I have sold my home before I move

Anyone who has ever purchased and sold homes at the same time knows how stressful it can be. Perhaps the biggest concern is whether or not you can sell your current house before moving into your next. If you do find yourself in that situation, there are some options you can consider.

If you do not have to sell your house in order to buy a new home, consider renting your existing home to create reliable monthly income. If you need to sell your house to purchase another, you may have to secure special “bridge” financing from a lender.

Give us a call for further ideas and options, we are here to help. Rich and Gin

Today’ rates

Mortgage Rates Stay Flat to Begin Busy Week

October 28, 2013

Mortgage rates stayed in line with recent 4-month lows today.  In some cases, there was a slight movement in the closing costs associated with prevailing rates, but the rates themselves didn’t change.  The most prevalent Conforming 30yr fixed quote (best-execution) remained at 4.125%.

Today’s Best-Execution Rates

  • 30YR FIXED – 4.125%
  • FHA/VA – 3.75-4.0%
  • 15 YEAR FIXED –  3.25-3.375%
  • 5 YEAR ARMS –  3.0-3.50% depending on the lender 

Read more

SyberJet in Cedar City

Cedar City is the last of the taxing entities to approve the $11 million tax incentive offered to attract Syberjet, the company created when Cedar City-based Metalcraft purchased and merged with Emivest Aerospace, the manufacturer of the SJ30 light jet.

Read more:Iron County Today – City approves incentive plan to bring Syberjet to Cedar

More ways to grow our economy and community, over a 15 yr. period an estimated 600 new jobs will be offered.

Helicopter flight school

New sights and sounds in Cedar City over the last couple of weeks have been Helicopters! One of our newest business’ Upper Limits Aviation.

Upper Limit Aviation, based in Salt Lake City will offer instruction for helicopters and eventually airplanes. The flight school will partner with Southern Utah University and students will earn an associate degree through SUU where class-work will take place, while Upper Limit will conduct labs at the airports in the form of flight-school training.  Read more

Today’s rates

Today’s Best-Execution Rates

30YR FIXED – 4.125%
FHA/VA – 3.75-4.4%
15 YEAR FIXED – 3.375%
5 YEAR ARMS – 3.0-3.50% depending on the lender

Steve Florio

Senior Loan Officer

NMLS# 305979

Guild Mortgage Company

St George, Utah

435.319.9238 / Iphone

435.535.2470 / fax




The Parks are open again!

A spectacular day in Zion yesterday. Enjoying one of our favorite hikes in to Hidden Canyon. Taking the convenient park Shuttle and will start your hike at the Weeping Rock stop. Fall foliage is still very beautiful. Everyone is in a great mood, no surprise there!

Knews from our Mortgage Specialist

It has been five years since the collapse of the financial markets. Five years ago, the world financial systems were on the brink of collapse. For five years we have been crawling out of a deep hole. You can’t get very far by crawling, but if one moves forward little-by-little for five years, how far we have come will look very impressive. Let’s just look at the stock markets.

Early in 2009 the Dow Jones Industrial Average bottomed at just under 6500 in reaction to the crisis. This year the Dow has topped 15,500 twice. That is a gain of approximately 140% in under five years. Even more impressively, the gain does not seem to be slowing much as the rally matures. Thus far in 2013, gains have exceeded 15%.

Every time the markets look like they are in the middle of a correction, they seem to bounce back nicely. This year, the market has been affected by rising interest rates and the situation in Syria. Each time there is a pull-back it is brief and then a comeback ensues. One has to ask if there is more room on the upside after such a run. The answer boils down to two issues. First, will the economy keep recovering at a decent pace? Second, will this recovery cause interest rates to rise high enough to slow down the train? The economic recovery is definitely stronger today paced by a recovered auto industry and recovering real estate markets. But it still has not been strong enough to create enough jobs to replace those lost in the recession, let alone keep on pace with population growth. The statement released after the meeting of the Federal Reserve Board last week echoed that concern. Growth that is too strong might actually turn out to be a recipe to slow the run we have seen.
Housing demand from move-up buyers — or existing homeowners selling their current properties to replace them with a more expensive home — is on the rise as home equity levels improve. As home prices continue to increase, so does demand from move-up buyers, who are now able to provide a substantial downpayment on a new home after gaining value on rising equity, the latest report from real estate data firm FNC revealed. “An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending,” FNC Director of Research Yanling Mayer said. “These buyers are typically more responsive to market conditions and financial incentives,” she added. Much of the desire for move-up buyers lies behind rising rates. “They know if they don’t move now, they might be kicking themselves all over again in three months,” said Redfin Los Angeles real estate agent Eric Tan back in July, when rates were throttling upward. Historically, rates remain very low, but experts predict they will continue to gain steam as we move into 2014. According to Daren Blomquist, vice president of RealtyTrac, 18.5 million homeowners — 40% of all homeowners — have at least 20% equity or more, putting them in a prime position to sell. “In addition, we show 8.3 million homeowners who are on the equity fence, and should have at least 20% equity in the next 15 months if home prices continue to appreciate at the same rate we’ve seen over the past 15 months,” Blomquist said in an interview with HousingWire. Blomquist noted that if 5% of these 8.3 million homeowners list their homes for sale, that’s an additional 415,000 homes that will be available for sale in the coming months. “The increase in the share of equity sales reflects a market that is fully transitioning from investor purchases of distressed homes to primary home purchases by households,” said California Association of Realtor Vice President and Chief Economist Leslie Appleton-Young in a recent equity report. “The market continues to improve as more previously underwater homes gain equity due to recent upward movements in price.” Source: HousingWire

For the past three years, the average size of new homes has been on the rise. The median new-home size in 2012 reached a record high at 2,306 square feet, according to newly released data from the Census Bureau. That is an 8 percent increase from 2009. During the Great Recession, Americans showed a preference for smaller homes, and many housing experts were saying it meant the end of the McMansion. But Jeffry Roos, a regional president for homebuilder Lennar, told CNNMoney that it wasn’t that Americans wanted less space, they just couldn’t afford more space at the time. Now, they’re upsizing again. A spokeswoman for GL Homes says that the builder has been selling homes that average 7 percent larger than during the first five months of 2012. Some consumers are choosing to buy larger because they have more people under their roof. Lennar offers homes known as Next Gen, which feature separate suites for a mother-in-law or college grad who has moved back home. Home shoppers tend to buy bigger than what they originally plan, Fred Cooper, a spokesman for Toll Brothers, told CNNMoney. ”In the downturns, in upturns, whenever, our customers typically added another 18 to 20 percent of floor space onto what already was a very nice house to begin with,” Cooper says. Source: CNNMoney

The condo sector has experienced lackluster growth in sales and development the last few years, but it may finally be seeing a turnaround in markets across the country. Condo sales are showing signs of strengthening as demand picks up from Baby Boomers and young professionals. Sales of condo and co-op units were up 23 percent in July from a year ago, according to preliminary data from the National Association of Realtors®. All regions were recording at least a 20 percent year-over-year growth. The Midwest and South have seen some of the largest gains. The median sales price for condos and co-ops was $209,600 in July—a 15.5 percent increase from a year earlier. High-rise condo building may be poised for a lift nationwide. New development is moving forward in urban residential centers and popping up in smaller cities as well, Investors Business Daily reports. For example, a wave of Latin American cash is financing a new condo boom in the Miami area. The National Association of Home Builders reports that condo developer optimism skyrocketed in the second quarter, reaching its brightest outlook in eight years, according to an index that measures builder sentiment for the sector. A growing interest in high-rise condo construction coincides with a slowly recovering market for new homes, experts note. Still, financing condo construction remains an obstacle for many developers. Developers may need to show that their projects also work as rentals when they are seeking approval for a loan, says Mark Humphreys, CEO of Humphreys & Partners Architects, based in Dallas. Source: Investors Business Daily

Steve Florio

Senior Loan Officer

NMLS# 305979

Guild Mortgage Company

St George, Utah

435.319.9238 / Iphone

435.535.2470 / fax

Pocket Listing

Occasionally we are asked by a seller if we would consider a “pocket listing”. Basically a pocket listing is to bring by a prospective buyer to a seller without the actual listing agreement in writing. This is very likely a for sale by owner looking for some added exposure and maybe offering a discounted broker’s fee. A more successful way to market and sell you home if with the many benefits of legally listing your property for sale. The largest benefit being the muliple listing service that includes extensive listing databases, forms, maps, mobile tools and more used daily by agents and their buyers. For our sellers we have the newly renovated  staging.cedarcity-realestate.com to offer the most up-t0-date site.

Decorating Ideas

Being in the home business, I am always on the lookout for related websites and ideas to assist our home owners and buyers. I came across housebeautiful.com recently for new redecorating ideas. It’s handy for ideas to freshen a room, area or home. View color swatches, color schemes, themes and furniture placement. This is very handy for home owners that maybe need an idea or two to update or possibly help with making your home more marketable for sale. Preparing your home to market, gives you the BEST opportunity for top dollar on the sale. This is so important, in addition to us as your listing agents, we will insure a great and successful experience.


Up-to-Date Industry Facts

According to Utah association of Realtor in the Salt Lake area underwater properties fell from 15% to 12% at the beginning of 2013. An incentive of some of the state recovery we are seeing. That would be nearly 8,000 properties that are now positive equity.

Buyers are also becoming aware of increasing interest rates. Interest rates are still at a great rate allowing mortgage payments to remain affordable. Based on today’s median priced home,  rates would have to nearly double according to Freddie Mac to become unaffordable.