First Time Buyers

Should I Buy Now?

Housing may never be this affordable again. Over the past few months, the market has created a unique opportunity for first-time home buyers. If you are renting, you should act now to take advantage. Here are a few reasons renters should take a serious look at buying now:

IMPROVE YOUR LIFESTYLE

Homeownership is the best way to improve your lifestyle. The ability to choose your own home, be your own landlord and start saving for the future is a great opportunity. Maybe your family needs a yard, a garden, room to grow, new schools or just a fresh start.

TAKE ADVANTAGE OF GREAT PRICING

Housing in Utah is affordable again. More than ever before, the market is offering great pricing and incentives. It is a buyer's market and this means you can find great deals on your new home. Take advantage of today's pricing before it's too late.

RECEIVE SIGNIFICANT TAX BENEFITS

There are two great tax benefits available for first-time homebuyers. First, the new $7,500 first-time home buyer tax credit in only available for a few months. Purchase before the July 1, 2009, deadline and the amount will come as a refund when you file your 2008 or 2009 tax returns. In addition to this temporary benefit, each year homeowners can deduct their mortgage interest and property taxes. This keeps more money in your pocket right away and each year that you own your home.

AVOID RISING RENTAL RATES

Rental rates in Utah have been rising.In Salt Lake County, they increased 9.2 percent over the past year. Become your own landlord and stop flushing your money down the toilet.

LOCK IN GREAT INTEREST RATES

Interest rates are one of the biggest factors influencing the affordability of your monthly payment. Right now, interest rates are near 30-year lows.This helps make your first home more affordable and keeps money in your pocket. For example, if you wait to buy and interest rates increase 1 percent, your payment will increase by $165 on a $250,000 loan. In other words, you lose $27,417 in purchasing power. Act now before rates increase further.

GET THE BEST HOME AND LOCATION

There are currently a large number of homes on the market. The best options for homes and locations in each community always move first. Move quickly to make sure you are the one who gets the best option.

Utah Governor to Help Homeowners, Posted by Dick

I’m visiting the Utah REALTORS® this week, and several members of the Utah State leadership and I had a chance to meet with Gov. John Huntsman and Lt. Gov. Gary Herbert on Tuesday.
Joining me in the photo below are (left to right) Taylor Oldroyd, CEO of the Utah County Association; Kenny Parcell, President of the Utah County Association; Lt. Gov. Gary Herbert; Matt Barton, President-Elect of the Utah County Association, Chris Kyler, CEO of the Utah Association; and Lerron Little, 2009 President-Elect of the Utah Association.

As some of you know, Gary Herbert is a REALTOR® and a past chair of NAR’s Issues Mobilization Committee. Both he and Gov. Huntsman are strong advocates for real estate. Utah’s economic strength is a credit to their good work and leadership. We are fortunate to have them both in office, and I am hopeful that Gary will follow Gov. Huntsman, who has said that he will not run for another term.
Although Utah has fared better than some other states in the current housing cycle, it has not been immune to the problems in the credit markets and the rise in foreclosures. I was very excited to hear that Gov. Huntsman is planning to set aside $30 million to help people who are have trouble with their mortgages avoid foreclosure. A portion would also help renters.
While the federal government is taking steps to address broad issues in the financial and housing markets, they can’t (and shouldn’t) be the only answer. I personally thank Gov. Huntsman and Lt. Gov. Herbert for their leadership in Utah, and I encourage other state and local leaders to do the same.
REALTORS® stand ready to work with public officials at all levels of government to help strengthen our communities and keep homeownership alive and well.
On Wednesday morning, I met with members who give significantly to RPAC through the Utah County Association. I talked to them about how we make decisions on which candidates to support, and I emphasized that 70 percent of the money they contribute stays right here in Utah. It was a good meeting, and I thank all of the Utah members who participate in our advocacy through RPAC and Grassroots.
Later that morning, I had the opportunity to speak to nearly 500 members at the Utah general membership meeting. They have three of these meetings per year, and to have that many people attend is remarkable. I spoke to them about how much we have accomplished this year, particularly on the public policy front. And I assured them that we will keep working to help REALTORS® and their clients in this challenging time.
The entire visit was inspiring, but the highlight for me was hearing Kenny Parcell address the members. Not only is he an incredible leader, but the experiences he shared, and the way he was able to reach out to REALTORS® in Utah, were just incredible.
Thanks to all of the wonderful folks in Utah for inviting me to visit – I am so proud to be your NAR President. Keep up the great work. You continue to prove that there is nothing we can’t accomplish when we work “All Together.” – Dick Gaylord, 2008 NAR President