Stay Calm and Shop On

It is officially spring, and spring homebuying season 

is getting into full swing. It's important to shop around for the right home, but it's equally important to shop around for the right mortgage. In fact, shopping for a better mortgage rate could save you hundreds or thousands of dollars. Our research reveals that comparing multiple loan offers can save you serious money over the life of the loan: $1,500 from just one additional rate quote and an average of about $3,000 for five quotes.

Yet, nearly half of consumers don't shop for better rates before taking out a mortgage. In fact, if buyers had compared mortgages from five lenders before they applied, savings would total about $776 million in a year. While it can be tempting to accept your first offer, talking to just one more lender may keep some of your hard-earned money in your pocket.

How can you secure a good rate?

First, you'll want to determine which type of mortgage is best for you. There are two main types of mortgages – fixed-rate and adjustable-rate – that have their own set of features and benefits that need to be carefully considered.

Mortgage Rates Have Dropped ‘Dramatically’ Since the Start of this Year

Once you decide which mortgage product is best for you, it's time to shop, compare, and ask questions. It is recommended that you visit three to five lenders and discuss your mortgage options.

It's important to compare all loan offers apples-to-apples so be sure to review your Loan Estimates carefully. If you don't understand some of the loan features, ask! The more you understand, the better prepared you will be to decide which loan is best for you. After you have worked with your lender to determine the best mortgage, your lender will lock your rate to help ensure your interest rate won't change between the rate lock and closing.

You may get your best rate from your first lender—but the more you shop around, the more information you will gain, and ultimately you can be more confident with your decision. A home is one of the biggest investments you'll make in your lifetime, it will pay off if you research your options.

Ready to find your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!

Looking to sell your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source: Freddie Mac

Get Your House Ready to Sell with These Helpful Tips

If you’re thinking about putting your house on the market, 

you’re probably wondering what you should do before you list it. Getting a home ready to sell doesn’t have to be a huge undertaking, but it’s one where details really matter. To make the most of your new listing, take care of these items first.

Do a Walk-Through With Your Realtor 

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 your home. One of the first things your realtor will want to do is complete a walk-through of your house.

This is a chance to point out anything that needs cleaning and any projects that you should complete before you list the property. Little touches, like adding trim to the walls or changing out bathroom fixtures, can make a real difference in maximizing your home’s price, and a realtor will be able to tell you what to take care of first.

Make Cleaning Your First Priority   

One task at the top of the home prep list is a nice, deep cleaning. When a house is on the market, it needs to sparkle. Your best bet is to hire a professional cleaning company to complete that initial deep clean and then manage the upkeep on your own. The average price for a one time cleaning in Riverton, UT, is between $127 and $211. That can be less than you would spend on the necessary cleaning supplies and it’s well worth the time and effort you will save. It will be one less item on your list so you can move on to other projects.

Organize Any Storage Areas

Closets and storage are a big deal and it can be a deal breaker for buyers if it isn’t adequate. Create a blank canvas by clearing out your closets before you start showing your home. Remove clutter and pack it away somewhere potential buyers will not see it. This is a good time to look into a small storage unit to minimize the number of personal items you have in your home. Wipe down or dust the shelves in your storage areas, and be sure to sweep up any debris.

Change Up the Color of The Walls   

Like your storage areas, your walls should be a blank canvas for potential buyers. Bright, bold colors are beautiful, but they may not be the best way to attract a lot of buyers. Neutral paint colors are classic and never go out of style. Choosing these lighter, less obvious shades is a safe bet when you are selling your home. They’ll also make your rooms appear a bit bigger, which is always a good thing. Pick up some rollers and brushes to do the work yourself or hire a contractor to get the job just right. It can be tricky to keep paint off ceilings and trim, so a pro may be the way to go.

Maximize Curb Appeal   

Home shoppers in the area also love to see a neat, tidy yard. Curb appeal is a big part of prepping a home to sell, so take some simple steps to cheer yours up. Pull any weeds out on the lawn, and keep the yard trim and green while your house is on the market. Sweep leaves and dirt off your walkways and porch, then touch up any worn exterior paint on shutters and trim. Want an easy way to add some appeal to your house? Try placing some neat and trimmed potted plants near your entryway to give it a warm touch. If you go with flowers, use shades that will complement the outside of your home without being too distracting.

Selling a home in Riverton is all about the details.

Pay special attention to the simple steps above and always consult your realtor if you have any questions or need some guidance. Good luck getting your home ready and getting an offer soon!

Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Article provided by Natalie Jones from HomeownerBliss.info. 

Home Builders are Lowering their Prices

New-Home Sales Are Skewing to Lower Price Points. 

Home builders are lowering their prices to appeal to a growing number of home shoppers. In January, 66 percent of new single-family homes were priced between $200,000 and $400,000, compared with 22 percent of homes that were in the $400,000 to $750,000 range, according to U.S. Commerce Department data.

A year ago, 51 percent of homes sold in the $200,000 to $400,000 range, while 29 percent sold in the $400,000 to $750,000 price points.

“These numbers indicate that builders who can produce housing at affordable price points in markets across the nation will be able to meet this sales demand that is generated by healthy household formations and solid job and wage growth,” says Robert Dietz, chief economist at the National Association of Home Builders.

For the last few years, builders have mostly targeted the higher price points as building lot and labor shortages and the rising costs of building materials have threatened their profit margins. But the latest housing data show that builders are slowing their production in the higher price brackets in response to buyer demand, for less expensive homes, the NAHB notes.

A budding bright spot: The townhome market—which tends to cater to lower price points—is outperforming other building sectors and adding more entry-level housing to the market. Townhouse construction rose more than five times as fast as the overall single-family construction sector in 2018, the NAHB reports.

“The long-run prospects of townhouse construction are positive given large numbers of home buyers looking for medium density residential neighborhoods, such as urban villages that offer walkable environments and other amenities,” the NAHB recently noted on its Eye on Housing blog.

While builders concentrate on building homes at lower price points, overall sales of new homes are are declining. Sales of newly built single-family homes dropped 6.9 percent to a seasonally adjusted annual rate of 607,000 units in January, according to new data released by the Commerce Department on Thursday. But new-home sales are up 2.3 percent over a year ago and are now at their highest level since the Great Recession.

"Declines in mortgage rates brought buyers back into the market at the end of 2018 and moving into the new year," said NAHB Chairman Greg Ugalde. "After a challenging period last fall, builders expect a solid spring homebuying season."

New-home inventory increased to 336,000 in January, and the median sales price was $317,200.

Across the country, new-home sales rose by the highest amount in the West in January, increasing 27.8 percent month over month. Meanwhile, new-home sales dropped 28.6 percent in the Midwest, 15.1 percent in the South, and 11.4 percent in the Northeast.

Ready to find your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!

Looking to sell your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source: “New Home Sales Distribution Highlights Affordability Opportunity,” National Association of Home Builders’ Eye on Housing blog (March 14, 2019)

The Best Week to Sell

Is Quickly Approaching: Home sellers expecting 

the quickest sales may want to make sure the house is in tip-top shape for showings because a big week in the housing market is quickly coming.

The best week to put a home on the market is March 31 to April 6,according to a new analysis from realtor.com®.

Utah was No. 3 in the nation in fastest growing home prices in the fourth quarter year-over-year, according to the Federal Housing Finance Agency.

Researchers analyzed the 50 largest real estate markets in the nation over the past three years to determine the best week to sell.

During the week of March 31 to April 6, homes are listed, on average, for 6 percent more than at the beginning of the year—an extra $17,000, according to the study. Homes for sale that week also tend to fetch 14 percent more views on realtor.com® than at other times of the year.

Further, listed homes sell about six days faster.The homes also see less competition that week; the highest number of homes tend to go up for sale in late spring, the study notes.

Homes listed for sale don’t tend to get the highest prices in April. Home prices tend to peak around June, according to realtor.com®’s study.

However, sellers face less competition and homes sell quickly during the first week of April, the study concludes.

“Sellers have to think about the competition in a way they haven’t before,” says realtor.com®’s chief economist. “Getting ahead of other potential sellers could be even more of a bigger advantage this year given market conditions.”

Lower mortgage rates currently may also entice more buyers to jump in the market sooner than wait. Rates are expected to rise later this year. The 30-year fixed-rate mortgage dropped to a 4.31 percent average last week, according to Freddie Mac.

Ready to find your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!

Looking to sell your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source realtor.com® (March 14, 2019)

Mortgages Becomes Easier for the Self-Employed

If you’re self-employed or a ‘gig’ worker, getting a 

mortgage just got easier.Americans who are self-employed and freelance or contract workers have long had to struggle to qualify for a mortgage, compared with those with W-2 forms or pay stubs that lenders can use to verify their incomes.

For the self-employed, the mortgage process can be time-consuming and cumbersome. Lenders often require extra paperwork, such as full documentation of tax returns from the last couple of years (not just the electronic copy submitted to the IRS).

Even after that, the person may still lack an income steady enough to qualify or face extra fees once they are approved.

However, mortgage financing giants Freddie Mac and Fannie Mae have recently made changes to an automated system that could help more self-employed individuals qualify for a mortgage.The new technology automates underwriting for loan applicants who are self-employed or have a side income.“Applications that previously would have taken days to analyze and verify may now take just minutes, thanks to the use of optical character recognition technology that reads tax returns, identifies what qualifies as eligible income, and integrates it into both companies’ electronic underwriting systems,” reports Kenneth Harney, a syndicated real estate columnist for The Washington Post.

This frees lenders from having to comb through tax documents and allows them to find the information they need in minutes. The new system now takes three to five days to process, which slashes hundreds of dollars in costs and trims the risk for the lender, Andy Higginbotham, a Freddie Mac senior vice president, told The Washington Post.

There were about 15 million self-employed individuals in 2015—which equates to about one of every 10 people in the workforce, according to the U.S. Bureau of Labor Statistics. Adding automation to the mortgage approval process could give potential home buyers greater confidence as they shop for a home, says Josh Moffitt, president of Silverton Mortgage in Atlanta. It could also help with meeting contingency-clause financing deadlines in contracts.

Still, the programs are new, so not all lenders may offer this automated income verification to self-employed applicants yet. But housing experts say it may be valuable to self-employed individuals to find those that do.

Ready to fined your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business.

This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source: The Washington Post (March 13, 2019)

Credit Basics for Grads

In a few months, the newest cohort of bright-eyed recent 

graduates will enter the workforce and begin "adulting." If you're graduating college this spring, you've probably received a lot of advice about pursuing your passions or finding a job – but probably not about maintaining your credit score.

The main takeaway: your credit matters. Learning how to maintain your credit wisely can put you one step closer to financing major expenses like a car or a home. Your creditworthiness is comprised of two components:

Credit Score: Your credit score is a single number that helps lenders decide how likely you are to repay your debts. Your score ranges from 300 – 850 points and is based on your payment history, amounts owed, new credit, and the types of credit you use. Generally, the higher your credit score the more options will be available to you, including a lower interest rate for those larger purchases in life.

Credit Report: Your credit report is an official record of your credit history that includes money you've borrowed, your history of paying it back, and how much open credit is available to you.

Whether you're just starting to build your credit history or are working to improve your credit score, here are four tips to help keep you on the right track.

Build Credit History: Your credit history is one of the largest components of your credit score. Begin by building a strong record of repaying debts. You can start building your history by getting a credit card and opening a checking and savings account. Be sure to make regular payments on your credit card that are on time and in the amounts scheduled. For your bank accounts, be sure to make regular deposits and never bounce checks.

Chip Away at Debts: Debts are calculated into both your credit score and credit report. If you're a recent graduate, it's likely that you have some sort of student loan debt. In fact, 59% of bachelor's degree recipients in 2016-17 graduated with student loan debt, according to the College Board. You can build a positive credit history by making your student loan payments on time.

Use Credit Responsibly: The best way to do this is by spending within your means. Although credit cards are convenient and easy to use, spending recklessly can hurt your credit. Paying off your balances in full and on time each month can help you build excellent credit.

Know Your Report: It is your responsibility to monitor your credit and keep it in good shape. You should check your credit report at least once a year to make sure all the information on the report is accurate, and fix discrepancies as soon as you catch them.

Ready to find your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source Freddie Mac

The Best Home-Staging Advice I've Heard

Home Seller Secrets: When it comes to selling a 

house, appearances are everything. That's why more and more homeowners hoping to impress buyers are investing in home staging. But between decluttering, styling, and making your house look its absolute best, this process can make you want to pull your hair out.

To make this undertaking a little easier, we asked sellers for their very best home-staging advice, and then compiled their greatest tips. If you're getting ready to put your house on the market, use these pointers to spruce things up in a jiffy—and help buyers fall in love with your home.

Keep your home tidy 24/7

"When showing a house, I've learned it’s so important to keep your home tidy with all your possessions stowed away for two reasons. First, you don’t always know who’s walking through your house, and the listing agent can’t be in every room to watch your valuables. I had a brand-new bottle of Chanel perfume in one of my bathrooms, and one day I came home after a showing and it was gone. Second, a tidy house looks better. You want potential buyers to come in and see a beautiful dream home, not your clutter. You never know when a potential buyer will want a last-minute tour, so put away your dishes as soon as you're done eating, pick up dirty clothes on the floor, and make your bed every morning." 

Invest in a few trendy items

"Before showing, you should update your house with a few new, stylish pieces to make it more on-trend. Look on Pinterest to see what's fashionable right now, or tour open homes to see how they’re staged. Then, re-create the look. Don’t worry, you can do this while being budget-friendly! When we were selling our house, we ended up investing in a few pieces—a new duvet cover, some curtains, and some wall hangings—to make our home look more like other houses that were on the market. All this stuff only cost us a couple of hundred dollars, but we got a lot of compliments on our style and, in the end, our house sold for more than we expected. Remember that spending a few hundred on décor could end up getting you thousands in the end." – Cassidy Carr, homeowner in Provo, UT

Watch: The One Room You Really Must Stage to Sell

Volume 90%

 

Make your home feel like their home

"The best home-staging wisdom I've heard is that potential buyers need to see themselves in your home. That’s why real estate agents tell you to clear out any personal pictures you have on the walls. You don’t want buyers to think of it as your house, because it’ll make it harder for them to picture themselves living there. For that same reason, try your best not to be home when your house is being toured. If buyers see you, they’ll remember that they're guests.

"And unless you feel very strongly about people taking their shoes off, remember that you're moving, so it doesn’t really matter if people are tracking in dirt. When buyers are told to take their shoes off in a home, they’re reminded that someone else lives here, and it makes it harder for them to see themselves living in that house. Plus, for some people it’s awkward to walk around in their socks, and you don’t want potential buyers to feel uncomfortable."

Spray a clean, simple scent

"You can absolutely kill a person's interest by showing them a house that smells like dirty teenagers and smelly dogs. Houses need to smell fresh and clean, but shouldn’t smell like chemicals. Invest in a really good home fragrance spray with a soft scent, like lavender or fresh linen." 

Don't try to hide your clutter

"It's common to use the garage as a place to stash the boxes you've cleared out of your home for a showing. However, you still want the garage to look presentable. People want to see the entire house, so take this opportunity to clear it out. Buyers will also open closets. They’re not trying to be invasive—they just want to see how much space you have. Don't think you can cram everything behind those doors and it'll be invisible. People will look through everything, and when they do open closet doors, they probably won’t appreciate being met with an avalanche of stuff. In fact, it will probably make them think your house doesn’t have enough storage, and they’ll move onto the next." 

Get your pets out of the house

"The best advice I got before selling my home was to make sure that both buyers and my pets feel comfortable. Meeting someone else’s animals can be stressful. Pets might be protective of their turf, so owners should consider taking them somewhere else during showings. If you’re having an open house, bring your pet to a friend’s house for the day. If someone is coming over for a tour, take that opportunity to walk your dog. However, if you must leave your pets at home, always make sure you leave instructions on how to handle them. Give your listing agent instructions on where to put dogs if they get rowdy (like a guest room), but don’t just assume you can just put your pets in the backyard, because buyers want to see the outdoor space too." 

Looking to sell your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source: Realtor.com