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ON THE MARKET
Newsletter Archive
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Welcome to ON THE MARKET – March 9, 2007
A free newsletter from Hal & Jean Ward, Associate Broker and Sales Associate, Coldwell Banker Preferred Properties. www.centralutahhomes.com
Click here to subscribe.
WHAT’S NEW?
Rural Development Home Loans
Good news for first time homebuyers. The new maximum loan amount you can borrow from Rural Development (RD) is now at $193,000. RD offers direct (subsidized) loans, and transfer loans. High market prices nationwide are driving the increase in the max loan amount, up from $167,000.
But for us in Central Utah, there is some bad news attached…If you already have substantial debt, you will have a difficult time qualifying for that much money. And, the home you want to purchase must also qualify for an RD loan. That means electrical, plumbing, foundation, etc must be in good condition. Many older homes without upgraded systems won’t pass the RD inspection.
RD is also waiting for new higher income limits that may help in getting some of this year’s loans together.
The bottom line: First time buyers must have good credit, minimum debt, and a high enough income to qualify for a subsidized loan from RD. The house they want to buy must be in good condition. For more information or to apply, drop by the USDA Service Center on 300 North, Richfield. Or call 896-8250.
Who forgot to tell Richfield the real estate market is going down??
No one forgot.
Of course, we're not isolated to the news of the world. The media is filled with reports that the real estate market 'nationwide' is dropping like a rock.
So... is it doing the same, here in Richfield, Utah?
One anomaly we have consistently observed over our 25 years' involvement in Sevier County realty is: 'National market' trends are never in-sync with what is happening in Central Utah real estate.
It may help you to make wise real estate investments by keeping two absolutes in mind:
- Real estate markets always cycle. They never stay the same for long periods of time. Any given market area is continually responding to economic factors -- some local, some nationwide and eventually, global.
- Local economics will affect local markets differently, regardless of what is happening in the larger, national market.
What goes on here in Richfield that will influence the area's realty market prices? What should we expect this spring? ...later this year? ...and beyond?
If you would like to get our current newsletter -- free, with new Spring 2007 predictions -- email us today!
We'll put you on our preferred list to answer your questions, read our projections for the new Spring 2007 real estate market, tell you how to stay ahead of the market curves, and much more!
Sign up for free email newsletter about the Central Utah Real Estate market
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