Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 18, 2019

What Is My Home Worth?

A Number Every Homeowner Should Know: Have you ever wondered "How much is my house worth?" If you're hoping to sell your home, knowing your property's value is essential for pricing it right to make buyers bite.

Or, maybe you don't want to sell your home right now, but are just curious whether your real estate investment has risen in value (which would merit some much-deserved back-patting).

In either case, having an accurate grasp of your home's estimated market value can come in handy. And there are a variety of ways to do that, many of which are free and easily within reach online.

Carriene Porter@Realtor.com, gives you a easy starting point with a home valuation is to enter your address into an online home value estimator, which will, within seconds, present you with a free estimate of what your home is worth, based on data such as its square footage and recent home sales in the area.

Find out your home value estimates online

While this free valuation will help you get a general idea, remember, it's just a ballpark figure. For a more accurate estimate, there’s no substitute for the expertise of a Realtor® like Carriene Porter@Realtor.com, who has access to a vast database of information with recent sales to help you home in on that number.

 

#UtahRealEstate #Selling #Buying

Posted in Market Updates, Selling
Feb. 16, 2019

Rates Drop to Lowest Levels in a Year

How to shop for a Mortgage: Since loans come with different interest rates, time frames, closing costs, and more, it behooves a prospective borrower to shop around, much like you'd compare different laptops before settling on the best one for you.

Working with a qualified (and patient) Loan and Real Estate adviser can help you sort out your options. This pro can help you determine which type of loan is best for your situation and walk you through what your payments would be for different types and terms of loans.

The loan adviser will also break down the various closing costs that come with each loan. By understanding what a mortgage is and all the different types available, you can make the choice that’s right for you and your budget.

National Averages Mortgages for the Week Ending Feb. 14:

Completing a Loan Pre-Qualification you'll be on your way to locking in your interest rate and giving assurance to prospective sellers that you mean business. Pre-qualification is easy and can be done via email or over the phone by speaking to George Andersen at 801 550-1382.

You can also Head over to Precision Realty & Associates a real estate professional and speak to Carriene Porter where you’re guaranteed to get the expertise and advice. If you prefer a more personal touch, CALL 801-809-9866 today.

#Mortgage #UtahRealEstate #Selling #Buying

Feb. 15, 2019

What’s Your State’s Rate?

Find Average Mortgage Rates By State: Housing markets can vary significantly across the United States — and so can mortgage terms. A potential homebuyer in one state might be able to get approved for a loan more easily than someone with a similar income and credit profile who lives in another part of the country.

In order to better understand how housing markets differ among states, LendingTree, the nation’s leading online loan marketplace, analyzed multiple factors that are relevant to people looking to buy a home.

Utah: Average offered interest rate: 4.77%

Average APR: 4.85%

Average down payment: $28,273

Average offered loan amount: $248,969

Average LTV: 73%

Median Spread (4 Offers): 0.43%

Median Spread (5 Offers): 0.55%

Potential buyers should never forget they can often save money by shopping around before settling on a loan. 

While our study primarily focuses on mortgage interest rates offered to LendingTree users in different states, it also looks at other aspects important to the homebuying process, like average APRs, loan-to-value ratios, home loan amounts and down payment amounts. It also looks at the spread between high and low APRs offered to LendingTree users in order to illustrate how shopping around for a mortgage can help a potential buyer save money.

For example, buyers who shop for a mortgage and were offered a choice between four different loans saw an average of a 0.42% difference between the highest APR they were offered and the lowest. Those who shopped around and were offered a choice between five different loans saw an average spread of 0.53%. These differences could translate to savings of thousands of dollars over the lifetime of a loan.

Completing a Loan Pre-Qualification you'll be on your way to locking in your interest rate and giving assurance to prospective sellers that you mean business. Pre-qualification is easy and can be done via email or over the phone by speaking to George Andersen at 801 550-1382.

You can also Head over to Precision Realty & Associates and speak to Carriene Porter a real estate professional, she'll answer any questions on real estate and help get your home search start.  If you prefer a more personal touch, CALL 801-809-9866 today.

 

#Mortgage #UtahRealEstate #Selling #Buying

Feb. 14, 2019

Home Prices Are Still Rising

Inventory continues to rise, Most markets across the country are still seeing home prices inch up 4 percent from a year ago, although at a slower pace than in previous quarters. "The housing market in 2019 will be slightly different from what we experienced in 2018 when it comes to pricing and negotiations."

"In regards to negotiations, what was once the premise of offering 10%-15% below asking is not necessarily the case anymore, and it’s a strategy I would not recommend.

In today’s market, a truly motivated seller is less inclined to engage in the back-and-forth of a real estate transaction, and listings are priced closer to the final sale price."

Housing affordability across the country will be the key to sustained healthy growth in the housing market, 

Are you Ready to take the next step? Visit Precision Realty & Associates to get started. By speaking to a real estate professionals like Carriene Porter your will learn all you need to know about Buying or the Selling process, from A to Z. If you prefer a more personal touch, CALL 801-809-9866 today.

 

#UtahRealEstate #Selling #Buying

Feb. 13, 2019

Why You Should Use a Realtor(R)

"Every step of the way, Carriene Porter at Precision Realty & Associates LLC will help set, manage, and meet those deadlines," the video states.

"Why would you risk the biggest purchase of your life without any help?" 

                                            Call Today 801 809-9866

 

 

https://www.precisionreal-t.com/

#UtahRealEstate #Selling #Buying

 

Posted in Buying, Financing, Selling
Feb. 12, 2019

Most Unaffordable Housing Markets

Revealed! Affordability is a top-of-mind concern for renters and aspiring home buyers. So Precision Realty & Associates LLC wanted to find out: Where is the gap widest between what people earn and what they shell out for housing?

What we found wasn't necessarily the most flat-out expensive real estate markets.

No, our focus is on the places where too many folks are spending way above the widely recommended ceiling of 28% of their household income on a place to live.

And that can be a perilous financial line to walk.

“The more you spend on housing the less you have to spend on other things you value and to fund your financial goals," says Carriene Porter at Precision Realty & Associates real estate professional.

You Probably Don’t Need These Home Amenities—So Why Pay for Them?

Some cities made our list because foreign, out-of-state, and second- and third-home buyers have driven prices out of reach of the locals, many of whom work in lower-paying, tourism-related jobs. Others are popular with retirees, who usually have lower incomes or are living on savings. And the cheaper places in our rankings are here because of low, local wages and not enough high-paying job opportunities.

To come up with our findings, we looked at the median monthly housing costs in roughly 500 metros* to pinpoint the markets where folks are spending the most on their homes. We did this by dividing the median monthly costs for renters and homeowners by the median monthly household income. We limited our ranking to just one metro per state. And keep in mind that these are median figures, so half the folks in these cities are paying even more than the figures cited. Sometimes much more.

So let's take a look at where folks are stretched the thinnest.

Finding a job these days is the easy part. But scoring one that pays enough to cover the monthly rent or mortgage bill with enough left over for everything else is a big challenge for many folks. And it's getting worse. Home list prices have jumped 41.7% over the past decade, while median incomes have climbed just 23.8% during the same period.

That's resulted in plenty of places across the nation becoming unaffordable for the folks who have long lived there.

Visit Precision Realty & Associates LLC to see what Utah cities offer in Affordable Housing, speak to Carriene Porter a real estate professional she can provide you with additional information on Todays Housing Market.

Call 801 809-9866 Today 

 

#UtahRealEstate #Selling #Buying

 

Feb. 9, 2019

Rates Fall to 10-Month Low

Borrowing costs were cheaper this week, as mortgage rates continued inching down. “The U.S. economy remains on solid ground, inflation is contained, and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months,” says Sam Khater, Freddie Mac’s chief economist. 

This is great news for consumers who will be looking for homes during the upcoming spring homebuying season.

Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.

”Freddie Mac reports the averages with mortgage rates for the week ending Feb.7:

Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.”

  Its Time to buying a home, Don't forget to get Pre-Approved it assures to prospective sellers that you mean business. 

Americans who say now is a good time to buy a home increased 4 percentage points month over month to 15 percent in January. As rate hikes ease and growth in home prices slows, Americans are gradually becoming more confident about their purchasing power in the real estate market.

Since last summer, growth in home prices has decreased to the slowest pace in more than six years, Overall, these results are in line with our forecast that, amid improving affordability conditions, home prices should stabilize in 2019.

Need more information on Buying or Selling a home. Head to Precision Realty & Associates and speak to Carriene Porter a real estate professional where you’re guaranteed to get the expertise and advice you need. CALL 801-809-9866 today.

#UtahRealEstate #Selling #Buying

Feb. 9, 2019

Seniors Taking Heat for Housing Shortage

Seniors choosing to age in place—staying put in their current homes—are creating a barrier to young adults buying their first homes, according to Freddie Mac’s February Insight. About 1.6 million existing homes are being held off the market due to seniors’ decision to age in place and remain in their current home, the report notes.

Researchers note that those 1.6 million units are roughly the same as the number of new single-family and multifamily housing units built each year, and it represents more than half of the current shortfall of 2.5 million housing units, which Freddie Mac has estimated is missing from housing market inventories to accommodate population growth.

We believe the additional demand for homeownership from seniors aging in place will increase the relative price of owning versus renting, making renting more attractive to younger generations,” warns Sam Khater, Freddie Mac’s chief economist.

Seniors Are to Blame for Housing Shortage, Study Finds Millions of senior citizens are staying in their homes longer than their predecessors in earlier generations, keeping homes off the market and making it more difficult for younger Americans to break into ownership. Researchers estimate that 1.1 million existing homes have been held off the market through 2018 by those born between 1931 and 1941.

Another 300,000 have been held off the market by those born between 1942 and 1947, and an additional 250,000 are being held off the market by baby boomers born between 1948 and 1958.

The trend of seniors aging in place is likely to grow as both the number of seniors increases and the barriers of aging in place are reduced,” the report notes.

Meanwhile, a separate report from the Urban Institute notes that 3.4 million millennials are currently missing out on homeownership. As seniors stay put longer, younger adults need more options to get into homeownership, economists say.

This further highlights the importance of addressing barriers to the production of new housing supply to help accommodate long-term housing demand,” Khater says.

Looking for more information on buying or selling a home. Head over to Precision Realty & Associates and speak to Carriene Porter a real estate professional where you’re guaranteed to get the expertise and advice you need. If you prefer a more personal touch, CALL 801-809-9866 today.

#UtahRealEstate #Selling #Buying

Posted in Market Updates
Feb. 8, 2019

Has Spring Sprung Early

Are you ready to sell your house?  Demand for housing is picking up and housing analysts are pointing to lower mortgage rates as the main reason. The spring buying season may be coming early.

Spring has sprung early, as buyers hope to get a quick deal before rates turn higher again.

After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.

Mixed with the lower rates, home prices are slowing too. Home prices in December were up 4.7 percent annually, the smallest gain in more than six years.

By completing a Loan Pre-Qualification you'll be on your way to locking in your interest rate and giving assurance to prospective sellers that you mean business. 

When you see those numbers coming down, you want to go, ‘OK, this is the time to buy,’” Celena Vittorio, a home shopper in the Dallas area, told CNBC. “

You certainly don’t want to buy at the top of the market.”

Also in buyers’ favor recently, the share of homes with price cuts increased in January. The share of price reductions increased in 39 of the 50 largest markets. The most expensive markets saw the largest price cuts.

Real estate pros like Carriene Porter at Precision Realty & Associates are responding to the increase in traffic by trying to get the homes that were going to wait to list until the spring ready to go to the market earlier.

Buyers are taking advantage of the price reductions and lower mortgage rates. “We don’t want to miss that opportunity, so we’re trying to get busy with our listings and start getting our listings on the market early” says Carriene Porter a real estate professional. Are you ready to sell your house?  CALL 801-809-9866 today or visit us at Precision Realty & Associates we're here to help. 

 

#Mortgage #UtahRealEstate #Selling #Buying

Feb. 7, 2019

Stop Sitting on the Sidelines:

Get Up and Buy a Home This Year. If you've been sitting on the sidelines, we've got good news and we've got bad news: Things are finally slowing down. But they might not slow down fast enough for your liking.

Don't despair, though—this year still stands to look better than last for aspiring home buyers.

The housing landscape of the past several years hasn't exactly been friendly to buyers: the bidding wars, the eye-popping prices, the houses that sold before a "For Sale" sign even went up. It's enough to make any of us put our search on hold until we have a fighting chance at landing a home—without draining our bank accounts.

"If your resolution is to buy a home in 2019, you’ll have some challenges to contend with, but also some opportunities," says Carriene Porter a real estate professional.

The devil's in the details, though, and there are quite a few factors that could dictate whether this is your year to buy. Here are the four biggest reasons to take the plunge now. 

1 There will be more available homes—or at least, not fewer

Tight home inventory has sidelined would-be buyers for several years now. Even if you could afford a home, too few of them were hitting the market to keep up with demand. Or, when they did, there was a good chance they were snapped up before you could even call Carriene Porter a real estate professional.

House hunting felt especially bleak last winter, when nationwide inventory hit its lowest level in recorded history. By the end of 2018, though, things finally started looking up, and in 2019, experts predict more opportunities—and less frustration—for buyers.

But there's a catch: Not everyone will be able to afford those opportunities. That’s because the markets seeing the most increases in available homes tend to be more expensive, Carriene says.

“For buyers, there is going to be more inventory. So that’s a bright spot," she says. "The downside of that bright spot is it might not be in their price range.”

If you don't have big bucks, though, all is not lost. The news is still good—just tempered. The supply of affordable homes for sale (under $300,000, which is about the median home price right now) might not be growing dramatically just yet, but it's certainly not decreasing anymore.

2. Skyrocketing prices will slow their roll

While inventory went down, down, down over the past few years, home prices did the opposite. Will we still see staggering dollar amounts throughout 2019?

It's another mixed bag here: Expect home prices to continue to rise (blah), but at a slower pace than they have been (yay). Hale predicts a 2.2% increase in home prices this year—compared with a nearly 5% increase last year.

That's not nothing'. And if you can get in the market before those moderate increases, all the better.

"We do still anticipate rising home prices, particularly for below-median-priced homes, so buyers in that price range may have some incentive to buy sooner rather than later," Carriene says.

And there's a silver lining to those climbing home prices, too—again, for some of you.

"As rising costs raise the bar to homeownership, some would-be buyers will be knocked out of the market, so that remaining buyers may have less competition to contend with than they saw in 2018," Carriene says.

3. Mortgage rates are lower than expected,

In fact, rates have been falling—perplexing the pros but creating a prime opportunity for home shoppers. Rates did tick up slightly last week—for the first time in 2019—to 4.46%. But that's still historically low.4. Rents are rising—and won't be falling anytime soon,

"The challenge will be finding a home that fits needs, some wants, and still stays within the monthly budget,"

Its Time to buying a home, Head over to Precision Realty & Associates and speak to Carriene Porter a real estate professional where you’re guaranteed to get the expertise and advice you need. If you prefer a more personal touch, CALL 801-809-9866 today. Don't forget to get Pre-Approved it assures to prospective sellers that you mean business. 

 

#Mortgage #UtahRealEstate #Selling #Buying