Now Is the Best Time to Sell …

Or Is it? Rising home prices and a squeeze on inventory has more millennial homebuyers and potential sellers looking atupgrading their home admitting to being obsessed with timing the market to increase their gains, according to a recent study by ValueInsured.

The study found that among all homeowners surveyed who were interested in selling their home 69 percent said that they were concerned with trying to time the market, an increase of 13 percentage points from 56 percent during the same period last year.

Among those wishing to buy a home this season, the study found that 60 percent said they were concerned with trying to time the market, again reflecting a 13 percentage points increase over last year.

The pressure to time the market was most acute among millennials with 65 percent potential millennial homebuyers admitting that they were more market-timing conscious, up from 45 percent last year. Among millennial homeowners too, ValueInsured’s study found 73 percent millennial homeowners who wished to upgrade but were waiting for better prices admitting that timing the market was key to a better deal.

The study revealed that an eroding preference for owning over renting was one of the many factors that coincided with rising concerns over timing the market due to home prices and rising rates.

“Americans, homeowners and non-owners, far prefer owning to renting if given a choice. However, that preference is sliding steadily, even among homeowners,” the ValueInsured study said.

While 68 percent non-homeowners believed that owning a home was better than renting, the data revealed that this was still a 4-point from 72 percent expressing the same sentiment last year. The percentage ped among homeowners too, with 87 percent homeowners believing that it was better to own than rent, compared with 90 percent during the same period last year.

The study found that non-homeowning millennials were more confident that the housing market was moving in a direction that was more favorable to renters than owners, with nearly three in four (72 percent) millennial homeowners surveyed now believing that the housing market favored renting over buying.

“High home prices and good economic conditions helped push the share of Americans who think it's a good time to sell to a fresh record high.”  “However, the upward trend in the good-time-to-sell share seen since last spring has done little to release more for-sale inventory. The tightest supply in decades, combined with rising mortgage rates from historically low levels, will likely remain a hurdle for mobility and a persistent headwind for home sales.”

The decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit us at Precision Realty & Assoc. LLC or if you prefer a more personal touch, CALL 801-809-9866 today. 

#RealEstateForSale #Homeownership #UtahRealEstate

High Demand for Homes

Homes Are Fetching More Than Asking Price, low inventories is 
prompting bidding wars. Thirty-seven percent of properties that closed in March sold at or above the list price, according to the March 2018 REALTORS® Confidence Index Survey.

That's higher than a year ago, when 35 percent of properties sold at or above the list price, and during the months of January in 2012 through 2015, about one in four sold at or above the list price.

Buyer demand continues to outpace supply of homes being listed for sale in the market, sustaining the upward pressure on home prices.“ the National Association of REALTORS® reports on its Economists’ Outlook blog. 
Seventeen percent of properties sold at a net premium in March, up from a 9 percent share in 2014 and 2015, according to NAR. Of the homes that were sold at a premium, 87 percent sold at 101 to 110 percent of the list price; 7 percent sold at a premium of 11 to 20 percent; and 5 percent sold at more than a 20 percent premium. 

Properties were typically on the market for 30 days in March. REALTORS® wrote an average of 2.4 offers per client, according to the report. The two most common problems encountered for contracts that had a delay to settlement, REALTORS® reported, were from issues related to obtaining financing (38%) and appraisal issues (19 percent). 

Use the data visualization below to view the median listing price of properties listed on Realtor.com in March 2018. Red areas are areas where the listing price is higher than the U.S. median sales price of all existing homes sold in March 2018, at $250,400. Hover on the map to see the distribution of listing prices from June 2012 through March 2018 on Realtor.com data.

The decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit us at Precision Realty & Assoc. LLC or if you prefer a more personal touch, CALL 801-809-9866 today. 

#RealEstateForSale #Homeownership #UtahRealEstate

Rents Inch Back Up

After Brief Slowdown, Just when the signs were pointing to a slowing rental market, landlords are finding that demand is warranting higher prices. 

Rents are posting the highest annual growth rates since the end of 2016,according to a new analysis of 250 of the largest U.S. cities by RentCafe, a nationwide listing service for the apartment sector.

Rents are up 3.2 percent year over year, and the national average rent was $1,377 in April. 

Rental costs rose in 84 percent of the nation’s 250 largest cities in April, and ped in only 2 percent of cities compared to a year ago. 

The 20 fastest growing rents are in small cities. Five cities posted double-digit annual growth in April for rental prices: Odessa, Texas (35.6%); Midland, Texas (32.6%); Yonkers, N.Y. (11.5%); Reno, Nev. (10.8%); and Hollywood, Fla. (10.6%). 

On the other end, the cities seeing the slowest year-over-year rent changes in April were: Norman, Okla. (-2.5%); Lubbock, Texas (-2.5%); New Orleans (-2.2%); Brownsville, Texas (-1.7%); and Hillsboro, Ore. (-1.6%). Some bigger cities are seeing rents decline or stagnate, such as in New York; Baltimore; Washington, D.C.; Portland, Ore.; and Austin, Texas. 

April Rents Rev Up for the Rental Season with Highest Annual Increase in 16 Months

Key takeaways:

• The national average rent was $1,377 in April 2018, having increased by 3.2 percent year over year, and by 0.3 percent ($4) month over month, according to data from Yardi Matrix.
• Rents increased in 84 percent of the nation’s biggest 250 cities in April, were unchanged in 14 percent of cities, and ped in 2 percent of cities compared to April 2017. 
• The top 20 fastest growing rents in the country are in small cities, including Reno, NV, Boise, ID, and Orlando, FL. 
• Among the largest U.S. cities, Las Vegas, Denver, and Detroit had the fastest rising prices in April, while rents in New York, Baltimore, and DC stopped rising. 

“Housing supply, rent stabilization, and affordable rents are of critical interest nationwide,” says Doug Ressler, director of business intelligence at Yardi Matrix. “Continued rent activity is expected specifically in 22 states and the District of Columbia, which have built too little housing to keep up with economic growth in the 15 years since 2000, and have resulted in a total shortage of 7.3 million units (based on research by Up for Growth National Coalition).

A key driver in the changing rental markets will be the individual or families’ cost of living and the percentage required for housing.” 

Are you Ready to Stop Renting and invest in your future! 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 #Rents #Rentals

Source: RentCafe Blog (May 3, 2018)

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.

#RealEstateForSale #Homeownership  #UtahRealEstate #HomeInspection

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. 

#RealEstateForSale #Homeownership  #UtahRealEstate #New Construction 

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. 

#RealEstateForSale #Homeownership  #UtahRealEstate #New Construction 

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. 

#RealEstateForSale #Homeownership  #UtahRealEstate #Mortgage #MortgageRates