Suzanne's Blog

There seems to be this "mindset of fear" running rampant.  We the public, and all throughout the housing industry, seem to be listening to the media. We hear about all the foreclosures, about the economic problems and we worry. We're just flat afraid and it seems that we don't know if we should take the next step or not.

I'd like to share some facts that were shared with me by a favorite loan officer. Hopefully this will put a few things into perspective for you.

· FACT: Interest rates are where they were back in the 1960's, back when gas was just .35 cents a gallon and postage was only .08 cents.

· FACT: Today home prices are at record lows in most markets, back to where they were in 2003.

· FACT: There are tons of great loan programs out there: FHA, VA, Fannie Mae, and Freddie Mac.

· FACT: You don't need 20% down. There is still a no money down program, 3½% down programs, and even special programs like the new "HomePath" program that requires as little as 3% down and even funding for investment properties with as little as 10% down.

· FACT: If you have a job, have a paycheck stub, and have decent credit, you CAN get a home!

· FACT: When interest rates go up, they skyrocket! You could wake up tomorrow morning and lose a half a point or more. Take advantage of what's available NOW! Don't try to outsmart the market, go with what you know... today.

· FACT: First Time Home Buyers, or anyone who hasn't owned a home in the past three years, may qualify for the new $8,000.00 stimulus tax credit. (And this one DOES NOT need to be repaid!)

· FACT: The Money is there! Unfortunately the media has made it look like there's no money at all, and that's just not fair!

Your job is to get yourself educated, get the facts, learn about the new technologies available to you through your Real Estate Agent, learn and get comfortable with the process. Don't let the great opportunities of today pass you by! Consult a professional today!  You may be surprised at what is available for you and your family in this market. Do It Now! Don't Wait!

Here's another bit of information that may surprise you:

February 2009 - Metrocities / Prospect Mortgage (the company my friend works with) funded over $899,000,000.00  in mortgage loans - That's almost a billion dollars!

If there truly was no money out there, how could this have been possible?

Suzanne Gallegos-Salt Lake City, Utah Real Estate

Service First - Just ask me to prove it!

HISTORIC WESTGATE LOFTS

DOWNTOWN SALT LAKE CITY

The building that now houses the Westgate Lofts was built in 1900 and has now been meticulously updated and remodeled. The building was originally a peanut factory and then more recently office space. Despite the updates the developers have maintained an architectural preservation of its historic elements and distinctive features. Award winning architect, Warren Lloyd, recently took second place in the AIA Awards. He specializes in sustainable design and historic preservation projects across the Wasatch Front as well as in the Puget Sound area.

The Westgate Lofts are conveniently located within walking distance of Salt Lake City's fabulous Gateway Mall (calling all shop-a-holics!), Energy Solutions Arena (Go Jazz!), and downtown restraunts and night life. However, if you prefer not to walk it is in the middle of the downtown Free Fare Zone on Trax - Salt Lake City's light rail train system.

No detail is left undone in these beautiful lofts. Each deluxe kitchen has EuroStyle Akurum kitchen cabinets with your choice of style and hardware, large custom designed kitchen islands, stainless steel energy saver appliances, and beautiful pendant lighting in youir choice of fixtures.

Perhaps one of the most remarkable amenities is the nearly cost free geothermal heating and air conditioning system. By tapping into the City Creek, 300 feet below the surface, mother nature does most of the work. For more explanation on geothermal energy please visit  this blog post  The Heat Is On. Geothermal energy reduces heating and air conditioning costs by up to 75%. Cool huh? (I know...no pun intended)

 The main entry hall features the work of local artist Kathie Lee. The Westgate Lofts will now be part of the downtown Gallery Stroll. Salt Lake Gallery Stroll takes place on the third Friday of each month from 6 - 8 p.m.

 The Westgate Lofts are simply a must see!

Each Unit Unique

Although each townhouse has a completely unique floor plan the amenities are the same in each space. Phase II of this amazing renovation has 17 two level custom designed Townhouse Lofts. Each townhouse boasts the following features:

-Original 15 ft high timber columns brought in from Brighton Ski Resort.

-Authentic style oversized Pioneer Period windows

-Original window designs include top level pigeon alcoves

-Soaring 15 ft. ceilings on main level, and  20 ft. ceilings on upper level

-Skylights in all upper level units

And much, much more!

If you love downtown living or are looking for a second home or investment property you must visit Westgate Lofts in downtown Salt Lake City.

It's time for the Countdown, Downtown! The new year is here and this is is your last reminder to join in the First Night celebration with three stages of entertainment on Gallivan Plaza. First Night is the state's biggest and best New Year's celebration and it's right in downtown Salt Lake City. First Night is a family friendly event, with something for everyone.  There is even a circus of fire performers that always proves to be a favorite! The event promotes cultural, ethnic, and artistic diversity. Transportation is available by using Trax. You can ride Trax free on Dec. 31 from 3 p.m. to 1 a.m. with your First Night admission button.  Bundle up to stay warm and enjoy the festivities!  First Night admission buttons are available at select Albertson's stores, Discovery Gateway, the Gateway concierge and the Leonardo. For more information go to firstnightslc.org. 

 Coats 4 Kids and Keller Williams Utah Realtors are hosting an open house on Friday, December 12, 2008 from 12:00 - 7:00 p.m. The open house will be held at the Westgate Lofts Condominiums-the latest in renovated loft style residences.  The Westgate Lofts are located at 342 West 200 South near the Gateway Mall in downtown Salt Lake City.  Anyone stopping by the open house to donate a coat will receive a free gift. The purpose of the coat drive is to collect new coats for pre-school and school age children who do not have access to winter coats.

 Coats 4 Kids is a non-profit group making an effort to provide winter coats for kids in SLC who don't have them. Established in 2000, they depend entirely on volunteer service and donations. Coats 4 Kids co-founder states "We know that it is a worthwhile and rewarding effort to provide warmth to children who would otherwise be suffering and possibly missing school rather than brave the cold without a coat."   All volunteer efforts and sponsorships are gratefully welcomed.

$320,000.00 @ 5.25% = $1,766.00         $1,766.00 @ 5.25% = $320,000.00

$320,000.00 @ 6.00% = $1,918.00        $1,766.00 @ 6.00% = $294,700.00

$320,000.00 @ 6.50% = $2,022.00        $1,766.00 @ 6.50% = $279,540.00

$320,000.00 @ 7.00% = $2,128.00        $1,766.00 @ 7.00% = $265,566.00

$320,000.00 @ 7.50% = $2,237.00        $1,766.00 @ 7.50% = $252,680.00

$320,000.00 @ 8.00% = $2,348.00        $1,766.00 @ 8.00% = $240,775.00

FACT: Rates are Phenomenal - now!

FACT: Home Prices are Lower and Fantastic!

FACT: We are in the PERFECT STORM!

Home prices and interest rates are subject to change and both most likely will go up.

Payment will go up substantially for the exact same home!

Food for thought!

Happy selling!