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!

March 9, 2019

Spring Forward

Longer days! Whether you plan on Selling or Buying this Spring,

these tips could help you get started.  Are you thinking of entering the Housing Market this Spring?

Whether you plan on Selling or Buying, looking to "Spring Ahead of your competition" These tips could help.

 

Sellers

List Now For Less Competition! 

Spring brings more Buyers and Sellers on to the market so you can capitalize on the buyers out looking! 

Price Your House Right!

Talking to an Agent about how to competitively price your Home! Home prices are still rising but not as quickly as before.

De-Clutter Your Home will increase your Curb Appeal

Tour your home with the eyes of a buyer: what needs to be fixed, and painted? 

Plant Flowers remove weeds out of the yard and replace door mats curb appeals really matters.

Buyers

Get Pre-Approved 

Knowing your budget before shopping. Shows Sellers you are ready to make the move and Buy NOW!

Know Your Wants vs Your Needs: Making a list of what your new home needs to have and stick to the list. Don't waste your time touring homes that don't fit your needs.

Find and Agent with a Teaching Heart- in today's market you need a real Professional to guide you through the process of buying. So what are you waiting for? CALL or TEXT Today 801-809-9866  Carriene Porter @ Precision Realty & Associates, can help you home in on the right HOME for your needs. 

Are you ready for fine your Dream Home" There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates LLC, has access to a vast database of information with recently listed and recent sold to help you home in on your DREAM HOME. CALL Today 801-809-9866.

#Mortgage #RealEstate #Selling #Buying

March 8, 2019

Reasons to Love Tax Season

The countdown has begun—there is just over a month until Tax Day 2019! The IRS has already issued 38.5 million tax refunds as of February 22, totaling in $121 billion dollars. The average federal tax refund so far? $3,143.

Over the next few months, the IRS estimates about seven out of 10 filers will get a refund. If you're expecting a refund, here are three ways it could bring you closer to homeownership.

Save for a down payment. Saving for a down payment can be one of the biggest barriers to homeownership. In fact, 24% percent of renters surveyed said the reason they were currently renting instead of owning was because they were still saving for a down payment.

But many of today's homebuyers overestimate the size of the down payment they need.

Depending on your credit history and other factors, you can make a down payment of about 5 to 10% — not 20%, as a lot of people assume. With options like Freddie Mac's 3% down Home Possible® mortgage, qualified borrowers could make a down payment of as little as $6,000 for a $200,000 home.

Down payment assistance programs can also help you bridge the cash gap. With over 2,500 homeownership programs across the country that can help you save on your down payment and closing costs, a great place to start is researching where you live. Many state, county, and city governments provide financial assistance for people in their communities who are well qualified and ready for homeownership. Check out the programs available in your market and see if your eligible by contacting Carriene Porter @ Precision Realty & Associates to find out which one are available in Utah. 

Pay for closing costs. Typically, homebuyers will pay between about 2% to 5% of the purchase price of their home in closing costs, or between $4,000 and $10,000 on a $200,000 home. Closing costs will vary depending on where you live so be sure to see where your state stacks up and understand your costs.

Lower your interest rate. You can pay discount points to buy down your mortgage interest rate. A "point" equals one percent of the loan. It's essentially an upfront interest payment to lock in a lower interest rate on your fixed-rate mortgage. So, if you are borrowing $200,000, paying one discount point would mean paying $2,000 upfront at closing – but it may end up saving you more in interest payments over the life of the loan. See how paying extra points might lower your rate.

For more information on becoming a homeowner, visit Precision Realty & Associates or CALL or TEXT Today 801-809-9866 Carriene Porter she that can help you home in on the right program and get you started on your home search. 

#Mortgage #UtahRealEstate #Selling #Buying

 

March 7, 2019

Got Sticker Shock?

These Factors Are Influencing a Home's Asking Price

Ever gotten excited about a house for sale, then looked at the price and thought, “Are they out of their minds?” Yeah, us too.

It can be a disheartening moment when you're house hunting. And that jaw-dropping asking price might simply seem like an arbitrary, money-grabbing number that's keeping you from your dream home.

But before you dismiss a house for being too expensive, you should know that there are a variety of reasons a property is priced the way it is. “Pricing a home is part science and part art,” says Carriene Porter, an associate broker with Precision Realty & Associates, in Salt Lake City, Utah.

Understanding the reasoning behind a home's price tag can make you a smarter buyer—and help you know exactly what you're getting for your money. Here are five factors that experienced real estate agents consider before slapping that "For Sale" sign on a home.

1. What's happening in your local housing market at any particular moment

Current real estate market conditions—including how many houses are up for sale, and how fast they’re being snapped up—determine how a property should be priced. Low inventory creates a seller’s market with aggressive listing prices. A surplus of homes for sale results in overall lower asking prices.Perhaps you know all that. But what you might not realize is how quickly it can all change.

Markets can turn on a dime, and I find home buyers usually have old data in their heads; often, they’re lagging about six months to a year.”  That's why he recommends working with an experienced real estate agent who's familiar with the neighborhood you're shopping in and can assess whether a home is priced fairly—or not.

2. The (extremely specific) location of the house

Yes, you’ve heard the old place-based adage (which we won't repeat here). But did you know how granular the idea of "location" gets? We're not just talking about being in a good neighborhood. Similar or even identical houses just streets apart from each other can have wildly different price tags based on things like traffic noise and access to quality schools, shops, and restaurants.

“The asking price also depends on what else is on the block; for example, is there a tear-down next door? And how old are the buildings to your right and left?”  “Is there a park nearby, or a dog run within five blocks?”

A quiet cul-de-sac or a busy thoroughfare will also affect the prices of homes on them, he notes, as will the direction the home faces (any hardened home shopper can tell you how much light affects the overall perception of a home).

And in most areas, properties with easy access to highways fetch higher dollars.

3. The comps

Often, sellers have a figure in mind based on nothing more than a wish. But real estate pros will do a comparable market analysis—what similar homes have recently sold for—before determining how to price a property.

“Historical data plays a huge role in setting a listing price; it's not a number just pulled out of the air. So find an agent who can interpret that data.” “The name of the game is what the competition is charging.” 

4. The amenities (and overall appeal) of the home

Sure, size matters. But today’s demanding buyers are concerned with much more than square footage—all of which helps determine an asking price.

"Clients prefer new construction, brand-name appliances, and large bedrooms—[preferably] at least three on one floor if they have kids—plus a den or office.” “Light plays a major role in the value of a house: The more windows, the more people enjoy the house. Ceiling heights factor in, too:10 feet and up are where it's all at.”

Additional features such as parking, central air conditioning, outdoor space, and floor plan also affect the sticker price.

“Layout and functionality are huge; people want open layouts, so homes built in the '50s or '60s without open plans are priced lower,. 

5. Age and condition of the home

If you happen to fall for an aging, poorly maintained property that you're just dying to fix up, know this: You won't automatically see a deeply discounted price tag. It all depends on the home's location (see No. 2) and other factors we've discussed. But chances are good it won't cost the big bucks that a recently revamped home in the same neighborhood would.

If you want a newer, turnkey home, expect to pay more for that. Caveat: Even if a seller has done multiple upgrades, quality trumps quantity every time. “If there’s been an addition to the house or some serious electrical work done in an unprofessional manner, that will reduce the sales price,” she says.

Don't forget to 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. 

So what are you waiting for? CALL or TEXT Today 801-809-9866 There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates, that can help you home in. 

 

#Mortgage #UtahRealEstate #Selling #Buying

March 6, 2019

Ownership Rates for Low-Income Families

Salt Lake City:

Homeownership rate among low-income households: 53.8% Median sales price: $319,000. 

Minneapolis may offer the most possibilities for low-income households to become homeowners.

The city has the nation’s highest homeownership rate among households in the bottom 25 percent of income at 57.7 percent, according to a new analysis of the 50 largest metros. Pittsburgh and St. Louis followed on the list, also having homes that tend to sell for less than the national median of $285,000.

Homeownership allows people to share in the prosperity of their communities and gain wealth through home equity.

Get Yourself Ready to Buy                  

In many expensive metros, low-income residents aren’t able to access the benefits of homeownership because of a lack of affordable starter homes. But in areas like Minneapolis and Pittsburgh, low-income workers are still able to get their foot in the door on the American dream of homeownership.”

The following are the metros with the highest homeownership rates for low-income households, 

  • Minneapolis Homeownership rate among households in bottom 25% of income (2017): 57.7% Median sales price: $255,000
  • Pittsburgh Homeownership rate among low-income households: 55.8% Median sales price: $149,000
  • St. Louis Homeownership rate among low-income households: 55.5% Median sales price: $173,000
  • DetroitHomeownership rate among low-income households: 55% Median sales price: $122,000
  • Tampa, Fla. Homeownership rate among low-income households: 54.4% Median sales price: $220,000
  • Louisville, Ky. Homeownership rate among low-income households: 54.2% Median sales price: $181,000
  • Salt Lake City Homeownership rate among low-income households: 53.8% Median sales price: $319,000
  • Nashville, Tenn. Homeownership rate among low-income households: 53.7% Median sales price: $284,000
  • Charlotte, N.C. Homeownership rate among low-income households: 53.1% Median sales price: $230,000
  • Philadelphia Homeownership rate among low-income households: 52.6%Median sales price: $190,000

Meanwhile, some metros—particularly the pricey coastal markets—saw some of the lowest amount of low-income homeownership (bottom 25 percent of income earners in 2017). Those metros are Los Angeles (31%); New York (35%), San Diego (37.6%), Las Vegas (39.7%), and Columbus, Ohio (39.8%).

Ready to Buy: Get 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.

So what are you waiting for? CALL or TEXT Today 801-809-9866 Carriene Porter has access to a vast database of information with recently listed and recent sold to help you home in. 

 

#RealEstate #Selling #Buying

Posted in Market Updates
March 5, 2019

Did You Take Them All?

5 Sweet Tax Deductions When Selling a Home: You may be wondering if there are tax deductions when selling a home.

And the answer is: You bet!

But there's also a new tax code—aka the Tax Cuts and Jobs Act—causing quite a bit of confusion this filing season. Rest assured that if you sold your home last year (or are planning to in the future), the tax deductions may amount to sizable savings when you file with the IRS.

You'll want to know all the tax deductions (as well as tax exemptions or other write-offs) at your disposal. So here's a rundown.

1. Selling costs

Good news! These deductions are still allowed under the new tax law as long as they are directly tied to the sale of the home and a married couple—or a single taxpayer—lived in the home for at least two out of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property.

“You can deduct any costs associated with selling the home—including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Center, NY.

This could also include home staging fees.

Just remember that you can’t deduct these costs in the same way as, say, mortgage interest. Instead, you subtract them from the sales price of your home, which in turn positively affects your capital gains tax.

2. Home improvements and repairs

Score again. The new tax law left this deduction as well. If you renovated a few rooms to make your home more marketable (and so you can fetch a higher sales price), now you can deduct those upgrade costs as well. This includes painting the house or repairing the roof or water heater.

But there’s a catch, and it all boils down to timing.

“If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing.” 

3. Property taxes

This deduction is still allowed, but your total deductions are capped at $10,000.

If you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes this year up to $10,000.

4. Mortgage interest

As with property taxes, you can deduct the interest on your mortgage for the portion of the year you owned your home. However, the rules have changed slightly from last year.

Just remember that under the new tax code, new homeowners (and home sellers) can deduct the interest on up to only $750,000 of mortgage debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original amount up to $1 million, according to Zimmelman.

Note that the mortgage interest and property taxes are itemized deductions. This means that for it to work in your favor, all of your itemized deductions need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly doubled to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly (for comparison, it used to be $12,700 for married couples filing jointly).

5. But what's up with capital gains tax for sellers?

Lawmakers tried to change the capital gains rule, but it managed to survive—so it’s still one home sellers can use. It isn't technically a deduction (it's an exclusion), but you’re still going to like it.

As a reminder, capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here's the good news: You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years. However, look for the rules of this exemption to possibly change in a future tax bill.

Ralph DiBugnara, president of Home Qualified and vice president at Residential Home Funding, says lawmakers might push to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five.

Looking to sell your home? Claim your home and get info on your home's value. CALL or TEXT Today 801-809-9866 There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates, that can help you home in. 

 

#Mortgage #UtahRealEstate #Selling #Buying

March 4, 2019

Hello Buyers

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Utah Housing Capped at 45% DTI - Second Mortgage of 3.5% and Fico 660 most common. Vs Our Preferred Lender Not capped at 45% dti and Fico can do down to a 620 Fico. 

Watch to learn more and Wait no longer we can help.

Give us a CALL or TEXT "Our Preferred Lender" at 801 809-9866 Today.

Mortgage #RealEstate #Selling #Buying

March 2, 2019

Homeownership Move to Highest Level Since 2014

Are some households switching from renting to owning. More Americans are becoming homeowners. The national homeownership rate increased slightly to the highest level since 2014 in the fourth quarter of 2018, reaching 64.8 percent, the U.S. Census Bureau reported this week.

The homeownership rate has been gradually increasing since reaching an all-time low of 62.9 percent in the second quarter of 2016. Researchers at data analysis firm CoreLogic attribute the housing market’s “healthy path of recovery” to three main factors:

An uptick in homeownership that has been persistent “despite the existence of low housing affordability and inventory;” household formation that has been on the strongest streak in more than a decade; and an increase in the rate at which young households—who represent the largest pool of potential buyers—are entering homeownership. The homeownership rate of young adults ages 34 to 44 rose 1.2 points year over year to reach 61.1 percent in the fourth quarter, the largest gain of any age group.

“American households, especially young households, are becoming confident enough in their financial and familial circumstances to take the plunge into homeownership, despite rocky outcrops of affordability and sparse inventory,” says Carriene @ Precision Realty & Associates.

“This is good news for proponents of homeownership in the United States since young households represent the largest pool of potential homebuyers since their parents, the baby boomers, came of homebuying age over three decades ago. The future of homeownership in this country indeed looks bright.”

Mortgage Rates Remain Low

Young adults are increasing their stake in the housing market, but it’s not happening everywhere. Millennials are buying homes at the highest rates in more affordable areas, and they’re buying homes at the lowest rates in the priciest pockets.

Millennials comprise the largest share of purchase mortgage applicants in Provo, Utah (56 percent); and Rochester, N.Y. (55 percent). However, they make up the lowest share of mortgage applicants in Sarasota, Fla. (24 percent); Cape Coral, Fla. (30 percent); and Ventura, Calif. (32 percent), according to CoreLogic research.

Overall, the fourth quarter of last year, owner-occupied households rose by more than a million, to 1.7 million new owner households. Also, the number of new renter households is decreasing, which suggests that some households are switching from renting to owning.

Don't forget to 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.

So what are you waiting for? CALL or TEXT Today 801-809-9866 There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates, that can help you home in. 

 

#Mortgage #UtahRealEstate #Selling #Buying

 

March 1, 2019

Spring Is in the Air:

We May See a Cooler Spring Home-Buying Market, About 73,000 more listings are for sale this year compared to last year. That's because for the fifth month in a row, the number of homes on the market surged 6% in February compared with the same time the year before, recent inventory report. Until last year, the nation had seen several years of housing shortages.

The housing market is changing quite a bit from a year ago. The number of homes up for sale is growing, reversing an inventory shortage trend that has plagued many markets over the last few years.

The higher inventories are also driving greater price cuts, February housing report, released Wednesday.

The median list price rose 7 percent year over year in February to $294,800. But prices are showing signs of cooling. Thirty-nine of the 50 largest housing markets saw an increase in price cuts in February.

As is often the case in real estate, the important trends are going on at the local level. We see large markets continue to cool, but some markets still have some strength. Additionally, we still see fewer homes priced under $200,000 on the market, so entry-level buyers won’t see the same availability of options as high-end buyers.”

Don't forget to 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.

So what are you waiting for? CALL or TEXT Today 801-809-9866 There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates LLC.com, that can help you home in. 

 

#Mortgage #UtahRealEstate #Selling #Buying

Feb. 28, 2019

New-Home Pipeline Takes Another Hit

Fewer new homes are being built across the country, despite desperate calls from the housing industry to build more. New-home starts plunged to the lowest level in more than two years in December, the U.S. Commerce Department reported Tuesday.

New-home construction dropped 11.2 percent in December and is now at the slowest pace of construction since September 2016. Housing starts have dropped 10.2 percent over the past year, with decreases in both single-family and apartment construction.

Looking back, the December drop in housing production correlated with the peak increase in mortgage rates and corresponding decline in builder sentiment,” says Greg Ugalde, chairman of the National Association of Home Builders. “During that time, builders adopted a cautious wait-and-see approach as demonstrated in the rise of single-family and multifamily units that were permitted but not under construction.”

The housing market may get a boost from lower mortgage rates in recent weeks. The 30-year fixed-rate mortgage has been dropping, averaging 4.35 percent last week, according to Freddie Mac.

Single-family home building mostly stagnated last year. Builders have consistently blamed rising costs of construction materials, labor costs, and a shortage of buildable lots for curtailing construction.

Residential building permits, a gauge of future construction, eked out a 0.3 percent increase in December compared to November, reaching an annual pace of 1.326 million. (December saw 1.078 million starts.)

Looking ahead, we expect single-family production will be relatively flat in 2019, and multifamily starts will level off as well,” says NAHB Chief Economist Robert Dietz. “The biggest challenge facing builders this year will be ongoing housing affordability concerns as they continue to grapple with a shortage of construction workers, a lack of buildable lots and excessive regulatory burdens.”

But Pending home sales rebounded in January as all four major regions of the U.S. saw an uptick in contract signings. 

So what are you waiting for? CALL or TEXT Today 801-809-9866 There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates LLC.com, that can help you home in. 

#Mortgage #UtahRealEstate #Selling #Buying

Feb. 27, 2019

3 Things We Love, 3 Could Live Without

About the 2019 New American Home

Panoramic desert views from your perch in the infinity pool—with a built-in hot tub. A smart toilet that warms up the seat when you enter the bathroom. A state-of-the-art kitchen with gleaming appliances that looks like a Pinterest board come to life. Welcome to The New American Home, 2019 edition.

The National Association of Home Builders unveiled its 36th showcase house this week during its annual convention in Las Vegas. The 8,226-square-foot property in Henderson, NV, was built to highlight the latest innovations in design, efficiency, technology, and an array of luxe amenities. If you're sufficiently wowed, the home is for sale for a cool $6.5 million.

Listening to "Live from Las Vegas, it's 2019's must-have home features and design trends; Joanna Gaines' Anthropologie collection" at 

We took the opportunity to tour the one-story home and get an inside peek at what the future holds. But while there's a lot to love in the five-bed, 4.5-bath contemporary home, there were a few things that didn't quite hit the mark.

So what did we love? Here are our faves:

1. Views, views, views

 

2. The outdoor-indoor flow

 

3. The master bathroom

 

Clearly, there's a lot to love about this home. And, of course, we'd take it in a heartbeat. But no home is 100% perfect.

I had a few relatively minor quibbles. Here are a few things we'd fiddle with if we had free rein.

1. The masculine aesthetic

2. (Some of) the colors

3. The showpieces

We want to be clear: This house is freaking cool. It is The New American Home, after all—a space where designers and builders have free rein to do whatever the heck they want, stuff that nobody's done before. That's why there's a floating bed (above) and a floating wet bar, both attached by cantilevers. The innovation is out of this world.

But in a few instances it all felt a little...gimmicky. Yes, that bed is ultracool. But it's not practical. There's no storage, nowhere to hide your junk—and imagine the dust bunnies that are likely to collect under it. In the end, we would have been just as awed without as many bells and whistles. But we definitely wouldn't turn this place down.

According to 2019 design forecasts, luxe master bathrooms have risen to the top of home buyers' wish lists.Are you ready for fine your Dream Home" There’s no substitute for the expertise of Carriene Porter @ Precision Realty & Associates LLC, has access to a vast database of information with recently listed and recent sold to help you home in. CALL Today 801-809-9866

 

#RealEstate #Selling #Buying

 

Posted in Market Updates