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        <title>St George Utah Real Estate Blog</title>
        <link>http://www.stgeorgeutproperty.com/blog/news-from-paula/</link>
        <description>Find news and information pertaining to the St George Utah real estate market.  Paula Smith of ReMax First offers news and updates with relevant market statistics and analysis.   </description>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-report-for-july-2011.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-market-report-for-july-2011.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>St George Utah real estate market report for July 2011</title>
            <description> <![CDATA[ 
This report will explore market conditions for St. George
including the St George foreclosure activity/REO inventory.  I will also include Sun River St George sold
homes and currently listed.  The
illustrations below are for Greater St. George residential as of 7-16-11.


How Many Homes Are For Sale in St George Utah?




Active Listed:  1208


Short Sale Active:  272


REO Active (foreclosed):  46


Total Percentage for Active Distressed: 
26%




How Many Homes Sold Last Month in St. George?


SOLD from 6-1-11 to 7-16-11




Sold:  347


Short Sales Sold:  51


REO Sold:  77


Total Percentage for SOLD Distressed: 
37%




Is the St George real estate market improving?


Take a look at the graph below. 
This illustrates how our Foreclosures are continuing to play an intricate
role in our housing market decline. 
Until the foreclosure activity subsides we will continue in our market
decline.  While the decline is NOT major,
it has been averaging approximately 11% each year over the past 2-3 years (this
is looking at Greater St George as a whole, not specific areas or home types).


2009 Median Sale Price= $186,000
2010 Median Sale Price= $177,000
2011 Median Sale Price (YTD)=  $167,000


 


Sellers are forced to compete with banks (REO’s) and banks are forced
to reduce their prices for a quick sale to remove the loss from their books.  This vicious circle drives prices lower.    On
the bright side…we are making our way through the inventory at a fairly rapid
pace.  Buyers have less to choose from
and the “turnkey” homes that are priced well are getting snatched up in a
matter of days.  Interest rates are still
low.  So, if you are considering holding
out on the market in an attempt to buy at the very bottom—I think we are
close.  My opinion is that the bigger
risk to the “fence sitters” is that rates can go up at any time, and the
inventory seems to be getting to the bottom of the barrel so these picked over
remaining homes require more work.  Banks
are also becoming more stringent on lending with even more regulations on the
horizon.  What a buyer saves on “price”
they will likely make up in “repairs”.  As
I've been saying for the past 2 years, so long as you intend to buy and STAY
for the next 5-7 years, you’ll probably be fine.  History has showed that once we hit bottom,
we have always rebound. 


Sun River Sold Homes


In Sun River St. George, our exclusive adult community, there are currently 62 homes ACTIVE, ONE is a short sale and ONE is a foreclosure.  11 homes sold in the past 45 days.
 ]]> </description>
            <pubDate>Sun, 17 Jul 2011 08:20:06 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/the-down-payment-saves-money.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/the-down-payment-saves-money.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>The Down Payment Saves Money</title>
            <description> <![CDATA[ 
Are you considering a home purchase in St George, Utah?  Here is some useful information regarding your down payment.  A down payment is the amount of money that a buyer puts down on the home they are purchasing. That is simple enough to understand.  However, the importance of a down payment goes beyond just that explanation.


Simply put, as an example, if a house costs $200,000 and the buyer puts down 10 percent, or $20,000 toward the purchase, they will need to be approved for a mortgage of $180,000.  The down payment basically lessens how much of a mortgage you need to take out.  This may be the difference between qualifying for a mortgage or not.


However, the benefits of making a large down payment are much more far reaching than simply a smaller mortgage.  As the buyer pays month after month, year after year, on that mortgage, the $20,000 down payment translates to a lot more money because it means less money in interest is being paid out on that mortgage. Interest does you, the home buyer, very little good.  Interest paid is just money out of your pocket with no return.


Down Payment Required for St George Home Purchase


That example doesn't apply to many traditional conventional loans which require a 20 percent down payment. Taking that into account, your $200,000 home with this larger down payment of $40,000 would mean a $160,000 mortgage.  At a 5 percent interest rate on a 15 year mortgage, that translates to about a $7,000 savings in interest alone.  Consider you'll also be paying about $100 less on a monthly payment basis, and your big down payment will soon pay for itself.  In other words, the bigger the down payment, the better off the home buyer will be years down the road.


Usually home buyers who already own a home have equity in the current home to use as a down payment for a new home. So, these second time home buyers utilize conventional loan products tailored to owners with equity.  Some of these loans may only require a 5 to 10 percent down payment.  However, as you can see, it is to the home buyer's best interest to bump that up whenever possible.


St George Utah First Time Buyer


Of course, many St. George Utah first time home buyers are young people who may not have had the time to save up such a large down payment.  For these home buyers, there are loan products available that are more conducive to a smaller down payment.  These unconventional loan products include well known names such as the FHA or VA loans.  Many of these loans have down payments as low as 3.5 percent.


There are also community and state programs that make it their business to sell the idea of home ownership as a way to add value to the region.  These loan programs make it easier for a first time home buyer to come up with a down payment.  Improving the value of property throughout the community is the strategy behind these unconventional loan programs.  However, even these programs better serve the home buyer who has a larger pot of their own money to put down.


St George Utah Buyers Agent


Step one in a home search should always be to talk to a loan officer about all your options regarding a required down payment, then choose the program that is best for you.  Your ultimate goal is to save the most money when the mortgage comes to a close.  Work out the figures and you'll agree the bigger the down payment you can afford, the more you'll have in your pocket when you burn those mortgage papers.  Your next step will be to work with a trusted buyers agent who can assist you with evaluating properties and offer objective opinions suited to your specific criteria.  Paula Smith is a St George Utah Buyers Agent, contact me today to begin your St George real estate search!  You can find all St George MLS listed property on my website:  St George Utah Real Estate
 ]]> </description>
            <pubDate>Sun, 15 May 2011 08:18:07 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/top-10-foreclosure-cities-and-st-george-in-comparasion.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/top-10-foreclosure-cities-and-st-george-in-comparasion.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Top 10 Foreclosure Cities and St George in Comparasion</title>
            <description> <![CDATA[ 
St George Foreclosures and the status of the St George
housing market is my number one topic with most buyers and sellers.  With the looming housing market, there are
foreclosures popping up everywhere. Some markets have a wider range of
foreclosed homes than others, but just about everywhere is feeling the blow.
Let’s take a look at the top 10 cities for foreclosure investors based on the
poll done by CNBC in 2010, listed in order by median price:


Pittsburgh, Pa.
Foreclosure as a % of resales 10%, Non-foreclosure median
price $123,000, Foreclosure median price $35,000


Cincinnati, Ohio
Foreclosure as a % of resales 15%, Non-foreclosure median
price $141,000, Foreclosure median price $65,000 


Columbus, Ohio
Foreclosure as a % of resales 19%, Non-foreclosure median
price $158,000, Foreclosure median price $71,000


Kansas City, Mo.
Foreclosure as a % of resales 29%, Non-foreclosure Median
Price $142,048, Foreclosure Median Price $97,152


Phoenix, Ariz.
Foreclosure as a % of resales 58%, Non-foreclosure median
price $168,000, Foreclosure median price $100,000 


Minneapolis-St Paul, Minn.
Foreclosure as a % of resales 26%, Non-foreclosure median
price $210,000, Foreclosure median price $114,300 


Denver, Colo.
Foreclosure as a % of resales 25%, Non-foreclosure median
price $225,000, Foreclosure median price $135,000 



Riverside, Calif.
Foreclosure as a % of resales 66%, Non-foreclosure median
price $205,000, Foreclosure median price $140,000 


San Francisco, Calif.
Foreclosure as a % of resales 39%, Non-foreclosure median
price $530,000, Foreclosure median price $230,000 



Los Angeles, Calif.
Foreclosure as a % of resales 39%, Non-foreclosure median
price $435,000, Foreclosure median price $232,000 


One of the interesting things about this list is the fact
that California represents almost a third of the foreclosure market in the
United States while Ohio takes a fifth of the market. Now, these results are
based on the discount at the time of sale. It is also striking to note that of
the top ten cities, the one with the biggest percentage of resale was not the
city with the largest percent discount, but instead the markets which were
usually known for their outrageous house prices.


How Does St. George Utah Compare in Foreclosures?


The St George Utah foreclosure market does not make the top
10 list, but let's take a look at the current conditions as compared
above.  Keep in mind, that the above
numbers are representative from a poll in 2010 and the St George real estate
market comparison I'm doing will represent the first quarter of 2011.




Total number of single family homes sold for Greater St
George for January 2011 to March 31, 2011= 433


Foreclosures as a % of resales= 26% 


Short Sales as a % of resales= 17% 


(above combined) Total number of distressed sold as a % of
resales=  43% of all homes sold were of
distressed status for the first quarter of 2011




If you would like to find all MLS listed St George foreclosures, visit my Foreclosure page.  Also, visit my Short Sales page to find all MLS listed St George Short Sales.


Paula Smith, REALTOR RE/MAX First of St George


Contact Paula Smith of Re/Max First Realty in St George Utah if you would like Buyer Representation or a Seller consultation for listing your St George or Hurricane home.
 ]]> </description>
            <pubDate>Tue, 05 Apr 2011 21:20:22 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/the-short-sale-process-pros-and-cons.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/the-short-sale-process-pros-and-cons.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>The Short Sale Process Pro's and Con's</title>
            <description> <![CDATA[ 
A question that is being asked frequently in the St George real estate
market is, “What is a short sale?”  Short
sales used to be an infrequent type of real estate transaction, but with
current economic conditions here in St. George, more and more homeowners are
opting for this type of sale, and banks have begun to offer incentives to
sellers to engage in a short sale.


A short sale occurs when a homeowner elects to sell their home for less
than what is owed to the mortgage holder. There are pro’s and con’s for both
the homeowner and the bank in a short sale, let's take a look from both
perspectives.


A Short Sale Perspective From The Bank


There are several reasons why a mortgage holder, or bank, would agree
to accept less than what is owed.  A bank
may benefit from a short sale for one or more of the following reasons: 




is more cost effective for the bank (or banks)
to accept less because it would cost more to foreclose


banks do not want to own property, holding costs
and liability can become expensive


banks are in the business of making money, not
selling real estate




In a St. George short sale transaction, the bank (or banks) involved
must approve any offer that is received by the homeowner.  The primary bank, the one that holds the
first mortgage, will review the offer received to determine whether enough
money will be made in order to make it worth agreeing to the short sale versus
moving forward with foreclosure procedures. 
Each situation is different and no two properties will be the same.  The process may take a considerable amount of
time as each bank has a lot of “red tape” the offer must go through.


A Short Sale Perspective From The Homeowner


There are several reasons a homeowner may opt for a short sale on their
home.  A homeowner may benefit from a
short sale for one or more of the following reasons: 




Their credit score suffers less from a short
sale than a foreclosure


The owner can remain in the home until an offer
comes in that the bank accepts


Their payments may be suspended depending on the
bank's policy




To initiate a short sale, the homeowner must first contact their bank
to discuss the option and learn the process the bank requires.  Recently, financial institutions have been
reaching out to homeowners and actually pre-screening them to qualify them for
a more streamlined short sale.  Some
banks have even taken a "cash for keys" type of approach and offering
monetary compensation to sellers if they will agree to a short sale.  General requirements are to provide a
hardship letter outlining why they homeowner can no longer keep up with monthly
mortgage payments, as well as providing earningsdocumentation.  This should be
done immediately, before the bank begins foreclosure proceedings if there have
already been late payments.  The bank
will inform the homeowner whether or not they “may” accept a short sale, which
will be dependent on any offers that are received.  Often, the bank will require an offer to be
received before moving ahead with the process. 
This can be cumbersome as a listing agent will often price the home extremely
"attractively" in an effort to generate multiple offers to move the
process forward.  This price may not be
anywhere close to what the bank will actually accept.


The "Con" In Doing A Short Sale  


There are a few downsides to short sales.  For the bank, they forgive a portion of the
mortgage in exchange for receiving some of the payment in full (they lose money).  For the homeowner, it means possible credit
history hits, as well as being a very lengthy, stressful process.


In the end, a short sale can be a beneficial alternative for distressed
homeowners and banks alike.  It provides
the homeowner with a way to get out from under a mortgage that they can no
longer support, and it provides the bank with an alternative to a costly
foreclosure.  It is a good idea for
homeowners to consult a real estate professional as well as seek advice from a
tax specialist to learn if there are tax consequences to a short sale.  The downside to a buyer is the process can
become extremely lengthy and the short sale may never be approved by the
lender. This creates frustration for all parties involved.


If you are at risk for losing your home, consider all of your options.  Contact Paula Smith for additonal Short Sale informtion.  To find all MLS listed Short Sale homes in St George or surrounding areas, visit my "St George Short Sales" page.
 ]]> </description>
            <pubDate>Tue, 22 Mar 2011 21:14:50 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/hiring-a-real-estate-agent-avoid-common-pitfalls-with-a-proper-interview.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/hiring-a-real-estate-agent-avoid-common-pitfalls-with-a-proper-interview.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Hiring A Real Estate Agent – Avoid Common Pitfalls With A Proper Interview</title>
            <description> <![CDATA[ 
The number of sold homes in St George is on the rise, and more homeowners are considering selling their home.  Hiring a real estate agent to help you sell your home is a smart decision, but there are many pitfalls to avoid in order to ensure you are hiring the best qualified professional for you.  By understanding what an agent does for their client, why they do it, and what their systems are, it is possible to not only successfully sell your home, but have a pleasant experience as well.


In essence, real estate agents work for themselves, developing their own way of marketing and selling homes, so every real estate agent is different.  These differences may be slight, or they may vary greatly, but the only way to discover what services each one provides is to interview the agent.  Interview at least three real estate agents at your home, well before you must put the home on the market if possible.  The interviews should focus on several aspects that you may not be aware of yet.  Let's take a look at what a proper real estate agent interview should involve:


The Interview


It is important to understand that the interview process is not to find out which agent claims to be able to get the most money for your home.  In fact, pricing should not even be discussed at the initial interview.  The object of the interview is to discover what services each agent provides, learn what type of marketing plan they have in place, how that marketing plan applies to your situation, and what systems are in place to manage the paperwork generated by a pending contract.


However, as important as these details are, it is just as important to learn whether or not you are comfortable communicating with the agent.  Many sellers make the mistake of simply hiring an agent who promises to sell the house for the most money, even when they do not feel comfortable with the agent, sometimes sellers will state they don't even "like" the agent.  A real estate transaction can be extremely strenuous and emotional; that is why open, clear, comfortable lines of communication are critical to a successful sale.


Questions to ask each agent should be written out and utilized during each interview.  Asking the same questions of each agent will provide you with a standard way to compare them after the interview process is completed.  Below are some of the most critical questions to ask a potential real estate agent:




How many active clients do you generally assist at any given time?


What is your marketing plan?


Describe how my home will be presented on the internet as over 80% of buyers seek homes there.


How do you manage a contract?  With all of the paperwork, the numerous service providers involved, and the buyer’s side of the transaction, it must be difficult.  How do you keep everything straight?


Are you a full time real estate agent?


Do you have any vacations planned?  If yes, how will you manage my business during your absence?  How will you be able to handle an offer or showing?




Be sure to take plenty of notes during the interviews. Once the interviews are over, go over your notes thoroughly.  It is a good idea to schedule a second interview with the realtor you've chosen, this time requesting that the agent provide you with statistical information and recommended pricing on your home.  You may even want to have each agent provide this information in a second interview as well, just to be sure of your final decision.  Although this adds to your time-line, it is critical to make the best possible choice in an agent in order to avoid the all-too-familiar pitfalls.


If you are considering the sale of your home in St George or Hurricane (or the surrounding areas) contact Paula Smith  Re/Max First in St. George, listing specialist.  Place your home on the front page of my website which attracts more than 4500 visitors each month.  I provide sellers with results, backed by Re/Max, the most recognized name in the industry.  Visit my Sellers Page to learn more about Selling your St George home.
 ]]> </description>
            <pubDate>Fri, 18 Mar 2011 21:40:55 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/paula-smith-remax-first-realty.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/paula-smith-remax-first-realty.html</link>
            <author>paula@stgeorgeutproperty.com (Paula Smith)</author>
            <title>Paula Smith Re/Max First Realty</title>
            <description> <![CDATA[ 
I would like to formally announce that Paula Smith is now affiliated with RE/MAX First Realty of St. George.  After a few weeks of deliberating, the choice actually became quite easy.  I wanted to surround myself with successful individuals backed by a proven National (and International) brand name. 


Selling in St George with RE/MAX First


The exposure I can now offer my clients in my efforts to properly market my listings will be incomparable.  My website attracts an average of 4000 visitors per month, and ReMax.com attracts 4000 visitors per day!  I have a team of agents that are highly driven and offer sales statistics that far surpass the competing brokerages.  My marketing ability with Re/Max First Realty will allow me to sell the home in the least amount of time, by capturing the most exposure.


RE/MAX First Realty Buyer Agent


As a RE/MAX First Realty Buyers Agent, I am able to offer the experience and knowledge of the CURRENT market conditions which will allow me to negotiate the best possible deal for each buyer.  In an ever changing market, it is imperative that a Buyer's Agent is aware of the conditions and has the ability to advise each client and assist them with making informed decisions.  


One thing that has not changed is the foundation of my business:  "Dedicated to providing an unprecedented level of service and exceed Client expectations".  All of my contact information will remain the same.   Please contact me if you, or someone you know, would like to buy or sell their home in St. George or Hurricane.
 ]]> </description>
            <pubDate>Wed, 19 Jan 2011 20:47:33 -0600</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/paula-smith-maxus-realty.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/paula-smith-maxus-realty.html</link>
            <author> ( )</author>
            <title>Paula Smith MAXUS Realty</title>
            <description> <![CDATA[ 
Paula Smith, REALTOR is now proudly affiliated with MAXUS Realty of St George. The current economic conditions have affected everyone including real estate brokerages. The impending closure of our Unisun office is unfortunate; however I am looking at this move to MAXUS as a wonderful opportunity. 


MAXUS Realty of St George is a full service real estate agency, so I will continue to provide all of the services I have provided in the past. In addition, I will have an opportunity to become involved with new construction (and resale homes) in St George with some very exclusive and desirable communities which include: Legacy and the prestigious Stone Cliff. This is a wonderful opportunity for me to join a company with ties to St George that date back over 30 years. 


I will continue to represent buyers and sellers for all real estate transactions; in addition I will specialize in luxury and golf communities in St George. For additional information on these communities, please read about them on the links below. Thank you to my clients and friends who have allowed my past success, and I welcome the opportunity for new clients and friends that I will have the opportunity to assist and represent.


Paula Smith, REALTOR MAXUS Realty St. George Utah. Specializing in St George Utah Luxury homes in Stone Cliff and St George golf course homes in the Legacy development; as well as resale homes throughout Washington County.


Dedicated to providing an unprecedented level of service and exceed Client expectations
 ]]> </description>
            <pubDate>Wed, 12 May 2010 20:50:01 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-property-search.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-real-estate-property-search.html</link>
            <author> ( )</author>
            <title>St George Utah Real Estate Property Search</title>
            <description> <![CDATA[ 
Enhanced St George Utah Real Estate Property Search


Users have asked, and now Im happy to report that the St George Utah Real Estate property search page on my website has some great new features.&nbsp; We have enhanced the user search feature to allow searching for Southern Utah MLS listed property to include:



    
Lot Size  search for acreage in St George or surrounding areas

    
Pool Search  search for Southern Utah MLS listed property with a pool (or without)

    
Short Sale listings  include (or eliminate) St George short sale listings from your criteria

    
Foreclosure Search  include (or eliminate) St George Foreclosure property

    
# Of Levels  if you want to find ONLY a single story home, just enter &ldquo;1”




Also, on the detail for each MLS listing, youll now be able to see association dues (if applicable) for every listing.&nbsp; We have attempted to add all search criteria that users are requesting.&nbsp; If you are searching for St George Utah Real Estate, please visit our Property Search tab above.&nbsp; If you are searching for a St George Utah Buyers Agent, please consider Paula Smith, your St George Utah buyer agent specialist.&nbsp; &ldquo;Dedicated to providing an unprecedented level of service and exceed Client expectations”
 ]]> </description>
            <pubDate>Mon, 25 Jan 2010 12:31:43 -0600</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/st-george-utah-property-taxes-have-been-reduced.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/st-george-utah-property-taxes-have-been-reduced.html</link>
            <author> ( )</author>
            <title>St George Utah Property Taxes Have Been Reduced!</title>
            <description> <![CDATA[ 
A big thank you goes out to Washington County for finally offering a reduction in property taxes this year. Of course I did not check every single tax value (but I did check for my family and past clients!!) and everyone I know is going to get a little surprise when they open their tax bill this year. 


Its no secret that property values have declined over the past few years, and residents have been frustrated that their assessed value has not been reduced sooner. As property value began to skyrocket in St George, Washington County was quick to make some major adjustments by increasing the value (in some cases tremendously) to all parcels. This was hard to swallow for many residents who are living on a fixed income. There is a group here in town that has been working diligently to fight this taxation method, and they have been able to address many issues that affect the residents of Washington County, learn more about this group here. Of course we appreciate their efforts and offer support to all of their members.


How&nbsp;are Taxes Calculated in St George? 


&nbsp;The county Assessor determines a &ldquo;fair” market value (fair being the controversial word) to every property in Washington County. Usually, these values are conservative and generally are equivalent to 10% less than &ldquo;actual” market value (but not always). If you are a &ldquo;primary resident” then you will be exempt for 45% of this &ldquo;fair market value” which means you are liable for 55% of the determined value multiplied by your specific areas taxation table. The amount is on average .0089% (but it can vary between every City)&nbsp;


How Much are Taxes in St George?


Well, if you are going to purchase a home (or even if you already own one) take a look at the Assessed Value (keep in mind this value will not change when you purchase the home). If the assessed market value is $299,000 and you are going to be a primary resident you will deduct 45% from that number, leaving a market value of approximately $160,000, this now becomes your &ldquo;taxable value”. Multiply that number by your areas exact tax rate, for example, $160,000 x .008923 (or .89%) and you have a tax amount of approximately $1440.00 per year. If you are NOT a resident, you will multiply that tax rate by the full assessed market value (you can read qualifications for Primary Residence here). 
 ]]> </description>
            <pubDate>Fri, 19 Jun 2009 13:10:08 -0500</pubDate>
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            <guid>http://www.stgeorgeutproperty.com/blog/foreclosure-activity-in-st-george-utah.html</guid>
            <link>http://www.stgeorgeutproperty.com/blog/foreclosure-activity-in-st-george-utah.html</link>
            <author> ( )</author>
            <title>Foreclosure Activity in St George Utah</title>
            <description> <![CDATA[ 
The majority of my calls and conversations with clients involve the St George Utah foreclosure market. Everybody wants a deal, so are they getting them? There are &quot;deals&quot; with foreclosures, but some of the calls I receive are just plain dreaming. No&hellip;.all foreclosure homes in St George are NOT selling for pennies on the dollar. Yes, there are some great deals, and yes, you can SOMETIMES offer ridiculously low amounts on a property and have it accepted by the bank. BUT&hellip;these are fewer than some may expect. Here is how those unbelievable deals sometimes work:


An owner purchases a home back in the height of the selling market lets say 2005 for our example. They purchase their home for $550,000 then in 2008 they face personal trouble and the foreclosure process starts. Since purchasing their property, the St George Utah real estate&nbsp;inventory has swelled to record numbers and St George foreclosures have started to rise. Soon after purchasing their home, property values stabilized (after the rapid rise) and soon began to decline. Many homes comparable to theirs have sold, and many more are now for sale. Using the comps for today, their home may now be worth around $330,000. The bank may opt to start the price around what they are actually owed&hellip;cant blame them for tryin'. The bank will begin a series of price reductions, simultaneously being advised by the listing agent of the &quot;expected&quot; price to sell. Some brave sole steps forward with their buyers agent who has already performed a CMA of the home and knows what the home is actually worth. They make the offer of $320,000&hellip;the bank accepts. The bank knew all along what the value was and yet this buyer got the home for $200,000 LESS THAN ASKING PRICE&hellip;wow&hellip;sounds like a superb deal.


Of course this is merely an example, but a very familiar one lately. The point of the story&hellip;I know you all are wondering what my point is&hellip;there ARE deals but the banks have not totally given up and lost their minds! You CAN get a half million dollar home for $300,000&hellip;because that may be the value of it is today. Homes are not selling for ridiculous amounts UNDER value (well some do, but like I said-few and far between). The value has gone down in St George but more important the prices are again affordable. You have to keep in mind; property sold in 2006 for $800,000 may have originally been purchased in the 80s or 90s for $200,000. The prices have not miraculously plummeted; actually prices miraculously shot up (as did much of the nation) and now have come back down to reality. 


Also, for those looking for a foreclosure &quot;deal&quot; remember to exercise your due diligence. Sometimes these foreclosure deals come with a real price tag in the long run. Connect AND COMMIT to a buyers' agent who can offer assistance and guidance on these &quot;good deals&quot;. Just because you may be that brave, independent, (buyers agent-less) sole who holds his head up high by telling the listing agent &quot;Id like to offer $50,000 less than asking price!&quot; and you get it! Well you had just better be sure that the 5 comparable homes didnt sell for $90,000 less&hellip;


View all MLS listed St George foreclosures right here on my website!&nbsp; Also, if you would like to see St George real estate statistics, check back each month and keep up to date with how the market is performing.
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            <pubDate>Sun, 15 Mar 2009 11:09:55 -0500</pubDate>
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