Have you ever attended the Coldwell Banker Lindon Pool Party? We have a ton of fun swimming and eating good food! Let me know if you’d like an invite to this year’s event!
Lindon Aquatics Center Pool Party
Historic Mortgage Rates & Today’s Mortgage Rate
Panic was setting in for many people last December when the FED raised rates by 25 basis points. Maybe this is a great example of how sometimes doing something new can be very scary. I know the changing of interest rates by the FED is not new, however for many people they have not seen or remember seeing an increase in the FED’s funds rate because it hasn’t happened since 2006.
That increase last December, of what is actually short term rates, and how it has affected the mortgage loan rate, has essentially been innocuous.
Since mortgage interest rates are so critical in the majority of home purchases, here is a look at what has happened in the past 30 years for a 30 year mortgage rate. Since 1985 through 2015, a 30 year span, the average yearly mortgage rate as per the chart below is 7.28%.
In comparison the average rate for the year 2015 was 3.85%; a 47% decrease from the average of the past 30 years! Recently I saw a lender offering 30 year fixed mortgages at 3.76%.
 |
| Source: Freddie Mac; Click on the graph for interactive information |
The above bar chart of mortgage rates from 1985 until 2014 show the fixed-rate for a 30-year mortgages in 1985 was 12.43% as apposed to 4.17% in 2014.
Since 2010 interest rates have been below 5%.
Information from Freddie Mac
Historic Mortgage Rates & Today’s Mortgage Rate
Panic was setting in for many people last December when the FED raised rates by 25 basis points. Maybe this is a great example of how sometimes doing something new can be very scary. I know the changing of interest rates by the FED is not new, however for many people they have not seen or remember seeing an increase in the FED’s funds rate because it hasn’t happened since 2006.
That increase last December, of what is actually short term rates, and how it has affected the mortgage loan rate, has essentially been innocuous.
Since mortgage interest rates are so critical in the majority of home purchases, here is a look at what has happened in the past 30 years for a 30 year mortgage rate. Since 1985 through 2015, a 30 year span, the average yearly mortgage rate as per the chart below is 7.28%.
In comparison the average rate for the year 2015 was 3.85%; a 47% decrease from the average of the past 30 years! Recently I saw a lender offering 30 year fixed mortgages at 3.76%.
|
| Source: Freddie Mac; Click on the graph for interactive information |
The above bar chart of mortgage rates from 1985 until 2014 show the fixed-rate for a 30-year mortgages in 1985 was 12.43% as apposed to 4.17% in 2014.
Since 2010 interest rates have been below 5%.
Information from Freddie Mac
Best colleges…
An article found on msn.com shares information from niche, about the highest- ranked college in each state. Any idea what College ranks the highest in Utah?
The Top Ranking College in Utah according to niche is Brigham Young University.When determining ranks niche considers campus quality, student reviews, academic strength and professors.
Brigham Young University is located in Provo with an overall rank of A+ an Academic rate of A and an acceptance rate of 49%.
Even if your not looking at going to school, having knowledge about colleges can help when looking to invest in rental properties. Take a look at a few multi-unit properties listed in Provo.
This fourplex located in Provo is listed for $525,000.
Provo Duplex listed for $309,900
Provo Triplex listed for $234,000
If you would like more information about these or any other properties let me know.
Brian, WWR
Home Information and Photos from Wasatch Front MLS
Best colleges…
An article found on msn.com shares information from niche, about the highest- ranked college in each state. Any idea what College ranks the highest in Utah?
The Top Ranking College in Utah according to niche is Brigham Young University.When determining ranks niche considers campus quality, student reviews, academic strength and professors.
Brigham Young University is located in Provo with an overall rank of A+ an Academic rate of A and an acceptance rate of 49%.
Even if your not looking at going to school, having knowledge about colleges can help when looking to invest in rental properties. Take a look at a few multi-unit properties listed in Provo.
This fourplex located in Provo is listed for $525,000.
Provo Duplex listed for $309,900
Provo Triplex listed for $234,000
If you would like more information about these or any other properties let me know.
Brian, WWR
Home Information and Photos from Wasatch Front MLS
Home Inspections – Ice Dams
When purchasing a property I always recommend a home inspection by a qualified home inspector. Even when a buyer has construction knowledge or a good friend that is a contractor, there is usually something missed, unless they have specific home inspection training.
To ensure to the greatest extent possible the condition of your home purchase have a professional inspector perform a full home inspection. Even with a professional inspector sometimes things are hidden or only occur during certain times of the year, other than the time in which you are purchasing the property.
We won’t go in to inspector qualifications here, but will address one thing that may be a hidden problem depending on when you purchase your home and that is the problem and impact that ice dams may have on a home.
First let’s define a part of the roof on any home called the “Eave”. This is the part of the roof which typically project beyond the exterior wall of the home. Some eaves may be fairly short, others may project some distance over the exterior wall of a home. Eaves allow rain and snow melt to fall from the roof to the ground or into a rain gutter and not run down the side of the structure. Eaves also provide shade for a home.
An eave will not typically have insulation so it will almost always be the coldest part of the roof during winter months. In areas that receive snow, as the snow melts on the warmer part of the roof and runs down the roof when the water hits the eave which is colder, at some point it will usually be cold enough that the water will freeze. As more water runs down, the freezing water, now ice, backs up the roof and may push itself up your roof and under the shingles. As the ice builds up, the ice or water is able to push its way up under the shingles of the roof. The water may then go through any penetration of the tar paper or roof underlayment. Theshovelshack.com has a great photo showing how Ice and Snow cause leaks.
Since an ice dam prevents rain or melting snow from going through the rain gutter one of the first signs that you might have a problem is if you have Icicles on your home.
Removing an ice dam once it has formed is difficult and may be very dangerous because getting on the roof and near the area where the ice has formed is icy. I’m sure that is logical so let’s not belabor the danger. If possible the safest way is to use a ladder or boom lift to get to the edge of the roof and attempt to melt or cut a channel so that the water may drain. This is very difficult to do and not damage the roofing material or rain gutter.
As in life, Prevention is the best medicine. There are two problems to deal with, first the cooler eave builds up ice. Second the warmer attic space melts the snow. If you are able to install more insulation in the attic and plug any penetrations so that the attic does not warm up enough to melt the snow that will help the situation. However, many homes with vaulted ceilings are not able to access the cavity once the home is finished and typically the vaulted ‘attic’ space is only the width of the roof joist so the roof is going to heat up.
When a huge snowstorm hits you may have seen on the news people with “roof rake” 
If you are capable of performing this work yourself be aware of the quality of the heat tape. As per my electrician all heat tape is not rated the same and some do-it-yourself kits are not sufficient to provide enough safe heat and may in the end be torn off the roof because of the ice build up.
A couple of more thoughts are to make sure you do a good fall cleaning of your rain gutters. Take care to not have large tree limbs that hang over your roof. Even with heat tape if a limb gets a lot of snow and breaks falling on to your roof it may damage the heat tape.
In summary, if there is no heat tape on a home in a snowy climate and you are purchasing the home in the summer, ask the inspector to do everything possible to inspect the eaves and attic space as much as possible, especially at roof valleys, to determine if there has been any water damage from an ice dam.
Post may contain amazon affiliate links, thanks for helping support the blog.
Home Inspections – Ice Dams
When purchasing a property I always recommend a home inspection by a qualified home inspector. Even when a buyer has construction knowledge or a good friend that is a contractor, there is usually something missed, unless they have specific home inspection training.
To ensure to the greatest extent possible the condition of your home purchase have a professional inspector perform a full home inspection. Even with a professional inspector sometimes things are hidden or only occur during certain times of the year, other than the time in which you are purchasing the property.
We won’t go in to inspector qualifications here, but will address one thing that may be a hidden problem depending on when you purchase your home and that is the problem and impact that ice dams may have on a home.
First let’s define a part of the roof on any home called the “Eave”. This is the part of the roof which typically project beyond the exterior wall of the home. Some eaves may be fairly short, others may project some distance over the exterior wall of a home. Eaves allow rain and snow melt to fall from the roof to the ground or into a rain gutter and not run down the side of the structure. Eaves also provide shade for a home.
An eave will not typically have insulation so it will almost always be the coldest part of the roof during winter months. In areas that receive snow, as the snow melts on the warmer part of the roof and runs down the roof when the water hits the eave which is colder, at some point it will usually be cold enough that the water will freeze. As more water runs down, the freezing water, now ice, backs up the roof and may push itself up your roof and under the shingles. As the ice builds up, the ice or water is able to push its way up under the shingles of the roof. The water may then go through any penetration of the tar paper or roof underlayment. Theshovelshack.com has a great photo showing how Ice and Snow cause leaks.
Since an ice dam prevents rain or melting snow from going through the rain gutter one of the first signs that you might have a problem is if you have Icicles on your home.
Removing an ice dam once it has formed is difficult and may be very dangerous because getting on the roof and near the area where the ice has formed is icy. I’m sure that is logical so let’s not belabor the danger. If possible the safest way is to use a ladder or boom lift to get to the edge of the roof and attempt to melt or cut a channel so that the water may drain. This is very difficult to do and not damage the roofing material or rain gutter.
As in life, Prevention is the best medicine. There are two problems to deal with, first the cooler eave builds up ice. Second the warmer attic space melts the snow. If you are able to install more insulation in the attic and plug any penetrations so that the attic does not warm up enough to melt the snow that will help the situation. However, many homes with vaulted ceilings are not able to access the cavity once the home is finished and typically the vaulted ‘attic’ space is only the width of the roof joist so the roof is going to heat up.
When a huge snowstorm hits you may have seen on the news people with “roof rake”
If you are capable of performing this work yourself be aware of the quality of the heat tape. As per my electrician all heat tape is not rated the same and some do-it-yourself kits are not sufficient to provide enough safe heat and may in the end be torn off the roof because of the ice build up.
A couple of more thoughts are to make sure you do a good fall cleaning of your rain gutters. Take care to not have large tree limbs that hang over your roof. Even with heat tape if a limb gets a lot of snow and breaks falling on to your roof it may damage the heat tape.
In summary, if there is no heat tape on a home in a snowy climate and you are purchasing the home in the summer, ask the inspector to do everything possible to inspect the eaves and attic space as much as possible, especially at roof valleys, to determine if there has been any water damage from an ice dam.
Post may contain amazon affiliate links, thanks for helping support the blog.
Wallsburg Real Estate December 2015
Wallsburg stayed busy with their election of a new mayor in November last year, Celeni Richins and two new members of the town council. However to finish the year the sale of homes was very quiet.
The Wallsburg real estate market didn’t see very much change in December. There where no new listings during December and one listing expired, bringing the total active listings to 3.
In December 2014 there where 0 new homes listed and 0 properties went under contract. Since December 2014 seven (7) properties have sold. 1 sold in February, another in March. May and June each had 1 sell and July had 2. October had the last sale for the 2015 year with 1 home selling.
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| Home Sales in Wallsburg |
For the year 2015 there were 7 homes sold that were listed with realtors and three additional homes sold by owner, making it a pretty busy year. Not since 2005 have seven homes sold in one year in Wallsburg. The most recent years compare with two homes sold in 2014, three in 2013 and two in 2012.
Take a look at the 3 properties currently listed on the Wasatch Front MLS for sale in Wallsburg.
The Wallsburg School built in 1904 is one of the properties listed for sale. The school is 5,108 square feet with 2 bathrooms. The school is situated on two parcels totaling 1.18 acres near spring creek.
The school is a perfect opportunity to live in a part of history. The school has the potential of being a single family home, bed and breakfast, reception center or a number of other possibilities. The sky is the limit. The school needs some TLC, however most of the plumbing and electrical has been upgraded. How many people have an historic school for their DIY project?
Located just past the turn into Wallsburg is a 6,052 square foot stone home. The home has 5 bedrooms, 2 full baths, 2 – 3/4 baths and 1 – 1/2 bath, plus a 4 car garage.
This home is on 7.08 acres and has an additional 1,089 square foot Carriage House next to the home. The Carriage House has a drive through garage, shop on the main floor and a studio apartment upstairs. See great aerial views of the home at 2933 W. Main Canyon Rd., Wallsburg
Also located soon after turning into the Wallsburg valley is this 4,192 square foot home. The home has 4 bedrooms and 3+ baths. On 5 acres this 2 story home has a 2 car garage and incredible views of Deer Creek Reservoir and the surrounding mountains.
Information and Photos from the Wasatch Front MLS
Give me a call to learn more or to schedule a time to see any of these properties.
Brian Olsen, WWR
Wallsburg Real Estate December 2015
Wallsburg stayed busy with their election of a new mayor in November last year, Celeni Richins and two new members of the town council. However to finish the year the sale of homes was very quiet.
The Wallsburg real estate market didn’t see very much change in December. There where no new listings during December and one listing expired, bringing the total active listings to 3.
In December 2014 there where 0 new homes listed and 0 properties went under contract. Since December 2014 seven (7) properties have sold. 1 sold in February, another in March. May and June each had 1 sell and July had 2. October had the last sale for the 2015 year with 1 home selling.
|
| Home Sales in Wallsburg |
For the year 2015 there were 7 homes sold that were listed with realtors and three additional homes sold by owner, making it a pretty busy year. Not since 2005 have seven homes sold in one year in Wallsburg. The most recent years compare with two homes sold in 2014, three in 2013 and two in 2012.
Take a look at the 3 properties currently listed on the Wasatch Front MLS for sale in Wallsburg.
The Wallsburg School built in 1904 is one of the properties listed for sale. The school is 5,108 square feet with 2 bathrooms. The school is situated on two parcels totaling 1.18 acres near spring creek.
The school is a perfect opportunity to live in a part of history. The school has the potential of being a single family home, bed and breakfast, reception center or a number of other possibilities. The sky is the limit. The school needs some TLC, however most of the plumbing and electrical has been upgraded. How many people have an historic school for their DIY project?
Located just past the turn into Wallsburg is a 6,052 square foot stone home. The home has 5 bedrooms, 2 full baths, 2 – 3/4 baths and 1 – 1/2 bath, plus a 4 car garage.
This home is on 7.08 acres and has an additional 1,089 square foot Carriage House next to the home. The Carriage House has a drive through garage, shop on the main floor and a studio apartment upstairs. See great aerial views of the home at 2933 W. Main Canyon Rd., Wallsburg
Also located soon after turning into the Wallsburg valley is this 4,192 square foot home. The home has 4 bedrooms and 3+ baths. On 5 acres this 2 story home has a 2 car garage and incredible views of Deer Creek Reservoir and the surrounding mountains.
Information and Photos from the Wasatch Front MLS
Give me a call to learn more or to schedule a time to see any of these properties.
Brian Olsen, WWR
Park City: Property Owners, Stats & Festival
Park City is a well known winter vacation spot, as well as a part time residence, to many well known actors, politicians and other well known celebrities. Park City draws people from all over the world to its small town charm, yet big city amenities.
According to an article in the Deseret News these 16 stars own property in Park City as of February 1, 2014.
Summer Sanders a former competition swimmer and 1992 Olympic Champion and her family call Park City home according to an interview on peachythemagazine.com
Old Town Park City is a highly coveted location with it’s numerous eating and shopping options as well as its proximity to the Park City Mountain Resort ski lifts.
Just in case you thought there was little real estate activity in this well established area of Park City last year 51 single family homes sold ranging in price from $365,000.00 to $4,000,000.00. Even more condo / town homes sold, a total of 109 last year ranging in price from $139,000.00 to
$3,532,800.00.
Currently there are 41 single family homes for sale and 61 condo / town homes.
Last but not least, this week, Thursday the 21st, begins the Sundance Film Festival 2016 which runs until the 31st of this month. If you don’t have a place to stay already in Park City, your probably best to start looking in Salt Lake City. If you don’t have reservations to your favorite eating establishment already, there are enough fast food establishments that you won’t need to go hungry.
Enjoy the Festival and let me know when you are ready to purchase your part or full time residence in Park City!
Brian Olsen, WWR