Interest rates on mortgages are historically low, but we keep hearing that rates will be going up. Why? As of March 31, the Fed will stop purchasing mortgage backed securities (MBS). According to Marvin Goodfriend, formerly of the Federal Reserve Bank of Richmond, it’s an experiment. The Feds are hoping the economy is strong enough, and investors confident enough, that … [Read more…]
Salt Lake fourth quarter sales numbers were up more than 40% compared to the same quarter of 2008. You might wonder how much of the increase was due to the first-time homebuyer tax credit. Of 3,080 sales, 1435 (47%), were under $200,000. During the same period in 2008, there were 2186 total sales and 814 … [Read more…]
The Alfred Asper house is on Fern Avenue in the Marmalade Historic District. It was built in 1894. Its style is Victorian Eclectic (note the long, narrow windows) and it is a T-Cottage, a variation of the cross-wing form in which the two wings form a T. What I like about this house is that it is turned sideways … [Read more…]
Cottonwood Heights (zipcode 84121) is one of a very few areas on the Salt Lake City front where prices aren’t dropping. The median selling price for a single family home in the 4th quarter of last year was $312,000, up by $18,000 from the 3rd quarter stats. In fact, 84121 sales prices have been increasing steadily over the … [Read more…]
Opportunity abounds in West Valley City. Sales prices are down throughout Salt Lake County, but particularly so in West Valley. From a peak of $193,000 in 2007, the median sales price for a home has slid 15%. Stats from the 4th quarter of 2009 show the average home selling for $165,000. This is not good news if you’re … [Read more…]
In 2007, at the height of the real estate market, you would have paid $197,000 for the average West Valley City home. By the end of 2009, you could have bought the same home for $165,000, a drop of 15%. This outpaces the numbers for Salt Lake County as a whole, which saw a 13% decrease … [Read more…]