Natalie Southwick's Blog

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Thu, 16 Sep 2010 10:28:00 GMT

Interesting....

http://www.ksl.com/?nid=148&sid=12447945

Utah remains in top 10 states for foreclosures

September 16th, 2010 @ 8:00am

SALT LAKE CITY -- The number of homes lost to foreclosure nationwide jumped nearly 4 percent in August. Utah is still in the top 10 for foreclosures, and the experts say the situation is likely to get worse before it gets better.

US homes lost to foreclosure up 25 pct on year
Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The numbers from RealtyTrac, Inc. show there were more repossessed homes in August than in any other month since the mortgage crisis began three years ago. The report shows 95,364 homes were foreclosed -- that's up 25 percent from August 2009.

There is some good news. The number of properties entering foreclosure actually slowed for the seventh month in a row. Experts say that is due to lenders allowing borrowers who miss their payments to stay in their homes longer.

Highest foreclosure rates

Nevada
Florida
Arizona
California
Idaho
Utah
Georgia
Michigan
Illinois
Hawaii

Rick Sharga, RealtyTrac senior vice president, says the number of foreclosures may continue to increase before the economy stabilizes. He predicts at best we'll see another record-level year of foreclosures in 2011 before the numbers begin to improve.

In Utah, one in every 230 housing units received a foreclosure filing in August. That's slightly worse than the one in 242 homes foreclosed the previous month.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice.

A New Set oF SKILLS FOR A NEW SEASON OF REAL ESTATE: GETTING the right education and training makes a world of difference

Mon, 12 Apr 2010 22:15:00 GMT

April 12, 2010 — If you want to be a doctor, you go to medical school. If you want to practice law, you go to law school. Realtors who want to become specialized in a particular niche of real estate advance their skills by acquiring certain designations and certifications, beyond their normal licensing requirements. With foreclosures on the rise and the increasing demand for Realtors to be well educated and trained in various aspects of pre-foreclosure related topics, it is imperative that Realtors become proficient in these niche disciplines. Foreclosures continue to skyrocket and homeowners who may have fallen behind on their payments need to know where to turn to find out more about what options might be available when facing foreclosure. On a traditional listing, a homeowner is usually hopeful to get the price they’re asking. In a distressed situation, where the homeowner has a legitimate hardship, is behind on mortgage payments, and owes more on their mortgage than the property is worth, they typically must sell quickly to avoid foreclosure. Realtors must be properly prepared in knowing what to do if a situation like this arises. As a Certified Default Resolution Specialist (CDRS), Realtors go through a comprehensive training program to learn how to assist in facilitating the decision-making process with a homeowner, to identify the best strategy for a homeowner who may not qualify for a loan modification or special forbearance. Some might say that it is the homeowner’s responsibility to determine which option or alternative may be best for them, given their unique situation, but most homeowners truly don’t know what to do in a situation like this. Reports show that, while some homeowners qualify and are taking advantage of the pre-foreclosure options made available through the Making Home Affordable Program and other government initiatives, too many homeowners are still too afraid to call their lender and find out what other options might be available to them. In many cases, the first person a homeowner calls when they’re in trouble with their mortgage is someone they probably know and trust, who many times is their Realtor. Therefore, it is of utmost importance that the Realtor knows what to do, what to say, and how to determine the best strategy in moving forward. Getting the right pre-foreclosure education and training is essential to a Realtor’s success in today’s market.

Natalie Bethers-Southwick is a licensed REALTOR® with Aspen Creek Realty, a member of the Wasatch Front and the Park City Board of REALTORS®, as well as both the Utah Association of REALTORS® and the National Association of REALTORS®. Natalie Bethers-Southwick is also a distinguished member of the National CDRS Agent Network, offered through America’s Home Rescue, a company whose sole focus is helping homeowners in pre-foreclosure situations by providing education and training to the real estate professionals in their community.

Natalie Bethers-Southwick provides a free consultation to homeowners who want to find out more about their options if facing foreclosure.

For information: www.aspencreekrealty.com or
Contact: Natalie@aspencreekrealty.com
Phone: 801-558-0364

It's tax time again

Sun, 11 Apr 2010 22:57:00 GMT

This week will be a busy one for many people who still haven't filed their tax returns for 2009. The last day to file is April 15th, unless you are filing an extension. Remember an extension is NOT an extension to pay your taxes, it is an extension to file your taxes. Happy tax day to everyone! Get 'em filed.

Monday Morning Real Estate for 12/15/08

Mon, 15 Dec 2008 13:08:00 GMT

The snow finally arrived! It is great to see snow outside. Hopefully we will be having a White Christmas here in Utah this year. Last year we got some snow on Christmas, which doesn’t always happen. With this snow, more runs will be open at the ski resorts. There are some good discounts for ski passes. They can be purchased at Canyon Sports in Salt Lake City.

Over the past week or two, the Treasury Department has been considering a plan to push down 30-year fixed-rate mortgages for home purchases to as low as 4.5% in the hopes that it will stimulate sales, stop the freefall of prices, and allow homeowners to afford bigger loans. The proposed plan only helps those who buy homes. It will not help those who want to refinance. If they do lower the interest rate to 4.5%, it will be a good time for those that do not own a home to purchase a home if you have a steady job and good credit. If you have any questions, give me a call.

Upgrading on a Budget (part 1 of 2)

Wed, 27 Aug 2008 22:48:00 GMT

As promised from last time, here are 4 ideas (2 this week and 2 next) to give your home a makeover without breaking the bank.

· Painting your home is a good way to increase its marketability, make it look newer, and set your home apart from the pack. To quote HGTV – ‘Paint your way to profits.’ Using earth tones, soft or muted colors can make a home stand out, without making it look too garish. People who are home buying can sometimes be ‘blinded by the white’ if every house they enter is white, white everywhere. The houses blur and they start to forget which is which, but if your home has hints of color here and there, it makes it more memorable.

· Check your floors you might have a goldmine under that carpet. Hardwood flooring has become a must have for many home-buyers. If you’ve got hardwoods underneath your carpet, tear it up. Remember though, the sanding of it can be a painstaking process, and you don’t want to make mistakes, so hire a professional, for no more than $1 to $1.50 per square foot, and let them worry about it. But do your own staining, and save yourself some money that way. If carpet remains your only option, make sure you don’t skimp on the padding, inexpensive carpet ‘feels’ like it’s worth more if the padding is good and thick.

Stay tuned for part 2 of 2 and two more tips on how to make your home stand out from the crowd without crunching your wallet.

Utah Home improvements to avoid making (Part 2 of 2)

Mon, 25 Aug 2008 13:33:00 GMT

As a continuation from last week, taking a look at what home improvements will and wont pay off the many Utah homeowners wondering how best to get their home sell ready.

· Family Room Addition – Consider the costs of adding say a 16x25’ space, plus all the fixtures, and the finishing outside, and you’re talking close to $50,000. Spending that same money on upgrading existing unfinished space in your basement or attic and you’ll get a lot more back at re-sale. Consider what you’ve got already, before you go looking to add more.

· Upscale Kitchen Remodel – This one is usually very expensive and can sometimes set you back upwards of $80,000. If you’re doing it because you’re a hardcore chef and you like having the best and looking at it too, then that’s fine; but if you’re looking with an eye towards re-sale, it’s too much to spend with too little return. While many home-buyers might ‘Ooo and aaahh’ a cool-looking kitchen, only about 1 in a 100 actually factor such into their purchase decision.

Remember when you’re planning on selling you have to keep an eye on what people are willing to pay in your area, not necessarily on what you want to sell for, and plan accordingly. Home sales may be down, but they haven’t stopped completely, that means there are still buyers out there. Next time I’ll detail some more ideas I found, some that you can even do on a budget.

Utah Home improvements to avoid making (Part 1 of 2)

Thu, 21 Aug 2008 07:17:00 GMT

I was recently reading up on the HGTV site when something caught my eye; with the recent downturn in the market, those who were seeking to sell their Utah homes were looking for ways to make their home stand out, ways to separate them from the pack and maybe get them sold faster, possibly with more value. This isn’t a bad idea, let’s face it, sometimes you have to spend some money to make some money. But HGTV took it a step further, detailing some of the better ideas and what they might be worth, but also the flipside, ideas that might SOUND appealing, but in reality wind up costing more than they are accomplish. Here are the 2:

· Home Office – If you work from home, and plan on staying there for a while, upgrading your den or spare bedroom into a gadget-rich environment might make sense, but if you’re looking to re-sell your home soon, then this one is a lost cause. At most you’re going to average a 75% return on your investment, at worst 50%. Your home improvement dollars are better spent elsewhere.

· Upscale Master Suite – One of the biggest mistakes you can make when upgrading your home is over-upgrading, and this is one of the big ones. Sure, for many, your master bedroom is your retreat, the place you go to escape the everyday, it’s important that your be both comfortable and easy on the eyes, but at the same time you don’t want to go overboard if you plan on re-selling soon, because you won’t get what you paid to get all those luxuries put in and if your neighbor, who didn’t over-upgrade, is selling down the street, she might have a competitive edge on you in the price department.

Stay tuned next week, because I will share the rest of what those experts over at HGTV had to say.

Urban Sprawl vs. Comfortable Growth, when is enough, enough?

Mon, 18 Aug 2008 10:52:00 GMT

This morning I read an interesting article in the Salt Lake City Tribune, detailing the struggles of the small community of Heber Valley, to maintain their rural lifestyle in the midst of a push for greater growth.¹ Now given the national credit crunch, and the overall slowdown in construction, one would think that such projects might be put on hold, and indeed the article does state that the drop off in the market has given city planners a bit of breathing room. However, it seems that this is simply a pause, rather than a stop.

The question I have then is this: as Realtors, we have an obligation to our clients to find the best possible options for them, regardless of whether they are the small farm family looking to get the most from their land as they move on towards a change in their lifestyle, or the developer looking to find the most profitable location for their project; given that, at what point do our ethics come into play, at what point is enough, enough?

“Urban Sprawl – noun: the unplanned, uncontrolled spreading of urban development into areas adjoining the edge of a city.”² Obviously the key there are the words ‘unplanned’ and ‘uncontrolled’, and just as obviously the answer is to both plan and control such growth, the citizens of Wasatch County want to avoid what happened to Summit County in the early to mid-90s, that’s clear. But at the same time how do we consider what’s best for an entire county as we perform our services on a day to day basis?

Some might argue that it’s not up to us, as Realtors, to look at the big picture. That we should do our best for each client in turn, seeking the best possible solutions for their unique situations, on a case-by-case basis, regardless of the long-term impact of each of those decisions. Others argue that it’s precisely the long-term impacts, that require us to look at the big picture, looking forward with the experiences gained from the events of the past decades, to see not what’s necessarily best for our clients now, but also what is best for them 5 years from now or 10, even IF this puts short-term goals of this year or next in jeopardy. For still others the answer involves juggling both positions to find a happy medium.

Regardless of where one stands, no one can argue that big changes are the result of little changes, and that nothing occurs in a vacuum. The economic downturn the country is experiencing will eventually end, whether sooner or later, as the tide rolls out, so too must it inevitably roll back in. As we move forward, it’s important to remember where we’ve come from and where we’re going, that we realize that there is a synergy involved in what we do, and how communities grow, and that we have a greater impact on how things develop than we may ever know. It gives one a sense of pride and a source of responsibility, both of which are of equal importance, given the struggles we face as Realtors, as people and as members of this community.

Just some food for thought, on a Monday morning.

1. http://www.sltrib.com/news/ci_10235189 - Christopher Smart, Salt Lake City Tribune, Monday, August 18, 2008.

2. http://dictionary.reference.com/browse/Urban%20Sprawl – Dictionary.com, which is based on the Random House Unabridged Dictionary.

Saratoga Springs - UT Home For Sale - 1355 Lake View Terrace Road

Thu, 14 Aug 2008 08:41:00 GMT

This home just had to be seen. It has both lake and mountain views. Just an all around fabulous home. It has newer carpet, paint, wired for satellite and internet, office/den, plumbed for wetbar in basement, and has a 3 car garage. Home backs to park and within walking distance to elementary school and preschool. Plus this great home has 5 bedrooms and 3 bathrooms!! Click here for more details.

Two New City Guides, Park City and Salt Lake

Mon, 04 Aug 2008 12:49:00 GMT

I am very excited to tell you about 2 new blogs that we have just started up at Aspen Creek Realty.

1) www.BuyingRealEstateInSaltLake.com

2) www.BuyingRealEstateInParkCity.com

As you have probably gathered from the website names, they are both about buying real estate in either Park City or Salt Lake. The cool thing about the sites though is that we will be posting so much more than real estate information. The posts will include current news and events, fun things to do, great deals in the area, and much, much more. Check the sites often, as we will be posting new things about our communities 2 to 3 times per week.

Housing and Economic Recovery Act of 2008

Mon, 04 Aug 2008 10:43:00 GMT

I am not sure if you heard yet, but last Wednesday, the President signed the Housing and Economic Recovery Act of 2008. There are a lot of great things in the recovery act that will surely have a positive impact on both the Utah real estate market and the national real estate market.

One of the provisions I wanted to tell you about though is a $7,500 tax credit for first time home buyers who close on a new home between April 9, 2008 and June 30, 2009. Check out this link to an article that was featured in Fox News. It provides more detail about the Recovery Act and it is something that everyone should look through even if you are not currently active in the real estate market.

You can also find more information at www.federalhousingtaxcredit.com, including a great Frequently Asked Questions page.

If you have any questions or want to start to look for your first home, just let me know!

June 2008, Utah Real Estate Sales Activity Report

Mon, 07 Jul 2008 09:39:00 GMT

A quick look back at sales activity in Utah’s real estate market in the 2^nd quarter of 2008.

Salt Lake County

Month	Number of Home Sales	Average List Price	Average Sold Price	Average % of Sale Price to List Price	Average Days On Market
April	995	$278,557	$271,387	97%	58
May	1060	$281,114	$274,237	98%	62
June	1035	$285,569	$278,063	97%	64

Utah County

Month	Number of Home Sales	Average List Price	Average Sold Price	Average % of Sale Price to List Price	Average Days On Market
April	400	$249,872	$245,019	98%	82
May	418	$255,564	$249,407	98%	75
June	368	$264,282	$258,270	98%	74

Davis County

Month	Number of Home Sales	Average List Price	Average Sold Price	Average % of Sale Price to List Price	Average Days On Market
April	318	$248,753	$244,285	98%	67
May	315	$251,273	$246,115	98%	74
June	307	$256,502	$252,378	98%	67

Wasatch County

Month	Number of Home Sales	Average List Price	Average Sold Price	Average % of Sale Price to List Price	Average Days On Market
April	14	$342,093	$328,933	96%	92
May	21	$486,924	$466,768	96%	104
June	20	$343,605	$331,898	97%	109

Summit County

Month	Number of Home Sales	Average List Price	Average Sold Price	Average % of Sale Price to List Price	Average Days On Market
April	39	$804,800	$748,940	93%	120
May	42	$633,711	$575,617	91%	134
June	34	$788,674	$734,056	93%	105

Realtors, Combatting The Foreclousure Rise

Mon, 30 Jun 2008 12:17:00 GMT

We’ve talked about in recent blogs, foreclosures here in Utah and nationally have been on the rise and seeming to effect many parts of our economy, even outside of the real estate market.

A question commonly asked by both Realtors, as well as buyers and sellers, are what Realtors can and are doing to have impact on the situation. I therefore wanted to post an article that you may find of interest.

The National Association of Realtors^® today joined officials from the Federal Housing Administration, Mortgage Bankers Association and NeighborWorks^® America to address the foreclosure crisis and its impact on American cities.

The organizations shared their insights with mayors from across the country as part of the U.S. Conference of Mayors’ annual meeting in Miami. Sen. Barack Obama, the presumptive Democratic nominee for U.S. president, and former U.S. President Bill Clinton will also address the nation’s mayors during the meeting, which runs through June 24.

On the national level, housing stimulus packages have been proposed by both the U.S. House of Representatives and the Senate, and NAR has been working diligently with Congress to pass legislation that will help stem the rising tide of foreclosures and stimulate the housing market before Congress adjourns for the July 4 recess.

Click here to read the entire article that was posted by the NAR (National Association of Realtors) on June 20^th.

Who is Fannie and Is She Related to Freddie?

Mon, 23 Jun 2008 10:59:00 GMT

Both nationally and here in Utah, the real estate market is changing and so is the mortgage market. Over the last year or so the number of Utah foreclosures have been increasing and there is always a headline about the mortgage crunch. As Utah real estate consumers, residents, and homeowners, we hear the terms FannieMae and Freddie Mac, and when listening to the newscaster or radio broadcaster talking it is easy to cloud over the details and just here the words “real estate”, “buying”, “mortgage”, “FannieMae”, and/or “Freddie Mac”. I had to laugh the other day, as my close friend and I were driving down the street and she turned to me and said, “What are they talking about? Who is Fannie and is she related to Freddie?”

So this post is dedicated to answering the question who is FannieMae and Freddie Mac.

FannieMae – It’s true name is the Federal National Mortgage Association (FNMA). It is an enterprise owned by share-holders and it is a large part of the secondary mortgage market. It’s mission is to replenish the supply of money available for mortgages and ensures that money continues to be available for new home purchases. You don’t actually borrow money from the Fannie Mae group themselves, you borrow it from the lender with the Fannie Mae guarantee. A common misconception with Fannie Mae is the government’s involvement. Fannie Mae is not backed or funded by the U.S. Government. Fannie Mae also helps finance affordable housing and community development projects.

Freddie Mac – It’s true name is the Federal Home Loan Mortgage Corporation (FHLMC). It is owned by stock-holders and chartered by Congress to increase the supply of funds that lending institutions can make available to home buyers and multi-family investors. Freddie Mac does not make loans directly to home buyers. After a borrower closes on a property or refinances their current mortgage, Freddie Mac buys those mortgages from lenders that they approve. They do this so that the lenders have a fresh supply of funds available to loan to home buyers. If a lender is backed by Freddie Mac then the available money is often considered safer than that of a non-Freddie approved lender. As with Fannie Mae this organization is not owned or funded by the US Government.

Wonderful Condo! 1808 W. Fox Bay Dr, Heber City

Mon, 23 Jun 2008 07:53:00 GMT

This beautiful condo in Heber City must be seen! This condo is located on the Jordanella Reservior and is to be sold fully furnished. It will have granite coutner tops and stainless steal appaliances. It has a lovely fenced inground pool and many other amenities. It has 2 beds and 1 bath. It is being offered at $319,900. Call for more details or visit my website for a more detailed report.

Beautiful Home! 1698 N. 450 E. 1, North Ogden

Mon, 23 Jun 2008 07:40:00 GMT

A must see home! It is a wonderful condo with a great view of the moutains. It has huge walk in closets and a beautiful master bedroom. It is complete with an outdoor patio, with wonderful outdoor lightening. It has 3 beds and 3 baths. It would be a great family condo, plenty of room, and animals are allowed. Offered at $169,500. Call for more details or visit my website for a more detailed report.

Lovely Home! 196 E. Cranberry Hill Dr, Draper

Mon, 23 Jun 2008 07:26:00 GMT

This wonderful home in Draper is a must see. It is a gorgeous home with many new upgrades. It has hardwood floors, granite counter tops, new carpet, and brushed nickel lightening. You can also enjoy a large master suit and a lovely kids play room. It has 5 beds and 2.5 baths. Being offered at $455,860. Call for more details or visit my website for a more detailed report.

Some Tips For A Buyer Considering a Utah Foreclosure

Mon, 16 Jun 2008 11:55:00 GMT

Although buying a foreclosed Utah property can prove to be a good investment, a real misconception is the amount that Utah buyers really have to pay. It is very rare for banks to sell properties at an enormous loss. Most foreclosed properties sell for about 5% below the current market level. There are some cases where you can obtain a property for 30% to 40% below current market level, but it is very rare.

A few things to consider before attempting a purchase a Utah foreclosure:

1. 1. Research, prepare, and be patient. Spend adequate time to learn as much as you can about the property. This is not a real estate investment you want to rush into. Some items you want to research:

a. Are taxes owed on the property?

b. Are there liens on the property?

c. Are there tenants in the property?

d. If a condominium, are there outstanding condo fees that need to be paid?

e. Are there any available conditions reports available? Building/Home Improvement reports on file at town hall?

2. 2. Realize that it is VERY probable that this piece of Utah real estate will require repairs resulting in the need for additional funds after closing. If someone defaulted on their mortgage because money was tight, they likely were not able to afford to keep up on general maintenance.

3. 3. If the property is bank owned, determine whether or not the bank will waive some closing costs or fees.

4. 4. Contact our local Utah Hud Office to see what they have for available properties and to see if a counselor can help you understand the foreclosure laws.

5. If you have the opportunity to inspect the property, pay to bring a home inspector or someone with similar knowledge to help you understand some of the potential issue with the Utah property.

Utah Foreclosures - Can You Avoid It?

Mon, 09 Jun 2008 11:17:00 GMT

As a continuation of our recent blog on Utah foreclosures, I am posting a few tips for homeowners to consider that may be facing a possible foreclosure on their piece of Utah real estate

1. MOST IMPORANT. Don't ignore the problem. The further behind you become the harder it will be to reinstate your loan. Once you know there is a problem, talk to a Utah HUD credit specialist and try to stay ahead and proactive.

2. Contact your lender as soon as you realize you have a problem. Many times the lenders won’t assist you in taking action until you are in default, but it is always best to see if they have any special programs available or renegotiations of mortgage rates, payment plans etc.

3. Even though it may feel a bit discouraging, it is very important to open and respond to all mail from your lender. Some may actually contain tips and advice, while others will likely contain notices about lenders taking legal notices.

4. Learn about your mortgage rights, read and know the Utah laws behind foreclosures.

5. This may seem obvious, but sometimes when people are struggling financially they overlook the obvious. Prioritize your spending. Look over your finances and see where you can cut things out which may help you stay on track with your mortgage.

6. Avoid foreclosure prevention companies. You don't need to pay fees to them, you put that money towards your mortgage.

The Salt Lake Farmer's Market - It Doesn't Get Much Better!

Mon, 02 Jun 2008 09:04:00 GMT

It is impossible to list all the amazing things about this Farmer’s Market in Salt Lake. Being a realtor in the Salt Lake area I see what kind of pull and attraction it has for Salt Lake homeowners, residents and prospective real estate purchasers. It is one of the larger Farmer’s Markets in the area and just filled with such incredible treats, produce, and plenty of “Utah atmosphere.”

A few things that stick out about the Salt Lake Farmer’s Market as well as all the others across the country.

1. Less gas getting products to market place is better for the environment and on our pockets since food that travels far tends to be higher in price!

2. Supporting our local farmers and economy. This is good for our Salt Lake area communities and our Salt Lake area real estate market.

3. Less preservation and chemicals needed on our food since we can buy fresh from the local farms. That is good for our health and our environment.

You can find more details on the Farmer’s Market in Salt Lake here.