Utah Housing Market Turns in Solid Performance in 2016

Utah’s housing market had its challenges in 2016, including low inventory of homes for sale, rising prices that challenged would-be buyers, and political uncertainty with the presidential election.




But despite the headwinds, this turned out to be a good year overall for our local housing market.

Home sellers enjoyed solid gains in sale prices throughout the greater Wasatch Front. The median sale price for single-family homes, condos and townhouses in the region through October (the latest data available) reached $240,000, up 8 percent from the same period a year ago, according to local MLS data analyzed by Coldwell Banker.

Strong buyer demand, a healthy local economy, and a continuing decline in the inventory of homes on the market all combined to make 2016 a seller’s market in much of Utah. The market was also fueled, in part, by a growing technology sector and the accompanying jobs that has attracted, both locally and from higher-priced markets around the country.

The year saw a continuation of mortgage rates that remained near historic lows much of the year, helping make home purchases more affordable. But in recent weeks, key lending rates began to tick higher, which could present challenges to the market if that continues into the new year.

One of the biggest challenges for the housing market in 2016 was insufficient listings to meet buyer demand. The number of homes for sale in October was down a whopping 25 percent in our region from the year before. The Salt Lake Board of Realtors said the region’s housing markets had roughly four-month’s supply of available homes, well below the typical five- or six-month supply.

Despite limited inventory for buyers to choose from, home sales in the greater Salt Lake City region (Salt Lake, Davis, Utah, Tooele and Wasatch counties) were up 3 percent in 2016 compared to last year. As of October, sales year to date totaled 28,831, up from 28, 062 sales during the same period in 2015.

However, sales came under pressure in the higher-priced markets in the region with much of the gains coming in the more affordable communities. According to the Salt Lake Board of Realtors, sales in the July-September period, for example, fell the most in areas like South Jordan, West Jordan and Sandy.

At the same time, sales in Utah, Davis, Weber and Tooele counties either gained or remained relatively flat, as some Salt Lake City-area buyers went to adjacent counties to find more affordable homes.

As 2016 draws to a close and we look ahead to 2017, there are reasons to be encouraged about the outlook for the market. The greater Salt Lake City region’s growth in high-tech jobs and solid economy should continue to create demand for housing in our area.

If you’ve been thinking about selling your home, now may be a good time to make your move. Mortgage rates are still low by historical standards, although that could change in the coming year if rates continue to move higher. And for now, we’re still enjoying a seller’s market in many of our communities.

If you have questions about making a move, including what your home might be worth and what the market looks like in your neighborhood, I’d be happy to help. Please give me a call or e-mail me and we’ll get started today!

Your Top Fears Debunked

Home buyers may get a little anxious when facing the biggest transaction of their lives. Doubt starts entering and they may start second-guessing whether or not they are making a good move.

“I’m afraid I can’t afford a home.”

Some buyers believe they’ll have to empty out their savings account completely in order to buy a home. “There are many loan programs out there that can help first-time home buyers with down payment assistance or that don’t require a severed arm and leg in order to get a mortgage,” Encourage them to talk with a loan officer about options.

“What if I buy a money pit?”

In reality, most homes aren’t money pits, and there’s a lot buyers can do to protect themselves against buying one too. Before buying, they can use a home inspector to help soothe some of their fears about getting a lemon. The home inspector should be trained to spot signs of water damage or electrical or plumbing problems. They also will advise on any possible repair costs.

“It’s just safer to rent.”

“Rent money disappears without allowing you to build any equity over time. That’s truly scary,” says Scott Forman, divisional vice president of Cross Country Mortgage. For many renters who are willing to pay about $100 a month more, they could own a home, he says -- and receive tax deductions.

If you're ready to see some homes in person (that's when the real fun begins!), I can easily start setting up visits for you - just let me know what days/times work best for you, and I'll get started scheduling things right away. Or, if you're still in search mode, no problem. I'm happy to answer any questions you might have about particular homes or neighborhoods. I'm looking forward to visiting homes with you!

Source: “Terrified to Buy a Home? Your Top Fears Debunked,”  (Oct. 25, 2016)

Why Fall May be a Good Time to Sell Your Home

The Utah housing market has been strong this year with steady price increases in a number of communities and relatively low inventory to meet the buyer demand. Now that fall has arrived, some homeowners may believe that they have missed their window of opportunity to sell and that they should wait until next spring. Contrary to what some people believe, fall may actually be a very good time to list your home. If you have been thinking about selling your home, there are several reasons to consider doing so this fall:
 

1.More time to focus on home shopping. Buyers have returned from their summer vacation, children are back in school, and the holiday season isn’t upon us yet.

2.Continued demand from buyers. As anyone who’s followed the news this year knows, there have been more buyers than sellers for homes in much of Utah. That trend has kept sale prices climbing in most areas and brought lots of potential buyers to open houses.

3."Serious buyers" in the market now. During the fall months, there tend to be fewer people who are "just looking" than in the spring and summer and more serious buyers.

4.A lack of available inventory. The number of listings has been relatively low all year compared to historical averages, in many cases half of a normal market. In the fall, there typically are even fewer homes for sale than other times of year, meaning less competition and more potential buyer attention for your listing now.
 

While fall is not always considered the typical home-buying season, there are a lot of advantages to listing your home now – especially at a time when others might shy away from selling. But like any other time of year, it’s important to price your home properly, make it look its best, and have a strong marketing plan in place to reach potential buyers.

With a few simple steps and the help of a professional REALTOR®, you just may find that selling your home this fall may be the best move you’ll ever make.

Why Fall May be a Good Time to Sell Your Home

The Utah housing market has been strong this year with steady price increases in a number of communities and relatively low inventory to meet the buyer demand. Now that fall has arrived, some homeowners may believe that they have missed their window of opportunity to sell and that they should wait until next spring. Contrary to what some people believe, fall may actually be a very good time to list your home. If you have been thinking about selling your home, there are several reasons to consider doing so this fall:
 

1.More time to focus on home shopping. Buyers have returned from their summer vacation, children are back in school, and the holiday season isn’t upon us yet.

2.Continued demand from buyers. As anyone who’s followed the news this year knows, there have been more buyers than sellers for homes in much of Utah. That trend has kept sale prices climbing in most areas and brought lots of potential buyers to open houses.

3."Serious buyers" in the market now. During the fall months, there tend to be fewer people who are "just looking" than in the spring and summer and more serious buyers.

4.A lack of available inventory. The number of listings has been relatively low all year compared to historical averages, in many cases half of a normal market. In the fall, there typically are even fewer homes for sale than other times of year, meaning less competition and more potential buyer attention for your listing now.
 

While fall is not always considered the typical home-buying season, there are a lot of advantages to listing your home now – especially at a time when others might shy away from selling. But like any other time of year, it’s important to price your home properly, make it look its best, and have a strong marketing plan in place to reach potential buyers.

With a few simple steps and the help of a professional REALTOR®, you just may find that selling your home this fall may be the best move you’ll ever make.

Sales of U.S. existing-homes eased up

Sales of U.S. existing-homes eased up
 "However, there's no question that after peaking in June,
sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."

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Not Enough Homes for Sale

Home Sales Soften on Inventory, Pricing Woes 

Existing-home sales softened in August, the second consecutive month of declines despite mortgage

rates hovering near record lows. Not enough homes for sale and higher home prices are curtailing sales, the National Association of REALTORS® reported Thursday. “Healthy labor markets in most of the country should be creating a sustained demand for home purchases,” Yun says. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”  Here are a few key housing numbers from NAR’s latest housing report:

1. Home prices: The median existing-home price for all housing types was $240,200 in August, up 5.1 percent from a year ago.

2. Days on the market: Forty-six percent of homes sold in less than a month in August. Properties stayed on the market for a median of 36 days last month, down from 47 days a year ago. Short sales tended to stay on the market the longest at a median of 144 days; foreclosures sold in 42 days; and non-distressed homes averaged 35 days.

Source: National Association of REALTORS®

Good for Buyers:

Mortgage Rates Barely Budge

 

Mortgage rates continue to hover around all-time lows with the 30-year fixed-rate mortgage averaging 3.43 percent this week. "This marks the ninth consecutive week that mortgage rates have been below 3.5 percent,” says Sean Becketti, Freddie Mac’s chief economists. “Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen's speech on Friday." 

 

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 25:

• 30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.6 point, holding the same average as last week. A year ago, 30-year rates averaged 3.84 percent.
• 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.5 point, holding the same as the previous week as well. Last year at this time, 15-year rates averaged 3.06 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.75 percent, with an average 0.4 point, increasing from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.90 percent.

Source: Freddie Mac / Affordable Utah Housing.

New Single-Family Homes Are Getting Smaller

New Single-Family Homes Are Getting Smaller

The average size of new single-family homes is dropping, reversing an upsizing trend in residential

construction. Builders say this is happening because their industry is taking more interest in the entry-level market and not just catering to the luxury sector any longer. A growth in townhomes, which are typically smaller than traditional homes, is part of the reason for the decreased size, builders say.

Adding new inventory: July Housing Starts Beat Expectations

The median single-family square floor area dropped from 2,465 in the first quarter to 2,392 square feet in the second quarter, according U.S. Census data. The average square footage for new single-family homes dropped slightly from 2,658 to 2,616 square feet.

The builder’s trade group says home sizes are following a pattern for what typically occurs during and after a recession. “New-home size falls prior to and during a recession as some home buyers tighten budgets, and then sizes rise as high-end home buyers, who face fewer credit constraints, return to the housing market in relatively greater proportion,” Robert Dietz, chief economist of the National Association of Home Builders, notes at the group’s Eye on Housing blog. “This pattern was exacerbated during the current business cycle due to market weakness among first-time homebuyers. But the recent small declines in size indicate that this part of the cycle has ended and size should trend lower as builders add more entry-level homes into inventory.”

Source: “New Single-Family Home Size Declining,” National Association of Home Builders’ Eye on Housing blog (Aug. 16, 2016)

Utah, A Great Place To Be......

If you are not from Utah you may not know that this weekend is an official state holiday in Utah.

Pioneer Day is an official state holiday celebrated July 24th of every year. The day commemorates the Mormon pioneer’s passage into the Salt Lake Valley from Emigration Canyon in 1847.
The first statewide Pioneer Day celebration was held July 23-24, 1857. To learn more about the history of this holiday and the great state of Utah, you may visit the... following links:

http://onlinelibrary.utah.gov/res…/utah_symbols/holiday.html
https://en.wikipedia.org/wiki/Pioneer_Day_(Utah)

Best,

Are you ready for homeownership?

Properties are selling faster. Nationwide, properties were on the market for an average of 39 days in April.

 

 Short sales were on the market for the longest amount of time, at 120 days. Foreclosed properties stayed on the market for just 51 days, while nondistressed properties had the fastest sales at 37 days, according to the April 2016 REALTORS® Confidence Index Survey Report. About 45 percent of properties across the country were on the market for less than a month when sold. Only 13 percent were on the market for longer than six months. Source, RosaPace@Realtor.com

Starter Homes Are on the Way

Good news for first-time buyers: more starter homes are on the way. A recent analysis by BUILDER online shows the number of homebuilders offering entry-level housing rose 25 percent last year compared to the year prior. 

Homebuilders Say Major Uptick Coming: Steady job growth, low mortgage rates, and pent-up demand is prompting an increase in the demand for new single-family homes, and homebuilders say they're ready to build them.  Single-family starts will reach 64 percent of historically normal levels by the fourth quarter of this year and rise to 77 percent of normal by the end of 2017, NAHB reports.

By the end of 2017, the top 20 percent of the largest states will reach at least 102 percent of normal single-family production levels, compared to the bottom 20 percent, which likely will still remain below 65 percent, NAHB reports.

While the numbers are rising, the entry-level market is still a fraction of what it once was in 2010.
Still, “the re-entry of the entry-level buyer has begun, but this group’s next moves will be gradual,” says Metrostudy’s Brad Hunter about young buyers’ emergence into the housing market. “Income challenges remain, and there are still relatively few new house developments who target this group.”

NAHB forecasters predict that single-family production will see a 14 percent uptick this year to 812,000 units, and then rise another 19 percent to 964,000 units in 2017.

Source:  BUILDER (April 27, 2016)

Is It Better to Rent or Buy?

If you can rent a similar home for less than ...

$884
PER
MONTH   ... then renting is better

 The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal. To help you answer this question, our calculator takes the most important costs associated with buying a house and computes the equivalent monthly rent.

How to Read the Charts Charts that are relatively flat indicate factors that are not particularly important to the outcome. Conversely, the factors that have steep slopes have a large impact.

Rates Move Lower

For the First Time in Weeks,
On the heels of last week's decision by the Fed to keep rates unchanged, mortgage rates dropped

slightly this week, after four straight weeks of increases.
“The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 24:

• 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, dropping from last week’s 3.73 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
• 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 2.99 percent average. A year ago, 15-year rates averaged 2.97 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.5 point, dropping from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.92 percent.

Source: Freddie Mac

You're 'Trendy' if You Live Here

The 10 Trendiest U.S. Cities That You Can Still Afford to Buy

Research team was on the hunt to find the next “hipster meccas” popping up across the country. It analyzed 500 of the largest municipalities nationwide to find those that offer a fun, young, culture-rich urban scene and are still largely affordable.

To pin down the 10 trendiest U.S. cities, the team took into account such factors as the increase in the population of 25- to 34-year-olds from 2013 to 2014; the number of cultural outlets (such as musical venues, independent movie theaters, and art galleries), yoga studios, and bike shops; and housing affordability, among other factors.

Considering those criteria, the 10 cities that emerged as the top 10 trendiest based on realtor.com®’s study are:

1. Salt Lake City

Median home price: $355,000

Sure, you know Silicon Valley, but do you know Silicon Slopes? In Salt Lake City, affordable real estate, an educated workforce, and a decent transit system have lured big tech companies such as Adobe and Electronic Arts, as well as a slew of startups. And along with them, armies of young techies eager to work hard and play harder. Besides all the outdoorsy things to do in the majestic Rocky Mountains, there are plenty of impressive entertainment options. The Sundance Film Festival in nearby Park City each winter, of course, brings in thousands of filmmakers, actors, and fans—and locals get special deals on tickets. Plenty of those filmmakers decided to put down roots here. In summer, the Twilight Concert Series assembles indie and hip-hop powerhouses such as MGMT, Empire of the Sun, The Nationals, and Ludacris for free! Read more The 10 Trendiest U.S. Cities

Source: “RosaPace@realtor.com® (March 7, 2016)

19 Most Beautiful Places to Visit in Utah

Utah, nicknamed “Beehive State”, offers some of the most beautiful and spectacular sights and places

to visit!

Just browse through these awesome pictures and be amazed by it’s beauty. Fun fact: The name Utah derives from the Native American Ute tribe and means people of the mountains. Bryce Canyon is home to the largest collection of hoodoos in the world. Hoodoos are unique rock formations created by uneven erosion and weathering, giving them a distinctive and unmissable appearance. At Bryce Canyon, you will also find woodland, wildlife and caves, making it a hiker’s paradise. At night, the lack of local light sources create the perfect location for stargazing with unparalleled starry skies. 19 Most Beautiful Places to Visit in Utah

Surprising Tax Credits for Home Owners

Do You Qualify for A Home Energy Tax Credit?

 



Many of your clients may be working on their taxes now, and you can help them make the most of home improvements.
Homeselfe, a home energy assessment app and web service for homeowners,
recently released a list of several significant tax credits available to those who made energy efficiency upgrades to their homes in the 2015 tax year.

“If you upgraded your home in 2015 by adding insulation, one of the most cost-effective upgrades you can make, you already know you are saving on your utility bills every month plus you may be eligible for a tax credit on that investment,” said Ameeta Jain, co-founder and spokesperson of Homeselfe.

The company says homeowners can earn up to $500 on their return by taking into account small upgrades made last year, including:

• Biomass stoves
• Heating, ventilation, and air conditioning
• Advanced main air-circulating fans (tax credit amount of $50)
• Insulation (10 percent of the cost, up to $500)
• Roofs (metal and asphalt)
• Water heaters (non-solar earns a tax credit of $300)
• Windows, doors and skylights (tax credit amount is 10 percent of the cost excluding labor)

Homeselfe includes flowcharts and other information to help homeowners determine whether they qualify for energy-related tax credits. “Not taking advantage of that is throwing away your hard-earned cash. We want to empower families to receive the maximum refund allowed on their tax returns by providing them insight into the energy credits that are available,” says Jain.

Source: "Do You Qualify for A Home Energy Tax Credit?" Homeselfe (Feb. 10, 2016)

Yup, 2016 Is Off to a Good Start in Home Sales

Recent housing and economic reports predict we'll see solid spring home sales, according to Jonathan Smoke, realtor.com®'s chief economist. Here are some signs:

On home sales: Existing-home sales from January 2015 to January 2016 have grown 11 percent. Sales are taking longer close, due to new mortgage rules that took effect last fall, but the pace of sales is growing. New-home sales have also grown solidly year-over-year, and the median price of new homes is declining as more builders offer more affordable homes than catering to just the luxury.

On home prices: Prices are moving up and most of that has been attributed to the limited number of homes for-sale. At the current pace, there is a four-month supply of homes on the market -- much lower than the norms of six to seven months. "This is driving prices higher and encouraging consumers who hope to buy this year to get started as soon as possible," Smoke notes.

On mortgage rates: Low mortgage rates are improving home buyer affordability, for now. The 30-year fixed-rate mortgage averaged under 3.7 percent in the latest week, which offers buyers nearly 5 percent more buying power than they had at the end of 2015, Smoke notes.
But as Smoke notes: "not everything is rainbows and unicorns.

The biggest negative trend impacting potential demand relates to the January and February declines in stock values, which have taken a toll on consumer confidence." Also, the tight supply of homes for-sale could also limit sales in the spring season. That said, for buyers that are able, the low mortgage rates of the season may prove a strong motivator why buyers shouldn't wait. Source:  realtor.com® (Feb. 26, 2016)

"Read more: The 20 Hottest Housing Markets This Month

Heading into Spring Buying Season,

Home Prices and Inventories

Home prices and the limited number of homes for sale are the top concerns. "The spring

buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy, especially considering the fact that household income and wages are barely rising."  

The median existing-home price for all housing types last month was $213,800, up 8.2 percent from a year ago ($197,600). The price increase in January was the largest since April 2015, when home prices moved 8.5 percent higher compared to a year ago.

Meanwhile, total housing inventory at the end of January rose 3.4 percent to 1.82 million existing homes available for sale. Inventories remain 2.2 percent lower than a year ago. At the current pace, unsold inventory is at a four-month supply, up slightly from 3.9 months in December 2015.
In January, properties typically stayed on the market for 64 days, below the 69 days average from January 2015. Thirty-two percent of homes for sale in January sold last month in less than a month.

So if you’ve been thinking about selling your home, now may be a good time to take advantage of the current seller’s market. There just are not enough good homes on the market right now. I know you may have questions about making a move, what your home might be worth, and what’s involved in putting a home up for sale. I’m happy to walk you through the process and answer any questions you may have. Please give me a call or e-mail me today and we’ll get started. Source: Rosa Pace

More Equity Than Owners May Realize

Home owners are increasingly optimistic about gaining equity in their homes this year, but they’re

still conservative on how much they’ve truly gained.
Forty-six percent of home owners with a mortgage say they believe they’ll see their equity increase in 2016, and the majority expect to see a gain by as much as 10 percent, according to a new study of 1,000 home owners conducted by the lender loanDepot.

Indeed, about a quarter of home owners surveyed say they expect their equity to increase between 6 and 10 percent this year while 58 percent say they expected equity to increase 1 to 5 percent. Economists have largely predicted equity gains to be between 2.3 and 4.7 percent this year.

Despite the equity optimism, 80 percent of home owners underestimate the amount of value their home has gained since the housing recovery, according to the loanDepot survey.
"Home owners who bought during the housing boom are regaining equity many thought was lost forever, yet too many are not aware of the equity they have gained or they are unclear about how to determine changes in their equity," says Bryan Sullivan, chief financial officer of loanDepot, LLC.

"People who bought after the housing boom when prices were low are realizing home ownership can be a great investment and an asset that they can now leverage through equity to realize many dreams. Whether they choose to leverage their home equity now or reserve it for future needs, millions of home owners have choices today not available just a few years ago."

Home owners who purchased their home prior to the housing boom or during it – and who then watched their equity fade during the 2007 to 2009 bust – have different views on the equity picture than home owners who purchased post-2009. For example, the study found that more buyers who purchased after 2009 believe:

• 64% believe their home has gained value since 2013 compared to 58 percent of pre-2009 owners.
• 50% expect to gain more equity this year compared to 43 percent of pre-2009 buyers.
• 65% believe they have adequate equity now to take out a home equity loan compared to slightly over half (52%) of post-2009 buyers.

Spring Season inches Closer

As the Spring season inches closer, the real estate market is beginning to warm up. 
If you’re in the market to sell your home, check out these Six Tips for a Quick Home Sale in 2016.

For both the home buyers and sellers out there, take a look at these 10 Tips for Home Buying and

Selling. I’m happy to speak with you about these and other tips in more detail. 
For the homeowners out there, I think you may enjoy the following home improvement articles:

Your Top Home Improvement Tips, Answered
5 Easy DIY Weekend Projects Under $300

As always, let me know if you have any questions for me! Source Rosa Pace

Why Pets Are the Best in Showings

Are you doing what you can to market yourself as pet-friendly?

65 percent of American households own a pet, and of those, 83 percent consider their pet to be a member of the family. These pet-popularity stats show why it's important for real estate pros to know how to help buyers find a home that fits the needs of their entire family, Fido included.

When it comes to selling, the properties' pet appeal can be a big selling point. Make sure to showcase pet-friendly home features and highlight if the property is near a dog park or businesses that are dog-friendly. Agents can also appeal to a pet-loving crowd by using animals in marketing videos and even in head shots, and by staging listings to include pet accessories.

The rise in pet power recently inspired the National Association of REALTORS® to create an infographic with facts about pet ownership and tips on how owners can make a home pet-friendly. In conjunction with the 140th annual Westminster Kennel Club Dog Show, which aired Monday and ends tonight with the Best in Show judging, NAR's social media accounts are encouraging followers to share photos of their dogs using the hashtag #RealtorDogs. Read more: The Power of Pets

Curb Appeal with $100 in 4 Easy Steps

Does your Home need a more inviting first impression from the outside?

Stager Cora Sue Anthony with Antony Staging in Oakland, Calif., says you don’t have to break the bank to get an instant lift to a home’s curb appeal. In fact, in a short video she highlights how spending just $106 on some paint and a new light fixture could instantly amp up a home’s curb appeal.



Here are four steps that can entice buyers:
1. Paint the front door. Try out a bold color – such as red – to get buyers’ attention focused on the door.
2. Paint the mailbox. Try either red or black. Anthony says since she painted the home’s door red in the video example, she painted the mailbox the opposite color – black.
3. Paint the railings. Use black to add depth.
4. Change out the light fixture. Make sure the new light fixture matches the aesthetics of the home’s exterior, but this can dress up the outside while also brightening the space.
Watch the video.
Need more help for sprucing up your Home exterior? Check out these helpful hints:

• Crafty Ideas for Winter Curb Appeal
• Curb Appeal: Staging for Streetview
• 5 Ways to Add Condo Curb Appeal
• Amp Up Curb Appeal: 5 Easy Steps

Source: RosaPace@realtor.com® (Feb. 5, 2016)

Greater exposure means faster Sale, Better Price.

We would like the opportunity to earn your real estate business.

The services we offers for Sellers:
• Free Market Analyzes
More than 90% of home buyers will search for their next home on the Internet first - ZipRealty is consistently in the top most visited Real Estate Web Sites in the Nation!
•An open house if you would like
•List your house in Multiple Listing Service (MLS)
•Full size post "For Sale" sign in front yard
•High quality color fliers FREE

 

Buying a House: From search to offer, we've got your real estate needs covered. You get instant access to all current MLS listings, neighborhood info and more. When you're ready to tour homes and make an offer, the agent you're connected to will be there to guide you through the process and help you win the home you love.

Click on Here to get start.

Best Places to Be a Renter

Which are the best cities in which to rent?

For a renter, the best place to live is Little Rock, Ark., according to a new study by data firm
Axiometrics, which looked at 28 metro areas nationwide to see where rents are the most affordable.
Axiometrics took a look at the metros that boast the lowest rent-to-household income ratio. Here are the top eight most affordable places for renters.
Little Rock, Ark.

Rent-to-household income ratio: 16.5%
Average monthly effective rent: $735

Salt Lake City
Rent-to-household income ratio: 17.1%
Average monthly effective rent: $977

Las Vegas
Rent-to-household income ratio: 17.2%
Average monthly effective rent: $861


On the other hand, the least affordable market Axiometrics found were New York (where rent-to-income ratio was 53.8%). New York has been the least affordable of any of the 28 metros since 1997, according to Axiometrics. Rents there average $2,970.
Other markets on the bottom of the affordability list for rentals were Los Angeles (43.7% rent-to-income ratio); San Francisco (42.1%); Miami (41.3%); and Oakland, Calif. (34.1%).

Source: “The Most (And Least) Affordable Metro Areas to Rent an Apartment,” Forbes (Jan. 20, 2016), RosaPace@realtor.com .

Market Pushes Down Mortgage Rates

For the third consecutive week, mortgage rates edged down, with the 30-year fixed-rate mortgage continuing its run below 4 percent. The 30-year mortgage rate dropped 11 basis points to 3.81 percent, the lowest rate in three months. Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 21:

• 30-year fixed-rate mortgages: averaged 3.81 percent, with an average 0.6 point, dropping from last week's 3.92 percent average. Last year at this time, 30-year rates averaged 3.63 percent.
• 15-year fixed-rate mortgages: averaged 3.10 percent, with an average 0.5 point, falling from last week's 3.19 percent average. A year ago, 15-year rates averaged 2.93 percent.

Source: RosaPace.realtor.com

INCREASE HOME VALUE

What’s your number one goal when selling your home?

 For most homeowners it’s selling it for what it’s worth – especially if you’ve invested a lot of time and effort into updating it. Here are 7 home improvement projects that you can do that will give you the highest return on investment.

What is ROI?

Return on investment is a term that investors use to calculate how profitable a business venture was. In terms of house value, a return on investment is calculated by taking how much money you spend on a project, and then seeing how much that increased the home value when it sells. For example:

You complete a project for $300. When you sell your home, it sells for $1,000 more than it was originally worth. You would have earned $700, which is your ROI. You earned 230% of the original $300 you paid to do the home improvement project.
The following home improvements have a high ROI according to three studies completed by Home Gain, Remodeling.net and HouseLogic. Read the complete article at Landmark

Rents Are Still Skyrocketing

Half of all renters can't afford the rent

Rents surged 4.6 percent in 2015, posting the largest gain since before the Great Recession. It’s a good time to be a landlord, but not a renter, according to the latest report out by Reis, a real estate research firm. Apartment rents nationwide now average nearly $1,180, which is up from $1,125 a

year ago, Reis reports

The fourth quarter “wrapped up an incredible year for the apartment market, probably the strongest we’ve ever seen,” says Jay Denton, senior vice president of analytics at Axiometrics Inc., an apartment research company that also released a report showing rents rose 4.7 percent in the fourth quarter compared with the same quarter a year earlier.

For the past six years, rents have been on the rise. Increases have ranged from 2.3 percent in 2010 to about 4 percent in the last two years. The higher rents edge up, the more difficult it proves for young adults to save enough to become home owners. The number of first-time home buyers in the real estate market, as such, has dipped to a three-decade low, according to the National Association of REALTORS®.

The apartment market may be showing some signs of peaking, however, as a greater supply of apartment buildings hit the market. Vacancy rates edged up slightly in the fourth quarter to 4.4 percent compared to 4.3 percent in the previous quarter. The increase in competition is causing landlords to limit the amount that they can raise prices, says Bob DeWitt, president and chief executive of GID, a Boston-based apartment owner and developer.

“We certainly believe that over the next two or three years rent trends are going to slow and in some places they may actually back up,” he told The Wall Street Journal.

Trends Sellers Should Know in 2016

Selling a home can be a Stressful Experience

There are three dominant trends in real estate that sellers should be aware of going into the new year. If you expect to put your home on the block at some point in 2016, here are some key factors for you to keep in mind before you address issues and concerns to make the best possible deal.



Get start click on Picture

A seller's market dominates. Home prices have been climbing so much that they're even matching their 2006 highs. Seller's markets are more dominant in certain cities such as San Francisco, where bidding wars are widely reported and offers go well above asking price. "The more lucrative a region's economic future appears to be, the easier you can expect it to be to sell a home," according to the article.

1. Mortgages will get pricier. Low mortgage rates have been the standard in the last few years, but that will soon change. The Federal Reserve is gradually beginning to raise rates, which will move mortgage rates higher and dampen affordability. Sellers should be aware that it may become more difficult for prospective buyers to secure financing.
    
2. Tax benefits still abound. The largest tax break for ordinary taxpayers who qualify remains the exclusion on capital gains for the sale of personal residences. Single taxpayers are able to exclude a maximum of $250,000 in gains from the sale of a home. Joint filers get double that: $500,000.

Yet since early 2012, prices have climbed higher, and the Case-Shiller National Home Price Index is coming within spitting distance of matching its highs from 2006 and 2007. Source: RosaPace@Realtor.com