Show I if iiiift alf&iibtmra 15 1998 SundayMarch Section F Builders are to thank not blame for stable market While it is true that builders provide housing they are not responsible for all the growth in new developments throughout the valley Builders don't create demand they meet it A recent article in Nation s Building News dealt with the two choices California will face during the next few years: build hundreds of thousands of new homes or let home price inflation get out of control again Recent press releases from the National Association of Home Builders publication Housing News indicate that homes in Utah are among the least affordable in the United States The situation in Utah and California are differ- ent only in magnitude of population In a ranking of housing prices in metarea ropolitan areas the Provo-Oreranked 185th out of 195 areas evaluated nationwide for the third quarter of 1997 n The Salt Lake area ranked only slightly better at 1 8 1 st and the northern Arizona-souther- n Utah area ranked 1 80th Six years ago Salt Lake area City was the 16th in die United States So where is this all going? Back to California As the California economy recovers demand for new houses is at record levels Home prices are escalating because homebuyers cannot find enough available homes to buy This year an estimate indicates Californias median home price will increase more than 10 percent This inflation rate could even be higher in the following years as the economy rebounds To meet this demand California will need to build at least 250000 homes a year According to the State Department of Housing and Community Development only a third of that number has been built annually during the past few years With such demand why dont California builders rush to build the needed new homes? Acutally the builders are eager to build and the financing for new construction is plentiful The problem is getting the necessary permits required for building new homes Complicating the problem in California is the fact that obtaining a building permit is often costly and When the economy began m comprise Palmer Estates a new John Roe Construction development John Roe has been building homes for 25 years said Cathy Maxfield of Mansell and Associates who is listing the house John lives eats and breathes building He is partners with his wife who helps in the design of the homes Between the two of them they are able to create homes that are func-an- d women tional for both men In addition to the breathtaking views of the near On a clear day from the back deck you can see forever or so it seems The majestic Wasatch mountains beckon to the east so close you want to reach out and touch them The road that leads up Little Cottonwood Canyon transporting skiers to the pristine slopes above seems almost an extension of the road that leads to the driveway of this Sandy home This is the life Located at 3014 E 9690 South is a home that stands on its own It is one of five new homes that by mountains and the quality workmanship that can be found throughout this home are the subtle niceties that turn it into something really special Some of the extras include decorative pillars that separate the formal dining room from the living room convenient kitchen pantry bedroom closets with handy built-i- n shelves corian kitchen counters and an upstairs laundry room y The long and short of It: A entrance with an eight-fodoor greets visitors to the house Hardwood floors lead from the entry-wa-y down a hall to the kitchen and great room to 4657-square-fo- ot Citv-Ogde- most-affordab- le two-stor- ot See Page F2 MARKET How can you ensure getting the best rate on your mortgage? By Dian Hymer Inman News Features Its only natural to want the lowest possible interest rate on your home mortgage The lower the interest rate the lower the monthly mortgage payment The lower the payment the easier it is to qualify The lower the cost of the mortgage the more house you can afford to buy How can you make sure youre getting the best rate possible on your mortgage? Borrowers who have the time to do an exhaustive search on their own may find a deal shopping for a mortgage on the Internet But be aware that interest rates are constantly changing The posted rates may be out of date by the time you submit a loan application Also lenders differ regarding when they will commit to giving you a certain rate (called locking in a rate) Interest rates can vary from state to state And an lender might not be able to deliver for you To check interest rates online contact: Bank Rate Monitor te (wwwbankratecom) (wwweloancom) HomeShark (wwwhomeshaikcom) or Intuit an (wwwquickenmortgagecom) Make sure when you compare different loans that you are comparing apples with apples and not apples with oranges If one mortgage is a lot cheaper than another find out why For example 30-ye- ar fixed rate the interest rate on a loan that is due in 30 years will be higher than the interest rate on a loan thats due in 7 years The riskier loan costs less But if youre adverse to risk the lower interest rate loan with a large balloon payment due in 7 years might not even be an option for you likewise be sure that you get a full disclosure of all the fees associated with getting a mortgage Generally theres a trade-o- ff between the points Goan fee) you pay to get a mortgage and the interest rate The more points you pay upfront the lower the interest rate and vice versa Ask about the garbage fees which are incidental fees that some lenders charge 30-ye- ar 30-ye- ar A recent homebuyer was appalled to discover when he signed his closing documents that the lender was charging an extra $712 for such things as a document preparation fee an underwriting fee and an administration fee This was in addition to the points credit report and appraisal fee First-tim- e tip: Borrowers who are too busy to shop for the most competitive mortgage should get a recommendation for an energetic and trustworthy mortgage broker Ask friends and associates who have bought a home or refinanced recently if they would recommend their mortgage broker A good reputable mortgage broker See RATE Page ng F6 See GROWTH Page F10 OMii QilNI a esAND amm toms yiua 0$PfM FtOM $54990 OPSN SAT 6 5257 HAHHfON 51VD KMO0HED423IO openlipactow New paint carpet etc Most units OOWNTOWM updated 1 1D 1A parted tat 57000 or Investor Darfinq ducterv m or efiy vwsf Com to WJU McKay Dm Hospital ft tfwntwn low down financing A seller pays aSowabto dosing cods Realty great valuel 53 to choose from Gorgeous decorated modeL Excefert tor tor tone mto whcmdtole buyer mm Km 213 WfST 3100 4 t&m 12 oatotownhomee bull attached garage! 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