UPDATED LIST CAN BE FOUND HERE.  CEDAR CITY FORECLOSURES

In our current market foreclosures are often the best deal you can find.   I have compiled a list of all the currently listed Cedar City Foreclosures.   These properties are all bank owned and ready for someone to purchase.  You can often buy foreclosures well below appraisal which makes them the perfect investment for savy buyers.  

Often times with foreclosures you will find the home has been trashed or stripped of valuable items.  You need to factor that into your offer price.   You also need to factor in the amount of work that will be required to bring the home up to your standard of living.   The great thing about foreclosures is if you are willing to do some work you can often get a better deal then if you purchased from a private seller.   

So here is the list of current (December 15, 2008) Cedar City area foreclosures.    Like always if you have any questions feel free to call me at 435-701-0448 or email me at team@cedarcityonilne.com.   I look forward to hearing from you. 

And the top ten reasons Cedar City, Utah is greater than St. George Utah are…

10.  Shakespeare Festival

9.  4 Wheeler Laws (You can legally drive a 4 wheeler, side by side or off road motorcycle on the city roads in Cedar City as long as you don’t exceed 25 miles per hour) *restrictions apply you can read more about this on www.cedarcity.org. 

8.  Mountain Views

7.  Proximity to National Parks

6.  Cedar City Planned for Growth

5.  No Traffic In Cedar City

4.  Small Town Feel

3.  Average Daily Tempature in July  St. George 106  Cedar City 84

2.  Home Prices 10-20% lower then St. George

1.  St. George is 50 miles away!

If you are looking to buy or sell real estate in Southern Utah, I would be happy to assist you in any way possible.   I have the top ranked website in all of Southern Utah.  The differance between my website and other agents websites is that mine is easily findable through Google, Yahoo, and MSN search engines.  This means if you list with me buyers will find your property before other agents.   Considering over 90% of buyers start there search for real estate online this means the internet is the most effictive advertising for sellers.   

Being we are now in a buyers market it is just that much more important for sellers to get all the exposure possible.   If you list with me I will do whatever it takes to get your home sold.   Here is a list of items I will do if you choose me as your Cedar City Realtor.

 Ok so example time.  

Two months ago a 30 year fixed rate mortgage through the USDA was at 5.5% interest. 

Today you are looking at 7% interest. 

Lets say you are looking to purchase a $250,000 home.  

So if you had a Fixed Rate 5.5% loan to pay for the full $250,000 your payment would be $1,419 plus taxes and insurance.  

The same loan at 7% interest would have a payment of $1,663 plus tax and insurance.   So lets say you can only afford a $1,419 payment but you waiting until today to purchase.  The $1,419 payment at 7% would mean you can now only afford a $212,000 dollar home. 

By waiting you are losing 38,000 dollars worth of purchasing power. 

If you have spent much time looking at homes in Cedar City you know there is big jump in the qaulity of homes from $212,000 to $250,000 dollars.   

Here is another thing to look at.   Over the life of the loan the guy who barrows $250,000 dollars at 5.5% interest pays 261,009 in interest.  If you barrow only the $212,000 at 7% interest you end up paying the bank $295,758 in interest and you barrowed $38,000 dollars less money. 

SO lets recap!   You barrow less money and pay more interest by waiting to purchase and paying a higher interest rate.   Is it really worth it to wait even if you think the market may continue to slowly fall before bottaming out?

1. Home repairs paid by the Seller. If you see some things that need fixing but otherwise the house is great ask the seller to fix or pay to fix those items.
2. Ask for the seller to pay all closing costs. This will save you the buyer anywhere from 2-4% which is big money.
3. Ask for the builder to through in upgrades at no additional cost to you.
4. Ask for the seller to carry the note or part of the note.
5. Ask for owner financing or a lease option

When you really break it down you just need to negotiate the best deal for yourself. This is why having a professional Realtor is so important. Your Realtor should help you to do these things, provide you with ideas and truly listen to you so they know what it is you are looking for.

The days of bidding wars for homes are over and people still need to buy and sell homes. You need to arm yourself with the local market knowledge that will allow you to get the best deal. I do have to warn about being realistic. I’m sorry but the sellers can’t cut there price in half, this doesn’t mean there aren’t great deals to be had but it does mean you need to be realistic, professial, and polite when making offers.

I hope this help and if you have any questions about Southern Utah real estate or about buying or selling in general please contact me. Sam Dodd at 435-701-0448  you can also reach me by clicking the contact Sam button.

1. Know and understand your homes value. You home is not worth its last appraisal, its not worth what the county tax assessor said, and its not worth what your neighbor 3 doors down sold his home for 6 months ago. It is exactly what someone is willing to pay for your home today. Hence, price realistically and broaden incentives, such as closing costs and throw-ins like appliances, or offer to fix minor problems. There is an old saying: “There’s nothing wrong with a home that price cannot fix.”

2. Hire a top pro former. In this market you need a qualified professional marketing your home. You should look for an agent with a great online presence as well as great sales numbers. 80% of home searches start on the internet your home needs to be one that potential buyers see. Look for an agent that sells homes not just lists them. To many agents are running around Iron County taking overpriced listings, they are doing both themselves and there sellers a major disservice. You want an agent that sells homes not just lists them.

3. Know your market, no two markets are alike. Sellers are fighting an uphill battle but homes that are correctly priced and marketed are selling. A little research can go a long way. Ask your agent for some sales trends as well as multiple recently sold and currently under contract comparables. This will help you see what is selling and what isn’t selling as well as give you a great idea about your homes true value.

4. Use the Internet. According to compete.com, total time spent online rose 24.3 percent from the fall of 2006 to the fall of 2007. People still look in the classified and real estate books but its a small minority compared to those who go online to get information. You want your Realtor to have a website that not only looks good but is also easily findable by searching Google, Yahoo, or MSN. (This website ranks #1 for all 3 search engines, and we have over 100 visits per day) Sorry for tooting my own horn but you found this site and so will other people.

5. Rent your home out. If you have rising mortgage payment and cannot sell your home without taking a large hit it may be possible to rent your home out. Ideally you would be able to cover your entire mortgage and have a little left over each month to cover any repairs that need to be done when the market swings and you are able to sell your home. You could also work out a lease to own option with any potential buyer.

6. Curb Appeal. In this market you need to not only focus on curb appeal but take it a step further to really differentiate yourself. Consider adding a fresh coat of paint. Ideal in a neutral color, you could even take it a step farther and hire a home stager. Another great idea is to get a pre-sale home inspection. This way the inspector can find any problems with the house and repair them before your buyer finds them. Obviously, you would need to disclose these problems but you could show the repair receipts and it shouldn’t be a problem.

If you would like more ideas on ways you can improve your chances to sell in this market please call or email me. Sam Dodd 435-701-0448 sam@cedarcityonline.com or Heather Carter at 435-559-2791 heatherecarter@yahoo.com