Don't Fall Behind!

Home-Selling Moves You Might Not Be Doing, 

To get your home sold, you have to tackle a rather long to-do list.

Some of these tasks are well-known, and some are just good ol' common sense—like finding a real estate agent and spreading the word that your house is up for grabs. But some other steps in the home-selling process aren't quite so obvious.

So to keep these less apparent home-selling tactics from falling through the cracks, here we've highlighted five things you may not even realize you have to do. Just in time to start prepping for the busy fall selling season!

1. Reach millennial home buyers

In 2017, for the fifth year in a row, Americans aged 20 to 37 were the largest group of home buyers—at 36%, according to the annual Home Buyer and Seller Generational Trends Report from the National Association of Realtors®. So get smart: Find ways to appeal to this (huge) generation when marketing your home.

These tips will help you attract younger home buyers:

• Promote your listing on social media. As digital natives, many of these would-be buyers are glued to Instagram, Twitter, Pinterest, and other social media networks. Make sure your real estate agent is marketing your listing on these platforms.
• Showcase your smart home technology. Millennials love smart home devices and theyre looking for these products when searching for homes. In a recent Coldwell Banker survey, more than half of homeowners (54%) said they would purchase or install smart home devices if they were selling their homes. Of that group, 72% said they would be willing to pay $1,500 more for a home that was smart.
• Make your house more energy-efficient. Making even small changes to your house (e.g., installing a programmable thermostat, adding attic insulation, or plugging air leaks around doors and windows) can make your home more appealing to Gen Y buyers. In fact, 84% of millennials say theyre willing to pay up to 2% to 3% more for an energy-efficient home, according to a recent study by the National Association of Home Builders.
• Show off eco-friendly features. It's no secret that this generation is environmentally aware, but you dont have to shell out tens of thousands of dollars on solar paneling to make your home green. Strategically planting trees around your home can reduce your air-conditioning costs by 15% to 50%, according to Energy.gov. They look nice, too.

2. Make your home move-in ready

Unless you’re selling a teardown, you need to do whatever it takes to make your home move-in ready for buyers.

This means tackling not only large home repairs but also small ones like replacing ripped screens, fixing leaky faucets, unclogging gutters, and mending damaged shingles.

Pro tip: If your house is in lousy shape, consider ordering a pre-inspection, where an inspector scrutinizes your property for problems before you put it on the market. This would give you the ability to fix problems ahead of time—while also presenting buyers with a clean bill of health on the property. Buyers love it, and a home inspection costs only about $200 to $500.

3. Order professional listing photos

If you have a good eye and a good camera, you might be tempted to take your own listing photos. But we're not talking about selfies here. If you’re looking to sell your home quickly, using an experienced professional photographer is a must.

There’s proof. In one case study, real estate photography company IMOTO compared 350 listings using its professional photography with 350 similar listings without professionally done photos in the same ZIP code. According to the company's data, listings using the professional photography sold 50% faster and 39% closer to the original listing price than those that didn't.

4. Prepare for open houses

Your agent is hosting the open house, so it’s her job to make sure your house is ready for the big event, right? Wrong! It’s your responsibility to prep your home before strangers show up at the door.

Here’s a handy checklist to get your home ready for an open house:

• Remove all prescription drugs from your medicine cabinet. This includes even the ones you think are harmless. After all, you don't want people knowing your identity. Also, you don't want people stealing your meds,' says home stager Alice T. Chan.
• Tidy up. Clear clutter, take out the trash, and do a thorough clean. Dont have time to get these things done? Hire a professional cleaning service, which costs $90 to $150 on average, according to HomeAdvisor.com. It's money well spent.
• Organize closets. Overstuffed closets can make your home appear to have insufficient storage space.
• Protect yourself from theft. Secure jewelry, art, heirlooms, and other valuables. (You knew this one already, right?)
• Open curtains and blinds. Letting natural light in will not only brighten up the space, but it can also make rooms appear larger.
• Hide family photos. Buyers need to see a neutral field where they can put down their roots. Having your family photos on display can make that a challenge.
• Prepare refreshments. Its one of the oldest tricks in the book, but buyers love being greeted with a warm cookie or a cold bottle of water. It's a home-selling cliché because it actually works.

5. Pet-proof your home

If you have pets, be warned—their presence can be a huge turnoff to some home buyers, says Diane Saatchi, an East Hampton, NY, real estate broker with Saunders & Associates. So,

 take these steps to make sure your furry family members don't hinder your sale:

• Clean the yard. Be prepared for buyers to walk around your yarda stroll that will be ruined if they step in poop.
• Remove odors. To banish traces of cat or dog urine from carpets or rugs, try a bacteria-eating pet odor remover. If the odor lingers, you might have to hire a professional cleaning service.
• Vacuum up hair. Pet hair can trigger allergies and send potential buyers sneezing and wheezing out the door. So, vacuum and dust to remove any settled hair or dander around the house.
• Remove pet paraphernalia. Before showings, tuck away any leashes, collars, toys, water bowls, and food.

Getting ready to Sell or Buy doesn’t have to be a huge undertaking, but it’s one where details really matter. 

When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy your home. If you prefer a more personal touch, CALL 801-809-9866 today.  

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!

#homeownership #LeasePurchase #UtahRealEstate 

Rates Slightly for First Time in 5 Weeks

Borrowers saw a slight cool down in mortgage rates this 

week following last week’s seven-year high. The 30-year fixed-rate mortgage dipped for the first time after five consecutive weeks of increases, averaging 4.71 percent.

But the higher rates may be deterring some would-be home buyers.

“The strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchase applications, which are down from a year ago,” says Sam Khater, Freddie Mac’s chief economist.
“With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 4:

• 30-year fixed-rate mortgages: averaged 4.71 percent, with an average 0.4 point, falling slightly from last week’s 4.72 percent average. Last year at this time, 30-year rates averaged 3.85 percent.
• 15-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.4 point, decreasing from last week’s 4.16 percent average. A year ago, 15
  -year rates averaged 3.15 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 4.01 percent, with an average 0.3 point, rising from last week’s 3.97 percent average. A year ago, 5-year ARMs averaged 3.18 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. 

Getting ready to Sell or Buy doesn’t have to be a huge undertaking, but it’s one where details really matter. When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy your home. If you prefer a more personal touch, CALL 801-809-9866 today. 

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!

#Mortgagerates #LeasePurchase #UtahRealEstate 

Buying New Construction

Much of today's home buying advice is geared toward 

people looking to buy existing homes. However, there is another market segment that deserves sound advice – those looking to buy new construction.

Buying new construction can provide you with exciting choices, but the buying process is different and warrants some tips for success.

• Find your own agent. Since the seller (builder) typically pays the commission, it costs you nothing to be well represented by an agent. It's advised that you choose an agent who is not affiliated with the builder and who has your best interests in mind. Look for someone with experience in new construction, the surrounding neighborhood, and – better yet – with the specific builder. This experience and knowledge will come in handy when choosing your options and negotiating your offer. (Note that many builders require your agent accompany you on your first visit.)

Selling or Buying doesn’t have to be a huge undertaking, but it’s one where details really matter.  If you're interested in a wealth of information and experience to help you get started, working with Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. If you prefer a more personal touch, CALL 801-809-9866 today. 

• Do your research on the builder and community. Many builders have been in the business for years so consider visiting one of their existing local communities and, if possible, talk to the homeowners that live there. Search online for trends in their reviews and lean on your real estate agent for advice on their quality and reputation. Finally, and equally important, check with the city to see what future projects are planned for your local neighborhood. Will the quaint pond across the street be there in 5 years or is another development slated for its location?
• Choose your lender wisely.  Many builders will encourage you to use their preferred lender, sometimes offering more competitive rates and fees. However, you need to shop around for the loan that's right for you and your financial situation. (Note that in some cases, particularly in the early phases of development, the preferred lender may be your only option.)
• Negotiate well. Frequently, builders will be reluctant to their prices as they don't want other buyers to see lower sale prices. Instead, they may throw in some options, such as upgraded flooring or appliances, and/or paying closing costs. You'll want to rely on your agent's knowledge of the builder and their past negotiating style throughout this process.
• Study the fine print. With new construction, you're likely buying a home that is not complete. Your purchase agreement should include a completion date, but what if this date is missed? What are the ramifications and what are your options if the delays are significant. Be sure to talk through this fine print with your agent.

Similar to the process with existing homes, don't forget your home inspection. The home may be new, but that doesn't mean it's safe and up to code. Additionally, make sure you understand all warranties on the home, from the overall structure to individual appliances.  Keep these files close by as you may need them in the first few years of home ownership.

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!

#RealEstateForSale #LeasePurchase #UtahRealEstate 

Apartment Rents are Suddenly Rising Faster

Rising Rents Spark Protests: More would-be 

buyers are being forced to continue renting as rising home prices push them out of the market, which, in turn, is heating up rental demand and prompting landlords to raise rents. The growth rate in rents had been slowing for the past three years because builders focused on adding more rental inventory.

But the shortage in for-sale inventory is reversing the trend; in the third quarter of the year, rents rose 2.9 percent compared to a year ago, according to RealPage, a real estate data firm.  

The cities seeing some of the biggest rent increases include Las Vegas; Orlando, Fla.; and Phoenix—all which saw rents jump between 6 percent and 7 percent over the past year. Rents are up more than 4 percent in Jacksonville, Fla.; San Jose, Calif.; Tampa, Fla.; Riverside, Calif.; Salt Lake City; and San Diego.

“Momentum in the apartment market’s performance during the third quarter slightly surpassed expectations.” 

The apartment occupancy rate is at 95.8 percent. Apartment construction continues to pick up, with new multifamily starts up 37 percent annually in August, the U.S. Census Bureau reports. Many of these apartments are in the luxury sector.

“With so much high-end new product finishing in the near term, the leasing environment will be competitive in that luxury apartment niche,” Willett says. “At the same time, product shortages remain for moderately priced rental housing. It’s tough to find available apartments at the middle- to lower-end price points across most neighborhoods.”

Higher rent costs are prompting some tenants to take part in rent strikes, which are often seen as renters’ last option to not get priced out. During a rent strike, tenants withhold their rent checks in an attempt to pressure landlords to negotiate rents and typically to improve building maintenance, too. Tenants may need to brace for more rent hikes ahead. Many landlords say they plan to raise rents even more over the next few months.

WATCH: Renting vs. buying a home - here are the numbers you need to decide

Tried of renting? We know that Buying or selling a home can be a long, stressful process, so it’s imperative to make sure you have a good plan in place for each part of the process. This will help you keep everyone safe and happy and will reduce the risk of stress and anxiety.

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me CALL 801-809-9866 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! 
   

#RealEstateForSale #LeasePurchase #UtahRealEstate 

Help Safeguard Your Smart Life

Using smart speakers for information or to control other 

home devices is convenient.But what if those devices allowed someone to monitor you? British security researcher Mark Barnes made headlines in 2017 when he used a modified Amazon Echo to hack into other Amazon Echos, enabling him to secretly stream audio from the hacked devices.

While the hack took a high skill level and required him to physically access the targeted Echos, Barnes' demonstration hits close to home for the 47.3 million — or one in five — adults in the U.S. with access to a smart speaker. 

During October, which is “National Cyber Security Month,” it's a good time to look at the smart devices around you and take steps to ensure they won't allow a cybercriminal to stalk you.

Opening Your Door

Any device in your home that uses electricity can be part of a home network and commanded by voice, remote control, tablet, or smartphone. These devices communicate with each other and the internet using wireless protocols such as Z–Wave, ZigBee, Bluetooth, and Wi-Fi, comprising the Internet of Things, or IoT.

Gartner predicts that a typical home could contain more than 500 smart devices by 2022, growth spurred by the falling cost of sensors and emerging technology platforms.

“Every internet–connected device is an entry point to your home and should be secured,” advises Richard Hill, vice president for Industry Technology for the Mortgage Bankers Association.

When selecting a service, it's important that you get products that fit your needs, while limiting exposure points. And if you're using a home monitoring service, you should understand how information that is being collected about you is being used.

Staying Diligent

To protect your devices, your hub, and your privacy, experts suggest the following steps, repeating each time you add devices or change service providers.

1. Install security software wherever possible, such as on mobile devices used to control IoT devices. If a device doesn't really need access to the web, disable the connection.
2. Keep devices up to date and always install the latest software updates to protect yourself against malware and emerging online threats.
3. Change the username and password for each internet–connected smart home device from its default factory settings and use passwords that are long and not easy to guess.
4. Enable two–step account verification, and pay special attention to apps used to control other devices or get reports — like the email where you send snaps from your security camera. If attackers have access, they could know when you are home, and might be able to control the camera.
5. Never use public Wi–Fi connections to remotely access your smart home. These networks are used by hackers for man–in–the–middle attacks, when someone intercepts your communication.

Tried of renting? We know that Buying or selling a home can be a long, stressful process, so it’s imperative to make sure you have a good plan in place for each part of the process. This will help you keep everyone safe and happy and will reduce the risk of stress and anxiety.

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me CALL 801-809-9866 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!

 

   

#RealEstateForSale #LeasePurchase #UtahRealEstate 

Why You Really Should Buy a House in Your 20s

Here's how: Curious about how to buy a house in your 20s? 

If you're dubious it can be done, we get it. Between entry-level salaries, college loans, and the desire to just be young and have fun, 20-somethings often think homeownership is beyond their reach.

No so! It is entirely possible to buy a home in your 20s, and it will benefit you big-time down the road. Here's how you can make your home-buying dreams come true much sooner than you think.

How to buy a house in your 20s: Save for a down payment

To buy a house at your age, you'd better have some cash saved up for a down payment on your mortgage—a lot of cash, actually.
Most financial planners recommend that home buyers make a down payment amounting to 20% of the price of the home. So on your typical $250,000 house, that would amount to $50,000. Ouch!

Granted, you don’t have to put down 20%, but doing so enables you to avoid paying private mortgage insurance, a premium that can increase your monthly payment by up to 1.15%.

If you don’t have a ton of money in savings, one way to afford the down payment is to ask Mom and Dad for financial help. Another option to foot the down payment bill is to apply for down payment assistance. Depending on your income and other factors, you could qualify for one of over 2,200 down payment assistance programs nationwide, which help out home buyers with low-interest loans, grants, and tax credits.

So, how much money are we talking about? Well, one study found that buyers who use down payment assistance programs save an average of $17,766. Sadly, most consumers aren't aware of these programs, or assume they're too difficult to qualify for. Don't be one of them!

Shore up student loan debt

Student debt has surged to an average of $28,950 per borrower, reports the Institute for College Access & Success. But college debt doesn’t automatically prevent you from being able buy a house.

Most mortgage lenders require a borrower’s debt-to-income ratio—how much money you owe divided by your income—to be no more than 36%. So, someone making $6,000 a month and paying $500 a month in student debt would be able to afford a maximum monthly mortgage payment of $1,680—in many markets, that's plenty to buy a house. But, if you’re shouldering too much student loan debt to qualify for a mortgage, you may still have a few options.

One way to make room for a mortgage is to refinance and extend the life of your college loan. This results in smaller monthly payments over a longer period of time, so you’ll have more you can put toward a mortgage. The caveat is you'll end up paying more in interest over the life of your college loan, but it means you can buy a home now and, in turn, take advantage of today’s low mortgage interest rates.

Moreover, nearly half of states today offer housing assistance to college grads carrying student loan debt. For instance, New York's new Graduate to Homeownership program provides assistance to first-time buyers/college grads in the form of low-interest-rate mortgages or up to $15,000 in down payment assistance. You can meet with a mortgage lender to find out if you qualify for one of these programs.

Check your credit score

Unlike older generations, home buyers in their 20s tend to have shorter credit histories. That can be a problem, since if you have limited credit history, the odds are greater that you have a mediocre credit score—the numerical representation of how well you've paid off past loans (like credit cards).

Mortgage lenders usually require borrowers to have a minimum credit score of 660; they also look at your credit utilization ratio—your current debts, divided by the credit limit on the sum of your accounts. For example, if you’re carrying a $400 debt on your credit card and have a $1,000 credit limit, your credit utilization ratio is 40%. Unfortunately, relatively new credit users tend to have higher credit utilization ratio.

You’ll want to get a free copy of your credit report at AnnualCreditReport.com. Check for errors—1 in 4 Americans spots mistakes on their credit report, according to a Federal Trade Commission survey. And, if your credit isn’t up to par, you may have to take a few months to raise your score. Or you can get someone with good credit (like your parents) to co-sign the loan for you.

Purchase a starter home

As a young home buyer, you don’t have to find your “forever home” right now.
“I tell young buyers all the time, ‘This is your first home—it’s not your last.'” 

In fact, there are a couple of big financial benefits to buying a starter home while you’re in your 20s. First, your mortgage payments will probably be more affordable, since you’ll likely be buying a cheaper house. Second, you may be able to get a 5- or 7-year adjustable-rate mortgage and qualify for a lower interest rate than you would with a 30-year fixed loan—a good decision as long as you plan on moving before the loan's interest rate lock expires.

Plan for unexpected home expenses

All home buyers should have a rainy day fund to pay for emergency home repairs such as roof damage or a gas leak. And this is especially important for young buyers. Why? Research shows many millennials are less financially responsible than older generations.

A study by TD Ameritrade found that more than 9 in 10 millennials overspend, fall short on savings, or take on additional debt at least once a month per year. Furthermore, a recent GoBankingRates.com survey found 52% of millennials said they feel pressure to keep up with their friends due to always going out.

Consequently, “Don’t buy at the top of your budget,' says Sanderfoot. 'Unless you’re buying new construction, you need an emergency fund for big repairs.”

She adds that home buyers may also want to get a home warranty, which is a policy that would cover the cost of repairing certain home appliances if they break down. (Plans start at about $500.)

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me CALL 801-809-9866 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!

 

 

#Mortgagerates #Homeownership #UtahRealEstate

Signs are Pointing to a Shifting Market toward Buyers

Housing Slowdown? Softening? Whatever You Call It, 

It's Real and It's Here, 'But in most places, we’re still a long way from a full reversal.' Ever since the whiplash-inducing, bust-and-boom cycle of the U.S. housing market kicked into high gear with last decade's devastating crash and this decade's ever-escalating home prices, bidding wars, and inventory shortages, one question has been top of mind for buyers and sellers alike: Is this 'party' ending anytime soon?

Lately, those who read economic tea leaves have been hinting that we may be heading toward a significant correction in the go-go-go American housing market. Surely national home price increases have to slow down eventually, right?
It turns out they may be on to something.

Make no mistake: Prices are not exactly tumbling down—at least, not on the national level. And there's no evidence on the horizon of a looming housing bubble about to pop and drag the world economy down with it. Median home list prices are still up 7% year over year this August, according to an analysis of realtor.com data.

But hold on—those numbers are a -off from the past couple of years. In 2015 things were really rolling: Prices were soaring, multiple offers were the norm in many markets, and the number of homes available was falling fast. Last year, home list prices jumped 10% over the year before.

The year before that, it was 9%. So while a 7% rise still sounds like a lot—especially compared with annual inflation of just 2.9%—it's actually a very real sign that the market may finally be coming back down to earth. And the national figures tell only part of the story.

A deep dive into regional housing metrics by the realtor.com data team indicates that some of the nation's highest-profile, bellwether housing markets are starting to slow.
So what does it all mean? Sellers shooting for the stars may not be able to get quite as much as they'd like. And, in a boon to buyers, the number of homes on the market is finally starting to rise. In August, 18 of the 45 largest housing markets, including such heavyweights as San Francisco, New York City, Los Angeles, Boston, and Dallas, saw more properties go up for sale than the previous year.

That means folks not only have a better shot at closing on the home of their dreams, but they'll also face less competition. And that controls runaway price inflation.

'We've hit that tipping point in a lot of these cities where what sellers think they can get is just not possible for many buyers,' says Daren Blomquist, senior vice president at real estate information provider ATTOM Data Solutions.

'Now the pendulum is swinging away from sellers and back toward buyers.' Now housing experts are divided on how much prices will keep going up or whether they'll even—gasp—go flat.  So what does the future hold?

Why is the real estate market beginning to slow?

One of the main reasons the housing market is beginning to turn is rising mortgage interest rates.

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me CALL 801-809-9866 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!

 

#Mortgagerates #Homeownership #UtahRealEstate

 

Source: Realtor.com