A Look Back at the 2011 Real Estate Market

A housing economist recently noted that all our real estate market really needs to right itself is six straight months with no surprises. All the ingredients for a turnaround are there – record low interest rates, outstanding affordability, and very attractive home prices. But economic and political headwinds at home and abroad kept the market from really gaining much momentum this year.

To be sure, 2011 was anything but predictable. On top of the tepid economic recovery here in the U.S., there was one crisis after another around the world – the Japanese Earthquake and Tsunami, the “Arab Spring” uprising, a spike in oil prices, political standoffs on Capital Hill, the debt limit ceiling and downgrade of U.S. debt, and most recently the sovereign debt crisis in the eurozone and the subsequent stock market volatility here at home.

But there was reason for encouragement for our local housing market. Utah’s real estate market did show some positive signs of rebounding this year despite skittish consumer confidence and the sluggish economy.

Existing home sales along the Wasatch Front in October – the most recent figures available – surged 34 percent in October compared the same month a year ago, according to the Salt Lake Board of Realtors. Through the first 10 months of this year sales were up a solid 8 percent compared to the same period in 2010.

“Utah has been somewhat isolated from … the market downturn,” DeAnna Dipo, president of the Salt Lake Board of Realtors, told the Salt Lake Tribune recently. “And now our unemployment rate is going down, which is probably the biggest factor behind the sales increases that we’ve been seeing lately.”

While sales did move higher this year, prices still remained soft. The median single-family home price in Salt Lake County fell to $196,000 in the third quarter, down 15 percent from the same period last year and off 23 percent from the peak of the market in 2007, according to the SLBOR. Other Wasatch Front counties also saw the median decline.

Distressed home sales
One of the reasons for the increased number of sales and declining median price is the mix of home sales continues to tilt toward the low end of the price range. Entry level homes and distressed properties continue to be the lion’s share of transactions in many areas as bargain hunters rush to take advantage of attractive prices and, of course, low interest rates.

One trend we’ve noticed of late is a drop in the number of bank-owned properties that are listed for sale and an increase in short sales. The reason may be that government regulations and controversies over “robo-signing” have kept more foreclosures from coming on the market. As banks put the robo-signing debacle behind them, we may see more REO properties released in 2012.

While the release of additional distressed properties could keep prices of all homes down in 2012, we suspect that strong demand by investors for these homes will probably keep prices from falling much further. We’ve seen multiple offers for many bank-owned properties, sometimes all cash offers, as investors snap up what they believe to be great bargains.

Non-distressed mid-market
Homes that are somewhere between distressed and luxury properties – the bulk of the market here in Utah – probably were the most challenged in 2011. One big reason for the softness is that we didn’t see very many move-up buyers trading their entry-level homes for larger, more expensive properties as they have traditionally done in the past.

Equity homeowners stayed on the sidelines, perhaps due to a lack of confidence in the housing market and the economy in general. They may have been frightened away by doom and gloom news headlines about the housing market, or maybe fear over whether they might lose their job should the economy stumble again.
This uncertainty and lack of confidence, I suspect, will continue to some degree into 2012 until there is more positive improvement in the economy.
But as we approach the new year there are glimmers of hope that the housing recovery could finally gain some traction.

Gradually we’re seeing fewer distressed sales and more “normal” transactions. The high-end market had a solid year in 2011, which is a good sign for the entire market. In the past, luxury homebuyers – the so-called “smart money” – are often the first to declare a market bottom and jump back in because they have the means to do so once they are convinced the time is right. The other segments eventually follow.

Buyers are far more active right now and that, coupled with tight inventories, is helping to firm up pricing while getting serious buyers to be a little more realistic when making offers–especially in the entry-level arena. Properties priced correctly and that show well are getting a tremendous amount of traffic as well as multiple offers in some cases.
Additionally, we are finally seeing many banks starting to process short sales in a more streamlined fashion, allowing us quicker short sale approvals.

Finally, the news media are starting to join the chorus suggesting a turnaround is near and that now is the time to get back into the housing market. A recent Fortune magazine article declared, “Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.” And The Wall Street Journal followed with a headline declaring, “It’s Time to buy that House.”

So will 2012 usher in a steady, predictable economic recovery at long last or another wild rollercoaster ride of economic and political surprises? Only time will tell how it all plays out. Fasten your seat belts!

Source: Reality Check, entitled Economic and Political Headwinds Impact Housing Market in 2011

The Perfect Holiday Gift: A Down Payment?

The Perfect Holiday Gift: A Down Payment?

More families may be feeling a little extra generous this holiday season and are offering loved ones help with a down payment on a home.


Coming up with the down payment has become a major obstacle to home ownership, according to a survey by Trulia from September. The survey found that 51 percent of 758 renters surveyed said coming up with the money for a down payment was what was preventing them from buying and 36 percent said qualifying for a mortgage was holding them back.

But with the holiday season approaching, some lucky family members may find a down payment gift under the Christmas tree.

However, if giving a down payment gift, gift givers must remember that “under federal tax law, each individual is permitted to give away money or valuables worth up to $13,000 to a single recipient in a calendar year,” according to an article at The New York Times. “A married couple could jointly bestow up to $26,000 a year per recipient.” Anything above the maximum annual exemption could be considered a taxable gift and must be reported to the IRS.

Source: “Help With a Down Payment,” The New York Times

http://www.debbiecheney.com/

Winter-Selling Tips for Overcoming the Gloom

Winter-Selling Tips for Overcoming the Gloom


Selling a home in the cold, dreary winter months may not be ideal but there’s still plenty you can do to get a home to standout.




“Buyers out looking at homes in December or January are, as a group, quite serious about buying,” Laura Ortoleva, a spokesperson for the RE/MAX Northern Illinois, told RISMedia. “Therefore, sellers tend to benefit because each showing is more productive, and fewer showings are needed to sell the property.”


RE/MAX agents offer some of the following tips when selling a home in winter in a recent article at RISMedia.


Turn on the lights: Counter winter’s cloudy and short days by turning on all of the lights in a home for each showing. “Also, it’s a great idea to keep the lights on in the front of the house even if no showings are scheduled,” says Marlene Granacki of RE/MAX Exclusive Properties in Chicago. “People are always driving past the house, and keeping it lighted makes it look happy and welcoming.”


Have a place for shoes: Prospective buyers may arrive at the front door with shoes coated in snow or salt. “Make it easy for buyers to deal with their shoes when they arrive,” says Barbara Hibnick of RE/MAX Showcase, Long Grove, Ill. “Put a festive area rug at the front door for a great first impression and so visitors can wipe their feet. Have slippers or disposable booties available, along with a bench or chair, if there is room for one, where a visitor can sit and easily remove or put on their boots.”


Watch for odors: Homes can get stuffy in the winter. “Pet odors can be especially worrisome in winter,” says Mike Mondello of RE/MAX Synergy in Orland Park, Ill. “Use a room fragrance if needed, but nothing too strong, and I recommend that in winter sellers clean more often.”


Don’t make it too toasty: “Don’t blast buyers with hot air,” the RISMedia article notes. Keep the temperature at a comfortable 65 degrees during your showings (although keep in mind that a comfortable temperature for your thermostat can vary form house to house.) Potential buyers will most likely be wearing their winter coats when they tour the house so no reason to make them sweat.


Source: “10 Ways to Get the Best of Winter When Selling Your Home,” RISMedia

http://www.debbiecheney.com/

Real Estate and Social Media

How one dumb tweet can cause a real-estate #fail



As people share more personal info online, experts warn not to say too much about a real-estate deal until it's completely done.


by Marilyn Lewis of MSN Real Estate


Pity the poor Tiburon, Calif., homebuyer who shared her real-estate triumph too soon on Facebook. The post went something like: "Found our dream house!" and she named a coveted neighborhood where she'd long been shopping.


"She didn't think anyone but those in her own network, which was quite small, was listening," says Ginger Wilcox, who was her real-estate agent. "Unfortunately, a friend saw the post and shared it with a pal who was looking in the same neighborhood."


The friend of the friend moved quickly. She tracked down the listing and offered more money, snatching the home from under the Facebook poster, who later learned through the grapevine how she'd shot herself in the foot with her post.


The Facebook poster did, eventually, buy another home. This time, she was discreet until the deal was done, Wilcox says.


Wilcox, head of agent training at real-estate website Trulia, uses the story to warn salespeople to tell their clients not to share deal-killing personal details on Facebook, MySpace or Twitter.


Social media are embedded in many people's lives. But as of now, most homebuyers, sellers and real-estate agents are using these sites just to comment and report on their experiences and feelings.


[Click here for the rest of the article]

www.debbiecheney.com

NEW! RealSearch App

I now have my very own Real Estate app....
Have you ever been driving through a neighborhood and wanted to know which homes were for sale and what their price was?   Have you ever wondered how much homes in your area are selling for? 

Well, I have the answer....on your smart phone go to this link: http://agentmobile.mobi/?ccid=322.  Bookmark it on your phone and start searching. Or send a text to 35620, keyword is Debbie Cheney...download the app. 

No more trying to find a website to go to...it will be on your phone!  It is wonderful, so share it with everyone you know!

www.debbiecheney.com

Tax Credits - Get 'Em Before They're Gone!

Home Energy Efficiency Tax Credits to Expire Dec. 31

Home owners may be able to take advantage of several tax credits for energy efficiency home improvements from this year. But they need to hurry: The tax credits are set to expire Dec. 31, and Congress has yet to renew them for 2012.

“Making efficiency improvements this year will lower home energy bills and improve home comfort for years to come, while also reducing 2011 federal income tax bills,” Kateri Callahan, president of the Alliance to Save Energy.

The allowance for the tax credits that home owners may be eligible for include:

•10% of the cost of insulation and sealing materials, exterior doors, and certain types of energy efficient roofs.

•10% of the cost, up to $200, of exterior windows or skylights.

•$300 for electric heat pump water heaters, electric heat pumps, central air conditioners, biomass stoves, and natural gas, propane, or oil water heaters.

•$50 for advanced main air circulating fans.

•$150 for natural gas, propane, oil furnace, or hot water boilers.

For more information about applying for these tax credits, visit the Alliance to Save Energy Web site.

Source: “Last Call for Energy Efficiency Homeowner Tax Credits,” RISMedia

Low Mortgage Rates Keep Housing Affordability High

Great News:

Low Mortgage Rates Keep Housing Affordability High

from REALTOR®Mag  Daily Real Estate News

Friday, December 09, 2011

Mortgage rates continued to be near record lows this week, keeping housing at affordable levels for most households.
 
"Thirty-year fixed-rate loans have declined 0.62 percentage points from a year ago, and median sales prices on existing homes are off 4.7 percent in the year ending with October,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. “These low rates and home prices have pushed housing affordability to record highs this year.”

Monthly principal and mortgage interest payments accounted for 12.6 percent of a median family incomes in October, Nothaft notes. For the sixth time this year, the National Housing Affordability Index reached another all-time record high, according to the National Association of REALTORS®.

Here’s a closer look at mortgage rates for the week ending Dec. 8.

•30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, down from last week’s 4 percent average. A year ago, 30-year rates averaged 4.61 percent.

•15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.8 point, just slightly above the all-time low of 3.26 percent it reached on Oct. 6. Last year at this time, 15-year rates averaged 3.96 percent.

•5-year adjustable-rate mortgages: averaged 2.93 percent this week, with an average 0.5 point, ticking up slightly from last week’s 2.90 percent average. Last year at this time, the 5-year ARM averaged 3.60 percent.

•1-year ARMs: averaged 2.80 percent this week, with an average 0.6 point, edging up slightly from 2.78 percent last week. A year ago, 1-year ARMs averaged 3.27 percent.


Source: Freddie Mac

http://www.debbiecheney.com/

Weather Damage and Homeowner's Insurance

Recently Northern Utah has suffered damage from high winds.  This might have you thinking about your current homeowner's insurance coverage.  If not, here's an article from Yahoo News that might encourage you to do so...

"A storm can do a lot of damage to a home; whether from wind, snow, hail, lightning or any other weather danger. InsuranceHotline.com reminds consumers to be aware of what is covered under a homeowner’s insurance policy and what is not – as well as the steps each homeowner should take to reduce the chance of weather related damage.

Toronto, ON (PRWEB) December 07, 2011

From winter’s blizzards to summer thunderstorms, the weather can wreak havoc. Some of the most common weather damage claims involve missing shingles, toppled trees and water damage from rain or melting snow. Not every weather damage claim will be covered under the standard homeowner’s insurance policy, however, so it’s important to know the difference.

What Is Generally Covered Under Standard Policies

The coverage under any homeowner’s policy depends greatly on the type of policy that has been selected. The most comprehensive policy in the market will likely provide coverage for the following types of weather damage, with some caveats:

• Lightning

• Wind and Hail (exterior damage only unless the weather caused an opening in the home)

• Damage from Falling Debris (including trees and branches)

• Water damage from rain, only if the storm was responsible for allowing water to enter the home

Remember that damage to the contents of the home is only covered if the policy includes contents coverage; it is important to consider this when shopping for a home insurance quote.

Optional Coverage and Uninsurable Perils

Standard homeowner’s policies do not provide coverage for certain weather related perils; these include preventable issues or maintenance issues and certain predictable weather related items. Homeowners will require optional coverage for earthquake damage. This is separate from standard home insurance because it is a peril specific to the area in which the home is built.

Some items are considered uninsurable perils – this means that there is no coverage available for these items under any policy. These are items considered preventable by homeowners and include:

• Freezing of pipes and resulting damage

• Snow melting or movement

• Landslides

• Water damage for water entering the home due to poor maintenance

Taking Action to Prevent Weather Damage

There are steps homeowners can take to reduce or avoid weather damage. “It is always the homeowner’s responsibility to take action and keep their home as safe as possible,” reminds InsuranceHotline.com’s Tammy Ezer, “Not all weather damage can be prevented, but everyone can reduce the risks.” A home can be kept safe from some types of damage by:

• Taking appropriate steps to prevent pipes from freezing especially in cottages not in use

• Clearing away snow build-up from roofs and areas where snow slides might take place

• Keeping roofs in good condition to stand up to stormy weather

• Awareness of specific dangers in the area where the home is located, such as bodies of water that could flood, and taking appropriate measures

Prevention is always a better choice than filing a claim and having to make repairs, so homeowners should take steps wherever possible to avoid weather related damage. While a storm cannot always be predicted, potential areas of damage can and preparing for stormy weather is the best way to avoid a claim. When comparing home insurance quotes, it is vital that consumers ask about optional coverage and uninsurable perils on the policy."


www.debbiecheney.com

Keeping Your Home Safe For the Holidays (and the rest of the year)

'Tis the season to protect your home from those Scrooges known as burglars. According to HomeSecurity.us, "Most homes are extremely vulnerable to burglaries during the December holidays. The reason for this is simple – families may be traveling or away for long periods of time and homes are usually filled with high value items. However, this in no way means that robberies and burglaries do not happen during other months. According to data from the FBI, insurance companies, and burglar alarm companies, burglars are active pretty much throughout the year...

...Since holidays and vacations are boom time for burglars, it is important that homeowners take preventive steps to protect their house and belongings. Simple steps such as informing close friends or a trusted neighbor and having them keep an eye on the house, notifying the local police about your absence, canceling the newspaper and having an automatic timer for the lights may prove to be deterrents for burglars on the prowl. In addition, one can ask someone to mow the lawn and pick up the mail as well to avoid giving the impression of an empty house."

Check out their whole list of "Tips To Keep Your Home From Being Burglarized".


And here are 10 Quick Security Tips from The Burglary Prevention Council (BPC), "a national organization dedicated to the prevention of residential burglaries":


1.  Keep all doors and windows closed and securely fastened. An open window or door is an open invitation for burglars. Thieves are also quick to spot weak locks that may be easily forced open. Doors should have deadbolt locks with a one inch throw and reinforced strike plate with three inch screws. All windows should have window locks.

2.  Secure sliding glass doors. Place a metal rod or piece of plywood in the track and install vertical bolts. These will help prevent burglars from forcing the door open or lifting it off the track.

3.  Always lock the door to an attached garage. Don't rely on your automatic garage door opener for security.

4.  Create the illusion that you are home. by using timers on lights, radios and TV's. Making your residence appear occupied, even when no one is home, will deter criminals.

5.  Keep the perimeter of your home well lighted. Installing low voltage outdoor lighting is a cost-effective way to discourage intruders, as well as highlight a house.

6.  Never leave clues that you are away on a trip. Have a trusted neighbor collect mail and newspapers while you are away so delivered items do not accumulate. You can also ask a neighbor to park in your driveway or parking place to make it appear that you are present.

7.  Keep some shades and blinds up and curtains open to maintain a normal, everyday appearance in your residence.

8.  Never leave a message on your telephone answering machine telling people that you are away from home. A message that you will return at a certain time leaves your home vulnerable in the interim.

9.  Keep shrubbery trimmed away from entrances and walkways. While large, ornate hedges may be beautiful, they also provide a hiding place for burglars who need only a minute to break in through a window or door.

10.  Organize a community watch program to protect your neighborhood. An alert community is a safe community.

Buying a Home in College Towns

Last year, I posted about parents opting to buy homes in college towns rather than paying for dorms or rent. 

As I pointed out then, Utah is home to many college towns, from the north of the state to the south.  If you have any interest in investing in a home in one of these areas, contact me, I'd love to help you make it happen.

       
Here is 2011's report:

COLDWELL BANKER REAL ESTATE REPORT FINDS INCREDIBLE VALUE IN COLLEGE TOWN LIVING



College Home Listing Report Ranks Average Listing Price of Three-Bedroom Homes in College Town Markets


PARSIPPANY, N.J. (Nov. 15, 2011) – Coldwell Banker Real Estate LLC today released its 2011 College Home Listing Report (College HLR), which ranks college towns across the country in home affordability. The report provides the average home listing prices for three-bedroom, two-bathroom properties that were listed for sale on coldwellbanker.com between August 2010 and August 2011 in markets home to 117* of the 120 schools in the Football Bowl Subdivision. According to the report, three-bedroom homes cost less than $200,000 on average in nearly two-thirds of the college towns included (76 markets) and less than $150,000 in nearly one-quarter (26 markets). In the most affordable market, Memphis, Tenn., (home to University of Memphis) the average listing price of a three-bedroom home is $89,244. The full ranking is available at hlr.coldwellbanker.com.

“I love the College Home Listing Report, because it highlights the amazing affordability of the college towns that define the fabric of America,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets.”

Gillespie can speak first-hand about the benefits of buying a home in a college town, having purchased a townhouse in Champaign, Ill., home to his alma mater, the University of Illinois. “I am a huge fan of the culture and events, and found this to be a wonderful investment and an excellent spot for my family when we come to see the Fighting Illini in action,” Gillespie said. “In Champaign, a three-bedroom home currently lists at an average of $178,310, which is remarkable considering its unbeatable Midwestern charm and location.”

Local Testaments to College Town Living

Big and small, affordable or more expensive, many residents and community members attest to all that college towns have to offer. For example, Evanston, Ill., home to Northwestern University, comes with a higher price tag, where an average three-bedroom home listing price is $385,540, but many say it is worth the cost.

“Evanston is a great community on the lakefront, just north of Chicago,” said Cornelia Steffes, manager of the Coldwell Banker Residential Brokerage, Evanston-Central office. “We have easy access to Lake Michigan, beaches and water sports. Plus, we have fabulous arts and culture, festivals and dining, sports and leisure. It is truly a world-class city in a world class location.”

Other iconic college towns such as Madison, Wis., home to the University of Wisconsin (where a three-bedroom home’s listing average is $221,100) and Gainesville, Fla., (University of Florida, $192,055) are known for both their college town spirit and affordability.

“One reason Madison is such a great place to live is because of the incredible vitality the University of Wisconsin provides in economic development,” said Phil Sveum, broker/owner of Coldwell Banker Success. “The impact of the university’s research and growth of bio-tech companies has translated to good jobs for those seeking to live in a highly educated environment with many of the cultural opportunities of much larger cities.”

J. Parrish, president of Coldwell Banker M.M. Parrish Realtors in Gainesville, Fla., notes that the town’s ties to the University of Florida are parallel to the beauty of the area. “Situated in the heart of beautiful north central Florida midway between the Atlantic Ocean and the Gulf of Mexico, Gainesville’s carefully preserved nature basks in beautiful sunshine,” Parrish said. “This is truly a lovely, unique place to live.”

Visit hlr.coldwellbanker.com for more details. An infographic comparing the top 10 most expensive markets based on number of students, tuition and city population is also available at http://www.coldwellbanker.com/real_estate/learn/2011_most_expensive_college_towns.

Source: www.coldwellbanker.com

Winterizing Your Home

10 ways to winterize your home — now

by Christopher Solomon of MSN Real Estate

 You'll get a season's worth of savings and peace of mind by taking a few steps in the fall to get your home ready for cold weather.

1. Clean those gutters
Once the leaves fall, remove them and other debris from your home's gutters -- by hand, by scraper or spatula, and finally by a good hose rinse -- so that winter's rain and melting snow can drain. Clogged drains can form ice dams, in which water backs up, freezes and causes water to seep into the house, the Insurance Information Institute says.


As you're hosing out your gutters, look for leaks and misaligned pipes. Also, make sure the downspouts are carrying water away from the house's foundation, where it could cause flooding or other water damage.


"The rule of thumb is that water should be at least 10 feet away from the house," says Michael Broili, the director of the Well Home Program for the Phinney Neighborhood Association, a nationally recognized neighborhood group in Seattle.


2. Block those leaks
One of the best ways to winterize your home is to simply block obvious leaks around your house, both inside and out, experts say. The average American home has leaks that amount to a nine-square-foot hole in the wall, according to EarthWorks Group.


First, find the leaks: On a breezy day, walk around inside holding a lit incense stick to the most common drafty areas: recessed lighting, window and door frames, electrical outlets.


Then, buy door sweeps to close spaces under exterior doors, and caulk or apply tacky rope caulk to those drafty spots, says Danny Lipford, host of the nationally syndicated TV show "Today's Homeowner." Outlet gaskets can easily be installed in electrical outlets that share a home's outer walls, where cold air often enters.


Outside, seal leaks with weather-resistant caulk. For brick areas, use masonry sealer, which will better stand up to freezing and thawing. "Even if it's a small crack, it's worth sealing up," Lipford says. "It also discourages any insects from entering your home."


3. Insulate yourself
"Another thing that does cost a little money -- but boy, you do get the money back quick -- is adding insulation to the existing insulation in the attic," says Lipford. "Regardless of the climate conditions you live in, in the (U.S.) you need a minimum of 12 inches of insulation in your attic."


Don't clutter your brain with R-values or measuring tape, though. Here's Lipford's rule of thumb on whether you need to add insulation: "If you go into the attic and you can see the ceiling joists you know you don't have enough, because a ceiling joist is at most 10 or 11 inches."


A related tip: If you're layering insulation atop other insulation, don't use the kind that has "kraft face" finish (i.e., a paper backing). It acts as a vapor barrier, Lipford explains, and therefore can cause moisture problems in the insulation.


4. Check the furnace
First, turn your furnace on now, to make sure it's even working, before the coldest weather descends. A strong, odd, short-lasting smell is natural when firing up the furnace in the autumn; simply open windows to dissipate it. But if the smell lasts a long time, shut down the furnace and call a professional.


It's a good idea to have furnaces cleaned and tuned annually. Costs will often run about $100-$125. An inspector should do the following, among other things:


Throughout the winter you should change the furnace filters regularly (check them monthly). A dirty filter impedes air flow, reduces efficiency and could even cause a fire in an extreme case. Toss out the dirty fiberglass filters; reusable electrostatic or electronic filters can be washed.


5. Get your ducts in a row
According to the U.S. Department of Energy, a home with central heating can lose up to 60% of its heated air before that air reaches the vents if ductwork is not well-connected and insulated, or if it must travel through unheated spaces. That's a huge amount of wasted money, not to mention a chilly house. (Check out this audit tool for other ideas on how to save on your energy bills this winter.)


Ducts aren't always easy to see, but you can often find them exposed in the attic, the basement and crawlspaces. Repair places where pipes are pinched, which impedes flow of heated air to the house, and fix gaps with a metal-backed tape (duct tape actually doesn't stand up to the job over time).


Ducts also should be vacuumed once every few years, to clean out the abundant dust, animal hair and other gunk that can gather in them and cause respiratory problems.


6. Face your windows
Now, of course, is the time to take down the window screens and put up storm windows, which provide an extra layer of protection and warmth for the home. Storm windows are particularly helpful if you have old, single-pane glass windows. But if you don't have storm windows, and your windows are leaky or drafty, "They need to be updated to a more efficient window," says Lipford.


Of course, windows are pricey. Budget to replace them a few at a time, and in the meantime, buy a window insulator kit, Lipford and Broili recommend. Basically, the kit is plastic sheeting that's affixed to a window’s interior with double-stick tape. A hair dryer is then used to shrink-wrap the sheeting onto the window. (It can be removed in the spring.) "It's temporary and it's not pretty, but it's inexpensive (about $4 a window) and it's extremely effective," says Lipford.


7. Don't forget the chimney
Ideally, spring is the time to think about your chimney, because "chimney sweeps are going crazy right now, as you might have guessed," says Ashley Eldridge, director of education for the Chimney Safety Institute of America.


That said, don't put off your chimney needs before using your fireplace, Eldridge advises. "A common myth is that a chimney needs to be swept every year," says Eldridge. Not true. But a chimney should at least be inspected before use each year, he adds. "I've seen tennis balls and ducks in chimneys," he says.


Ask for a Level 1 inspection, in which the professional examines the readily accessible portions of the chimney, Eldridge says. "Most certified chimney sweeps include a Level 1 service with a sweep," he adds.


Woodstoves are a different beast, however, cautions Eldridge. They should be swept more than once a year. A general rule of thumb is that a cleaning should be performed for every ¼ inch of creosote, "anywhere that it's found." Why? "If it's ash, then it's primarily lye -- the same stuff that was once used to make soap, and it's very acidic." It can cause mortar and the metal damper to rot, Eldridge says.


Another tip: Buy a protective cap for your chimney, with a screen, advises Eldridge. "It's probably the single easiest protection" because it keeps out foreign objects (birds, tennis balls) as well as rain that can mix with the ash and eat away at the fireplace's walls. He advises buying based on durability, not appearance.


One other reminder: To keep out cold air, fireplace owners should keep their chimney's damper closed when the fireplace isn't in use. And for the same reason, woodstove owners should have glass doors on their stoves, and keep them closed when the stove isn't in use.


Check out CSIA'S Web site for a list of certified chimney sweeps in your area.


8. Reverse that fan
"Reversing your ceiling fan is a small tip that people don't often think of," says Lipford. By reversing its direction from the summer operation, the fan will push warm air downward and force it to recirculate, keeping you more comfortable. (Here's how you know the fan is ready for winter: As you look up, the blades should be turning clockwise, says Lipford.)


9. Wrap those pipes
A burst pipe caused by a winter freeze is a nightmare. Prevent it before Jack Frost sets his grip: Before freezing nights hit, make certain that the water to your hose bibs is shut off inside your house (via a turnoff valve), and that the lines are drained, says Broili. In climes such as Portland, Ore., or Seattle, where freezing nights aren't commonplace, you can install Styrofoam cups with a screw attachment to help insulate spigots, says Broili.


Next, go looking for other pipes that aren't insulated, or that pass through unheated spaces -- pipes that run through crawlspaces, basements or garages. Wrap them with pre-molded foam rubber sleeves or fiberglass insulation, available at hardware stores. If you're really worried about a pipe freezing, you can first wrap it with heating tape, which is basically an electrical cord that emits heat.


10. Finally, check those alarms
This is a great time to check the operation -- and change the batteries -- on your home's smoke detectors. Detectors should be replaced every 10 years, fire officials say. Test them -- older ones in particular -- with a small bit of actual smoke, and not just by pressing the "test" button. Check to see that your fire extinguisher is still where it should be, and still works.


Also, invest in a carbon-monoxide detector; every home should have at least one.

Good News!!

Sales of previously-owned single-family homes in Salt Lake County in the third quarter reached their highest point in four years, according to the Salt Lake Board of REALTORS.

The number of single-family homes sold in Salt Lake County in the July-August-September period totaled 2,603 sales, the highest number of homes sold in a third quarter since 2007, when 2,693 homes were sold. The most recent quarter showed a 33 percent increase in home sales compared to 1,953 sales in last year’s third quarter.

At 226 single-family home sales, more people purchased single-family homes in the Kearns/Taylorsville area (ZIP code 84118) in the third quarter than any other area along the Wasatch Front. Lehi (84043) ranked No. 2 in the most single-family homes sold at 207 sales. Farr West (Weber County) ranked No. 3 with 173 sales.

“The two main drivers of home sales are affordability and job growth,” said DeAnna Dipo, President of the Salt Lake Board of REALTORS. “We expect home sales to continue an upward trend for the rest of this year.”

In the first nine months of 2011 there were 7,028 single-family homes sold, a 6 percent increase compared to 6,616 sales in the January through September period last year.

The median single-family home price in Salt Lake County fell to $196,000 in the third quarter, down 15 percent compared to $230,000 in last year’s third quarter and down 23 percent from a third-quarter median high of $256,000 in 2007.

“Home prices typically follow demand,” Dipo said. “With home sales making a comeback, we expect home prices to stop falling. In addition, fewer people are listing their homes for sale. New listings in the third quarter dropped 12 percent compared to listings in the third quarter of 2010.”

Despite an overall drop in home prices county-wide, there were six cities (ZIP codes) in Salt Lake County where home prices increased. They included: Riverton (84065) up 6 percent; West Jordan (84088) up 5 percent; Avenues (84103) up 19 percent; Sugar House (84105) up 1 percent; Emigration/Federal Heights (84108) up 2 percent; and South Salt Lake (84115) up 8 percent.

Condominium sales in Salt Lake County in the third quarter also saw a boost, up 47 percent, while condo prices fell 14 percent compared to last year’s third quarter.

In the month of September in Salt Lake County there were 970 homes and condos sold, a 31 percent increase compared to 742 home sales in September 2010. The median home price (all housing types) in September fell to $175,000, an 18 percent drop compared to $213,450 last year.

The inventory of homes for sale in Salt Lake County in September fell to 6,557 active listings, a 24 percent decline compared to 8,632 active listings in September 2010. Based on pending sales, there is a 7.2-month supply of housing inventory for sale in Salt Lake County, down 22 percent compared to a 9.2-month supply of inventory last year at this time.

This information comes from the Salt Lake Board of Realtors.

2011 Fall Housing Trends

5 housing trends in fall 2011
by Polyana da Costa • Bankrate.com

If you want to buy a home and you qualify for a mortgage, this is your time. With mortgage rates at historically low levels, falling home prices and plenty of distressed properties for sale, buyers will be able to find once-in-a-lifetime opportunities this fall.

Borrowers seeking to refinance will likely continue to take advantage of the superlow rates -- if they qualify and have enough equity in their homes.

Stringent underwriting standards coupled with lower loan limits, which went into effect at the beginning of October, will keep many potential buyers and refinancers out of the market and will put more downward pressure on home values.

Also pressing on values is the vast inventory of foreclosed homes for sale. Some fear another wave of distressed properties will hit the market in coming months as banks resume foreclosures at full speed. But others say lenders, who are under extreme pressure from the government, will look for alternative solutions such as short sales and working with investors on rental and lease-to-own programs.

Here are some of the housing and mortgage trends you can expect to see for fall 2011.  (Click on the links to read more details.)


1. Mortgage rates won't stay low forever -- just a long time

2. Lenders will keep their strict underwriting standards

3. Foreclosures will become rentals

4. Lower loan limits will push home values further down

5. A new wave of distressed properties will crest

http://www.debbiecheney.com/

10 Reasons Why Now May Be The Best Time To Buy A House!

10. Sooner or later, the market will rebound.
9. It will be yours not the landlords.
8. You may save on taxes.
7. Owning a home is more than simply a place to live.
6. We live in one of the most desirable areas in the country.
5. Mortgage interest rates remain at historic lows.
4. Modernized financing programs from the Federal Housing Administration
3. New and improved research tools and technologies.
2. Greater variety from which to choose.

And the #1 reason now is a good time to buy a house....

1. Right now you can find a very good deal.



Coldwell Banker Residential Brokerage
801-573-8338

CB Connect

Imagine for a minute that you have your home listed for sale. Your agent has put a sign in front and a small flyer box. Have you ever wondered who takes all of the flyers? Have you ever wondered if all of the flyers are gone, why haven't you had people come to your house? Well I have the solution. CB Connect! CB Connect gives buyers the information they want, when they want it. Mobile marketing performs 5 times better than other marketing systems. This is how it works....potential buyers can easily view property information, photos, virtual tours, driving directions and interactive maps on their mobile phones. They simply call the number on the sign and they receive back a text with all the information within seconds. The sellers receive a detailed report showing how many calls came in on their home. As your agent, I follow up with each of these calls and set appointments for the buyers to see your home. It really is true.....your next buyer is right next to their phone....It's time to take your home mobile.

Who do you know that is ready to buy or sell real estate?

I would love to help! 801 573-8338

Newest Home Listed by Debbie

5875 Snowbush Lane, (3005 S)

Great home is a nice neighborhood. Well cared for and well maintained.

3 bedrooms, 2 full baths and 1 half bath. Basement is finished with game room, family room with wet bar and a large play room for the kids.

Follow this link to check it out.

http://www.debbiecheney.com/

Locate the address on the featured listings site and take a tour, print a flyer and even schedule an appointment.

Tax Time!

If you haven't filed your taxes yet....check out this article. Great information!

Hope you are enjoying the beautiful weather we are having lately. I am so ready for Spring!!!!

Call me when you have real estate needs and of course I would love to help your friends and family.

801 573-8338
http://www.debbiecheney.com/

7.9% Increase in Sales in the West

Three of four regions showed increases last month, led by a 7.9 percent gain in the West. Purchases in the Northeast fell 4.6 percent.......for the full aricle see



This information is good news for our housing market. There is an increase in activity for both buyers and sellers.

Who do you know that might be thinking of buying or selling? I would love to help them!




801 573-8338
sold@debbiecheney.com
 http://www.debbiecheney.com/

Real Estate Tip of the Day

Today's message is for the seller who is trying to sell their home and it is still on the market. It is time to redefine "Market Value". Steve McLinden of Bankrate, Inc gave the following advice....If your home has been on the market for too long, there's a good chance you're not facing market realities. The value of your home isn't what the tax assessor says it is, or the sum on that 2 year old appraisal you have filed away. It's not what a simiar size home that sold across town. It's what a buyer is willing to pay today. To arrive at that sum, the sales prices of forelosures and short sales must be factored into the equation, along with the average value of seller concessions in your submarket. These facors are advanced by the Federal Housing Finance Agency, in its appraiser code-of-conduct revisions to ensure more acurate documentation of market conditions. If your agent tells you that you're overpricing your house, he or she may not just be trying to grease the wheels for a quick commish, as you might suspect. They may be doing their job and trying to sell your house.

This is powerful advice. Sellers take heed...buyers truly set the sales price...if you are not getting showings, it is time for a price adjustment.

Market Watch Report

My good friend Phil Fidler of Axiom Financial sent me the recent issue of Axiom's Market Watch. It has very valuable information in it about the Real Estate market. To check out the latest issue and sign up to receive the report go to the following link. You may have to copy and paste the link to internet explorer.
http://axiomfinancial.com/market-watch.htm

2011 will be what we want to make of it. We have the chance to write our own story. Let's all make it a great one.

Who do you know that might be buying or selling real estate.....I would love to help them.

Debbie Cheney
Coldwell Banker Residential
801 573-8338

The Secret to You..A Gift From The Secret Scrolls.

Life Can Be Tough

A friend of mine posted a quote on Facebook recently...it really got me thinking. The quote was this...Tough times don't last....but Tough people do. I really like that. We are all handed our share of tough times. My experience has been that I have ALWAYS learned something valuable from those times. The tough times in my life have strengthened me and helped me to grow emotionally and even spiritually.

Now don't get me wrong, I don't look forward to tough times, but I have learned to embrace them, ask myself "What can I learn from this", and store those lessons away for future use.

I look forward to a wonderful 2011 with my family and friends.

Debbie Cheney, Coldwell Banker Residential
801 573-8338
Today is the best day of my life....so far!