What Is a Home Maintenance Inspection?

A home maintenance inspection will clear up any concerns you have about the health of your house. Worried your roof has been compromised, or your foundation is a little worse for wear? A home maintenance inspection gives you a full picture of any below-the-radar repairs that need to be completed before you put your home up for sale.

So whether you're contemplating moving or simply want to know if the systems in your home are working properly, an inspection can be a huge benefit. To learn the ins and outs of a home maintenance inspection, continue to our overview below.

What is a home maintenance inspection?

A home maintenance inspection is just like the inspection you get before you buy a home, except that you do it with no intention of selling the place.
A licensed inspector checks out all the main systems of your home—roof, walls, foundation, HVAC, electrical, plumbing—and flags anything that might be starting to malfunction.

'You might not even notice a problem,' But sometimes, a good inspector can see the little signs that something is starting to go: small cracks, uneven wearing, or even just appliances such as water heaters and boilers reaching the eventual end of their lives. They can also remind you of the regular maintenance you should be doing on your house.

Like an annual physical, a maintenance inspection can catch issues early and give you the peace of mind of a clean bill of health.

'It's a way to keep little problems from turning into big problems,' says Lesh.

What happens during a home maintenance inspection?

Just like at a pre-purchase inspection, your inspector will walk you through the home, showing you what was found and explaining what it means. You should have a chance to ask questions or get clarifications, and usually the inspector will point out things you should be doing regularly to keep all of your home's systems functioning in tiptop shape.

Then, in a few days, you'll get a written report detailing everything the inspector found. Only in this case, instead of asking the seller to fix or pay for the things on your list, you're the one in charge of tackling the to-do list. Think of it as an itemized punch list to address whenever you choose.

Do you need a home maintenance inspection?

You should have a home inspector come out and do a maintenance inspection,'  'Like changing your furnace filter, you should do it before it gets so bad [that it becomes] a problem.'

Another advantage of a home maintenance inspection is that the inspector provides an unbiased opinion. You'll want the person inspecting your home to not have any skin in the game, especially if the pro is evaluating things that are expensive to repair (e.g., your roof or foundation).

If you do suspect something is in disrepair, it's wise to call in a home maintenance inspector before a repair company. 'I'm not saying repair people are dishonest, but they have a vested interest in getting work, so you have to take what they say with a grain of salt.'

'A home inspector isn't trying to sell you anything ... and isn't going to make any money off doing the repairs. 'All we have to sell is the truth.'

Who conducts the inspection and how much does it cost?

Any inspector who does pre-purchase inspections will be qualified to do a maintenance inspection. It's exactly the same process as before a sale, only with a slightly different purpose, so the cost will also be the same.
Prices vary depending on the area and size of the home, but the average range is $200–$400. Considering the fee for electrical, foundation, or roof repairs can be three to four times higher, that's a pretty great deal. When it comes down to it, a home maintenance inspection is a cost-effective way to keep your home in tiptop shape.

Safety: The home inspection checklist will include items that may compromise the safety of you and your family. That list includes the following:

• Open stair risers that are too high
• Wobbly deck supports
• Loose or missing handrails
• Nonfunctional smoke and carbon monoxide detectors
• Peeling paint if the home was built before 1978
• Signs of mold
• Spongy subfloors
• Tripping hazards
• Signs that a chimney needs maintenance

Are you Ready to Sell or Buy! We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today.

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Homes are Flying Off the Market

 Monthly Housing Trends Report for April, The report deemed this “the hottest spring housing market on record,” and a cool-down does not appear imminent.

“The dynamics of increased competition and buyer frustration are unlikely to change this spring.”“In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”

10 Smaller Cities Poised to Skyrocket, The Next Urban Powerhouses: Everyone obsesses over the handful of smaller cities that got the secret formula just right and have exploded into some of the nation's biggest economic and trendsetting powerhouses. So savvy home buyers wonder where the next generation of powerhouse cities will be.

We crunched the numbers to figure out which small and midsize metros are poised to hit it big. What we found: unexpected places that are millennial-friendly with tech job growth and proximity to bigger cities where prices have gone insane.

“We'll see small cities continue to be growth centers,” “A lot of them are in the South—a region with great affordability, a business-friendly environment, and warmer weather.'

Nationally, the median list price was up 8 percent over the year in April and 3 percent since March. The national median listing price in April was $290,000. Homes continued to sell with increasing speed in April, with a 5 percent in the median age of inventory from last year and a 9 percent from the previous month. The median age of housing inventory in April was just 59 days.

On the other hand, the market experienced a hint of relief from the pervasive heat in April’s inventory count. While inventory declined 6 percent over the year in April, Realtor.com noted this was a slower pace than previously charted. Month-over-month, the market actually posted an increase in inventory, up 5 percent from March. 

The median age of inventory was shorter than 30 days in San Francisco-Oakland-Hayward California; Seattle-Tacoma-Bellevue, Washington; Salt Lake City, Utah; and Ogden-Clearfield, Utah.

So where are the next dream towns?

Ogden's secret to success is likely its proximity to Salt Lake City, just 40 miles away. However, families on a budget willappreciate that the median home list price is about 11.1% less. (The median home list price in Salt Lake City was $399,950.)

The number of high-paying jobs is also rising here. While its major employers remain the federal government and health care industry, development officials have worked hard to lure smaller high-tech firms to the city.

The family-friendly atmosphere permeates Ogden. On any given winter weekend, families load up skis and snowboards and head for one of the world-famous ski resorts in the Wasatch Range, including Alta and Park City. And despite having one of the highest numbers of Mormon residents, who don't drink coffee, the number of places where you can get a caffeine fix has increased by double digits in recent years as more folks

That helped it to land on the Brookings Institution’s list of the Best Cities for Advanced Industries for 2015.move in.

“Local dynamics show the heat is being spread out more broadly than before, lighting the spark in more areas but stopping the fire in others.”  

Are you Ready to Sell or Buy! We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. 

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Vintage or Modern which Is Better to Buy?

Old House vs. New House: If you're shopping for a place to live, this may be one of

your primary decisions. Is it bettert o buy brand-new? Or do homes, like wine, get better with time? It turns out there's no one-size-fits-all answer, but there are distinct pros and cons to each purchase.

“Both new construction and fixer-uppers offer unique benefits,” All of which means your Final Answer may boil down to a personal preference—so here's what to keep in mind when you're trying to decide whether an old house or a new house is right for you.

Upfront costs: How much house can you afford?

New may be nice, but you pay for all that shiny newness: According to recent home price figures, the median cost of a new home is $335,400. Meanwhile, the median cost of an old home—often called an 'existing home' in real estate parlance—is only $240,500.

In other words: You'll cough up nearly $100,000, or 30% more, for a new home. That's a sizable price hike! However, that money you save buying an old home may not remain in your pockets that long, since old homes are often less energy-efficient—and thus will cost more to heat and cool, sooner or later, something is bound to break down but this is why a Home Warrant can help to protect you. 

Maintenance: Love it or loathe it?

Just like we mere mortals when we get up there in years, old homes come with an inevitable need for repairs, replacements, and upgrades. On the other hand, 'New homes should be worry-free for several years,” says Stewart. “A brand-new hot water heater, HVAC system, and roof all but ensure no major out-of-pocket expenses for at least eight to 10 years in most cases.” Old homes have an opportunity to purchase aHome Warrant to help protect you for a period of time and can also be renewed for longer coverage. 

If you do go ahead and pursue the purchase of an aging home, it's especially important to have a thorough home inspection. Doing so won't just help you negotiate down the price, but give you an idea of all the problems that need to be fixed. And then you actually need to fix them. A small repair now may save you an extensive overhaul down the road, Plus, if you decide to sell your house again, those same old issues will no doubt pop up again during the next home inspection.

As for a new home? With no history to look back on, this purchase can be considered more of a gamble. The price could shoot up, or it could plummet. But in case things go south, there is this one silver lining. 'You'll have less work to do in terms of making sure the home offers what the market demands in terms of energy-efficiency, design.

Vintage or Modern?

Looks matter a lot when it comes to choosing a home. And both old and new homes have their fans: In an older home, you'll likely get some sense of historic tradition and thoughtful attention to detail. Think crown molding. Real hardwood floors.

On the other side of this debate, brand-new houses often sport the latest and greatest—i.e., open living spaces with wide, accessible hallways; and bathrooms and kitchens with energy-efficient, on-trend amenities.

Can you get the best of both worlds?

How people want modern amenities—but maybe not in a brand-new home. (“They don’t make things like they used to,' is the common refrain.) If you feel the same way, you do have an option: 'Buy an older home with ‘good bones’ and take the opportunity to renovate it or hire someone to do it,”

Are you Ready to Buy! We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. 

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Rates See Modest Decline

Mortgage rates saw a slight dip over the last week after rising steadily in April according to the latest Primary Mortgage Market survey by Freddie Mac. Data from the survey indicated that the 30-year fixed-rate mortgage averaged 4.55 percent declining three basis points from last week when it averaged 4.58 percent.

Though rates rose steadily in the last month, they haven’t really affected homebuyer sentiment.

“Consumer confidence remains very high, demand for purchase credit remains roughly the same as what it was last year in terms of the growth rate. The steady rise in mortgage rates since the beginning of the year has not impacted consumer sentiment or behavior yet.”

According to Economist at Realtor.com, this week’s pause in mortgage rates would also give homebuyers something to cheer about. “This pause should give home buyers a little breathing room amid declining inventory and increasing prices,” she said.

Rates haven’t really impacted homebuyer demand either. “While mortgage rates have increased by one-half of a percentage point so far this year, it has not impacted home purchase demand, which continues to grow this spring,” said Khater. 

“It’s also good news that first-time buyers appear to be having more success so far this year–despite higher borrowing costs and home prices.

Freddie Mac’s data through April showed that first-timers represented 46 percent of purchase loans, up from 43 percent over the same period a year ago

We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. 

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Should You Fix Rate or Adjust it?

There are two main types of mortgages — fixed–rate and adjustable–rate — that have been serving families for decades. Each mortgage comes with its own set of features and benefits that should be carefully considered before choosing one.

Find a Lender

Your lender will play a significant role in your homebuying experience.

It’s important that you find someone who is trustworthy and offers competitive terms.  If you don’t have a lender, reach out to friends, family and colleagues You can even ask your Professional Realtor for references and be sure to call several lenders to get the best rates and terms.  

Fixed–rate mortgages are the most common type of mortgage today, with over 90% of homebuyers choosing it.

Why is it so popular? With a fixed–rate mortgage, your interest rate will be locked in for the life of the loan. This means that your monthly mortgage payments will remain the same for the entire term of the loan, whether it's a 15–, 20– or 30–year mortgage.

Let's say you lock–in today with a 30–year fixed–rate mortgage at 4.5% and your mortgage payment is $1,200 per month. With a fixed–rate mortgage, your payment will be the same in 12, 18 and 26 years, assuming you haven't tapped into your equity or refinanced your mortgage. 
No matter how high rates may rise over the next 30 years, your payment will always be based on your 4.5% rate. [Your taxes and insurance costs will likely increase, however.

The benefit of the fixed–rate mortgage boils down to 'inflation protection' and offers peace of mind in today's market.

If mortgage rates increase, your mortgage rate will not change during your mortgage term. If rates go down, you can always refinance, usually without penalty.

An Adjustable–rate Mortgage (ARM) is a loan with an interest rate that will change during the life of the loan.

An ARM may start out with lower monthly payments than a fixed–rate mortgage, but it's important to know your payments can go up over time, and you'll need to be financially prepared for the adjustments.

If you're seeking lower paymentsin the initial years of your mortgage — with plans to sell your home in less than five years, or less than the adjustment period — an ARM may be attractive since rates are typically lower than fixed–rate mortgages. Just be sure you know the details of how and when your payments may change and evaluate your options carefully.

Let's say you choose a 3/1 ARM and lock–in with a 4.0% interest rate. Your mortgage will stay the same for the first three years, and then can change once a year for the remaining term of the loan.
If interest rates increase, your monthly payments will increase, If rates go down, sometimes your payment may go down, but that's not true for all ARMs.  Also, some ARMs set a cap on how high your interest rate can go and some limit how low your interest rate can go.

To determine the best type of mortgage that's right for you, lean on your lender or financial professional for guidance. A mortgage is a long–term commitment, and the more knowledgeable and prepared you are, the more successful you'll be.

Ready to Buy or Sell?  We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today.

#RealEstateForSale #Homeownership  #UtahRealEstate #Mortgage #MortgageRates

Home Values are Rising,

Inventory is continuing on a downward spiral, If the market feels a little 

competitive this spring, it’s not just your imagination. “This year’s home-shopping season will be one of the most competitive ever recorded.”

Home values ascended 8 percent year-over-year in March, while the number of homes for sale ped by nearly 9 percent. The sparse inventory that is available is concentrated at the high end, pricing out many first-time buyers. 

Alongside these prohibitive market metrics, rental rates across the nation are also on the rise, climbing 2.7 percent year-over-year in March. 'This year's home-shopping season is shaping up to be even crazier than last.

Housing Trends Snapshot: April 2018 Housing Minute

Existing-home sales and contract signings both saw modest gains in March, even as low supply and higher mortgage rates continued to affect overall affordability.

Nine of the 35 largest metros in the United States experienced double-digit home value growth over the past year. The markets that experienced the greatest increases in home values year-over-year in March were San Jose, where home values jumped 25 percent to a median home value of more than $1.25 million; Las Vegas, where values climbed 17 percent to $260,161; and Seattle, where values are up 15 percent to a median $492,227. These values compare to a national median home value of $213,146. 

Helping drive this ascension in home values, of course, is declining inventory, which has been ongoing since early 2015. Not surprisingly, the greatest home value increases took place in the same markets where inventories experienced their steepest declines. San Jose posted a 26 percent in inventory over the year, followed closely by Las Vegas with a 23.5 percent descent in housing inventory.

These declines were outpaced only by Washington D.C., which led the nation with a 27.3 percent descent.

In all, inventory deteriorated more than 20 percent in six of the 35 largest metros. After Washington, D.C., San Jose, and Las Vegas were Indianapolis; Columbus, Ohio; and Dallas. 

More than half—about 51 percent—of homes available for sale are what “high-end,” and only 22 percent are what “entry-level.” In 13 of the 35 largest metros in the United States, at least 50 percent of housing inventory is considered “high-end.”

Buyers at the low end of the market “will be competing for the few entry-level homes on the market, which are also the ones appreciating the fastest because of extremely high demand.” 

We sees signs of relief down the road, “There are some signals a shift may be coming—construction activity is at its highest point in a decade—but buyers shouldn’t hold their breath.” 

Ready to Buy or Sell?  We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. 
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Owning Is the New Renting

U.S. Loses Renter Households as Homeownership Trends Upward, 

Rising wages, loosening credit standards and demographic shifts are all creating momentum for owning rather than renting.

The homeownership rate rose from the prior year for the fifth consecutive quarter in 2018, according to U.S. Census data released Thursday. It held steady at 64.2%, unchanged from the prior quarter and its highest level since 2014. 

The share of Americans who own a home rose from the prior year, from 63.6% in the first quarter of 2017.

The homeownership rate rose last year for the first time in 13 years. That marked a turning point in the recovery, during which home prices have risen sharply and credit standards were initially very tight, blocking many renters from buying homes.

The U.S. added 1.3 million owner households over the last year and lost 286,000 renter households, the fourth consecutive quarter in which the number of renter households declined from the same quarter a year earlier. That could pose challenges for apartment landlords, who are bracing this year for one of the largest infusions of new rental supply in three decades.

Landlords should start to take caution,” said Ralph McLaughlin, chief economist and founder of Veritas Urbis Economics, a consulting firm. “There’s going to be downward pressure on rents in the near future.”

Rising wages and looser credit standards have helped bolster demand for homes in the last year. Fannie Mae made it easier for borrowers to take on more debt in the middle of last year, which coincided with a significant rise in the homeownership rate.

Demographics trends also increasingly favor homeownership, as members of the large millennial generation are entering their early to mid 30s, when people typically marry, have children and purchase their first home.

Nonetheless, challenges remain. Rising interest rates this year were expected to dampen demand for homes this year. The rate for a 30-year, fixed-rate mortgage hit 4.58% this week—the highest level since August 2013, according to data released by Freddie Mac on Thursday.

Limited inventory and rising prices are also making it difficult for 

young people to buy their first homes, as they compete in fierce bidding wars and often lose out to downsizing baby boomers or investors able to pay cash  or make large down payments.

A lack of homes for sale is also creating challenges for would-be buyers. The homeowner vacancy rate declined to 1.5% from 1.7% a year earlier, according to the Census data. That is down significantly from the recent peak of 2.8% during the housing bust in 2008 and close to the level seen in the early 1990s, according to Tian Liu, chief economist at Genworth Mortgage Insurance.

Ready to Buy or Sell?  We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. 
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