Thursday, January 31, 2019

Outdated Home-Buying Advice

You Should Now Ignore: There are few things more 
stressful than buying a home. That's probably why nearly everyone who's been through the home-buying process is happy to give you some advice.
It's a nice gesture, really. It's just not always helpful.
The problem is that when you're talking about something as fluid as the housing market, the rules change quickly. As such, there's a good chance that any advice you get—no matter how great it was at one point in time—is now outdated.
So now that 2019 is well underway, it's high time to point out some home-buying advice that once worked well but has passed its expiration date. Of course, it varies by market, so check with your real estate agent to be sure, but by and large, you should take these once-wise words below with a huge grain of salt.
Wait for spring
There's no doubt you've heard this piece of advice before. "Who wants to move when the temps are low and when there are so few homes on the market?" Despite what you've been told, this advice is actually pretty outdated. There's no need to wait!
"Yes, there's more inventory [in the spring] but there's more competition for it, and sellers are more optimistic about getting a higher price then and so less willing to negotiate,"  "Buy when you find the right property that will meet your needs for today—and the next five to 10 years."
When it comes to your dream home, don't let a small factor like the weather make decisions for you.
Wait for home prices to settle down a bit
Likewise, if you live in an area that's been more of a seller's market over the past few years, you may have been told to wait until the market (and those sky-high prices) settle down a bit before really beginning your search. But Frey says that's now bad advice. The reason? Rents are also high.
"Paying high rent now and hoping that you'll find a better deal two or three years down the road [won't work]," he says. Instead, he says, "The better advice is to make a smart buy today for a property that will appreciate over the long term."
Entering a volatile home-buying market may sound scary, but it's important to look at the long-term repercussions of waiting.
Focus mainly on the type of house you want
Traditionally, you figured out what kind of house you needed (How many bedrooms and bathrooms? What size garage?), and then went looking for it. The house itself was the main attraction, and the neighborhood was just an extra factor you considered down the line.
Instead, you should find your future neighborhood first, and then see what houses it has to offer.
"The way cities and communities are evolving cannot be ignored, and we see this shift reflected in home buying."  "My advice to buyers is to go beyond measurements. Before looking at homes, take tours of neighborhoods and narrow down areas that are the best fit for you and your needs. Then find homes that you can afford within those pockets. Ultimately, the property doesn’t make someone happy, it’s the life and the community the area holds that makes and creates the happiness you’re looking for."
New construction is always the best choice
In the past, buyers have been told that if they have specific wants or needs, new construction was the way to go. It makes sense—if you're hand-picking every finish and knob, it probably ill end up being exactly the house you had in mind.

However,  as we move forward in 2019, new construction may no longer be your best bet.
"New construction is slowing nationwide, so while home buyers last year may have turned to building in order to obtain their dream home, 2019 is the year of the renovation!" 
"Now, you should identify homes that—with a little bit of work—will meet your needs.You can find a great house, invest just a small amount of time and money, and end up with a place that's just right for you and your family. The right real estate agent will help you identify properties and help you envision what’s possible."
Make an offer with room to negotiate
Once upon a time, it was a smart move to make an offer on a house that was just a bit under the price of what you were actually willing to pay. That way, you had room to negotiate when the seller came back with a higher offer. But real estate professionals say that's not the way you should be thinking anymore.
"The housing market in 2019 will be slightly different from what we experienced in 2018 when it comes to pricing and negotiations." "In regards to negotiations, what was once the premise of offering 10%-15% below asking is not necessarily the case anymore, and it’s a strategy I would not recommend. In today’s market, a truly motivated seller is less inclined to engage in the back-and-forth of a real estate transaction, and listings are priced closer to the final sale price."
A better bet is to base your offer on comps—aka similar property sales in the area. Home sellers know what their house is worth and aren't likely to bend to a lowball offer.
Whatever offer you make, do it fast!
The housing market in recent years has been a nightmare for buyers in many areas—but times are changing.
"For the most part, 2018 was a seller’s market, meaning there were tons of buyers and not a ton of homes for sale. This resulted in a lot of multiple-offer situations."  "During this very competitive time, many real estate agents were advising their clients to write offers as soon and as high as possible—sometimes without even seeing the home."
But this reality is waning—and that's good news for buyers. Carriene Porter explained that toward the end of 2018, buyer exhaustion started to set in—meaning buyers got sick of bidding high and still losing. This meant those high-priced houses went untouched, and prices are finally starting to fall.
"In 2019, I would advise buyers to take their time, appropriately assess the home and its price, and write an offer based on what you and your agent believe it's worth," she adds.
Of course, if you find a house you love, it's still not advisable to dawdle—but you don't have to move at lightning speed this year, either.
The American Dream is house with a white picket fence
If you're ready to settle down into a home—especially if you have a family—you know exactly what you're supposed to be looking for, according to popular standards. At least three bedrooms in the middle of a nice neighborhood, with large closets, a good-sized yard, and a white picket fence. It's the American Dream—at least, that's what you've always been told.
"With low inventory and a competitive market, you have to get creative," she explains. "Owning a home can take many forms, whether that's splitting the purchase of a duplex with another couple, buying a town home near campus that can be rented out down the road, or perhaps a fixer-upper. A first home doesn't have to have a picket fence, it just needs to be a good financial decision."
Looking for more information on buying a home? Head over to Precision Realty & Associates and speak to Carriene Porter a real estate professional where you’re guaranteed to get the expertise and advice you need. If you prefer a more personal touch, CALL 801-809-9866 today

#UtahRealEstate #Selling #Buying

Wednesday, January 30, 2019

Have You Noticed?

Real estate indicators are starting to shift in favor 
of home buyers as the housing market sets its sights on spring. Mortgages are getting cheaper, housing inventories are growing, and home prices are rising at a slower pace.
VIEW TOUR: 1575279 
Mortgage rates have been holding steady for the last few weeks. The 30-year fixed-rate mortgage averaged 4.45 percent last week, according to Freddie Mac.
Late last year, mortgage rates were nearing the 5 percent threshold, but several weeks of decreases have offered some relief to home shoppers.
The five-year adjustable-rate mortgage has been averaging under 4 percent, landing at 3.90 percent last week, Freddie Mac reports.
Home buyers are responding to the lower rates. New mortgage applications of home buyers across the country surged to the highest level since 2010 during the week ending Jan. 11, according to the Mortgage Bankers Association. Applications were 9 percent higher than they were the week before.
Housing inventories have grown significantly in many markets too, offering buyers a lot more choices. That is helping to put a tighter lid on home price growth as sellers face greater competition. Homebuilders are reportedly lowering their prices in many areas too. A quarter of newly built homes saw a price cut during the last quarter of last year.
The decrease in mortgage rates is likely to boost home sales this year, compensating for the decline in sales recorded last year while pushing prices up modestly, says NAR Chief Economist Lawrence Yun. “With the return of homebuyers, home prices look to rise again in 2019, but with one big difference. For the first time in years, income gains of a projected 3.5 percent will outpace home price growth of around 2 percent. That is healthy and a turn toward better housing affordability,” Yun writes in a Jan. 24 opinion piece in the newspaper The Hill.
Certainly, for home sellers, lower prices may not sound ideal. But housing analysts say sellers need to set a realistic price up front to find a buyer as the market shifts.
“The good news here for sellers is that—with interest rates down and slowing prices—more prospective buyers should be encouraged to get off the sidelines, shop around, and consider making offers,” 
For more news and advice, head over to Precision Realty & Associates and speak to Carriene Porter a real estate professional where you’re guaranteed to get the expertise and advice you need. If you prefer a more personal touch, CALL 801-809-9866 today.

 #Mortgage #UtahRealEstate #Selling #Buying

Tuesday, January 29, 2019

Stage a House for Free:

Ideas That Don't Cost a Dime: One of the most common 
mistakes sellers make is assuming they need to sink a bunch of money into home staging. Some choose the expensive route—swapping out their furniture and art at the behest of a hired professional home stager—but that's not the only way to impress potential buyers.
"Everyone needs to stage their home to sell it efficiently," says Carriene. "But you do not need to spend a lot of money to stage your home."
Want to get your house in tiptop shape without spending a dime? Follow these home staging ideas that are 100% free.
1. Depersonalize
The first step to staging your home is getting rid of personal items such as photos, albums, handmade items, trophies, and mementos—even the kids' artwork on the fridge.
"No family pictures," says Carriene. "A buyer wants to be able to envision living in that house. It’s not your house anymore. It’s a house that will soon be their house. So get the 'you' out of your house."
Removing your personal items isn't easy—they're the things that make your house feel like your home, but keep in mind that it's only temporary. Pack them up and store them safely until you can find them all spots of honor in your new place.
2. Declutter
All that stuff littering the surfaces of your home has to go.
"Most surfaces should have between three to five items on them, because clutter is distracting both in photos and in person," says Carriene Porter, of Precision Realty & Associates. "You want buyers looking at the home, not the stuff."
This means eliminating piles of mail and magazines, collections you have on display, knickknacks, and most other items that can easily be packed away.
3. Nix the extra storage
If you've been living in your current home for a while, you've probably come up with a lot of creative ways to store all of the items you've accumulated. But now that you're hoping to sell, it's time to get rid of them. Purge!
"Eliminate any plastic storage bins, over-door storage, above-cabinet storage, and extra racks in rooms.  "This is important because buyers never want to think they will outgrow a home. A seller's job is to show them there is plenty of storage space for them to grow into."
Since all those stored items are already packed into bins and baskets, it should be simple enough to move them to a storage facility until you've moved.
4. Deep clean
Even if you consider yourself a neatnik, you're probably going to need to do a little extra work to get your house ready for buyers.
"Take a critical eye to your home. Living somewhere daily reduces the things you notice that might be a problem, like dirty walls, scuffs and scrapes, leaks, or even odors you have become accustomed to," says Carriene Porter. "Also, deep clean the kitchen and bathrooms. These areas of the home are generally the most cluttered and dirty. Both of those things will turn off willing buyers."
It might help to ask a friend or family member to come by and help you find areas that need attention. Someone who doesn't live in your house will be better able to look at your space through the eyes of a buyer.
5. Change the furniture layout
Maybe you've placed your couch at an odd angle to keep the sun out of your eyes during your midday nap, or your armchair is in the middle of the room so you can better see the TV. Those things are all fine for you—but not for buyers. Now it's time to stage the room for optimal space and flow.
"Room layouts should be set up for photos first. It’s important that the photo not be of the back of a sofa, large chair, or other piece of furniture, as this makes the room look smaller because it blocks the view of part of the room." "The same goes for open houses and showings. If buyers see a room with furniture barriers, it makes the room seem smaller."
6. Let there be light
Now that your home is clean and uncluttered, it's time to brighten things up so buyers can actually see it.
"You want natural light and lamps with warm light—no swirly bulbs that look like office light," says Carriene Porter. "We tell most of our clients to remove valances as they typically make a room darker and, in most markets, are a little out of fashion. Lamps are important, especially in winter months when there is less sun and sunset is earlier."
7. Reduce your furniture
If your house is filled to the brim with furniture, it's time to move some of it out.
"After the home is thoroughly cleaned out, keep only up-to-date furniture in excellent condition, and just a couple of accent pieces in each room," suggests broker and interior designer.
Not only does this go hand in hand with making things look less cluttered, but less furniture will also make the rooms look bigger.
Move unneeded pieces to the basement, garage, or a storage facility until you're ready to move.
Ready to make a move we're here to Help! Working with real estate professionals like Carriene Porter at Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 
Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.
Stop! You're Cleaning Your House Wrong
Volume 90%
 
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 #UtahRealEstate #Selling #Buying

Monday, January 28, 2019

This Week’s Most Popular Home

You'll dig this place! Converted Utah Church Comes With

Miniature Mining Town. The 1903 church/meetinghouse in Eureka, UT, was converted to a home/event space by its previous owner, an architect. He also built a miniature mining town, as a tribute to Eureka's mining history that his kids could enjoy.  
To view this home or any others in Utah, head over to Precision Realty & Associatesand speak to Carriene Porter a real estate professional. If you prefer a more personal touch, CALL 801-809-9866 today.
The unbelievable Underground House in Las Vegas soared to the top of this week's most popular homes on realtor.com®.
The bunker 26 feet below the earth's surface is a strange simulacrum of a suburban house with a pool, fake trees, and even a barbecue. If the "Brady Bunch" had built a bunker, this would be it.
This week's runner-up is a huge mansion in the small state of New Hampshire. The Mill House features Old World details mixed with contemporary luxury, as well as a six-hole putting green.
Other above-par abodes you clicked on this week include the Beverly Hills home of "Real Housewives" star Dorit Kemsley, the former Detroit home of rock star Jack White, and an affordable, cute Chicago bungalow.
Why it’s here: This updated Colonial is within walking distance of shops, schools, parks, and entertainment. The open plan features a gourmet kitchen, living room with fireplace, formal dining room, and a family room that opens to a deck. It comes with new windows, fresh paint, refinished wood flooring, and refreshed bathrooms.

Completing a Loan Pre-Qualification you'll be on your way to locking in your interest rate and giving assurance to prospective sellers that you mean business. Pre-qualification is easy and can be done via email or over the phone and speak to George Andersen at 801 550-1382.
Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.
#Mortgage #UtahRealEstate #Leasing