Many Smart Homes Sell Faster Today

Many Smart Homes Sell Faster Today
The Technology of Tomorrow Helps: Smart home appliances and technology are becoming more common, and home buyers are increasingly choosing homes that boast the latest tech savvy features. An uncovered what smart features home buyers most desire, and how those features are impacting a home’s sale. Buyers today are more interested in homes with smart home features and technology than they were two to five years ago. Respondents say they’re seeing more buyers interested in controlling their home technology through their smart phone or tablet. Highlighting smart home technology can really pay off. One in three noted that homes with smart home features and technology tend to sell faster than homes without them, See Smart Home Features.

The Next Big Thing?

The Next Big Thing? 
Micro Apartments: Tiny studio apartments may be the next trend for the multifamily sector. Developers see the small apartments -- averaging about 380 square feet -- as a big draw to urban-dwelling millennials as they break out to form new households. Developers built about 1,000 micro units in 2013 and 2014 and about 2,200 more are under construction. Just like the overall rental market, rents for micro units are rising rapidly. or proposed.  Many of these micro apartments are mostly centered in high-cost housing markets. Continuing to rent is not a great solution to the affordability problem, either. Mortgage Rates Drop Even Lower This Week (Interested in learning about mortgages? Check out our video.

How High Can A Landlord Raise The Rent?

How High Can A Landlord Raise The Rent? 

When news broke last week that a San Francisco woman’s rent was increasing by 400% (yes, you read that right, 400%), we all clutched our pearls and muttered through clenched jaws, “Only in the Bay Area.” Except it’s not.  While the Bernal Heights woman’s situation is somewhat nuanced and unique (her place had been rent-controlled, but the landlord got the building rezoned so those regulations would no longer apply), the issue of skyrocketing rent is affecting people across the country. In 2014, rents nationwide increased an average of 3.6%, and nearly 11% over the past three years, Read more.

Attention Potential Sellers Sitting On The Fence

Attention Potential Sellers Sitting On The Fence
It could be time to make a move. Do potential sellers in your market need convincing? An article in CNN Money highlighted several reasons why this spring would be the perfect time for home owners to get off the fence. After all, many markets across the country are still tilting in sellers’ favor. Here’s why: Less competition: A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers. Inventory levels nationwide were at a 4.6-month supply in February. A balanced market is considered to fall between a five- to seven-month supply. Mortgage rate hikes loom and
Soaring rental costs, read more.

It's Spring-and Home Buyers are Shopping!

It's Spring-and Home Buyers are Shopping! 

How can you get a deal in a seller's market? When it’s time to sell your house, conventional wisdom says selling in the prime season, which begins in spring and lasts through summer, is the best way to go. But what if you wanted to wait until the off-season—is that a savvy move, or would you be leaving money on the table? Spring marks the beginning of the busiest home-selling and home-buying season in most areas. With the warmer weather, more daylight, and the impetus to get a new house, buyers are more likely to shop during this time of year, with home buying peaking in June. Bidding wars mean, They also usually mean buyers are less likely to make repair requests or other demands, read more.

Home Prices Surge, Higher Than a Year Ago

Home Prices Surge, Higher Than a Year Ago

Existing-home sales showed some improvement in February, but remain constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year. The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago. "Stronger price growth is a boon for home owners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before [mortgage] rates rise." "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsustainable levels." Read more.

Hot Housing Market Trails a Hot Job Market in Utah

Hot Housing Market Trails a Hot Job Market in Utah
Here's Where Hiring is on the Rise: Usually a hot housing market trails a hot job market. Could the same hold true for these booming employment centers?  The top two places garnering the most jobs lately: Austin, Texas, and Salt Lake City, according to Gallup’s  Salt Lake City are attractive places for tech workers since the salaries are more competitive and the cities boast a lower cost of living than in the traditional tech-hub of California, according to the Gallup index. Salt Lake City is also seeing a growth in tourism and energy sector jobs.index, read more.

Foreclosure Starts Retreat After Spiking

Foreclosure Starts Retreat After Spiking 

The number of foreclosure starts nationwide did an about-face in February after jumping to their highest level in 13 months in January. Foreclosure starts dropped by 15 percent month-over-month in February, down to 79,700, the lowest level since November 2014 and their third lowest total for any month in at least seven years, according to Black Knight. In addition to the decline foreclosure starts experienced. In February, a couple of other foreclosure statistics dropped to pre-recession levels for the month. Foreclosure inventory fell below 800,000 (a nearly 30 percent decline) for the first time since December 2007, Learn more watch our video.

Utah Makes the List "America’s Affordable Homes"

Utah Makes the List   "America’s Affordable Homes"

Affordable homes were mostly centered in inland areas of the U.S., such as Illinois, Michigan, Indiana, as well as other Midwestern states. Affordability was also found to be highest in parts of Nevada, Utah, and Wyoming. Fifty-four percent of for-sale listings of existing homes are within reach for a median-income household in the U.S., according to a new analysis. "So far this year we are hearing from home shoppers that finding a home that meets their needs or budget is the biggest impediment to buying," says Jonathan Smoke, chief economist. "The good news from this data is that more than half of the listings nationwide are by definition affordable. More good news today, Mortgage Rates Stay Low Heading Into Spring, read more. 

Increasing a Home's Property Value

Increasing a Home's Property Value
With the Spring selling season in full swing, now is the time for your clients to start making changes to improve their home's comfort level and the way it functions to make it more appealing to potential buyers.  

Where should they start? Start with the four home improvement basics: foundation, roof, plumbing, and electrical.  Of these the roof is the most important. "I am almost always asked 'How old is the roof?'"  Smaller replacement projects, particularly those that enhance curb appeal, remain the most cost effective way for sellers to improve value, Tips to increase value.

Next Week Start 3% Down Payments

Next Week Start 3% Down Payments 
Freddie Mac will begin offering mortgages with down payments of only 3 percent — the first time they've been this low on the GSE's loans in nearly five years — starting March 23. The move is expected to make more credit available to entry-level borrowers. "By launching our 3 percent down payment mortgage now, at the start of the spring home buying season, lenders will be ready to serve qualified working families who are ready to buy. That means parents or relatives now can cover 100 percent of the down payment through gifts. Many local and state organizations offer down-payment assistance as well, and there are specialized programs for military vets, read more.

Renters May Be in Trouble

Renters May Be in Trouble

The gap between rental costs and household income is widening to unsustainable levels across the country. As more renters face steeper costs, it may put them even further away from home ownership, according to a new study released by the National Association of REALTORS®. NAR evaluated income growth, housing costs, and changes in share of renter and owner-occupied households over the past five years in metropolitan statistical areas across the U.S.Over the last five years, a typical rent rose 15 percent, while the income of renters grew by only 11 percent, according to their research. Current renters seeking relief and looking to buy are facing the same dilemma: Read more.

Emerging Trends in Home Improvement Spending

Emerging Trends in Home Improvement Spending 
The home improvement industry could see record-breaking spending in 2015, according to a newly released report from the for Housing Studies of Harvard University. There are several factors behind the increase, such as the strengthening of the economy, recovering home prices, federal and state stimulus programs that are prompting a rise in energy-efficient upgrades, and rental property owners who are reinvesting in their properties to attract new tenants. "After years of declining revenue and high failure rates, the home improvement industry is, to some extent, reinventing itself." "It’s only a matter of time before this generation becomes more active in the housing market, read more.

Rates Edge Higher as Homebuying Season Starts

Mortgage Rates Edge Higher as Homebuying Season Starts
Freddie Mac economists are bullish on housing:  "This month kicks off spring home buying season," says economist at Freddie Mac. "Between now and the end of June, we’ll see about 40 percent of all home sales for the year." It’s that optimism that has Freddie Mac forecasters expecting 2015 "to be the best year for home sales and new home construction since 2007, when total home sales were about 5.8 million for the year," according to their U.S. Economic and Housing Market Outlook for March. Freddie Mac economists predict that rents will continue to rise at or above inflation this year. Meanwhile, Freddie Mac economists expect that the 30-year fixed-rate mortgage to rise this year, read more.

Stay in Mom’s Basement? Nope!

Stay in Mom’s Basement? Nope!
If you’ve ever read anything about millennials, you’d be forgiven for thinking they’re shiftless, underemployed ne’er-do-wells with no intention of ever moving out of their parents’ basements. But the truth is millennials are home buyers. In fact, they made up the largest percentage of home buyers in 2014. Millennials—that is, adults 34 and younger—accounted for 32% of all home purchases last year, according to the 2015 Home Buyer and Seller Generational Trends study. In fact, the median age of a millennial home buyer was 29, with a median income of $76,900. What’s more, millennials were most likely to buy with their unmarried partner.  What’s driving all the home buying?

Just by Paying Rent & Utilities!

Just by Paying Rent & Utilities! 

Could Improve Your Credit:If you’ve been struggling to build or repair your credit score, there are some changes in the works that may make things easier for you.

On Monday, the three largest providers of credit-reporting information announced an agreement to change the way they handle data on your credit report. Going forward, consumers may see fewer negative entries added to their credit reports from secondary sources such as medical bills and collections for non contractual payment agreements (e.g., traffic fines). According to Experian’s positive utility payments yielded the following results: Read more.

Higher Rates Aren't Deterring These Buyers

Higher Rates Aren't Deterring These Buyers
Mortgage rates jumped to the highest averages of the year last week, prompting volume to fall, the Mortgage Bankers Association reported Wednesday. However, many high-end home buyers weren't deterred by the higher rates. Applications for home purchases increased 2 percent for the week and are now 2 percent higher than year-ago levels, MBA reports. The rise was mostly due to high-end home buyers, with the average purchase loan size rising to $294,000 last week—the highest ever recorded by MBA. Fifty-four percent of Americans say that they believe getting a mortgage is easy. Read more about March 2015: Spring Home buying Season

Spring Is Coming, 20 Markets Are Heating Up

Spring Is Coming,  20 Markets Are Heating Up
Just in time for spring selling season to start, sellers are finally starting to put their homes on the market, upping the selections for buyers, according to the latest analysis. Higher inventories and buyer demand are expected to boost closings this month. "The biggest macro trend is that we're finally seeing inventory grow," says Jonathan Smoke, chief economist. "This is a very important trend for many reasons – in particular, because it will help keep prices at a more  moderate level down the road." Affordability had become a chief concern recently in the housing market. So what's changed and why are more sellers putting their homes on the market? Read more.

Should You Price a Home High or Low?

Should You Price a Home High or Low?

A Study Makes a Surprising Recommendation: Home prices are up. Mortgage rates are low. Housing supply is stretched thin. Suffice it to say—it’s a tight market. And in a tight market, the conventional wisdom is to price your house a little lower than its actual value, in the hopes of sparking a bidding war that will result in an above-market sale price. Homes that sold last year for $200,000 easily sell for $205,000 or more this year, he says. So while comparable sales and research might suggest lower pricing, based on last year’s data, he might suggest a slightly higher price based on the current market Not so fast! Homes priced higher might end up selling even higher, according to a study published, read more. 

Salt Lake City One of the Best Downtowns

Salt Lake City One of the Best Downtowns
Downtowns with buzz not only have the usual office jobs but plenty of independently owned shops and restaurants, a vibrant night life—and people who live there. The best downtowns consistently change as our lifestyles, priorities and work patterns evolve. 

 A slate of construction projects ranging from renovations of historic buildings to new apartments and office towers puts downtown Salt Lake City, Utah, in a perpetual state of change. Longtime residents of this thriving downtown area have seen many new residential units added along with restaurants, coffee shops and places to find live music, See Top 10 Best Downtowns

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Things That Are Dragging Down Your Home’s Value

Things That Are Dragging Down Your Home’s Value
Please Fix These: There are a lot of things you can’t control in the home-selling process. You can’t force people to come see your home or make an offer on it.
But you can make sure to take care of some easy repairs that would otherwise turn off prospective buyers. Look around and make sure you haven’t ignored any of these 10 repairs that can make a buyer think twice about your asking price. 1. Paint colors that just don’t blend in The color of your home is one of the first things a buyer will notice. If it’s a very different color from your neighborhood or general area, you should paint it something more innocuous. Most buyers don’t want to live in the only pink house in town. The same goes for the interior. If your living room is bright orange, paint over it. Choose a neutral color so buyers can project their own ideas onto it, read more.

1. Paint colors that just don’t blend in

The color of your home is one of the first things a buyer will notice. If it’s a very different color from your neighborhood or general area, you should paint it something more innocuous. Most buyers don’t want to live in the only pink house in town. The same goes for the interior. If your living room is bright orange, paint over it. Choose a neutral color so buyers can project their own ideas onto it.
- See more at: http://www.affordableutahhousing.com/blog/1215148/4952165/Things-That-Are-Dragging-Down-Your-Home---s-Value#sthash.RPfzmARh.dpuf

1. Paint colors that just don’t blend in

The color of your home is one of the first things a buyer will notice. If it’s a very different color from your neighborhood or general area, you should paint it something more innocuous. Most buyers don’t want to live in the only pink house in town. The same goes for the interior. If your living room is bright orange, paint over it. Choose a neutral color so buyers can project their own ideas onto it.
- See more at: http://www.affordableutahhousing.com/blog/1215148/4952165/Things-That-Are-Dragging-Down-Your-Home---s-Value#sthash.RPfzmARh.dpuf

Challenging Housing Market

Challenging Housing Market 
Lack of Credit Availability, Low Inventory: Two challenges facing the U.S. housing market is currently facing two challenges – a dearth of credit creation and a lack of available inventory, according to a report released Wednesday by the Kroll Bond Ratings Agency (KBRA) that is scheduled to be presented Head of Research Christopher Whalen at the 2nd Annual Real Estate Symposium in Salt Lake City, Utah. Whalen said the dearth of available credit for housing is a function of Dodd-Frank Act, which was created in part to protect consumers from predatory and other harmful lending and financial practices by businesses Low inventory may take bloom off spring home sales. Home prices are beginning to grow at a faster pace again, which is not good for the spring market, read more.

Bidding Wars Brew

Bidding Wars Brew
Nationwide, more people are putting their homes up for sale, but in some cities it’s still not enough. With too many buyers and too few properties on the market, bidding wars are heating up again. “Most markets are struggling to achieve the proper balance of homes for sale and qualified buyers.” Under Tight Supplies housing inventories remain constrained in many markets, some buyers may face increased competition and more bidding wars heading into the spring-selling season. The reports in its latest housing report that bidding wars are already elevated, read more. 

Owners Upbeat on Home Values

Owners Upbeat  on Home Values

Remodeling Cost vs. Value: Less Is More: Home sales may be off to a sluggish start this year, but home owners are still upbeat when it comes to the value of their homes. They’re willing to spend to preserve that value too. Home-improving giants Lowe’s Co. and Home Depot Inc. reported “blowout fourth quarter profits,” which beat expectations with sales advancing more than 7 percent at both retailers, Bloomberg News reports. What’s more, January is showing strong gains too, which could prove a boon heading into the spring selling season, read more.

Red-Carpet Treatment for Jumbo Borrowers

Red-Carpet Treatment for Jumbo Borrowers
Some highlights from 2014: For a five-week stretch between August and September, jumbo rates were lower than those for comparable conforming mortgages. Many banks and credit unions began offering more jumbo options, some with down payments less than 20% and no private mortgage insurance requirements. Jumbo mortgages have loan amounts higher than the limits for government-backed loans. Competitive housing markets in some areas fueled a rise in first-time homebuyers who took out jumbo mortgages.“The jumbo share of the market was much more purchase-driven in 2014,” read more.

New Construction, Mortgage Rates Are Up

New Construction, Mortgage Rates Are Up
Buyers always prefer new construction, even though new construction prices are rising. 
Therefore, mortgage rates are going up,  according to the Freddie Mac Primary Mortgage Market Survey, which reported that new-home sales and price appreciation had driven the average 30-year fixed-rate mortgage to 3.8% this week, up from 3.76% last week. That’s actually down from this time last year, when it averaged 4.37%. New-home sales were largely flat in January but are up 5.3% from last year, read more.