Forbes Ranks Utah County as Second Best Place

While investing in Utah County real estate seems like a no-brainer 

already, there’s now  solidified proof. According to Forbes, one of America’s leading business journals, the Provo-Orem area of Utah is the second best place to invest in housing in the United States in 2018. And, within Utah County. 

2. Provo-Orem, Utah

Average home price: $266,169

3-year population growth: 7.2%

2-year job growth: 6.7%

1-year home price growth: 10%

3-year price growth forecast: 31% 

If you own a home in Utah County, one national publication says it is a good investment. The article calls the area “the sweet spot for local affordability.”

The Factors

We already knew of Utah County’s potential, of course. But did you? The full list comprises 20 locals nationwide where population, jobs and home prices are consistently growing, promising homeowners and buyers in those respective areas a decent return on their investment without outsized risk. And, as discovered by Forbes and the Local Market Monitor, Utah County just so happens to be one of the most auspicious investment hubs in the entire country.

The Proof

In the Provo-Orem area, the average home price is $266,169 while the 3-year price growth forecast is estimated to be 31%—a steady increase which denotes that now, more than ever, is the perfect time to put down roots at Utah County.

Additionally, the 3-year population growth amounts to 7.2% and the 2-year job growth is an impressive 6.7%. Utah County shows a great deal of present and future prosperity as homeowners benefit from dependent sources of income.

An Unrivaled Quality of Life

You might be asking yourself, Why is this happening in Utah County? The answer is quite simple, really. The quality of life here gives reason to the fact that people are both consistently and increasingly putting down roots in the area.

At Summit Creek, homeowners benefit from a life completely and utterly immersed in nature. Here, residents profit from the fresh mountain air, the boundless adventure that lies just beyond their doorstep, the open space and expansive land to build their dream homes. 

So, while the numbers are wholly convincing of Utah County’s investment potential, we think it’s best to see it to believe it. We’re certain you’ll never want to leave. 

The Provo-Orem was one of eight new cities to make the 20-city list this year. Only Orlando Florida came in ahead of Provo-Orem. The only other Utah area to make the list was Ogden-Clearfield.

Are you Ready to get Started? We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

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Click here to see the full list. 

Utah Ranks 4th Safest States in the U.S.

2018’s Safest States in America,

If personal and residential safety is of paramount importance for homebuyers looking for their ideal abode, then they could look at homes in Vermont, Maine, or Minnesota, Utah which according to a recent study by WalletHub are the safest states in America.

Safety is a basic human need. We require some form of it, such as personal and financial protection, in every part of daily life. But we’re likely to feel more secure in some states than in others. Click here to Learn more about Utah.

To determine the nation’s safest states, WalletHub compared 50 states across five key dimensions—personal and residential safety; financial safety; road safety; workplace safety; and emergency preparedness.

The study evaluated these dimensions using 48 relevant metrics and each metric was graded on a 100-point scale, with a score of 100 representing the highest level of safety.

Vermont, which was ranked as the safest state in the U.S. scored 66.02 on this scale, ranking within the top four for personal and residential safety and financial safety. With a score of 65.41, Maine was ranked second and Utah was ranked fourth. It earned a spot within the top five for personal and residential safety as well as emergency preparedness.

Minnesota, with an overall score of 61.86, a top spot for road safety and the second rank for workplace safety, Minnesota came in a close third.

However, the twin-city state failed to make it to the top 10 for personal and residential safety by a hair and was ranked eleventh on that parameter. Emergency preparedness ranked high in Utah which came in fourth, followed by New Hampshire that won a place among the top four states for financial safety rounding off the five safest states in the country.

Connecticut, Rhode Island, Hawaii, Massachusetts, and Rhode Island were the other states that made up the top 10 safest states in America.

Most of the Southern states languished at the bottom of the list when it came to being a safe haven to live in. Coming in at the bottom was Mississippi with a score of 32.90, followed by Louisiana (35.21); Oklahoma (39.05); Texas (39.22); and Florida (39.38) that rounded off the bottom five on the rankings.

Are you Ready to Start your search in Utah? We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

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Where does your state rank among the safest ones? Click here to learn more.
 Source: WalletHub

Home Equity Soars,

But How High? U.S. homeowner gained $16,300 in home equity 

during that year, with Western states leading the pack. California homeowners averaged an equity increase of around $51k, while Washington residents averaged approximately $44,000. 

U.S. homeowners equity increased by $1.01 trillion year-over-year in Q1 2018, according to the latest CoreLogic Home Equity Report. That represents an increase of 13.3 percent.

“Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity the primary driver of home equity wealth creation.” 

“Home Price Index grew 6.7 percent during the year ending March 2018, the largest 12-month increase in four years. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years. Washington led all states with 12.8 percent appreciation, and its homeowners also had much larger home-equity gains than the national average.”

Homes in negative equity decreased 3 percent between Q4 2017 and Q1 2018,according to the Home Equity Report, bringing their total down to just under 2.5 million homes—approximately 4.7 percent of all mortgaged properties. Negative equity decreased 21 percent YOY during Q1 2018, ping from 3.1 million homes in Q1 2017 (6.1 percent of all mortgaged properties). For comparison, CoreLogic points out that negative equity peaked at 26 percent of mortgaged residential properties in Q4 2009.

Reports that the national aggregate value of negative equity was approximately $284.8 billion at the end of Q1 2018. That total was approximately $100 million higher than the  $284.7 billion total from Q4 2017.

“Home equity balances continue to grow across the nation.” “In the far Western states, equity gains are fueled by a long run in home price escalation. With strong economic growth and higher purchase demand, we expect these trends to continue for the foreseeable future.”

According to a recent study by the National Reverse Mortgage Lenders Association, housing equity for homeowners aged 62 and older increased by $149 billion between Q3 2017 and Q4 2017, hitting a massive total of $6.6 trillion.

Mortgage Rates Inch Backward

We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested in a wealth of information and 18 years of experience 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

Fannie Mae makes Mobile Home Loans Cheaper

Boosting Affordable Housing, Fannie Mae is seeking to  

bridge the gap in affordable housing by making manufactured housing a more acceptable alternative to traditional built-on-site housing. It hopes to do that with its MH Advantage program, which is lowering down payment requirements and lender fees on manufactured housing loans. 

The new MH Advantage loans require a 3 percent down payment, which is down from 5 percent in Fannie’s existing manufactured housing loan. Also, Fannie is not charging the 50-basis-point loan level price adjustment that usually applies to manufactured housing loans, the National Mortgage News reports. 

To qualify, MH Advantage loan homes must meet specific construction, architectural design, and energy efficiency standards that compare to site-built housing. Eligible homes will be identified by a “Mortgage Financing Notice” or an “MH Advantage” sticker. The sticker means that the home meets the requirements and a borrower could qualify for the MH Advantage financing. But the borrower must still meet certain loan eligibility requirements to be approved. 

Government-sponsored enterprises Fannie Mae and Freddie Mac have both been expanding their support for manufactured housing in recent months under a directive issued by the Federal Housing Finance Agency, called Duty to Serve. 

Know the Features & Flexibilities
HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:

• Offering a 3% down payment option. First-time and repeat homebuyers can purchase a home with a down payment as low as 3% of the purchase price.
• Allowing co-borrower flexibility. All borrowers do not have to reside in the property. For example, parents, who won’t be living in the home, can be co-borrowers on the loan to help their children qualify for a mortgage and purchase a home. Income limits may apply.
• Accepting additional income sources. Rental payments may be considered as another allowable income source to help qualify a buyer (i.e., rental payments from a basement apartment).

• Homeownership Education Requirement

Are you Ready to get Started? We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

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Source: National Mortgage News (June 6, 2018) and Fannie Mae (June 5, 2018)

Don’t Want to Buy a Home?

Concessions Becoming the Norm With Rentals, 

'Back With a Vengeance' Many markets are being saturated with new apartment buildings, and developers in some of the most popular markets are now finding they need to offer incentives to tenants in order to fill growing vacancies. 

After years of rental hikes, tenants are now finding themselves in the driver’s seat as more landlords look to aggressively court them.

Some developers reportedly are offering new residents a month or two of free rent or free parking, according to the CoStar Group.

For existing tenants who renew their leases, offers of a free month of rent, an apartment upgrade, or no increase to their rental payment are becoming common. 

The trend is not just centered in the high-end market, but rather in any area that has seen a wave of multifamily development over the past few years, the CoStar Group reports. For example, Nashville has recently boosted its supply of apartments by 30 percent.

Many developers there are reportedly offering one or two months free rent for lease signers in their new buildings. They’re also taking the added step to reduce rents for some existing tenants. Oversupplied markets will likely see more rent concessions and slower rent growth.

However, Companies notes that concessions have not yet forced them to decrease their asking rents in the long term. Property owners are seeking to stabilize their properties and meet occupancy levels, particularly in the face of more new buildings on the market. But as buildings fill up again, analysts expect rental costs to be back on the rise then. 

Nationwide rental growth has slowed to about 2 percent annually; it was averaging more than 5 percent. 'The data clearly shows that rent growth has slowed from the highs of 2015.'  'But 2015 was a rare year, when demand for housing, thanks to a healthy economy, far exceeded housing construction. 

Since then, developers have responded, and rent growth has fallen to long-term trends. But what we’re seeing is not a hard landing—it’s a return to normal.'

We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested in a wealth of information and 18 years of experience 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 #Rentals

First-time home buyers are Flocking to the Real Estate Market

So why have they gone on a buying binge? 

First-time buyers accounted for 46 percent of new mortgages (excluding refinancing) that Freddie Mac backed in the first quarter, excluding refinancing—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012. 

Meanwhile, the National Association of Realtors puts the median age of first-timers in the U.S. at 32.  

“This is a millennial-driven rise,” Khater said in a phone interview. “You’ve got a strong economy that’s helping, along with the appetite of the financial market to invest in mortgages.”

In other words, Younger buyers may be motivated to buy due to the easing of credit in recent months as well as an improving job market. They also may be motivated to buy as rents rise and as increasing home prices and mortgage costs threaten to price them out of home ownership if they don’t act soon, Bloomberg reports.


The sheer size of the generation means a lot of mortgages, Freddie Mac Chief Economist Sam Khater said. 

So while it’s a tricky time to be a young homebuyer, it might be a good one compared with next year.

So Lets Get Start! We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

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Latest Crop of Brand-New Homes

Home buyers hoping for new construction are in luck—

the most brand-new, single-family houses have hit the market since the Great Recession.

The number of these never-been-lived-in abodes, 795,000, jumped 7.7% from 2016 to 2017, according to the U.S. 

Census Bureau report on the 2017 Characteristics of New Housing. 
The median square footage was up ever so slightly as well, to 2,426 from 2,422 the year before

'Construction is slowly shifting back from the core of metro areas to the outer suburbs.

It’s because that's where your normal buyers look for houses,' an online homebuilding and remodeling marketplace. 'They're going to be larger than the homes you'll find in the center of town.'

These larger homes tend to be more expensive than older, existing residences, so they tend to attract older buyers who have owned a home before. For example, the median price of a new home was $312,400 in April—compared with $257,900 for an existing home. That's 21.1% more. That's typically because of high land, construction labor, and materials costs.

The overwhelming majority of these brand-new homes had multiple bedrooms: 45% had three beds, while 46% had four beds. That's the same as the previous year. About 37% of the houses had three or more bathrooms, while 29% had 2.5 bathrooms and 31% had two bathrooms. The rest had one and a half.

About 65% of these brand-new homes had two-car garages, and about a quarter of them had full or partial basements.

Newly built abodes were also more likely to be part of a homeowners association than not. About 487,000 of these new abodes were in HOAs—so good luck avoiding those fees. That may be because new construction is more likely to take place in the suburbs and beyond, where there is more land available and where costs are lower than in the suburbs

“It’s good that there’s more construction, but there’s still plenty of room for more building.' 'Builders are obviously catering more toward wealthier buyers. But we know that there’s plenty of housing demand on the more affordable end.”

Are you Ready to get Started? We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.

 #RealEstateForSale #Homeownership #UtahRealEstate #Newconstruction