Utah’s Economy At A Glance…

Utah’s Economy at a glance

Click the above link to see the latest economy statistics for Utah

Winter Home Preparedness

With the fall season upon us, now is the time to do some routine maintenance around your home to prepare for the cooler weather ahead. Taking the time to do some work now may also save on some major expenses later on.

Tip #1: Clean outdoor furniture and store for the winter.

If you have outdoor furniture, make sure to clean all parts of the furniture, including the cushions, prior to putting it away for the winter. If your furniture has metal frames, make sure to check for rust damage and repair it, if necessary, prior to storing. If you have the storage room at your home, put your outdoor furniture away during the winter. If you cover your furniture, allow for airflow to help prevent mold or mildew.

Tip #2: Have your chimney inspected by a professional.

If you have a fireplace, consider having your chimney checked out by a professional chimney cleaner before starting the first fire. All chimneys should be checked out at least once a year prior to use to look for any damage and to have it cleaned. This maintenance will prevent possible chimney fires.

Tip #3: Check your windows and doors for air leaks.

An easy way to check for leaks is to move a lighter around the window or door frame and see if the flame moves with a breeze. If you find a leak, you can caulk it, weatherstrip it or in some cases, you may have to replace the wood frame. For door leaks around the bottom of the door, you can put on a new door sweep. Repairing these leaks can save you money on your energy bill during the cold months.

Tip #4: Check your heating system.

Change or replace filters for your heating system, if needed, and clean the vents. Now may be the time for a professional duct cleaning as well.

Tip #5: Inspect your insulation.

Make sure you have proper insulation in both your attic and basement. Look for any dark, dirty spots which may indicate that you have air leaks coming into your home that need repair.

Tip #6: Stock up on firewood for the cold winter months.

Make sure you have enough kindling and wood for the winter months and store it at least 30 feet away from your home. By storing your firewood away from your home, you’ll reduce your home’s fire load and the chance of attracting termites.

Tip #7: Clean the clothes dryer exhaust duct, damper and space under the dryer.

Poor maintenance allows lint to build up in the exhaust duct which is a fire hazard.

Tip #8: Make sure all electrical holiday decorations have tight connections.

If possible, use 3-prong plugs and cords. The use of 2-prong adapters, which permit 3-prong plugs to be used in 2-prong outlets, doesn’t always provide grounding to protect against shock. Remember to unplug decorations when not in use.

Tip #9: Clean the kitchen exhaust hood and air filter.

Keeping this clean of cooking grease will help keep a stovetop fire from spreading.

Tip #10: Check water hoses on the clothes washer, refrigerator icemaker and dishwasher for cracks and bubbles.

Replace hoses that show signs of leaking to help avoid water leaks and costly repairs later on.

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More home listings seeing price reductions in August

Nearly half of the houses for sale in the U.S. are listed for less than what the seller originally asked for, with the average list price declining 7.1% in 26 U.S. markets, according to a survey released by ZipRealty.

The Emeryville, Calif.-based Internet real estate brokerage said that in August, 47% of houses for sale had a least one listing price reduction since first going on the market, up 3.26% from July’s level. ZipRealty tracks data in 26 major housing markets. On average, home sellers are reducing prices twice to garner enough interest from prospective buyers.

The average price reduction was $19,092, ZipRealty said, adding the national median list price dropped 2.1% to $249,631 in August. Less than 1% of the houses listed for sale were new listings in August, indicating that fewer sellers are entering the post-homebuyer tax credit market, said ZipRealty Vice President Leslie Tyler.

“It appears that homebuyers are taking their time as they don’t feel a sense of urgency to make an offer, unless the price is right, and sellers are having to aggressively cut their prices to stay competitive in this market,” Tyler said. “We typically find if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale.”

The chart below shows the markets with the largest median price reduction in absolute dollars (click to expand):

The markets with the smallest median reduction in absolute dollars were Dallas and Houston, which each experienced a $10,000 reduction in August.

Jacksonville, Fla., had the highest percentage of price-reduced homes; with 55% house listings having at least one price reduction. Other markets where more than half of sellers reduced asking price include Austin, Texas; Chicago; Minneapolis, Minn.; Orlando, Fla.; Phoenix and Tucson, Ariz.

The Denver market had the lowest rate of price-reduced listings, at 33.2% in August, followed by Los Angeles (41.4%) and the Miami/Ft. Lauderdale/Palm Beach market (42.3%)

Florida markets took the top three spots in the rate of price reduction, led by Miami, with a 12.32% reduction, Orlando (11.49%) and Jacksonville (11.24%).

The data is based on real estate listing and price reduction data from the Multiple Listing Services (MLS) in 26 of the 35 housing markets where the real estate brokerage operates as of Sept. 1. ZipRealty noted in its report that the research it provides is intended to indicate general market conditions and trends, not the company’s operational performance. As a publicly traded entity, it referred questions on its own performance to its public disclosures with the Securities and Exchange Commission (SEC)

Refinancing Effort

With July home sales coming in at a level not seen since 1985, the Obama administration is rolling out two new tools to help homeowners pay their mortgages. Speaking to CNN Sunday morning, Department of Housing and Urban Development secretary Shaun Donavan said officials plan to launch over the next few weeks a refinancing effort through the Federal Housing Administration and an emergency loan program to help unemployed homeowners.

Meanwhile, Wall Street’s political contributions have swung back to the right again, as Washington has started looking to increase financial regulation. And The New York Times reports hedge-fund manager Paul Singer is just one reason why the tide has shifted.

About a quarter of all US homeowners who refinanced their mortgage during the first half of the year moved into 15-year fixed mortgages, The Wall Street Journal reported. For all of 2009, about 18.5% of refinacings became 15-year fixed and it may not behoove all homeowners to shorten a mortgage’s length to secure a lower interest rate, according to the WSJ.

Amazing Remodel in Sandy…5 bedrooms

Price: $278,000

 Type: Single Family

 Bedrooms: 5

Bathrooms: 2 Full, 1 Partial

Garage: 2

Square Feet: 2,640

This home has it all. Totally remodeled kitchen with 2 ovens, stainless steel appliances, granite countertops and cabinets. New carpet, new tile and 2-tone paint throughout. New central A/C, sprinklers system, and deck. Garage has tons of storage with an oversized loft for extra space. Yard has plenty of room with a vegetable garden. This beautiful home is sure to impress!

http://www.circlepix.com/tours/5?wfrnum=965534

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