Want to Live in the Alpine - Pleasant Grove Area? Here are the Average Prices.

The following numbers were compiled by analyzing homes that are either under contract or have sold within the last 90 days, built after 1995, and with a listing or sold price between $250,000 and $450,000, for the various cities below.

They reflect the Average Price per Square Foot for both the total square footage of the home, and the averaqe finished square footage price.

Alpine:
6 homes sold.
For total sq. footage: $67 per sq. ft.
For finished sq. footage only: $92 per sq. ft.

American Fork:
12 homes sold.
For total sq. footage: $83 per sq. ft.
For finished sq. footage only: $111 per sq. ft.

Cedar Hills:
15 homes sold.
For total sq. ft: $73 per sq. ft.
For finished sq. ft.: $101 per sq. ft.

Highland:
30 homes sold.
For total sq. ft: $86 per sq. ft.
For finished sq. ft: $131 per sq. ft.

Lindon:
6 homes sold.
For total sq. ft: $78 per sq. ft.
For finished sq. ft: $78 per sq. ft.

Pleasant Grove:
24 homes sold.
For total sq. ft: $75 per sq. ft.
For finished sq. ft: $102 per sq. ft.

Average for all cities combined (i.e. Northern Utah County less Lehi):
93 homes sold.
For total sq. ft: $77 per sq. ft.
For finished sq. ft: $103 per sq. ft.

If you are buying or selling within these areas, these numbers should be valuable information for you. Of course, no two homes are alike and your price will be based upon the needs and the perceived value of the home.

data compiled by Kraig Moll April 16, 2010.

Rates Going Up! Told You!

As I predicted a week or so ago when the government stopped buying mortgage backed securities, the rates are beginning to rise (at 5.2% for 30 yr fixed right now).

Next week will be very interesting because the economic reports for Retail Sales and Industrial Production are due out. If these reports come in as expected, we should see rates continue to climb.

BUY YOUR HOME NOW!

Good Home Buys??

They all have air conditioning, views, and interesting locations! Maybe not the best buys, but they were nice to take pictures of.

No Flood Insurance Means No Home Buying or Selling!

The NFIP (National Flood Insurance Program) has expired as of the end of March, and Congress has not decided whether or not to renew the program. So what????

If you live in a Army Corps of Engineers designated flood zone, don't expect to be able to refiance your mortgage or sell your home for that matter. No lender will insure it unless it has flood insurance, which is no longer.

Don't expect to buy a home in a designated flood plane area because your lender will not approve the loan without flood insurance, of which there is none now.

$8,000 Tax Credit. It's Over People....

April 30th and counting. If you are not under contract on a new home you are buying, you've got just days to do so.

All word coming from the government is that the Tax Credit Will Not Be Extended. According to government sources like Johnny Isakson, U.S. Senator from Georgia (chief sponsor of the tax credit), results were "less than disappointing at best".

No more $8,000 or $6,500 give away...

Mortgage Backed Securities Ends.... Goodbye to 5% Interest Rates

Last week saw the end to the Federal government's program of buying mortgage-backed securities.

In all probability, assuming the economy continues to turn around, this means that mortgage rates will most likely start to climb over the next couple months. The rates will be more influenced by economic factors like improving economy, concerns over inflation etc.

I suspect that we will begin to see the rise to 5.5% and above for mortgage loan rates somewhere around June...

Get Ready For Fishing Season!!!!

I'm getting excited and ready to go fishing! Can't wait to hit the lakes and a couple of the German Brown loaded streams. If you fly fish, you may want to consider these 3 flies that are my initial go-to flies when fishing stillwater (lakes). The top one is called the Denny's Stillwater Bug, the second is a Emerging Bugger, and the third is a Seal Bugger. My best luck has been with a burnt orange tail pattern. All three were designed by Denny Rickards and will net some great trout in Utah, and the Western States.

Foreclosure Waiting Period

If you are going to sell your home as a "Short Sale" or a "Foreclosure", keep in mind that the foreclosure waiting period (the length of time before you will be able to qualify for another home loan) has been increased from 3 years to 5 years. Short sales are now considered the same as a foreclosure with respect to buying another home on credit.

Utah Area Home Values

Utah Area Home Update:
Home prices are averaging anywhere from $55 to $95 per sq. ft. on the average.

1. Short Sales: A good quality home will go for $70 - $80 per sq. ft.
2. Distressed Properties needing some upgrading/work will most likely go for about $55-$65 per sq. ft.
3. Bank-owned properties are going for $65 - $80 per sq. ft. on average.
4. Homes that have desired features/amenities and are not short sales, or bank encumbered properties, will sell for an average of $80 - $93 per sq. ft.
5. A desired home, priced right, in a desired area, will have multiple offers on it, go for the asking price or more, and will be under contract within a week of being on the market!