My New Blog

Start With Step 1

    I would like to start by saying how gratifying my new program to provide "Bank Owned Foreclosure Lists" for all the people that want them has been.  Many of you have been receiving them  and some of you have actually been out with me looking at some houses to consider as a purchase.  If you want the list, go to:
http://www.bankownedweekly.com/stgeorge

    This brings me to the reason for this post.  To begin, let's have a quick quiz, okay?

Q. What is the very first thing you should do before starting your home search?

A.  Get Pre-Approved for Financing! Or have all the cash you need already in the bank.

    But why do that first?  Why don't we just go out and look at homes we are "pretty sure" we can afford?  Well, I could give you some boring stories about how I have taken clients to see homes that they've fallen in love with, and then when they go to their lender for a loan on that wonderful home, they don't qualify.  But you don't really want to hear how disappointed they were when they had to "settle" for a home they could actually afford do you?

    You see, I don't want you to waste your time, your agent's time, and the seller's time by engaging in futile activities that have no chance of coming to a positive conclusion.  So let's begin with Step Number 1.  Would you book a hotel in New York City that goes for $300 a night and only take $250 to pay for it?  Of course not!  It's the same with looking for a house.  You need to know what your price range is before you begin the search.  Makes sense, right?

    Does it cost you anything to meet with a lender and get the process started?  Not usually.  A few of them may charge a small fee to run your credit report to get your FICO score, but most won't.  Many lenders can even take your application information over the phone, making it even easier.  They want your business when the time comes for you to get serious and buy a home, so they will do lots of things for you.

    Okay, now you've gone to your lender, gotten an very good idea of what price of home you can afford, and you have a printed "letter of pre-approval" in you hands.  Now you go to Step 2, looking for the home that is just right for you with your competent and helpful Realtor®.  To see the whole process of buying a home in a printable diagram, I've included a link that will show you how it all ties together.  I created this when I first started teaching our home buyers class a couple of years ago.  You can see it by Clicking Here.

    Because so many people are venturing in to new territory when they decide to buy a home, I thought this topic would be helpful.  Sometimes we agents forget that not everybody knows the things that we know about real estate.  I hope you find this helpful, and I will keep finding things to help you in your home quest and write about it here.

All my best,

Alan

The Market is Popping!            

Hello everyone,

    I am so excited about the real estate market in St. George and Washington County.  We are exceeding last year's sales of Residences; through May of 2008, 273 units sold. Through May of 2009 there were 310 units sold. 

So what is sparking this rally?  I believe it's a combination of things. i.e.,
1. a huge inventory of bank owned homes on the market. 

2. Government stimuli; The $8000 Tax Credit for first time home buyers and the $6000 "Home Run" Utah state grant for buyers purchasing homes that have never been lived in. and

3. The realization by savvy buyers that prices have dropped enough to let people back into the home buying game.

How do regular folks take advantage of this "Active St. George Market"?  As always, I am here to help.  I am making available to you a current list of Bank Owned Foreclosure Inventory at: http://www.bankownedweekly.com/stgeorge.
Just follow the link above and order you list.  It will be sent to your inbox, and you can view all the Bank Owned Homes for sale in our area.

I also have a gift for those of you who are lucky enough to be "First Time Home Buyers".  We have prepared a 16 page booklet telling you all about the $8000 First Time Buyers Tax Credit.  Here is the link to order the booklet:
http://TaxCreditGuide.com/stgeorge

You can order your guide, and it will be mailed right out to you.  In order to qualify for this tax credit, you must have closed the purchase of a home by November 30,2009.  So hurry before you miss this golden opportunity.

That's all for now,

Take Care,

Alan

This Is The Absolute Best Time To Buy Real Estate In Two Decades!
People ask me on a daily basis how the real estate market is.  Do you know what I have started answering them with?  "This is perhaps the best time to buy a home that we have seen in our lifetimes!  You may say, "How so?"  Well it's easy to say it's a better time than in the last 5 years because everything has come down so much in price.  That we all understand.  But what about the other conditions in this economy challenged environment that we all find ourselves in now?  For starters:
1.  Availability of Loans for housing.   There are banks, credit unions etc. all over that will lend money on an existing or new home if a. You can show your ability to repay the loan (you are employed) b. Have shown personal responsibility as far as your debt is concerned (have a decent FICO score) and c. have in most cases some money for a down payment (on FHA 3.5%, conventional- 20%, and a few programs are zero down[Utah Housing for one].
2. Prices!  With the onslaught of foreclosures and "short sale" properties on the market (in Washington County, Utah it's 51.9% of all sales closed) prices have become more and more affordable for everyone; including first time home buyers who could not afford the prices before, but now can.  Also I know personally of forty plus properties on the market now in the $65K to $99K price range that would cash flow immediately for people who want to own rental real estate.   I even know of 3 duplexes built in 2007 that rent for $675 a side that can be purchased for $169,900!  These deals are everywhere! 
3.  Interest Rates.  I am old enough to remember the interest rates of the early 1980's when they got up to 18%.  I remember being the agent for a buyer client of mine that got a loan at 17.5%.  We are not seeing anything even close to that now.  A rate quote from a local lender was Emailed to me just yesterday of 5.875% on a 30-year fixed rate mortgage.

About 98% Of You Will Do Nothing...
with this information.  You will be the ones in about a year from now saying "Man why didn't we buy something when it was so affordable and doable?"

Consider This...
• Do you know a young person or couple that would like to own instead of renting?
• Do you have kids who will be going to college in the next 2 to 4 years, and will need housing? (Buy it now and rent it out; let your kid's roommates pay the payment when he or she goes to college)
• Have you considered how owning some income properties yourself might give you a more secure retirement than being at the mercy of a volatile stock market?
• Would you like to pay less in taxes by having legitimate write-offs like depreciation and mortgage interest?

If you answered yes to any of the above questions, you should start looking now!  What if our new administration comes in and bails out all the people struggling to hang on to their homes, and they take the homes they are trying to sell off the market?  If there is a lesser supply, what naturally follows? Higher demand and higher prices.

You Don't Have To Be Rich... Just Decisive
People always have to have a place to live.  Now is the time for those who want it for themselves and others to take action.

I will be working with a few of you and your kids or acquaintances who will call me to get started.  I am certain that together we can find a great fit for your ability to purchase.  As you can see, I have a little incentive to buy soon.  Click on the $500 graphic to get details. 

As always,
My best to all.
Al Eggleston

?I had an older friend that when asked how the world was treating him, he would always answer; "About like I treat it."  Sometimes that is true, but not always.
  Today I wanted to see how this downturn in our economy is directly affecting you.  I am a real estate salesperson, so you can probably guess how is has affected me.  But most of you out there don't make your living directly by listing and selling homes and property like I do.
  I would like you to reply to this blog and let us all know if things are about normal, or if not, how they have changed due to today's changing landscape in the economy.  So please take a short minute and post your thoughts on the subject.
  Also, how have you changed your daily activities due to the ever higher cost of gasoline?  Not at all; Somewhat, or Drastically. 
  We are all trying to figure out the best course of action until this is over.  What have you found that works best for you to make it through while things may not be as rosy as they once were.

  We'll all be waiting for your responses and opinions, so go ahead and open up.  It will be therapeutic.

Best wishes,
Al