1 Year with brokers license

So today, I was looking for a vocabulary sheet for a new agent and I noticed that 1 year ago this week I did my brokers license. I thought that was pretty cool. I have enjoyed being a broker and the additional knowledge it has given me. 

2009 Tax credit

Here is an more detailed update on the 2009 tax credit for $8000 and $6500 tax break. 

http://www.teamteasdale.com/2009taxbreaks.aspx 

Market re-cap

Its been too long since I posted on here. I want to write a quick note about the market and how its been going.

July and August is usually our biggest sales months of the years. However this year, September has been our biggest month so far. Listings that have been on the market for over six months we were able to put under contract.  As we entered October, buyers were worried they would miss out on the New home buyer tax credit of $8000. This started a run on the homes under $250,000.

Now a new Tax credit passed by the government. The $8000 tax credit still exists with income amounts raised to $125,000 for an individual and $250,000 for married couple. It also added, a new tax break which will be amazing, its going to be $6500 for existing home owners that have lived in their previous home for at least 5 Years. I believe buyers were using the $8000 credit as down payment so now existing owners should be able to use the $6500 in the same way.

Prices are beginning to stabilize and have the ability to stay strong throughout the winter. According to the division of real estate as of September there are less homes on the market. This is great news because it helps prices stay strong. 

Positive news from KSL

Existing home sales rise along parts of Wasatch Front, dip in others
August 25th, 2009 @ 3:40pm

SALT LAKE CITY -- Sales of existing homes in a five-county area along the Wasatch Front increased 4 percent last month compared to July 2008, according to a new report from the Utah Association of Realtors. 

However, the report shows the median home price was down 6 percent compared to July of last year. 

The report includes Salt Lake, Utah, Davis, Weber and Tooele Counties. Utah County saw the largest increase while Tooele County had the largest decrease. 

Existing home sales 
Salt Lake County up 4.19 % 
Utah County up 21.72 % 
Davis County 0% increase/decrease 
Weber County down 13.35 % 
Tooele County down 15.07% 

It's the second month in a row the number of home sales for that area has increased. 

The numbers mirrored figures released by the National Association of Realtors last week that said U.S. home sales were up 5 percent in July compared to July 2008.

Positive Stats from UCAOR

Comments from the UCAOR.com

With continued national reports of a strong economy and our community as a prefered place to locate a business, continued strong demand, and federal and state incentives, sales rose 42 percent. I have to go all the way back to Aug of 2007 to find a month as strong as June. I am confident that UCAR members will receive this news as nothing as a welcome sign of what we have know all along, that Utah County is a great place and now is a great time to buy.

New Freeway to Eagle Mtn!

For the past 10 years there was always a constant rumor about a freeway out to Eagle Mountain. In the past few years those rumors were even talks of fancy floating bridges across the lake, all sorts of wacky ideas were swirling about! Well, last night I was reading the news and lo and behold I came across an article about construction having to stop while they waiting for a hawk that was nesting. Well that led me to here and I was like WHAT!!! the rumors are true! They are building a new freeway. So it looks like a Bangerter Hwy type road 7 lanes into Saratoga Springs. It appears to come out to Redwood Rd, just south of Pony Express Pky. That will cut the commute of hundreds of people heading in and out of that area by a significant amount. No more driving 10 miles an hour through Lehi main street. According to Udot's website the expressway will be partially finished in fall 2009 and connected to the freeway in 2010. I am excited for everyone out in that area because I believe that will help property values. My buyers biggest complaint is that the only way out there is to drive through Lehi Main and it gets so congested.

Dave Teasdale.
Team Teasdale Realty
www.TeamTeasdale.com

I posted this on my site but I also wanted to post it here in case anyone missed it.
http://www.teamteasdale.com/Utah_News.aspx
Utah Economic News From May 5th 2009

I was reading the UCAOR news and I ran across this information and I really wanted to share it.

"Let us have an appropriate perspective, particularly here in Utah."- Gary Herbert - Lieutenant Governor, State of Utah

The following highlights some of the good things about Utah and Utah County:

Home Foreclosures
Utah's foreclosure rate (1.4%) is less than half the national rate (2.9%). Utah homeownership rate is 4th highest in the nation. Four states (CA, FL, AZ, NV) account for approximately half of all foreclosures. During the Great Depression foreclosure rates neared 50%

Bank Failures
According to the FDIC, there have been a total of 28 bank failures in 2007 and 2008. In recession-free 1988-89, there were 1,004 failures. Since the Great Depression, the average number of bank failures per year has been 94.

Mortgage interest rates
Currently at 5% for 30 year fixed rate mortgages. Business mortgages have doubled because of low interest rates.

Housing
Bargains are bringing buyers back to the market. The number of existing homes sold in February rose 13% from the previous month. In the West homes sales surged 13.6%.

GOED
The Governor’s Office of Economic Development has more than 120 companies in active discussions with the state about moving or expanding in Utah.

Utah Exports
International exports from Utah during the first three quarters of 2008 was $8.1 billion. Over 50% higher than the value during the same period last year. This rate of growth ranks 4th among all states.

Unemployment
4.3% Utah (U.S. 7.2%) –Dec. 2008. During the Great Depression unemployment was 25%

More Great News
1. Utah unjoys a AAA Bonding Rating. This rating saves taxpayers money on interest costs.
2. Utah Best Managed State—Pew Research Institute
3. Provo ranked #1 as Money Magazine Best Small Cities in 2008
4. Year-over job change in Utah was –1.9% in December 2008
5. Energy and Natural Resources had 7.2% positive growth in December and has potential for continued growth.
6. Population in Utah continues to grow. Utah's population was an estimated 2,757,779 on July 1, 2008 - up 58,225 or 2.2% from July 1, 2007. Net in-migration in 2008 was 16,648, or about 29% of total population growth.
7. Mineral Lease Money has increased by 109% since 2005
8. Tourism at Zions National Park hit 2.7 million in 2008, setting a new record for Zions.
by Taylor Oldroyd Ucaor President