Friday, July 27, 2012

Median home price in Salt Lake rises for first time in 5 years

Median home price in Salt Lake rises for first time in 5 years The Trib is reporting that prices are going up. It seems like old news to me especially in the Utah county area. Lehi has been pushing up really hard the last few months. Lehi has had 195 sales to date and with Adobe coming in and the "spy center" I think things are looking great for this area. The Lehi, American Fork, Eagle MT/Saratoga area all have so many positives and Highland as well.

Thursday, July 26, 2012

Ever Thought of Buying a Rental?

Ever thought about becoming a real estate investor? Have you ever considered the benefits of owning and renting homes? The Utah market is very hot and especially the Lehi, Highland and American Fork areas. They have the benifit of pulling from the Salt Lake and Provo market. I have many clients who love the idea of investing but hate the idea of being a landlord. That is OK it is not for everyone. In my experience being a landlord is not as bad as most expect. I think people hear horror stories and think that every rental situation will be bad. To me there is risk in owning multiple homes but I feel like the reward far outweighs the risk. I have detailed some of the biggest rewards below. 1- Let someone else pay towards your financial future! Donald Trump and so many Americans have become very wealthy by being real estate investors. I think the biggest reward of owning investment properties is that someone else is securing your future. Think about every time you receive a rent check that tenant is making a payment towards your future. I look at owning investment homes as a long term plan, and that plan may not materialize for 15 years or it may be 30 years but at some point that home will be paid off and you will have a golden goose that pays you every month. Robert Kiyosaki author of “Rich Dad Poor Dad” said it this way. The moment a person knows how to make money out of nothing or with other people’s money or a bank’s money, they enter a different world. It’s a world almost an exactly opposite the world of those in the Employee and Self-employee quadrants where they experience hard work, high taxes, and low returns on investment. 2- Tax Benefits Interest- is often a investors single biggest deductible expense. Common examples of interest that investors can deduct include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity. Depreciation- The actual cost of a house, apartment building, or other rental property is not fully deductible in the year in which you pay for it. Instead, investors get back the cost of real estate through depreciation. This involves deducting a portion of the cost of the property over several years. Repairs- The cost of repairs to rental property (provided the repairs are ordinary, necessary, and reasonable in amount) are fully deductible in the year in which they are incurred. Good examples of deductible repairs include repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows. 3- Cash Flow
I had a client who just purchased this home in Lehi. They bought it for $219,000! It is a great looking home I think and it has some very nice upgrades on the inside and out. The best part is my client rents it right now for $1650! So let’s say you financed this home at a 4% interest your principal and interest would be $1,045. So there would be some decent cash flow! I have to believe 15 years from now rent will be higher than $1,650. As inflation rears its ugly head and everything continues to rise, including rents. Your payment will stay the same. Let me know if you are interested in getting into the investment market. Investors are making a ton of money and setting themselves up for future earnings. There are some amazing deals out there, rates are amazing. There are a lot of good capable renters who are willing to pay the going rate. People have been beat up with foreclosures and bankruptcies and some people are not able to get loans. I also find a lot of people are moving into Utah because the economy is so strong and many of those people are not interested in buying. Please call anytime with questions 801-722-5202 or visit my website www.gregadamson.com

Thursday, July 19, 2012

3 Tips For New Home Buyers

Three Aspects of Buying a Home
This content is courtesy of Dottie Herman, the CEO and President of Prudential Douglas Elliman, hosts a radio show every Saturday morning at 10am, called Eye on Real Estate. Recently she discussed the “3 Most Important Aspects to Buying a Home.” Are you a future homeowner looking for new real estate? Have you been saving for years and now think you are ready to take the plunge into the housing market? Are you ready to own your dream home within your budget? If you have answered, "yes" to any or all of these questions, then you may feel overwhelmed even though you are ready to begin the house hunting process. Let real estate expert Dottie Herman guide you all the way through the process. With years of experience as CEO of Prudential Douglas Elliman, Dottie knows the ins and the outs of this fierce system. She shared her insights on buying a home on her recent radio show "Eye on Real Estate." And now you can tune in to her tips, too. Dottie offers three key tips for buying a home -- setting a budget, doing your homework, and hiring a real estate agent. Get started with Dottie's advice today! Set a Budget You need a price range before you start looking. This not only protects you from setting your heart on a house that you cannot afford, but it prevents you from being able to embrace the full process. It also keeps you out of financial hot water. Have a low and a high range, so that you know what you are comfortable with what you are ultimately paying for a house. Herman emphasizes, “Cost and value are not what the price of the home should be or shouldn’t be," Herman advises. Based upon the features you want in a home, you may be willing to pay more or less for a specific home. “Price is what the home should be worth today. But sometimes people don’t price it right, so what you really want to look at is fair market value”, Herman says about determining if a property is priced correctly. Do Some Homework Get out there and see your potential neighborhood! Compare the specs and the listing prices of similar homes in the neighborhood. Then compare those homes with similar ones that have sold in the recent past. By comparing and contrasting, you will be able to determine whether you think the price for the home that you want is fair. Get inside the home and survey it. Take notes on the flaws and the features of the home. This may give your negotiating room later. Hire a Broker Hire an agent as soon as possible. A broker will help guide you through the process form start to finish. He or she also will help guide you through the bidding process, will tour the home with you, and will give you information on the neighborhood and house history. Your broker is there for you and is ethically responsible to be your advocate. So pick a broker you have good communication with and get started on a neighborhood tour. Your broker will guide you all the way through! For more information about getting into a home call Greg Adamson 801-722-5202 or visit his website 24 hrs a day at www.gregadamson.com

Starting to See A lot More Picasso Homes

In the Lehi area it seems like home building is going crazy. In Lehi city building permits that have been issued has gone up. Same is true for Saratoga Springs, Eagle MT and Highland. Every where you look new holes are dug and frames are shooting up. It seems like the trend nationally is also an up swing. It is good to see. To me new homes are so important because it gets a lot of different professions involved from the framer to the plumber lots of jobs are created and families supported. I work with a couple different builders but one that seems to be doing a great job right now is Picasso Custom Homes. Owner Steve Peterson has been in the business for over 20 years, he knows how to build a house. A couple things I really like about Steve is he is so customer driven. He works so hard to keep clients happy. Another thing I like is he is very involved when you build with Picasso the owner is your guy. You do not get passed to a superintendent who then passes you on to a warranty guy. Steve is on site and all questions go through him. One thing you will never hear from him is let me ask my boss! Picasso has thousands of plans, and even if you do not like one that they offer do not worry. They have software that you can set down with a house plan and on the computer you can move walls around or tweak things in the house plan. They do all that free of charge. If you want more information about Picasso feel free to call me or visit their website www.picasocustomhomes.com Tell Steve I sent you.

Monday, July 16, 2012

Why Rent? Buy in Utah And Save Money!

We as agents have been seeing this for quite some time. Those who are staying in the rental market are paying a much higher price. With rates at record lows land lords are doing very well on rent. This is great news to those who have rentals but bad news to those who are not buying for whatever reason. I came across this article below in the Deseret News and found it to be very true. Another Reason to Buy a Home Even with mortgage rates at record lows and low home prices, many people are choosing to not buy homes. But now rent prices are on the rise, according to the website cnnmoney.com. Rent in the U.S. has gone up by an average of 5.4 percent over the last 12 months, according to real estate website Trulia. The price to rent has gone up as a result of potential homebuyers not qualifying for mortgages and homeowners who lost their homes to foreclosure, according to the article. Asking prices on homes have risen by 0.3 percent in the last 12 months, according to data from Trulia. While that's the fourth increase in five months, the gains are small compared to the rise in rental rates over the last year. "With rents rising faster than prices in most markets, buying is getting even more affordable relative to renting," Trulia's chief economist, Jed Kolko, told cnnmoney.com. Please call me if you have any questions about real estate the market is very good right now especially Investors who are buying in the Lehi, American Fork or Highland areas. Call anytime 801-722-5202 or visit my website www.gregadamson.com

Monday, June 28, 2010

Vote for Heart 2 Home on APX Gives Back!

Thanks to Stacey Moncrieff and Realtor Magazine for this nice article on the APX gives back award! Heart 2 Home could win $100,000. Please go to Face Book and vote.
follow the link below.
http://www.facebook.com/#!/apxalarm?v=app_121215224555298&ref=ts

By Stacey Moncrieff, editor in chief, REALTOR® Magazine


Want to help a wonderful charity win a $100,000 grant? Utah-based Heart 2 Home Foundation is one of 75 finalists in a Facebook contest being sponsored by APX Gives Back. Through the contest, you cast up to one vote per day for the nonprofit of your choice. The Heart 2 Home Foundation was co-founded by 2009 Good Neighbor Award winner Greg Adamson. Heart 2 Home remodels and rebuilds houses for needy households. The work is expensive (i.e., constant fund-raising is imperative), but the results are awe-inspiring.

The sponsoring organization, APX Gives Back, will donate $100,000 to the eligible charity receiving the overall most votes during the voting period. Voting started June 15 and runs to Aug. 21. Five regional runners-up, those receiving the most votes from each region after the overall winner, will be awarded $30,000 each.

One important note: APX Gives Back is a charitable offshoot of APX Alarm, a company that installs home monitoring systems. When you visit the APX Gives Back Facebook page, you must first click on “Like.” Then, when you click on the button to begin voting, you’ll see a pop-up message that says your profile, photos, and friends will be shared with APX Gives Back. That alarmed me (no pun intended). So I spoke with a company representative, Stuart Dean, who assured me that my info wouldn’t be used to market alarm systems to me and my friends! It’s a Facebook functionality, he explained, that allows APX Gives Back status updates to appear when you vote.

The 75 nonprofits that made the APX final voting are categorized by region. You’ll find Heart 2 Home in the Mountain region, and voting is literally done with the click of a button. Thanks for considering this easy, worthwhile daily task! Cast your first vote!

Friday, November 6, 2009

Utah County Home Buyers, Tax Credit Extended

Good News Home buyers! If you were not ready to buy, waiting for a short sale or just dragging your feet there is good news coming from Washington. The House of Representatives has voted to pass legislation extending the home buyer tax credit until April 30, 2009.
Last night the Senate voted 98-0 to pass the legislation. Next the bill will head to President Obama to be signed into law on Friday.

While the bill extends the $8,000 tax credit for first time home buyers, it also makes available a tax credit to homeowners who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500.

Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively. Above those limits there are diminishing credits available.

Housing interests, especially the National Association of Home Builders and the National Association of Realtors, has pushed strongly for the extension and the Obama administration has also lobbied heavily for its passage.