St. George Utah Real Estate

30 Year Loan Rates Down

2009-11-27T19:32:00.000-08:00

Freddie Mac announced this week that interest rates on 30 year, fixed rate mortgages are at one full point lower than they were one year ago. This week the rate averaged at 4.78%. Freddie Mac has tracked such averaged since the early 1970's.

Last year at this time the average interest rate was 5.97%. And for the first time since 1991 the 15 year fixed rate was 4.29%. This is down from 4.32% last week. Rates also dropped for five year fixed rate mortgage loans.

Because of the Federal Reserves $1.5 trillion to buy mortgage-backed securities and make lending more available the rates have come down. Economists say that when mortgage interest rates drop below 5% is when we see the real estate market pick up. This recent lowering of the rates can't do anything but help the real estate market rebound.

Between low mortgage rates and the tax credits right now prices have begun to stabilize throughout the country.

If you are interested in taking advantage of these low interest rates and/or the tax credits being offered to home buyers right now please contact us! We would love to help you find what you need or find a realtor that can help you!

Delinquent Mortgages Reach All Time High - Affordable Housing Market

2009-11-21T08:25:00.000-08:00

The Mortgage Banker's National Delinquency Survey revealed that in 10% of mortgages on 1-4 unit dwellings are in foreclosure. This is a 2.6% increase since just last year. Without seasonal adjustment, this puts the total number of mortgages in foreclosure at a record high of more than 14%.

Some banking professionals are blaming the unemployment rate for this record high. It was also revealed that most of the loans in foreclosure right now are prime fixed rate mortgages.

Most analysts and home builders aren't making too much of the new numbers because they believe that the market goes in and out of season and they think that we will pull out of this "slump".

On a lighter note, homes are at their most affordable in years. CNN Money states that the median income of families is about $64,000 per year and that if Americans used 28% of their income on housing they could afford 70% of the homes on the market in the third quarter. This is great news for those that just assumed they would never be able to afford a home. Last year at this same time only 56%.

If you are looking to relocate and think you may be interested in the Southern Utah area, we have many great values! Contact us today for more information!

Federal Housing Tax Credit

2009-11-12T17:41:00.000-08:00

It was great when we got the Federal Housing Tax Credit put in place and due to that certain real estate markets were able to start rebuilding. Now the Feds approved the extension of this tax credit ($8,000 for first time home buyers) and they also authorized a $6,500 tax credit for repeat home buyers. This is a great opportunity for so many people.

Here are a few key points to remember about these credits.

The $8,000 first time home buyer credit is for the purchase of a primary residence.
The first time home must be purchased between January 1, 2009 and April 30, 2010.
If you purchase after November 6, 2009 you will have an income limit of $125,000/yr. if you are single. $225,000 per married couple that file jointly.
For repeat buyers the income limits are $75,000 for single and $150,000 for married filing jointly.
The first time buyer credit is equal to 10% of the value of the home, up to $8,000.
Any home qualifies for the first time buyer credit as long as it is valued under $800,000.
These credits do not apply when you are purchasing a relatives property, an ancestors property, property of your in-laws, etc. No familial interaction is approved.
The credit is refundable. What this means is that even if you don't have withholding enough on your return to offset this, you still take it and you will be cut a check for the applicable amount as part of your tax return.
These credits also apply to people who have hired a contractor to build a home for them rather than buy an already existing home.
If you purchased a home after April 2008 but before January 2009 you do qualify for these credits but you may qualify for other credits.

These are just a few of the most talked about issues regarding the tax credit. You can find a lot of information at the site: federalhousingtaxcredit.com.

If you have further questions about how this can work for you please contact us and we will be glad to help you in any way that we can.

Federal Guidelines on Commercial Loan Modifications

2009-10-31T22:11:00.000-07:00

According to an article by the Associated Press yesterday approximately $500 billion in commercial real estate loans will come due annually for the next few years. This is why federal regulators want banks to be more accurate when analyzing their potential losses when doing commercial real estate loan modifications.

The FDIC, the Federal Reserve and the Office of Thrift Supervision released new rules this past week. The main point was that it would be wise to be "prudent" in modifying homes for the benefit of both the bank and the borrower that is creditworthy.

For those creditworthy individuals who have restructured their commercial loans they will not be considered "high-risk" just because the value of the property has dropped below what the original purchase price was. For banks that follow the correct procedures they will be safe from scrutiny. These agencies claim that they will take a "balanced approach" when looking at the risk management practices of the bank they are looking into.

This past week we saw 106 bank failures and we haven't seen that many since 1992. The real estate loans that have gone bad as well as the recession are what is being blamed for this number.

So far this year the FDIC has paid $25 billion for failed banks. It is estimated that over the next four years the cost will be $100 billion. The FDIC plans to charge the banks that they insure in advance for the upcoming costs.

If you have questions about loan remodification or relocating to a specific area please contact us!

Midwest Home Resales Increase

2009-10-24T04:43:00.000-07:00

This week the National Association of Realtors stated that home resales in the Midwest increased by 5.7% since last September. This is great news in this economy! The sale prices fell just 1% which made the area the lowest drop in the country. Pretty impressive.

Nationwide in the past year the home resales increased by 8% but prices fell about 8.5%. Fargo, North Dakota saw an astounding 23% increase in number of sales. The article points out the North Dakota's unemployment was also one of the lowest in the nation. Indianapolis holds the highest price gain in the nation for the past few months.

The article points out the the recent tax credit has helped with the numbers this year. Some believe that the only way to keep the real estate market up is to try to keep the number of unsold homes down to a minimum.

While there are many theories on what the market needs to completely rebound it is hard to say for sure. Some areas such as St. George have dipped in value slightly but this dip has helped some buyers find a way to buy the homes that are needed. In this area the number of homes on the market keeps going down because people have started purchased again. Our area is very desirable because of the number of jobs, city planning, so many outdoor activities, a family friendly environment, incredible arts offered and more. Our park system and trails alone are attractive to many who enjoy being outdoors all year.

If you would like more information on the St. George area or any surrounding area please contact us! We would be more than happy to get you the information that you need.

Tuacahn Overview

2009-10-18T03:30:00.000-07:00

Tuacahn Amphitheatre is nestled in the Tuacahn Canyon of Ivins, Utah. This wonderful venue is just minutes from St. George and offers an outdoor spectacular like no other. Forget what you have seen of amphitheatres that only host acoustic events or orchestras, this amphitheatre is geared for everything from the acoustic event to the show that needs major special effects.

The theatre department has everything from a live orchestra for most shows, elaborate costume department to a great prop and set design department. The theatre often uses live animals in their plays that are extremely well trained. The staff in the box office and all of the ushers are extremely helpful and kind. There is a wonderful gift shop as well as concessions.

For those who are interested in a whole evening of fun you can join other guests for a pre show dinner and entertainment. This year the pre show dinner was done by Golden Corral.

Right now through the end of the month Tuacahn is featuring the Halloween show "Thriller" which is a great musical event. At Christmas they generally have a live nativity, caroling, train rides and amazing lights for the whole family to enjoy. The live nativity is free and the train ride is for a nominal fee.

Throughout the year Tuacahn hosts concerts. They have previously welcomed groups such as Foreigner, America, the Beach Boys, and many more. As for shows they are going to have Tarzan (the Disney show), Cats and Crazy for You this upcoming season. In the past they have had Annie Get Your Gun, Cinderella, Aida, Les Miserables and many, many more.

We invite you to come enjoy our wonderful theatre in the desert under our clear skies. When you fall in love with our area be sure to contact us for a relocation packet and information on local real estate.

Huntsman World Senior Games

2009-10-10T16:49:00.001-07:00

It's that time again when the St. George area hosts the Hunstman World Senior Games. This inspirational event is a boon for the area and St. George provides a beautiful back drop for the participants. There are not many places where you get to complete a triathlon with lava rock, red hills, green trees, ample sunshine and perfect temperatures.

The Huntsman World Senior Games has been happening since 1987. Daisy and John H. Morgan, Jr. were the founders of this international sports event for men and women over 55 years of age. The games hold 26 events in a two week period of time. The preparation is handled by a team of people that work year round and then during the games we have over 2,000 volunteers come out to help support and run the games. The sheer number of volunteers willing to make this happen is awe inspiring.

The Huntsman World Senior Games is about more than the competitions involved. There are events that promote health and well being, knowledge, research and more. These events raise awareness and even provide health screenings for different diseases and cancers.

On top of all of this there is wonderful entertainment and other functions held for the participants and community. There is a sense of unity and group effort that comes into play that is hard to replicate. While the competition is fierce, the fun is what is focused on. The participants are happy for each other and their is a great air of encouragement.

During these two weeks in October (this year it is October 5th-17th) it can be a challenge to get a hotel room so if you want to come be sure to book early! It is very much worth the trip to come and participate or just be an observer and supporter.

As most people do, you are bound to fall in love with this beautiful and friendly community. These games and other events bring out the best in our people. If you find that you may want to live here full time or just have a seasonal home or vacation retreat please click here for a relocation packet. This is free of charge and there is no obligation. We simply want to share our area and help you decide whether or not St. George and its surrounding areas are a good fit for you!

St. George Marathon 2009

2009-10-04T19:05:00.000-07:00

The St. George Marathon is one of the key events in our great city! Runners from all over come to this marathon. They get to run in one of the most scenic places on Earth! This year we had over 5,600 finishers!!! The community support was astounding and naturally, the weather was perfection!

The 33rd Annual St. George Marathon was a huge success. There were 600 more finishers than last year. The 26.2 mile race starts in Central, Utah at 6:45 am. The finish line is in downtown St. George. This year the 1st place runner made it in 2:21:03.

Some notes of interest about the St. George Marathon:

It it the 15th largest marathon in the United States.
People from all over the U.S. as well as approximately 11 foreign countries participate.
60% of participants are male while about 40% are female.
Runner's World declared it to be one of the most scenic marathons.
There are 15 aid stations along the route.
More than 800 people have run the race 10 times.
53 people have run it 20 times.
Averages show that 80% of registered runners finish the race.

The first weekend in October is the prime time to hold this marathon. The weather is optimal in St. George during this time of year. At the time the race starts out the temperatures range from 38-44 degrees and at finishing they average 65 to 85 degrees.

Come out and enjoy the race with us sometime. Whether you compete or you support from the sidelines this is an exciting and inspiring event. The whole community and surrounding communities come out to support and cheer on the runners.

If you are interested in more information on St. George, Utah or it's surrounding areas please click here.

Real Estate Sales Update

2009-09-26T20:22:00.000-07:00

The National Association of Realtors just released new information on home sales statistics on September 24th. The report was not as favorable as the statistics for the past four months in a row but sales are still up from where they were a year ago when it comes to existing-home sales.

The NAR reports that home sales fell 2.7% in the last month. However, people should not get overly alarmed because compared to last year we are still moving in the right direction. 31% of home sales in August were foreclosures and short sales. This may be a great boon for buyers for for owners it is discouraging because it drives down home values. NAR predicts that over the next 12 months we will see even more numbers of foreclosures and short sales.

It is also important to note that while sales fell so did the actual number of houses on the market. It was not a slight drop in inventory but a 10.8% fall.

So some people may be asking: "Where are the homes selling?" This past month the Northeast saw the least drop in sales with only a 2.2% change. In the West sales fell 2.7%. Sales in the South were down by 3.1%. The Midwest was hit the hardest with a decrease in sales of 6.6%. It is also important to note that in the Midwest the home values are down 10.6% from last year at this time.

So what does this mean for you as far as your real estate sales and purchases? Make sure you choose your are to buy in wisely. Bide your time and invest well. While there are no guarantees you can clearly see where the trends are taking things.

St. George Schools

2009-09-19T01:13:00.000-07:00

St. George, Utah is part of the Washington County School District. Our school district also includes Washington City, Santa Clara, Ivins, Dammeron Valley, Hurricane, LaVerkin, Central, Veyo, Pine Valley, Leeds, Hildale, Virgin, Enterprise, Springdale, Toquerville and Winchester Hills.

Our school district works hard to apply the state's Safe Schools Law. To help with this the school administrators and teachers make it clear to students that certain behaviors will not be tolerated. If the students want to continue their education in Washington County School District they must help make the schools safe and secure.

As far as academic excellence our school district does a fantastic job. On last year's Iowa Test of Basic Skills results our students tested as well as or above those in all 50 states. The Direct Writing Assessment shows that 80 percent of sixth graders were proficient in writing and 89 percent of ninth graders are proficient.

The school district is concerned for the health of it's students and has gone to great lengths to inform students and families about the public health issues such as the H1N1 virus and flu issues. They offer information and dates on where to get flu shots and work with the health department and other organizations to make sure all students can get their health care needs met.

Our school district is also consistently striving to save residents money. For example 50% (about 13,500) of our students ride the bus to school. Not only does this save money and energy but riding the bus has been proven to be the safest way for students to get to and from school. One school bus trip replaces 30 cars minimum. By putting the buses to work for our community the residents save a lot of money!

Our community has great educators who are dedicated to helping our children succeed in the education goals. Our local college (Dixie State College) is a great resource for our community and offers continuing education classes for all.

If you are relocating to St. George or surrounding areas and have children your family will love our schools. Our public schools are great and nurturing places for our students. We also have charter schools and private schools as well as an active homeschool community. There are solutions for all of your education needs in Southern Utah!

Emotional Toll of Foreclosure

2009-09-05T21:53:00.001-07:00

You may have been the one losing your home at one point, or maybe you are right now. Most of us know or know of someone who is going through foreclosure at this time. Because of the financial spin that the world is in right now many people are finding themselves out of business or out of their jobs. Former CEO's can't get a job anywhere, professionals of all kinds are finding these times tough and the middle and lower class population is suffering as well. No matter what the socioeconomic class you fall into you could likely find yourself in the situation of having to foreclose on your home.

In the first half of this year (2009) 1 in 84 households received at least one foreclosure letter. Countless more are fighting each month just to stay in their homes. There have not been many signs that this rate of foreclosure is going to get any better any time soon.

When there are foreclosures it effects everyone. Naturally the person or family going through it are having feelings of hopelessness and wonder from day to day where they will be in a month. If they foreclose where will they go? Their children even feel the stress wondering if they will continue at their current school and with their current neighborhood friends. This takes a toll on marriages and families across the board.

Then you have the neighbors sitting by and watching what is happening and realizing that this may drastically lower the estimated value of their home. We know that foreclosures in neighborhoods drive the home values down and this causes stress within communities.

With all of these mounting pressures in the world right now it is important to take care of our physical and emotional wellness. Here are a few things you can do for yourself to help keep you healthy in mind, spirit and body:

Forget blame. Everyone wants to blame themselves. It's great to live and learn but being stuck on blaming yourself for your situation does not stop the foreclosure and it certainly doesn't fix anything. You need to just set the blame aside so that you can move forward.
Accept the fact that things get to a point where you can't control them or change them. Find this as a huge release instead of something frustrating. All you can control is the moments you have right now, today. Make the best of each of them. If you are married or have children the whole family will benefit from your upbeat attitude.
Get your business in order. Find all the documents you have on your home. If you know that you are having trouble making your payments contact your lender just as soon as you can. They want to work with you and will generally go to great lengths to accommodate.
Be honest about yourself about what you can do to really make things okay again. Know the dates you may have to move, have somewhere lined up to go. If you can take the uncertainty out of the situation as much as possible it will help to ease your mind.
Finally, take care of your health. Don't skip physicals, work outs, medical exams, psychiatric help (if needed). If you have lost your insurance or your medical bills have piled up seek out resources in your community. There are a great number of solutions for people just like you.

Don't be discouraged. We know it's easier said than done right now. Most people will face financial hardships in their lifetime. Don't be worried about what anyone else thinks and just know that as time passes it will get better and you and your family will be okay.

If you are finding it a struggle to make your mortgage payments right now consider listing your home for sale to prevent the foreclosure process altogether. Just speak with a real estate agent to see what options may be available to you.

St. George Area Activities

2009-08-30T10:35:00.000-07:00

Whether you are looking to purchase a home in St. George or it's surrounding areas, or you are just coming for a visit, there are many things to do and see. There really is something for everyone no matter your interests or activity level. We live in a place full of experiences for people of all ages. Greatest of all, most activities in our area are very affordable and family friendly.

Here are just a few of the things you can do:

Golf - St. George and it's surrounding areas are loaded with beautiful golf courses. The weather is almost always great for golf, especially early in the day. However, if you don't get out early in the day most golf courses offer a discount for late afternoon tee times.
Sand Hollow Aquatic Center - This amazing aquatic center is fun for the whole family. There is swimming for all whether you just want to swim laps, do water aerobics, take the kids to use the water slide or swimming lessons. There is a snack bar, outdoor eating area, sand volleyball court and more. For more information call 435-627-4585.
Skate Park - We have a 15,000 square foot concrete skate park. Bring your skate board and show off your tricks. The skate park is open during daylight hours only and observers are to be outside of the fenced area. This is fun for the whole family.
Tuacahn Amphitheatre - This beautiful amphitheatre brings state of the art theatre to the natural splendor of the canyon right next to Snow Canyon state park. The outdoor setting is exquisite and the entertainment is award winning. For more information on tickets and events please 1-800-746-9882.
Arts Festival - Each spring the city comes alive with art, food and music in the downtown area. The streets are closed off and the fun begins. Artists of every kind come and display their works and offer their goods for sale. There is something for everyone at this event. For more information on dates or to put in an application as an artist please call 435-627-4500.
Shopping - St. George has the Red Cliffs Mall featuring Dillard's and Barnes and Noble. We also have the Promenade and Zion factory stores featuring stores such as: Osh Kosh, Tuesday Morning, Staples, Old Navy, Ralph Lauren, Franklin Covey, and more. For more information, hours and directions please call: 435-688-9250 (for outlets), 435-673-0999 (for the mall).

These are just a few of the things you will have a chance to do when you come. There are offices here ready to offer you a relocation packet with information you may need about the area and possibly homes that you may want to look at. Come visit us and enjoy are area. It is sure to please!

Southern Utah Outdoor Activities

2009-08-23T19:52:00.000-07:00

Southern Utah is full of great activities for the whole family. You don't have to look far for something fun to do or great to see. Here we will focus on outdoor activities that people of all activity levels and ages can enjoy.

National Parks - Southern Utah has beautiful parks to see:

Zion Nation Park - $25 per vehicle for a 7 day pass. Zion National Park is Utah's first National Park. It features hiking trails, a lodge, visitors center, campgrounds, a river, picnic areas and more.
Bryce Canyon National Park - $25 per vehicle for a 7 day pass. A famous place for star gazers, Bryce Canyon also offers beautiful trains, a visitor's center, horseback tours and more. Just remember that the $25 fee strictly gets you into the park, almost everything else has a separate fee.
Grand Canyon National Park North Rim - $25 per vehicle for a 7 day pass. Guided tours, mule trips, many hikes, art exhibits, and even cell phone tours are just a few of the things you can do at this beautiful park. Come visit but be prepared to have it take your breath away.

Southern Utah also has many other wonderful places to visit. Kolob Canyons, Lake Powell, Cedar Breaks, Pine Valley, Snow Canyon and more. We have rock climbing, water skiing, sand dunes, river rafting, skimboarding and so much more.

In addition to these outdoor physical activities we have multiple outdoor venues for concerts, plays and more.

You will never find yourself short of things to do here in Southern Utah. This is just one of the reasons that so many people are deciding to relocate to the St. George area. The home prices are now coming down, there are some great deals on short sales and foreclosures, and it is a perfect time to come and find out why you should buy a home here.

Real Estate Recovery

2009-08-11T22:15:00.000-07:00

According to the University of Florida's Bergstrom Center for Real Estate Studies, the climb out of the real estate problems is going to long and hard. Until the job market improves there is likely to be much change. The study finds that people in this job market are slowing down their spending and this includes things like home buying.

The study also states that since March business owners are feeling more confident in their businesses and the economy as a whole. This may not mean that home buying is going to go up soon but as this feeling of stability increases, so will the real estate market.

One problem that the study points out is that there were many companies that were strictly based in real estate development and the owners of these businesses have had to look elsewhere for income during this financial downturn.

Across the country many home buyers are cashing in on the foreclosures and short sales that seem to be abounding. This will help the economy as a whole but for some it is hard when say someone bought there home for $250,000 but can only get $175,000 in a short sale. The losses are many but for a few who waited to buy, they can now cash in on finding homes hit by the slump in the housing market.

Overall the country has an overload of homes in foreclosure and short sales being offered. If you have the cash or financing available now may be a great opportunity to find the home you are looking to buy. Find a realtor to help you today.

St. George Utah Real Estate Market

2009-06-18T21:44:00.000-07:00

The St. George, Utah real estate market seems to be doing pretty well lately. We seem to be selling a lot of inventory in the price ranges under 300k or so. The inventory above 500k is still a problem, but we think this will start to absorb as the prices get dropped on the high end homes.

A lot of the homes on the market right now are going through a short sale or bank owned foreclosures. These seem to turn over quickly when they are priced right. Short sales in St. George are very common and they usually have multiple offers if the home is in decent shape and a fair asking price. This requires more patience from the buyers to sit back and let things play out. A good agent should be able to have an answer in a month or so, but sometimes this can take quite a bit longer depending on the seller. The seller will have to prepare a packet for the bank showing their financial inability to make the payments. This can be done with the assistance of a good real estate agent.

If you're looking to get into the real estate market right now in St. George - I'd love to show you some great deals - just call 435-632-5491!!!

If you're needing to sell your property quickly whether on a short sale or not - we can help. We have many transactions completed for short sales and have worked with all major banks in the process.

Thanks and Good Luck!

Anita Kay
435-632-5491
Broker/Owner of Vista Real Estate

St. George, Utah Foreclosures

2009-02-11T16:08:00.000-08:00

A recent article today about St. George, Utah foreclosures was on The Spectrum newspaper's website. The article pointed out some of the happenings in the real estate market with regard to foreclosures and past due mortgages.

1.8% of all homes in St. George are now in foreclosure. This is an increase from December 2007 where the rate was 0.7% of all homes in St. George. Southern Utah real estate has been facing falling prices with an influx of these repos and short sales.

If you're interested in a St. George foreclosure - please contact me ASAP at 435-632-5491. With low interest rates and a little down payment - St. George real estate is a great investment if you can hold for a couple years until this market picks up again. Prices in many cases are below that of replacement cost.

Another statistic showed that 4.5% of all mortgages in the area are now 90 days past due. Banks are taking longer to take homes back from homeowners due to the influx - which helps the owners, but eventually - these homes will hit the market as well.

Southern Utah Short Sales

2008-12-17T10:09:00.000-08:00

Yesterday, I went out looking around at some southern Utah homes in the 500k+ range. Criteria included: swimming pool (not that we need one in this snow storm that's been hitting us), theater room, and a large living area to entertain guests. I noticed that there were hundreds of homes listed when the results came back.
There are so many southern Utah foreclosures and short sales right now it's unreal! We are seeing more and more come on the market each day and there are some excellent buys!

If you're thinking of getting into the real estate market in St. George - now would be the time to take action. Rates for a 30 year mortgage dipped below 5% not too long ago and may do so again with the recent lowering of the fed funds rate. This doesn't always mean lower mortgage rates, but can in time...

There are still some excellent buying programs through FHA and conventional loan programs. You can count on approx $6/1000 borrowed per month depending on mortgage insurance right now. These are some of the best payment terms in years (actually - the best in memory).

Southern Utah Market

2008-08-04T11:47:00.000-07:00

Inventory is up and we've been told that nearly 40% of all properties on the market in southern Utah are some sort of distress sale. I don't know if this is entirely true, but there are many factors at work here. Of those 40% it could be made up of foreclosures, short sales, or those in pre-foreclosure (more than 30 days late).

St. George went through a huge real estate boom from late 2004 through 2007 or so. Then in late 2007 we started to see higher inventory of high dollar homes - those with a price of $750,000 or above. When looking at the statistics - you have to be careful - the St. George Utah homes for sale will show an average days on market. When you look at this you have to realize that it could have been on the market with a different broker, for sale by owner, etc. So when you see some of the stats - make sure to look closer and ask about the details on the source. Very few reliable sources track the entire history of the listing - really the only way to do this is by TaxID number.

We are currently in a buyer's market and now is a great time to invest. Our company does property management as well as sales - we can find a good ROI for you. Prices are finally in the range where you can get a good return and maybe even make the payment for you depending on the amount down.

Contact us at 435-632-5491 to discuss the options in the southern Utah real estate market today!