Cedar City Info

Looks like we’re still holding steady – but be prepared for some interest rate increases sooner rather than later! (The following are NOTE rates – not APR)

30-yr fixed: 5.125%
15-yr fixed: 4.375%
FHA 30-yr fixed: 4.875%
Jumbo fixed: 6.50%
5/1 ARM: 4.25%
Rural Housing 30-yr fixed: 4.875%
Construction: 6.00%
Lot Loan: 6.50%

Just ate at a brand new restaurant in Cedar City called the Whiptail. FABULOUS southwestern food. Had a spaghetti squash and goat cheese enchilada with green chili sauce. Dessert was a peanut butter-chocolate-habanero creme brulee. It’s definitely worth a visit to Cedar City just to try it!

It looks like there are some fairly significant changes in FHA rules coming at us. Because our area typically sees a lot of government-backed loans – specifically FHA and RDA – this could have an impact on local buyers.

*Watch for upfront Mortgage Insurance Premiums (MIP) to increase to 2.25% of the loan amount.
*Minimum FICO scores are going up to 580 for those who want to take advantage of the 3.5% down.
*Borrowers with FICO scores lower than 580 are looking at a required 10% down.
*Seller concessions will be lowered from 6% to 3% maximum.

Interesting changes – could have an effect on borrowers, but knowing in advance what’s going on will give us time to plan, and we can still get you to where you want to go!

Click on the link below to access a great article about local real estate. Featuring yours truly! There were actually more homes sold in Cedar City in 2009 than 2008. The median price was down to $145,000.

Enjoy!

http://www.thespectrum.com/article/20100112/NEWS01/100112004/Market-may-see-upturn

2010 has already started out to be a fantastic year! I’m very optimistic and excited about the great things that are happening in the world of real estate.

Some quick stats to end 2009:

*About 32% of our local market was comprised of foreclosed properties
*Another 20-25% of our sales were short sales – look for this trend to continue
*Our median sales price in 2009 was $145,000 – in 2008 it was $176,000
*In some parts of our market, for example a 1500 sf house listed under $200,000, we’ve only got about a 6-month supply! Compare this to over a 12-month supply 18 months ago.

All in all, 2010 looks like we’ll continue to have spectacular prices, good inventory, and great interest rates!

These are NOTE rates, NOT APR:

30-yr fixed: 5.25%
15-yr fixed: 4.50%
FHA 30-yr fixed: 5.125%
5/1 ARM: 4.25%
Rural Housing 30-yr fixed: 5.125%
Construction: 6.00%
Lot Loan: 6.50%

When I started in this business years ago, “good” rates were in the high 7% to low 8% range. I think we’re headed back there, but rates continue to be spectacular! There are such great deals in the Cedar City area right now, it’s worth taking a look.

You know this, because you’re online, but did you know how many of your fellow real estate searchers were online?

* For 1/3 of home buyers, the FIRST step in the process was looking online.
* 87% of ALL homebuyers, and 94% of homebuyers age 25-44 used the internet to search for homes.

We’re glad you’re here!

Merry Christmas all! What a gift it is to live in this beautiful place. I’m so grateful for the freedom we enjoy, the opportunities all around us, and the great friends that make this so much fun. It looks like it might be a white Christmas!

We went to the SUU basketball game last night. Our men’s team played UNLV – ranked 18th in the nation! It was great fun, and a good game to watch. I kept thinking how much the University influences our community – I don’t think it can be overstated.

There are so many great opportunities in this community that other cities of similar sizes just don’t have. Only one of them is our college sports. SUU also is known as “the coach factory” because of the high quality coaching staff that graduates, and the teacher education programs is renowned. The business department (of which I am a proud alumnus) gains more degrees and accredidations all the time, and the nursing program is starting to gain some real traction.

The community benefits also from the Utah Shakespearean Festival, held on the SUU campus, as well as the offshoots like the Cedar City Music Arts series, held in the Heritage Center.

I do love this town!

The following are Note rates – not APR. Interest rates are still the lowest we’ve seen in decades. I don’t expect this to continue! 30-yr fixed: 5.00%, FHA 30-yr fixed: 4.75%, Rural Housing 30-yr fixed: 4.875%

The Rural Housing loan is unique to less-populated areas like Cedar City. It’s a loan administered through the Department of Agriculture, and is one of the reasons we don’t have as many Adjustable Rate Mortgages as are found in larger cities. It’s a great loan program, with no monthly PMI and 100% LTV. There are income restrictions and property restrictions, but generally it’s available to all buyers, not just first-time home buyers.