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Northern Utah Real Estate – Visually

Posts Tagged tax credit

Tax Credit “Hangover” For Utah Real Estate

Sep 15

Posted by admin in Market Conditions, Utah Real Estate | No Comments

In this video, Robert talks about the trends in Logan Utah Real Estate sales. Northern Utah saw above normal home sales during the spring, but home sales have been down during the late summer months, which traditionally have the highest home sales numbers. A lot of the abnormal variation has to do with the home buying tax credits. Buyers, especially first time home buyers bought earlier in the year so they could get the money from the federal government. While the market appeared to be correcting in the spring, it is clear that the Cache County Real Estate market still heavily favors buyers.

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Don't Count on Tax Credit if Your Offer is on a Short Sale Home

Apr 28

Posted by admin in Buying Tips, Real Estate News, short sales, Utah Real Estate | No Comments

Video Courtesy of KSL.com

Home sales in Utah were substantially up during the first quarter. Some Salt Lake Real Estate areas saw nearly double the home sales as 2009. Sandy Home Sales jumped 48.5, Kearns/Taylorsville Real Estate Sales increased 54.2%, Midvale Real Estate improved 72%, and West Salt Lake sales jumped 122%. A big part of this increase is credited to the federal home buying tax credits.

If you have a home solidly under contract right now, that is expected to close before the end of June, you also have a good chance of getting that tax credit. However, if the property you have under contract is a “Short Sale” don’t count on the tax credits. Despite federal regulations, and efforts to make short sales more manageable, the process is still very slow and inefficient. There is a good chance the property you have under contract won’t close by the deadline, and may not even have full bank approval.

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