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!

April 2, 2019

Heading Into Spring

Home-Price Growth Slows: Home-price growth continued to slow in January, providing critical relief to buyers heading into the critical spring selling season.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 4.3% in the year ending in January, down from  4.6% the prior month.

Slower price growth, along with lower mortgage rates and a growing inventory of homes for sale, are all potentially good news for home buyers this spring. Nonetheless, prices in most places are continuing to rise, meaning affordability remains a challenge for many first-time buyers.

The Case-Shiller 10-city index gained 3.2% over the year ending in January, down from a 3.7% annual change in December. The 20-city index gained 3.6%, after an annual gain of 4.1% in December.Economists surveyed by The Wall Street Journal expected the 20-city index to gain 3.9%.

Once-hot housing markets on the West Coast, such as Seattle and San Francisco, have slowed sharply in recent months. Instead the new drivers of the American housing market are primarily places in the south that are trying to make up significant ground lost during the bust.

Las Vegas had the fastest home-price growth in the country for the eighth straight month, at 10.5%. Phoenix had the second-fastest price growth at 7.5%, followed by Minneapolis at 5.1%.

The housing market slowed sharply in the fall, when mortgage rates neared 5% and home prices were growing by more than 5%—both making it more difficult for buyers to afford homes.

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.

The average rate 4.06% on 30-year fixed-rate loans from 4.06% a year ago., according to Freddie Mac. That has helped boost existing home sales, which jumped 11.8% in February compared with a month earlier, according to the National Association of Realtors.

Looking to sell or buy a home? NOW is the time Contact Carriene Porter at Precision Realty & Associates, LLC. She can assist you in this important decision of buying and selling your home. 

To get info on your home's value or start visiting homes.

Call or text today 801-809-9866!

#Mortgage #UtahRealEstate #Selling #Buying

Source realtor.com® 

 

April 1, 2019

As the Housing Market Shifts to Favor Buyers

The recent slowdown in the housing market has been a boon for buyers. Since last summer, more properties have come onto the market; mortgage interest rates have dropped; and the rate of home price appreciation, once in the double digits, is waning.

But that still doesn't help the many would-be buyers on a tight budget.

Affordability is still the biggest hurdle to homeownership, with nearly half of aspiring buyers looking for residences costing $200,000 or less, according to a recent realtor.com® survey.

That may be wishful thinking—the national median home price was about a third more, at $295,000 as of March 1. And home prices are still up 7% year over year. More than 1,000 people who hope to buy a home within the next 12 months participated in the survey.

“The Spring home buying season is an improvement over last year from an inventory perspective nationwide, but would-be buyers still face challenges," Chief Economist Danielle Hale of realtor.com said in a statement. "This year, shoppers are going to be grappling with their budgets, rather than competition from a horde of other buyers."

Unfortunately, the lower end of the market is also the tightest. The number of homes at or below $200,000 actually declined 7% from this time last year. Ouch. Nationally, inventory is up 6% overall, with the high-end segment ($750,000 and up) seeing the largest surge of homes going up for sale, with an 11% annual increase.

But the decline in entry-level houses for sale could explain why the largest group of buyers surveyed has been scouring the market for seven months or more. An additional 26% have been looking for four to six months, while 34% have been searching for only three months or less.

And the balance of power clearly has shifted away from sellers. With more homes to choose from, just 17% of home shoppers plan to submit offers over the asking price. That's down from 26% last year.

Plus, mortgage rates have fallen to just 4.06% on 30-year fixed-rate loans from 4.06% a year ago. This means buyers get a break with lower monthly mortgage interest payments.

"More homes on the market and lower mortgage rates will help offset some difficulties associated with price gains.

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 or buy 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 30, 2019

Mortgage Rate Plunged

The 30-year fixed-rate mortgage plunged 22 basis points this week, the largest one-week drop in 10 years, Freddie Mac reports in its weekly mortgage survey.

The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” says Sam Khater, Freddie Mac’s chief economist.

Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop, we expect a continued rise in purchase demand.” Freddie Mac reports the following national averages with mortgage rates for the week ending March 28:

  • 30-year fixed-rate mortgages: averaged 4.06 percent, with an average 0.5 point, falling from last week’s 4.28 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.57 percent, with an average 0.4 point, dropping from last week’s 3.71 percent average. A year ago, 15-year rates averaged 3.90 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.75 percent, with an average 0.3 point, falling from last week’s 3.84 percent average. A year ago, 5-year ARMs averaged 3.66 percent.
  •  
  • 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 or buy 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!
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  • #Mortgage #UtahRealEstate #Selling #Buying
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  • Source: 
March 29, 2019

'What Will My Home Be Worth?'

Homeowners who plan on moving at some point in the future are likely to ask the question: "What will my home be worth?" Ah, if only there was a real estate magic eight ball that could reveal the price tag sellers should slap on their homes! Location and real estate market conditions help determine your home's value, but unfortunately, pinpointing an exact number is far from a perfect science.

But there are certain tried and true tactics you can employ to help you get a ballpark figure for your home's worth. Below, our real estate experts offer their most reliable methods.

'What will my home be worth?'

Projecting out what your home will be worth in just a couple of years can be challenging, but in a conservative market, 3% appreciation per year is a good guideline to use, says Carriene Porter at Precision Realty & Associates, LLC.

So, using that number, you can estimate that a $200,000 home you bought today could be worth $268,783 in 10 years. Of course, keep in mind that exceptions abound. In some markets, you can see jumps in value of 15% to 20% over short periods of time.

Look back to look forward

The Federal Housing Finance Agency’s Housing Price Index Calculator, for example, will show you market trends from the past that you can use to help you plan for the future.

For example, the calculator shows that a home purchased 20 years ago for $100,000, would be worth $252,335 today, meaning that it had increased 4.74% annually, for a total of 153.34%. Taking that same percentage and pushing it out 20 years, you could guess that your home might be worth $636,640 in 20 years.

“The some markets have appreciated an average of 4.2% per year over the last 40 years, so under that model, a $250,000 house today may be valued at $300,000 in five years, $350,000 in 10 years, and $450,000 in 20 years."

Keep in mind however, that these scenarios don’t take into account the specific circumstances of a neighborhood, the home's condition, or city revitalizations that would drive up the cost of housing.

The most accurate way to answer the question "What will my home be worth?" is to work with your real estate agent like 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. This can help you get a handle on the comps—or comparable properties—in your neighborhood that will help give you an accurate read on how much your home could sell for. If you looked at nine homes in a given subdivision that sold for $100,000 in 2006 and were selling in the $140,000 range in 2016, you could say that real estate in that area was appreciating by 40% every 10 years. The bottom line is that the longer you stay in a home, the more time you have to reap the benefits of real estate appreciation.

Carriene, years of experience and vast knowledge will tell you that if you are planning to move, it's wise to keep yourself in the know about your property's value. That way, you won't be surprised when the time comes to put your home on the market.

Looking to sell your home? Get info on your home's value. Contact Carriene Porter at Precision Realty & Associates, LLC. 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® 

Posted in Market Updates, Selling
March 28, 2019

'How's the Housing Market Right Now?'

The latest home-buying season is now in full swing! And if you're hoping to buy a house soon, listen up: The real estate market changes on a dime, so if you want to succeed in today's environment, you'll want to take its temperature and act accordingly.

Buyers are in luck: By and large, this year's home-buying season is a far better bet for buyers than in the past. So if you're craving some intel on what to expect—and how to use this to your advantage—here's the info you need to confidently buy a house right now.

The strong seller's market is on the wane

As inventory begins to rise, the strong seller's market that characterized last season's home-buying season is fading fast. In fact, many say we’re back into what can be considered more of a buyer’s market, where the seller doesn’t hold all the cards.

That means you’re going to have some wiggle room to negotiate.

“While you still want to prepare a competitive offer, your time window is likely to expand—meaning you can think it over before rushing in with an offer," Cox says. "And you aren’t going to have to include some of the riskier elements, such as waiving financing or inspection contingencies, that were a hallmark of past years."

But what you face still varies by the Big L

You’ve heard the adage "location, location, location," but it will definitely be a huge factor in 2019's home-buying season. Because while bidding wars are out in most markets, real estate is still very neighborhood-driven.

“While you might see a softening market in some areas, others may still be in a strong seller’s market," she explains.

She says the key metric to look for is “days on market,” which means how long a property has been waiting to sell. If you’re hoping to buy in an area where days on market are staying low, you’ll have to be prepared to act a little faster. But in areas where this number has started creeping up, you might be able to look around a little more.

For an accurate pricing picture, look only at the latest comps, 

Both buyers and sellers rely on comparables, aka comps, when determining a fair price. But that can get tricky as the market starts to turn, because sellers might be remembering a months-ago heyday and pricing accordingly. This  is where Carriene 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!

5 Things First-Time Home Buyers Must Know

 

But don’t forget that it’s still very easy to insult a seller

Yes, the house might have been on the market a few more days than it would have been last year and the comps might be sliding, but that doesn’t mean you can expect that anything goes when you’re buying a home in 2019.

“I am seeing far more buyers starting to make very aggressive lowball offers in an attempt to test sellers’ appetites, even if they’re totally serious about a given property,” says Carriene Porter , an agent at Precision Realty & Associates, LLC.

But in places where the market is still warm, that can turn sellers off—and turn their attention to the next offer that comes along instead of yours.

You may be able to get a better interest rate than you think

One of the big stories of 2018 was rising mortgage interest rates—but while they ticked up precipitously by the end of last year, they’ve fallen a bit again, so you could be in a good spot.

Bottom line: Now is the time to lock in a great rate, since today’s appealing numbers might not last long.

“Interest rates are predicted to rise in 2019 and 2020, so buyers would be wise to shop for and lock in their interest rate as soon as possible.”

Increasing rates can make a huge difference, she points out, noting that the difference between a 5% interest rate and 5.5% interest rate is $93 a month on a $300,000 mortgage loan, which can easily derail a buyer’s budget.

So even if you are trying to improve your credit or save a few more bucks for the down payment, you might be better off just wading in and locking in the rate. “You might work for three months to burnish your credit, and then find that the rate has risen so much that it doesn’t make a difference,” she adds.

Your credit score might be better than you thought

Two recent developments in credit scoring may help would-be buyers: One is the new UltraFICO, which takes into account how you manage your checking, savings, and money market accounts, in addition to your credit cards and consumer loans. And the second is Experian Boost, which adds your utility and cellphone bills into the mix.

But even if you have a stellar record in all those areas, there’s no guarantee these will be your golden ticket, cautions Lerner. That’s because it’s still early days for these initiatives: UltraFICO is currently available only in a pilot phase in certain areas, and Experian has yet to launch the booster product, although it is taking sign-ups.

But as these products become more widely available throughout the year, home buyers may reap the benefits.

A difference in 10 or 20 points to your credit score can make a difference between approval or denial—and can lower your rate, which can save thousands over the life of a mortgage,” Lerner points out. He also predicts that requirements will loosen a bit in 2019: “You might not think your credit is good enough for a mortgage, but it’s worth talking to a lender to see if there is a program out there that can help.”

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 27, 2019

Things You'll Love—and Hate

About Buying a Home This Spring, Welcome to the best and worst time to buy a home: spring! Yes, it's peak home-buying season. However, it’s no bed of roses.

Knowing what to expect is half the battle, and can help you use these highs and lows to your advantage!So consider this an essential prep course. Ready to dive into the best of times and the worst of times for home buying?

You’ll love: All the inventory

One of the best things about buying a house during the spring is that you have a lot more options to choose from.

New listings tend to flood the market in April and May, Just keep in mind that with so much inventory out there, you’ll want to make sure to stick to your search and price parameters to avoid getting overwhelmed.

Busier times mean more buyers and, thus, more competition—which explains why bidding wars are more common during the spring.  As a result, you have to act fast when the right listing pops up. Signing up for instant alerts, so you can see homes as soon as they hit the market, can help you stay a step ahead.

That being said, don’t expect a computer to do all the work for you. In hot markets, listings may be scooped up before they are even posted online, which is why most housing experts suggest working with a real estate agent throughout the home-buying process.

Buying a Home? Here's What Real Estate Agents Wish You Knew

You’ll love: All the open houses More homes on the market mean more open houses for you to attend. That’s exciting news for buyers who relish previewing homes in person. Going to more open houses means you’ll get a better feel for the neighborhood you’re interested in, while also giving you the opportunity to size up the other home buyers you’re going up against.

But with so many open houses to see, make sure to plot out on a map the ones you want to see, with the times they're open, in order to maximize your time.

Great listings get snatched up quickly year-round, yet home buyers are under even more pressure when there's more competition among buyers. You have to be prepared to make an offer fast, since indecision could potentially cost you your dream home. That’s why it’s crucial to zero in on what type of home you’re looking to buy and what your price range is before you start seriously looking.

Moreover, you should get pre-approved for a mortgage before you start your home search. Plus, having a letter from a mortgage lender stating that you’ve been pre-approved for a loan will speak volumes to a home seller.

“Sellers want reassurance that you’ll be able to obtain a home loan,” says Carriene, “otherwise the deal can fall through.”

You’ll love: Shopping in warmer weather

You can breathe a sigh of relief knowing that the season’s warmer weather makes for a more enjoyable house hunting experience. After all, who enjoys trudging through snow or suffering through cold weather to look at houses? No one! Also, clearer skies and warmer temps make for better moving conditions.

Home buyers generally have more wiggle room to make low ball offers during the slower seasons, since there’s less competition. However, buyers have less negotiating power during the spring. Therefore, “be prepared to pay full list price for a house, assuming it’s been priced at fair market value.

Also, if possible, be prepared to offer a seller something that other buyers won’t, such as a longer closing period or a rent-back agreement so that the seller has extra days to move out. This is where having a great buyer’s agent comes in; a savvy agent will talk to a listing agent to find out what the seller is looking for—giving you the ability to make a more attractive bid.

The bottom line

Spring home-buying season has its pros and cons, but by preparing for them you’ll be in a much better position to get your dream home. And, if you don’t manage to buy a house this spring, summer is still a great time to buy a house, too. 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!

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 realtor.com® 

 

March 26, 2019

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
March 25, 2019

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. 
March 23, 2019

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)

March 22, 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)