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Winner, Winner, Chicken Dinner.... With An iPad 2!

Congratulations to Emily Haslam Craven on winning the iPad 2 Giveaway! She came to our Pheasant Place Model Home located in Layton, UT to collect her prize! (Notice how she give us a thumbs up "Like")

She said of her experience "I just picked up my iPad 2 and I am so excited to use it!! Thank you so much Castle Creek Homes!! You guys are FABULOUS!! What an awesome giveaway!! :) Thank you! Thank you!!! :) "

We're Giving Away An iPad 2 On Monday October 10th!

Whether your visting castelcreekhomes.com for the first time or you’ve been here before, you’ll notice that we built a new clean, simple and crisp website to showcase our beautiful homes and kingdoms. We love our new website and new brand. So to show our excitement we’re giving away an Apple® iPad 2 16 GB Wifi on October 10th, 2011 to one lucky winner! The contest starts Monday and will be held on Dealicious Buying Groups Facebook Page. Be sure to “Like” our Facebook Page for updates and your chance to win, good luck to everyone!

Home Sales Are Up, Inventory at 4-year low

Home sales rose 16.4 percent compared to last year.

The 16.4% increase is the biggest increase in sales since May of last year when buyers were rushing to finalize tax-credit-eligible transactions. During the month, Utah Realtors sold 2,686 homes compared to 2,307 sold in July 2010.

“The rise in home sales is positive for Utah because these gains will help push inventory lower, which will ultimately stabilize home prices,” said Kenny Parcell, 2011 president of the Utah Association of Realtors.

The number of contracts signed to buy homes was also higher in July, up approximately 22 percent compared to last year, which signals sales will likely increase next month as well. In fact, year-to-date pending sales are outpacing the first seven months of last year by nearly four percent.
This is the third straight month of double-digit gains in pending sales.

Other good news from the report was the fact that inventory dropped significantly in July. The number of homes for sale at the end of July was 25,240, down 17.5 percent from last year when 30,607 properties were on the market. Combined with the pick-up in sales, it would now take 9.9 months to sell the entire supply of homes at the current sales pace. This is the lowest statewide reading for month’s supply since March 2008.

“The drop in inventory is one of the best pieces of news from the July report,” Parcell said. “As the month’s supply drops, the demand for homes is higher and the market becomes more balanced.”

The median price of homes sold in July was $175,268, down approximately 12 percent from last year. However, prices have hovered around this level since January.

“Ultimately, we need job growth and consumer confidence to support home sales and prices,” Parcell said. “Luckily, Utah job growth continues to improve. During the last two months, we’ve seen better employment gains than we have in the past few years. That bodes well for housing.”

The Utah Association of Realtors serves more than 11,000 members and is the official trade association for real estate professionals in Utah. More information about the association is available at UtahRealtors.com.

Top 10 Counties for Closed Sales – July 2011

Rank County Sales 7/2010 Sales 7/2011 Percentage Change
1 Sevier 8 12 +50%
2 Uintah 30 44 +47%
3 Tooele 51 74 +45%
4 Sanpete 9 13 +44%
5 Salt Lake 752 1,010 +34%
6 Emery 3 4 +33%
7 Weber 185 233 +26%
8 Cache 55 69 +26%
9 Utah 370 449 +21%
10 Juab 5 6 +20%
Entire State 2307 2686 +16%

See full article featured in Utah Business, “Utah Homes Sales Up in July”

Top Reasons to Own a Home

Article by Carla Hill

The top benefits of homeownership haven’t changed, even in the face of a down economy.

There’s good reason that over half of all Americans are homeowners. Social and financial benefits are key factors when it comes to deciding to buy. Homeownership allows people to grow wealth slowly over time, to hold assets that build equity, and to bring stability into chaotic lives.

Despite these facts, homeownership rates have taken a hits since the recession in 2009. Falling home prices along with reduced access to credit has kept many would-be buyers from entering the market. According to Morgan Stanley, the current homeownership rate is around 59.2%. This is lowest rate since the Census Bureau began tracking in 1965. Has this reduction been a fear-based one?

The top benefits of homeownership haven’t changed, even in the face of a down economy. Here are the top five:

• Savings: Even though low rental rates exist, you’ll find that long-term homeownership is still a way to get big savings.

• Tax Breaks: The highly advertised tax credits have gone away, but many homeowners are still able to take the mortgage interest deduction (MID) each year, along with great rebates and credits associated with upgrades made to your home.

• Equity: When you pay a landlord, it’s money down the drain. When you pay on a mortgage, you are paying towards owning a piece of something. You may still owe $100,000, but perhaps the home is worth $200,000. This means you have $100,000 worth of equity you’ve built up over time.

• Budgeting: Unless you live in a rent-controlled apartment (and not many do), then each lease renewal could mean a jump in prices. A fixed-rate mortgage, however, means your monthly payment is the same amount for the life of the loan. A $1,000 a month payment on a 30-year mortgage is that same now as it will be in 30 years!

• Stability: When you own, it’s yours. You can paint, improve, and decorate. The trees and flowers are yours to enjoy — for a lifetime if you wish. Most homeowners are in neighborhoods with other homeowners, meaning more time to build relationships and friendships. Recent studies have also shown that homeowners rank themselves as healthier than their renter counterparts.

Experts have recommended for years that if you’re planning on staying put for 5+ years, buying becomes an increasingly better deal. You have time to recoup any extra expenses found in closing costs and are now making an investment in your future through home price appreciation. Once your mortgage is paid off, you’ll have a real asset. That brings real stability.

Home affordability is at near record highs. Now is a good time to run the numbers and see if buying makes good financial sense. If it does, then you’re in store for a wealth of benefits that only homeowners can experience.

See full article:
Realty Times, “Top Reasons to Own a Home”

 

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