Cedar City Info

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.

There is a lot of (justifiable) confusion regarding how short sales impact sellers. The reason there’s confusion is that the rules keep changing!

One concern that I have seen in some of the short sales we’ve done lately is how the transaction will affect a seller’s tax situation. We strongly advise all of our sellers to talk with their accountant – and an attorney if they wish- to ascertain how a short sale will impact them individually. It is possible that sellers will have to pay taxes on the “gain” they receive when the lender takes a “loss” on the mortgage. Whether or not a seller will have to pay taxes on the forgiven debt is determined by their individual situation and includes factors like: the type of loan, whether the property is a primary residence, and if the seller has refinanced the loan.

It’s extremely important to have a team of professionals to help you through a short sale, including an experienced Realtor.

One of the things I love the most about Cedar City is the wonderful four seasons! We just got our first real snow storm of the season, and everything is beautiful. Kids are sledding and making snow angels, the lights are up downtown, and everywhere people are smiling. Love this town!

It seems that the new $6500 tax credit for existing homeowners has not been as well publicized as the $8000 tax credit for first-time buyers. If buyers have lived in a home they own for the last five years, they are eligible for a tax credit if they buy another home prior to June 30, 2010! Call our office for details.

Thanks for your patience as we work out the kinks in our new page!  It’s now designed to facilitate easier home searches and provide more current local info.  Stay tuned, and check back!