Posts Tagged Real Estate

Salt Lake City and Provo added to the Improving Market List

Salt Lake City and Provo have been added to the Improving Housing Markets (IHM) list maintained by the National Association of Home Builders (NAHB). Since December the list has added 57 metro areas around the U.S., signaling at least a stabilization, if not a recovery, of the housing market in America.

Building permits for the Salt Lake City metropolitan area have increased 2.3% since it’s lowest point in March 2009, home prices are up 0.4% from it’s lowest point in March 2011 and employment is up 3.6% since February 2010.

Building Permits for the Provo metropolitan area are up 2.7% from it’s low in February 2009, home prices are up 1.1% since March 2011 and employment is up 4.6% since December 2009.

The Improving Housing Markets list identifies metropolitan areas that have shown improvements in employment, housing permits and home prices for at least six consecutive months. To measure market performance, the National Association of Builders gathers information from Freddie Mac, U.S. Census Bureau and the Bureau of Labor Statistics.

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Some areas in Salt Lake County seeing are property value increases

According to the Utah Realtors Association some areas in Utah are seeing home values increase. Here are the gainers in the third quarter 2011 report. Increase are compared to the same period in 2010:

Riverton 84065 +6.2%
West Jordan 84088 +4.7%
Herriman 84096 0.0%
Salt Lake City 84103 +19.1%
Salt Lake City 84105 +1.4%
Salt Lake City 84108 +1.5%
Salt Lake City 84115 +7.7%

Hopefully your home is in one of these zip codes.

Cory Ure
Medallion Mortgage Company
448 E 6400 S, Suite 100
Murray, UT 84107
(801) 971-7916

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Why the Zillow / AOL joint venture is a very unholy union

Zillow just doesn’t provide inaccurate property values anymore, they are now teaming-up with AOL to provide a mortgage calculator, “real-time” mortgage rates and personalized loan quotes. The problem here is that since Zillow doesn’t originate loans, they are free to give-out inaccurate loan information as well as property value information.

Simply put, what mortgage interest rate a borrower gets is far more complicated than an online calculator or “personalized loan quote” can give you. There are way too many variables. These are just a few:

  • State, county or even the city where the property is located in
  • Actual FICO score of the borrower, not just an estimated “Poor/Good/Excellent”
  • Loan amount to purchase price or appraised value ratio (LTV or Loan-to-Value)
  • Property type (single family residence, duplex, condo, town home, manufactured, etc.)

Without quite a bit of detailed information, and a talk with an actual loan officer, you are getting nothing but pie-in-the-sky numbers that will mean nothing when you actually close the loan. This is why on my Get Approved! page I ask just some basic questions so that I have a rough idea of your needs before I call you. But to give you accurate information regarding your situation, I need to talk to you. And I pride myself on the accuracy of my quotes. When I give you a quote I am pretty certain the loan will close how I quoted it with no surprises for you at the closing table.

Cory Ure
Medallion Mortgage
Salt Lake City, UT

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