mortgage. Or maybe you have gotten yourself over your head in debt and are being pressed on all sides to fulfill your obligations. You may also have trouble making your mortgage payments if you started out in an adjustable rate mortgage and your monthly payment has reset and jumped way up. Whatever the reason, missing mortgage payments is a serious matter; it could land you in foreclosure. Foreclosure is the event that takes place when you cannot pay your mortgage. The lender has the legal right to repossess your house and sell it to settle your loan...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Fixing Your Credit With all of the turmoil in the subprime mortgage market, many people with poor credit that would have qualified for a home loan a year ago are no longer being considered for mortgage funding. As more and more bad-credit homeowners file for foreclosure, lenders are taking fewer risks on those with less-than-perfect credit. If you fall into this category, and you are hoping to buy a home soon, you may need to first concentrate on improving your credit score before you will be approved. First you need to understand what a credit score is. It is a number generally between 300 and 800 and is a composite of several different factors, including your history of on-time or late payments, the number of credit accounts you have and the balances on those accounts, and the length...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Before you make any big financial life changes, it is a good idea to have your credit report in order.  Your credit score can affect everything from the interest rate you get on a home loan or an auto loan to whether or not you are hired for a job.  If find your current credit score lacking in points, now is the time to put the following five credit tips into action to improve your financial success.  Plus consistently living by these tips will help you develop better credit responsibility and habits. 1. Know Your Credit Report First things first do you even know what your credit report looks like?  Do you know what your credit score is right now?  A majority of Americans don't.  You can get a free copy of your credit report once a year from each of the three major credit reporting bure...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
The Federal Housing Administration (FHA) is a government corporation that was created back in 1934 to help stabilize the housing market during the Great Depression. The goal was to set a standard for housing conditions and to create a financing system that would help buyers by insuring loans for them. Today FHA programs provide an affordable way for lower-income buyers to get into homes. This agency has helped to raise the number of homeowners in the nation. In fact, homeowners make up 67% of the nation's population today, a record high by historical measures.   There are now loans known as FHA loans. If you meet certain requirements, you can receive one of these loans that will allow lenders to overlook your income potential or bad credit. FHA borrowers can have higher debt-to-income r...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Showing your home is probably the most important part of the selling process.  Consider the following carefully as you prepare your home for viewing. •·         First impressions mean a lot and often prospective buyers make a decision almost immediately. •·         Curb appeal is important since many buyers search by themselves and then call their Realtor about property they have only seen from the street. •·         Fresh paint on your house's exterior and interior is one of the easiest and best improvements you can make to enhance that first impression. It makes your house look bright and clean. If you paint, use whites, creams, or neutral colors on the interior and exterior colors that will blend with the neighborhood. If you don't paint everything, at least paint the places that nee...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Bank Owned Properties                 Utah County Short Sale Properties The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed.  There are a number of solutions available to remedy the situation: •·         Short Sale/Payoff •·         Forbearance agreement •·         Loan Modification •·         Deed in Lieu of Foreclosure A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender.  To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship.  A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or lon...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Closing on a property is a very challenging time for a would-be homeowner.  Being informed, either through your mortgage broker, Realtor, or through self knowledge is the best thing you can be when going through this procedure.  A good Realtor can help you tremendously.  They should know the local market well enough to help you save money in whatever way they can.  Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet.  They can give you a better idea of what costs are customarily paid by the buyer, and which ones are paid by the seller. The Mortgage Broker you deal with can make a big difference as well.  Have them show you several programs suited to your needs.  There are lots of ways to structure closing co...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
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 $112.50 monthly on your home payment.  PMI will go away once yo...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
As a home buyer, it only makes sense to try and get the lowest rate possible when obtaining a Home Loan.  After all, the rate is the primary factor in determining your house payment.  But how do you get a low rate when applying for a home loan?  This is the primary question that most home buyers want to know.  I would like to explain some important ideas that you need to keep in mind. Credit Score One of the primary factors in helping to determine your interest rate is your credit score and financial history.  In other words the best interest rates are usually reserved for those with the highest credit score.  So if you credit score is not very high the chance of getting a lower interest rate is not very good.  It is very important,  that,  prior to applying  for a home loan, you pay al...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Owning your own home usually comes along with some nice amenities, you will most likely have a lot more space than if you rent.  Even moving from an apartment to a condominium you will probably have must more room available, your own laundry and storage area and bigger rooms.  Apartment complexes are interested in creating the maximum number of income producing units than they are in creating space for each of the tenants. Now is the time for First Time Homebuyers to look into homeownership.  The programs available have never been greater and you might find that the extra space just might come in handy. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Homes For Sale Provo Real Estate WS Orem Real Estat...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
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 Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Hom...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, , Springville, Mortgage Xpress, Agent The final step in the purchase process prior to closing is the Final Walk through Inspection.  Every home buyer should revisit the property to ensure it is in the condition you required in your offer, and to inspect that any required repairs have been performed.  Final inspection should be no sooner than five days before you intend to close.  Make sure this right to do a final inspection is included in your offer to purchase. Search Utah MLS
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Mortgage Xpress Buying a home is a very good investment. As a general rule, homes appreciate about five percent a year.  Some years will be more, some less.  The figure will vary from neighborhood to neighborhood, and region to region.  Five percent may not seem like that much at first.  Stocks, at times, appreciate much more, and you could earn over six percent with the safest investment of all, treasury bonds. Presumably, if you bought a $200,000 house, you did not pay cash for the home.  You got a mortgage, too.  Suppose you put as much as twenty percent down - that would be an investment of $40,000.  At an appreciation rate of 5% an...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills Showing your home is probably the most important part of the selling process.  Consider the following carefully as you prepare your home for viewing. •·         First impressions mean a lot and often prospective buyers make a decision almost immediately. •·         Curb appeal is important since many buyers search by themselves and then call their Realtor about property they have only seen from the street. •·         Fresh paint on your house's exterior and interior is one of the easiest and best improvements you can make to enhance that first impression. It makes your house look bright and clean. If you paint, use whites, creams, or neu...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent Closing on a property is a very challenging time for a would-be homeowner.  Being informed, either through your mortgage broker, Realtor, or through self knowledge is the best thing you can be when going through this procedure.  A good Realtor can help you tremendously.  They should know the local market well enough to help you save money in whatever way they can.  Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet.  They can give you a better idea of what costs are ...
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION                    Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.     This is NOT a good time for those with low and/or no risk tolerance to purchase.  A strong case can be made that those who are looking for a home for their family with plans to stay long term.  Why not buy now?  Especially if the numbers make sense, i.e. Owning vs. Renting.  Even, if the market retracts more (which is extremely likely) in the future.  Between the coming market bounce and future normal cycle ...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent While some people choose the flexibility of renting and being free of maintenance, many others choose ownership for other reasons.  The pride of being a homeowner is a very important reason for purchasing a home, but more people are interested in homeownership for purely economic reasons. Building Equity One of the main economic reasons is that of building equity.  Especially in today's market, with home values being deflated as they are, many buyers can pick up a home at a very reasonable price.  With interest rates being at all-time lows, you c...
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