From a marketing standpoint, this is actually a pretty good idea. Harness the power of the MLS and IDX feeds with fake homes for sale to get potential buyers to ask about a particular builder, and think about building.

From a statistics and market condition standpoint, this is downright dishonest and misleading. Having a dozen phantom high end “North Logan Homes for Sale” has a significant impact on the average price of homes for sale, and on the months of real estate inventory our market appears to have.

At the beginning of the month when I ran my monthly home sales statistics, there were 794 homes for sale in Cache County with an average list price at $237,173. Right now there are 820 listings with and average list price of $246,118.

So Cache County home prices went up $9,000 in the last 20 days! This is the first time in 15 months that home prices have gone up. This means our real estate market downturn is finally turning around right?

No. Not really, there just happen to be a dozen fake listings that make the average list price of Cache Valley homes look higher than it really is.

via Real Estate Blog – Phantom Home Listings in North Logan.

$85,000.00
558 E FERNWOOD DR, Hyrum, UT 84319
Hyrum Rambler/Ranch built in 1974
4 Bedrooms, 1 Baths, 2076 Square Feet
MLS #: 959316

Wow. A very inexpensive home in Hyrum was listed yesterday. It has more than 2,000 square feet, and four bedrooms and is priced at just $85,000. That’s just $41 per square foot, which is an incredible price. The initial indication of listings like this is that the price is too good to be true, which likely means there is something seriously wrong with them. All I can see from this one thus far is that it is a Short Sale, and the listing agent probably wants an immediate offer. From the pictures this certainly doesn’t look like an $85,000 house. It actually has a tax value of almost $140,000. It looks like it could be a great deal for someone. Click the address hyper link for the full MLS details of this property.

via New Hyrum Utah Real Estate Listings: New Hyrum Utah Home Listings for 04/25/2010.

If short sales are under contract, are they still considered “under contract” in terms of being eligible for the home buyer tax credits? A short sale contract is a valid contract, but it isn’t enforceable. In the Utah Short Sale Addendum to the Real Estate Purchase contract there is a clause that essentially says that the contract can be canceled at any time.

During this significant time delay, circumstances may change for both Seller and Buyer. The changes in circumstances may include, but are not limited to: (a) adjustments in available mortgage financing rates and terms; (b) modifications in the financial circumstances of Seller or Buyer; (c) the timing of the transaction may no longer meet Buyer or Seller’s needs; (d) Buyer may find another property that better suits Buyer’s needs; and (e) Seller may receive additional offers for the purchase of the Property that better address Seller’s legal and financial needs. Based on the above, if at any time prior to Third Party Approval, or the Third Party Approval Deadline, whichever occurs first, the Buyer or Seller determines that their circumstances have changed and it is no longer in their best interest to pursue the sale/purchase of the Property, either Buyer or Seller may cancel the REPC by providing written notice to the other party. In such instance, the Earnest Money Deposit, if any, shall be returned to the Buyer without the requirement of further written authorization from Seller. Buyer and Seller acknowledge and agree that this mutual right of cancellation is fair and reasonable to both parties.

And what will the IRS consider “under contract?” Is it when the homeowner signs the short sale contract, or when the third parties actually approves it? I don’t know the answer.

The bigger issue with trying to purchase a short sale, and take advantage of the home buyer tax credit is the probability that it will be able to close by the end of June. I’m sure banks in charge of approving short sales will be busier than ever, and the likelihood of that happen isn’t great.

My recommendation would be to only make an offer on a short sale property if it is absolutely a home you love, and would be willing to buy with our without the $8,000 from Uncle Sam. The probability of it legitimately getting approved, and going under contract in time to qualify for the tax credits isn’t great.

Traditionally, open houses in Logan are pretty ineffective. There are rarely more than a handful of lookers who actually come view the homes, and most of the people that look are just curious neighbors. I have only ever heard of one home selling in Cache County as result of an Open House.

The timing of this open house weekend though should be pretty good though. The weather should finally be nice after a long dreary Cache Valley winter, and with the expiration of the home buying tax credit just a few weeks away, there are plenty of “motivated” buyers out there.

In general, open homes are a nice way for potential buyers to get a feel for prices of homes for sale, and what to expect, without being really committed towards buying.

Here is a list of some of the homes that should be open to the public sometime this Saturday, April 10th, 2010. Cache Valley Open Houses.

You can also use this link to view all of the current Logan Utah Homes for Sale.

via Open Houses Weekend in Logan – April 10th « Logan Utah Real Estate Blog.

Is it possible to find any real estate in Cache Valley for around $50,000? Yes, occasionally real estate in Cache Valley is priced around $50,000. But only if it’s a mobile home without land not actually real estate, meth-house, or complete fixer upper. Also, Mt. Aire Garden Condos can sometimes be purchased for close to the $50,000 range, one sold for $64,000 last year.Last Year a 3 bedroom Meth House in Smithfield sold for $69,900, a strange 780 square foot green pre-foreclosure twin house sold “as is” for $49,523, and an 1894 built home in Richmond sold “as is” for just $40,000.So while it is possible to get homes for around $50,000 in Cache Valley, these properties aren’t going to be quality “nice homes.”View all Cache Valley Homes for Sale Now!

via Is it Possible to Buy Cache Valley Homes for Less than $50,000? « Logan Utah Real Estate Blog.

Is it better to buy a new home or an older home? When shopping for a new home buyers usually have a choice, is newer home or an older home better? Both choices have their advantages, and most buyers have individual preferences based on their needs and desires.

Choosing between an older home, and a new home is a preference thing. If you are looking for new homes in Cache Valley, here are a few links to help you out: New Homes in Logan, New Homes in Hyrum Utah, New Homes in Nibley, Providence Utah New Homes, Smithfield Utah New Homes.

Here are a few of the advantages of buying new homes vs. older homes:

via New Construction or Existing Homes « Logan Utah Real Estate Blog.

Water rights stay with the property. It is real property. Like a well. The have a stock water number with the state division of water.

Water Shares, are personal property, that can be transferred anywhere within that water irrigation district. Water shares need to be specified with a bill of sale, with a specific certificate that explains who has rights to those shares.

Riparian rights – You own up initial the banks of the river. If the banks of the river change (by natural changes), then your ownership changes. If the river is to small to be navigatable, then the property boundary goes to the middle of the river.

Littoral Rights – Rights of ownership that have to do with properties adjacent to bodies of water with historic high and low tide levels. With literal rights you own up to the historic high water mark.

In a common Utah Real Estate transaction the seller is required to provide any evidence of water rights and shares as specified in the real estate purchase contract.

For any specific questions or for more information about water rights in Utah, visit the Division of Water Rights website.

Real Estate in Logan Utah never really boomed, prices only went up slightly and so we also aren’t going to really have a bubble burst. Nevertheless, real estate sales in Logan are clearly down. 2009 had the lowest annual home sales since 2003, and there are currently more homes for sale in Cache County than there have ever been during January.

This shows me that the market will still probably decline for at least a few more months. Prices will stay soft, and only competitively priced Homes in Utah will sell until next spring. Although prices MIGHT be a little more, right now, it still may be the best time to buy for those purchasing their home if you are financing with a mortgage loan. Interest rates right now are around 5% right now. This incredibly low rate makes a huge difference in your total monthly payment. From a monthly payment standpoint, with a $200,000 house, a 1% difference in interest rate would be a difference of almost $17,000 towards the purchase price. If you bought the house for $183,000 at 6% interest your monthly payment would be the same as purchasing the house for $200,000 at 5% interest. In the Cache Valley Real Estate, market $200,000 homes won’t be dropping an additional $17K ever. So if you want the best deal possible, find a house you like, and watch the volatile interest rates. An individual seller may be willing to drastically lower home prices now and give you a Great deal.