Buyers Pull Away From New-Home Market

Sales of new homes plunged to a more than 2 1/2-year low in October, as 

all four major regions of the U.S. posted sharp declines. Sales of newly built, single-family homes drop to a seasonally adjusted annual rate of 544,000 units in October—the lowest pace since March 2016.

Higher borrowing costs are pushing homeownership out of reach among more potential buyers, which has been playing out in the sales of existing homes too.

A strong job market and demographics bode well for housing demand, but “rising interest rates and home prices are forcing customers to take a pause,” says Randy Noel, chairman of the National Association of Home Builders.

“Policymakers should see this in sales as an indicator that housing affordability will continue to slow down the market.”

Buyers still in the market are seeing more choices. The inventory of new homes for sale increased to 336,000 in October. The median sales price also curtailed in October, ping 3.6 percent to $309,700. The in the sales price, however, is due to a market shifting to more townhomes and other lower-cost housing than from builders’ ping their prices.

“This is absolutely a cooling market,” housing data firm, told The Wall Street Journal. “Interest rates have increased and that’s really tamped down demand.”

That is slowing home price growth and that could allow would-be buyers’ wages an opportunity to play catch up. “I really see this as a market coming into balance, rather than a market that’s on the brink of a collapse,” McLaughlin says.

                        
We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Homeownership

Mortgage Loan Limits to Rise in 2019

Keeping up With Home Prices, Conforming loan limits get a boost for 

2019 in nearly every part of the U.S. The Federal Housing Finance Agency, a regulator for mortgage financing giants Fannie Mae and Freddie Mac, announced that conforming loan limits will rise in 2019 to $484,350 in most parts of the country. That marks a 6.9 percent increase over this year’s $453,100.

The FHFA limits set the maximum single-family mortgage amounts that Fannie Mae and Freddie Mac will finance, as well as limits for the Federal Housing Administration program.

“These limits are important for funding home sales in high-cost coastal markets like California, Virginia, and Maryland, but are increasingly important in other markets like Nashville and Denver, along with those in Utah and Wyoming,” the National Association of REALTORS® notes in a release.

The FHFA also announced an increase to loan limits in “high-cost areas,” where 115 percent of the local median home value is higher than the baseline loan limit. The new limit for one-unit properties in most high-cost areas will be $726,525 in 2019, rising from the current $679,650.

This is the third consecutive year that the FHFA has increased conforming loan limits.Justifying the rise, the FHFA notes that home prices are still increasing.

NAR applauded the FHFA’s decision to raise limits again. “Today’s decision reflects rising or near record high home prices in many U.S. markets, and the move helps keep the American dream within reach for countless families working with Fannie Mae and Freddie Mac.” “Without this assurance that loan limits keep up with home price growth, borrowers across the country risk being pushed out of the market altogether as mortgage rates and rising home prices continue to hold back potential home buyers.”

The increase, in all but 47 counties or county equivalents across the country, takes effect on Jan. 1, 2019, the FHFA said.

View a breakdown by county of 2019 conforming loan limits.

Follow the advice of experts,
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. Call me today 801-809-9866. 
 Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready!

#LeasePurchase #UtahRealEstate #mortgageloanlimits

Source: “Fannie, Freddie Conforming Loan Limits Increase,” HousingWire (Nov. 27, 2018)

Home Buyers and Sellers Should Watch in 2019

We're entering the home stretch of 2018, when you can actually say, 'See 

you next year!' to someone you'll see in just a few weeks. It's a time to look ahead, to make new plans, to achieve new dreams.

And if those dreams include buying your own home, you should keep an eye on the ever-changing tides of the housing market. Now, markets are like the weather: You can't entirely predict how they will act, but you can get a sense of the forces that will push things in one direction or another.

The realtor.com® economic research team analyzed a wealth of housing data to come up with a forecast of what 2019 might hold for home buyers and sellers—and it looks like both groups are going to be facing some challenges.

Here are the top four takeaways. For more information, see the full realtor.com® 2019 forecast.

1. We'll have more homes for sale, especially luxury ones
We've been chronicling the super-tight inventory of homes for sale for several years now. Yes, homes have been hitting the market, but not enough to keep up with the demand. Nationwide, inventory actually hit its lowest level in recorded history last winter, but this year it finally started to recover. We're expecting to see that inventory growth continue into next year, but not at a blockbuster rate—less than 7%.

While this is welcome news for buyers who've been sidelined, sellers must confront a new reality.

“More inventory for sellers means it’s not going to be as easy as it has been in past years—it means they will have to think about the competition.' 

'It’s still going to be a very good market for sellers,' she adds, 'but if they’ve had their expectations set by listening to stories of how quickly their neighbor’s home sold in 2017 or in 2018, they may have to adjust their expectations.'

Although next year's inventory growth is expected to be modest nationwide, pricier markets will tell a different story. In these markets—which typically have strong economies (read: high-paying jobs)—most of the expected inventory growth will come from listings of luxury homes.

We're expecting to see the biggest increases in high-end inventory in the metro areas of San Jose, CA; Seattle, WA; Worcester, MA; Boston, MA; and Nashville, TN. All of those metro markets, which may include neighboring towns, could see double-digit gains in inventory in 2019.

2. Affording a home will remain tough
It's no secret that home sellers have been sitting pretty for the past several years. But is the tide about to change in buyers' favor?

“In some ways, life is going to be easier for home buyers; they’ll have more options.'  'But life is also going to be more difficult for home buyers, because we expect mortgage rates to continue to increase, we expect home prices to continue to increase, so the pinch that they’re feeling from affordability is going to continue to be a pain point moving into 2019.”

Prediction that mortgage rates, now hovering around 5%, will reach around 5.5% by the end of 2019. That means the monthly mortgage payment on a typical home listing will be about 8% higher next year. Meanwhile, incomes are only growing about 3% on average. That double whammy is toughest on first-time home buyers, who tend to borrow the most heavily and who don't have any equity in a current home to draw on.

3. Millennials will still dominate home buying
Just a few years ago, millennials were the new kids on the block, just barely old enough to buy their own homes. Now they're the biggest generational group of home buyers, accounting for 45% of mortgages (compared with 17% for baby boomers and 37% for Gen Xers). Some of them are even moving on up from their starter homes.

As we mentioned above, things will be tough for those first-time buyers. But the slightly older move-up buyers will reap the benefits of both their home equity and the increased choices in the market.

And regardless of whether they're part of that younger set starting a career or the older set that's starting a family, 'they’re going to be more price-conscious than any other generation.' 

That's because they typically are still carrying student debt and want to be able to spend on experiences, like travel. That takes away from the funds they can put aside for a down payment, or a monthly mortgage payment.

'They want to maintain a certain lifestyle, but they still see the value in owning a home.' 

So they might compromise on distance from an urban center, or certain amenities, or space—70% of millennial homeowners own a residence that's less than 2,000 square feet.

There's plenty of time to expand those portfolios, though, as millennials' housing reign is just beginning: This group is likely to make up the largest share of home buyers for the next decade. The year 2020 is projected to be the peak for millennial home buying—the bulk of them will be age 30.

4. The new tax law is still a wild card
At the time of last year's forecast, While there was talk that it might discourage people from buying a home, no one really knew how it might affect the real-estate market.

This year ... well, we still don't really know. That's because most taxpayers won't be filing taxes under the new law until April 2019. Renters are likely to have lower tax bills,but might not be tempted to buy while affordability remains a challenge, and with the new, increased standard deduction reducing the appeal of the homeowner's mortgage-interest deduction.

The biggest change resulting from the new tax law, Hanson predicts, will be in mortgages, since people will be less inclined to take out large mortgages.
We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Homeownership

Townhouse Construction is Expected to Increase

Townhouse construction is outperforming other building sectors, a new analysis from the National Association of Home Builders shows. 

Townhouse construction posted continued to out perform other building sectors during the third quarter of 2018. 

Townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for walkable neighborhoods.

Over the last four quarters (ending with the third quarter of 2018), townhouse starts totaled 123,000, 24% higher than the prior four quarters.

Townhouses, or single-family attached housing, accounted for 33,000 starts during the third quarter of 2018 (compared to 27,000 in the second quarter of 2017). Using a one-year moving average, the market share of new townhouses stands at 13.8% of all single-family starts.

The peak market share of the last two decades for townhouse construction was set during the first quarter of 2008, when the percentage reached 14.6% of total single-family construction. This high point was set after a fairly consistent increase in the share beginning in the early 1990s.

Builders expect demand to grow. “Townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for walkable neighborhoods,” the NAHB notes in its Eye on Housing blog. The market share of new townhouses is now at 13.8 percent of all single-family starts.

Townhouses were popular a decade ago, The long-run prospects for townhouse construction are positive given large numbers of homebuyers looking for medium density residential neighborhoods, such as urban villages that offer walkable environments and other amenities.

We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Homeownership

Source: “Townhouse Construction Continues Strong Performance,” National Association of Home Builders’ Eye on Housing blog (Nov. 21, 2018)

Cities With Oldest, Youngest Homeowners

Homeowners are getting older. Provo and Ogden, Utah, are the only 

two metros of 100 analyzed that had an average homeowner age below 50 years old, finds a new study by LendingTree, an online loan marketplace. LendingTree sought to find out which metro areas had the oldest and youngest homeowners.

The average age of a homeowner across the 100 largest metros in the U.S. is 54.

Florida homeowners are older than homeowners in most other states, according to the study. Seven of the top 10 metro areas with the highest average homeowner age were in Florida.

On the other hand, Homeowners in cities in Utah are among the youngest in the country. 

The lowest average age for homeowners were in Utah metro areas like Provo (average age is 41.9), Ogden (46.3), and Salt Lake City (45.6).

The following chart ranks the metros from oldest to youngest homeowners. Key findings
Out of the top 10 metropolitan areas with the lowest average age for homeowners, metropolitan areas in Utah — Provo, Ogden and Salt Lake City — held the top three spots. 

The average age of a homeowner across the 100 largest metropolitan areas in the United States is 54. Only two metros in our analysis — Provo and Ogden, Utah — have an average homeowner age below 50.

Homeowners in Florida are older than homeowners in most other states. Seven out of the top 10 metropolitan areas with the highest average homeowner age were in Florida.

We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Homeownership

Overall, December is the Best Time to Buy a Home

'Great times to go out looking are all through November, 

particularly around Thanksgiving.' This Is the Best Day of the Year to Buy a Home. 'While everyone else is shopping for great deals on Christmas gifts, you could be shopping for a great deal on a home. It's the home buyer version of a Black Friday sale.'

Overall, December is the best time to buy a home at a bargain price,as there are fewer buyers in the market. Those savings are substantial, as buyers typically spend an estimated $7,000 more than the estimated market value of a property across all days of the year. 'Great times to go out looking are all through November, particularly around Thanksgiving.

Yes, after-Christmas sales aren't just good for scooping up discounted cashmere sweaters and kids' toys. Buyers who close on Dec. 26 are likely to spend a median $2,500 less (or save about 1.3%) than they would on any other day of the year, according to a recent report. The other best days to purchase a home are Dec. 7, when buyers save a median $2,000; Dec. 4, at $1,823; Dec. 29, at $1,320; and Dec. 21, at $1,223.

To come up with its findings, ATTOM looked at the median sales price on that day compared with the estimated market value compared with the rest of the year. The firm included only days on which there were at least 10,000 single-family home and condo sales nationally. (Only four days did not meet that threshold: Jan. 1, July 4, Nov. 11, and Dec. 25.)

'Very few buyers are looking for homes to buy around the holidays, which means less competition for the few contrarians out there who are buying.'  “Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.”

But buyers need to time their offers wisely to save the most money, submitting them about a month before they plan to close. That means submitting bids right around now in order to finalize the sale around—or hopefully, the day right after—Christmas.

Buying Or Selling doesn’t have to be a huge undertaking, but it’s one where details really matter. 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 or Buy your home. If you prefer a more personal touch,
CALL 801-809-9866 today. 

Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready!


#LeasePurchase #UtahRealEstate

source: Realtor.com

Sluggish Home Sales came to an end in October

A Turnaround in Home Sales: More Business Is Coming to Town. The streak 

of sluggish home sales finally came to an end in October. Following six consecutive months of decreases, existing-home sales reversed to post a rise last month, the National Association of REALTORS® reported Wednesday.

Three of the four major regions of the U.S. reported gains in October.

Total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 1.4 percent in October from September. Sales, however, are still down 5.1 percent from a year ago.
“Buyers are finally stepping back into the housing market,” says Lawrence Yun, NAR’s chief economist. “Gains in the Northeast, South and West—a reversal from last month’s steep decline or plateau in all regions—helped overall sales activity rise for the first time since March 2018.”

Here’s a closer look at how existing-home sales fared in October:

Home prices: The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000).

Inventories: The number of homes for sale at the end of October fell from 1.88 million in September to 1.85 million existing homes available for sale. Unsold inventory is at a 4.3-month supply at the current sales pace, up from 3.9 months a year ago.

Days on the market: Forty-six percent of homes sold in October were on the market for less than a month. Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully,” Yun says. “This allows for much more manageable, less frenzied buying conditions.”First-time buyers: First-time buyers accounted for 31 percent of sales last month, down from 32 percent a year ago. “Rising interest rates and increasing home prices continue to suppress the rate of first-time homebuyers,' Yun says. 'Home sales could further decline before stabilizing. The Federal Reserve should, therefore, re-evaluate its monetary policy of tightening credit, especially in light of softening inflationary pressures, to help ease the financial burden on potential first-time buyers and ensure a slump in the market causes no lasting damage to the economy.'

All-cash sales: All-cash sales accounted for 23 percent of transactions in October, up from 20 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 15 percent of homes in October, up from 13 percent a year ago.

                                

Let's get your home on the Market! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy a home. 
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #HomeSales

Source: National Association of REALTORS(R)

How to Pet-Proof Your House for the Holiday Guests

If you're hosting family and/or friends for the holidays, bear in mind you

might be greeting some furry, four-legged guests too. Like your sister's incontinent cat ... or your old college roommate's teething puppy. 

Brace for impact—these animals might do a number on your home!

Which means it's high time to pet-proof your house.

Pets aren't inherently evil, but having them as house guests can be tricky. 'When a dog or cat spends time in a foreign environment, they may act out due to anxiety,' explains.

To help, we've got advice from interior experts who've been on the receiving end of furry guests.

'Frankly, dogs are like toddlers, no matter how young or old they are, so supervision and containment are a must in every home' Here's how to keep the peace when hosting pets (or taking your own furry family members to someone's house).

Just as you would check traffic and weather conditions, brush up on pet ordinances.

'For example, in many places, dogs can't walk on the grass, so check out the rules.'  Other laws to be aware of include where dogs must be kept on a leash, scooping poop, and the rules on barking.

'Look for hazards on low counters, including medications on bedside tables and bathroom counters,' warns 'Keep This Toss That.' Take note of house plants that could be poisonous or entice dogs and cats to start digging.

'And remove anything under the Christmas tree that your pup might chew.' Also, be sure pantry doors are shut and kitchen counters are clear.

'A dog might be drawn to the peanut butter on the shelf, or he might not realize that plate of bacon isn't for him,' note Organizing. In case of accidents, 'keep carpet stain remover handy—or if you're the guest with a pet, bring a bottle,' an organizing pro at Reawaken Your Brilliance.

To keep furniture fur-free, 'cover with a blanket and close off the rooms where he shouldn't be at night, when everyone is a . Occupy pets so they don't wind up destroying furniture, digging holes in lawns, and more. A couple of new toys and some tasty treats are good distractions. (When the pet is done playing, corral its gear, so others won't trip.)

And since a tired dog is a good dog, get the pooch outside.

'Using up a pet's energy is an excellent way to ensure the best behavior in someone else's home.' 

A visiting pet's claws can scratch hardwood flooring and fray carpets. The fix? Put down runners or area rugs in high-traffic areas, 'And it's totally OK to ask the owner to give her pet a toenail trim before she arrives.' You can also insist that pet visitors stay in gated areas with more durable flooring, such as the laundry area or mud room.

We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need.
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Selling #Buying

10 Great U.S. Ski Towns

Can Actually Afford to Buy a Home, Forget Aspen! Winter, as you've surely 

heard, is coming—hard and fast. So why not ride it out in your very own home in the mountains, in a sweet place where the slopes are groomed, the air is clean, and après-ski bars are buzzing?

While you're at it, maybe chill for the summer too! Truth be told, you don’t have to be a second-generation reality TV star, tech titan, or trust-fund kid to live large in a great American ski town. And no, we're not schussing you. You just need to know where to set your sights.

Hint: It's not on Aspen, Jackson, or any of the other snowy playgrounds of the 1%, where median home prices rival or even exceed the most expensive neighborhoods of San Fransisco or New York.
But there are plenty of lower-key, way more inexpensive options around. In fact, just about half of America's ski towns, as defined by realtor.com®, have a median home price under $300,000. So our data team set out to find the most affordable of the bunch, towns where you can keep the dream of owning a home near the slopes alive, and maybe even have some cash left over for a new snowmobile. Or heck, an SUV!

While you’d be forgoing some of the glam scenes, upper-end nightspots, and world-class powder of the best-known resort towns, these lower-priced mountain meccas are still undisputed winter and summer wonderlands. Some are old mining towns, or small remote cities that built resorts as a means to replace fading industries. They have fewer tourists, and miles of untrammeled nature.

Brian Head, UT realtor.comMedian list price: $152,900

There's no shortage of great ski resorts in Utah. But the best known of them sure ain't cheap.

This is where Brian Head stands out. A full-day adult ticket at Snowbird in Salt Lake City costs around $125, compared with around $79 at Brian Head Resort, which covers 650 acres and offers 71 runs and eight chair lifts.

“Our biggest claim is that it’s a nice family resort, great for the kids,” says Mike Carr, a real estate agent at High Country Realty. “It’s really affordable compared to other ski destinations in the area.”

WELCOME TO BRIAN HEAD RESORT WE’RE OPEN! Early Season Conditions Exist
                                 
Brian Head Resort offers The Greatest Snow on Earth®, with annual snowfall of over 360 inches, and Utah’s highest base elevation. Covering over 650 acres, the Resort has two connected mountains, Giant Steps and Navajo, offering 71 runs and 8 chair lifts.

Around a four-hour drive from downtown Salt Lake City and three hours from Las Vegas, Brian Head becomes a hiker's dream once the snow clears. At the edges of the city are Dixie National Forest, known for its wildlife and beautiful red rock formations.
To create our rankings, we started with a list of around 450 ski resorts, as compiled by onthesnow.com, a website that creates snow reports for the ski industry. We then looked at median list prices in the nearest towns or cities to those resorts to figure out which had the least expensive real estate. Only places with at least 50 homes for sale in October were included, and for geographic diversity, we included just one place per state.

So pull on that discount Uniqlo parka, grab a hot toddy or three, and let's check out the best bargain ski towns in America.We are Ready to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

#LeasePurchase #UtahRealEstate #Skiresorts


Source: realtor.com

A Way to Keep Aging Parents Close to Home

After children grow up and leave the nest, their parents may enjoy their newfound freedom for a while. But as those parents grow older, they and their adult kids may think about living close together again—but in a way that preserves everyone's independence. 

Enter the granny pod, an affordable living solution for retirees wanting to downsize.

What is a granny pod?

Basically, a granny pod is a small modular home, typically between 300 and 500 square feet, that sits in the backyard of a main house. Think of it as an in-law unit that's designed to be easier to navigate for elderly folks who may have difficulties with mobility or vision.

While the tiny space is ideal for one person, couples can certainly live in the space, too. Like a tiny house, each granny pod typically has a bedroom, living room, kitchenette, and bathroom. Also, the unit is mobile, so that if the whole family relocates, Grandma's pod can come, too.

Benefits of a granny pod
What makes a granny pod particularly suitable for seniors are the universal design features such as wide doorways (to allow wheelchair access), an open floor plan, and a walk-in shower.

“For those needing more advanced medical care, some granny pods feature a virtual system that can track one’s blood pressure, glucose levels, heart rate, and blood gases, and share that information with the occupant’s family and physician,' neighborhood and home improvement expert with NeighborWho, a property information website. 'Some systems are also equipped to verbally remind the occupant to take their medications.”

Some granny pods are also designed with voice-controlled smart home features such as door locks, lighting, heating, and window shades. Others are built with more advanced medical amenities like pressurized ventilation systems to keep outdoor air from leaking inside if the resident has a compromised immune system.

How much does a granny pod cost?
The price of a granny pod can range from $40,000 to $125,000, depending on the size and the amenities included. And since you can't take out a mortgage for one, that will need to be paid upfront. On the other hand, the amount is comparable to a down payment on a regular home.


Also, since the pod will share water, sewer, and power with the main house, the property owners will likely see an increase in their utility bills.

Disadvantages of owning a granny pod
If you are considering a granny pod, it’s important to be aware that your property may not be zoned for the addition of an alternative living unit like a guesthouse or granny pod.

“Although some communities have zoning laws which are pod-friendly, in most cases there are several restrictions to follow.”  “Also, not all states will allow one to have a granny pod in their backyard.”

Therefore, be sure to inquire with your city planning office about the process of building on your property and the type of permits you'll need.

Granny pods and multigenerational living
Carriene Porter at Precision Realty & Associates, says over the past several years more and more homeowners have expressed interest in them when looking for a home to buy.

When you work with a real estate professional like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy your home. CALL 801-809-9866 today. 

“More and more buyers who are looking for a multigenerational solution for their families,”  “Granny pods can keep the family together, eliminate high nursing home costs, and allow the elderly to keep their privacy and their dignity.'

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready!

#LeasePurchase #UtahRealEstate 

Huge Mistake to Take Your Home Off the Market for the Holidays

As we careen at warp speed toward Thanksgiving, Christmas, and all of 

the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?

Why? The first reason is painfully obvious: Your house can't actually sell if it’s off the market.

“I'm pretty adamant about leaving a home on during the holidays.”  “Sure, people are busy, but I'd rather buyers see a house messy with baking in the kitchen than miss the house. Let somebody else take their house off the market and miss out.” 
In fact, this time of year can actually be ideal for selling. Here’s why.

1. Your listing will rise to the top
If homeowners in your hood take a break from the market because they don't want to bother keeping their properties in show-ready condition over the holidays, that makes for reduced inventory. And that means buyers who are actively searching will be more likely to uncover your listing.

“During the busy spring market, for example, you have way more competition than during the holidays.'  'So you're much more likely to get your home sold when you're not competing with more potential sellers.'

2. Your house looks (and smells) amazing during the holidays
With festive greenery, the sweet aroma of cookies baking, and a warm fire in the hearth, you've got built-in ambiance—meaning you can appeal to buyers’ senses in a way that you can't during other times of the year

“With that nice, homey feeling, homes tend to show a lot better during the holidays, while making people feel really good.” 

Plus, chances are good you'll tap into some buyer sentimentality: During the holidays, we tend to feel nostalgic about family, home, and memories. That can cause a nesting instinct to kick in—and that often results in a sale.

Don’t go overboard with decorations, though.

“I tell sellers not to put a Santa Claus in every corner; you don't want clutter.” 
And remember: Buyers need to imagine their furniture in each room, so avoid blocking important selling features such as large windows and fireplace mantels.

And if you live in a colder climate, be sure walkways and stairs are always shoveled clean, and turn your thermostat up before each showing to keep things toasty. “When you walk in and it's warm and cozy, that helps in the selling process.” 

3. Holiday buyers aren't messing around
Yes, things typically slow down in the weeks leading up to the holidays. But there are still people actively looking for homes and ready to pounce—or those who just entered the market on a short timeline and need to buy fast.

“The people who are out there looking at homes during the holidays are serious buyers.” “And in areas where you have bad weather, these buyers are going to weather the storms—pun intended—to visit your property.” Potential buyers who take the time to set up home tours during the holiday season are also more motivated to move forward if they like what they see, Lane notes.

“These are not tire-kickers just looking around because it's fun; those are all weeded out.” 

4. Families often search during school breaks
Speaking of serious buyers: Relocating families often capitalize on the holidays as a time to move without tumult on the kids. They want to find the right property, have stress-free negotiations, and get their brood settled before school starts up again in January.

“It's a good time to show your house to people from out of town.” 

5. It can be easier to close a transaction in December
Buyers can often get their loans processed and approved faster in November or December than they would in the traditionally busy spring months. It all comes down to the holiday slowdown: Fewer home sales are on deck to process, plus lenders are motivated to close deals before the end of the year.

“I’ve seen from personal experience that because of the low volume of business, things move quicker with lenders,” who has been in the business for 31 years.

6. The holidays give you a chance to adjust your selling strategy
If your home's been languishing on the market for several weeks—or months (eek!)—you might be feeling antsy. Maybe the best solution is to take it off the market and try again after the new year.

Fight the urge! You're better off staying the course and using this slow time to tweak your selling strategy. Would home staging draw in buyers? Do you need to tackle that paint job you'd been putting off?

Should you reassess your asking price?
“You're much better off getting the price in line with where it should be, and leaving it on through the holidays.”

We are Ready to Help! “We've sold more houses in December than in most months,'  'It's always a busy month for me.'

Mortgage Rates Stabilize 
Let's get your home on the Market! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Sell or Buy a home. 
Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  


#LeasePurchase #UtahRealEstate #Mortgage

Best Mortgage Advice I've Heard, Ever

When it comes to mortgages, there's an avalanche of advice 

out there—some good, some bad, and some that's flat-out great. You know, the type of wisdom that makes you so grateful you heard it, it sticks with you and gets passed along to all who care to hear it.

With the hopes of delivering only these golden nuggets of wisdom, we asked homeowners to tell us the very best mortgage advicethey've been lucky enough to learn. You won't be sorry you read this!

Keep your monthly mortgage payment under one paycheck
'This might seem pretty simple, but I was once told not to freak out so much about the total cost of the mortgage, but to make sure that when all is said and done, I could handle most if not all of the monthly payment in one paycheck. That has worked out really well for me and my husband, especially because we work in media, which is unstable. But with a low mortgage payment, we know that whatever happens, we can handle it.' 

Shop around for the best interest rate
'My brother told me to shop for the best interest rate, even if it means that I had to get quotes from more than five lenders or brokers. At first I resisted, not only due to the hassle, but because I didn't want those companies individually pulling my credit report, since I'd heard this type of 'hard' credit inquiry would drag down my score. He told me that a credit pull for mortgage purposes within a set period of time only counted as one hard credit inquiry. His suggestion helped me get the interest I needed and will save me a lot of money in the long run.' 

Multiple quotes can help with more than just interest rates
'When I first started shopping for homes, working with real estate professionals likeCarriene Porter of Precision Realty & Associates, you’re guaranteed me to get the expertise and advice I need. Start the application process with more than one lender by filling out online financial forms for my top three.

Though I was initially hesitant because of the extra time it would take to fill out the paperwork, doing so set me up for multiple interest rate quote estimates. Plus, the lenders knew I was serious and [were] in competition for my business, so they were especially prompt and attentive in answering my questions and returning my calls. The interest rates I qualified for were all comparable, so I ended up going with the lender that was the best communicator, which is worth its weight in gold when getting a mortgage.' – Rebecca Graham, Provo, UT .

Lock in your interest rate for as long as possible
'I bought my first home in 2016, a bankruptcy sale. Even though the listing agent and the attorney both told me that the escrow would last no more than 60 days, my agent recommended that I lock in my mortgage interest rate for the longest time possible, 90 days. It is a good thing I did, because my escrow ended up taking five months! Since I locked in the rate for the longest time allowed, the bank accommodated my situation and I didn't lose my great rate.' 

An ARM is a risk—even if you think you'll move soon
'In 2007, when purchasing my first property, I anticipated owning the house for three to five years max. This led many mortgage brokers to say I should get an adjustable-rate mortgage or, ARM, since they had lower interest rates than fixed-rate loans, and besides, I'd be long gone before the interest rate on my ARM ballooned. I'm so glad I stuck to my guns about not wanting an ARM, no matter how enticing the low interest rate. Although I'd planned to move, the economy and life caused me to adjust my original plan and stay put in the house much longer than I thought.' 

Make extra mortgage payments whenever possible

'Although you only have to pay a certain amount for your mortgage each month, pay extra when you can. You would be shocked at what even one or two extra payments per year can do over the length of a loan.' 

Get a mortgage that allows you to save for retirement, too. The best advice I've gotten was to get a 30-year fixed-rate loan, even though I could have afforded the higher payments of a 15-year loan. Why? My lower payments bought me a ton of flexibility. I've been investing the difference, and it's been quite rewarding.

Are you ready to make a move we're here to Help! If your not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready!

If you prefer a personal touch, CALL 801-809-9866 today. 


#LeasePurchase #UtahRealEstate #Mortgage #Creditscore

Tips to Help You Avoid a Rental Scam

International Fraud Awareness Week (November 11-17, 2018) is a 

good reminder that criminals are always on the look out for new victims. In some cases they're targeting renters, particularly those unfamiliar with the rental process, new to an area, or hoping to find a good deal.

As the rental market grows, so does the potential for rental fraud. An estimated 5.2 million renters have lost money to rental fraud, according to Apartment List, an apartment rental site.

Young Renters Beware

Rental fraud may be more prevalent than you might think. Apartment List surveyed 1,000 renters in June 2018 and found 43.1% had encountered a rental listing they suspected was fraudulent, and 6.4% had lost money to fraud. And not just small amounts: One in three victims had lost $1,000 or more, most often from paying a security deposit or rent on a fraudulent property.a fraudulent property.

Apartment List also found that younger renters, ages 18 to 29, were the most likely to be victimized. While tech-savvy, these renters were unfamiliar with how to research a rental online — what questions to ask and what constitutes a red flag. They might also be relocating to a new area for a job, internship, or graduate school, and give into pressure to sign a lease and send money before viewing the rental, especially in hot rental markets where rentals are listed-and-leased in hours.

Watch our video to help you spot phony online rental ads and avoid becoming a fraud statistic.                                          

 

    
How It Works

Rental fraud crooks often will pose as the property owner or manager. They'll place phony ads to find their victims, and may offer certain enticements, such as not requiring a credit or background check or rent that's below the market's norm. In some cases, the photos and descriptions they use are real, but the contact information has been altered.

When you contact them, they may ask for money -- for the application fee, security deposit, or first month's rent. Don't bite! Once you send the money, they'll be gone in the wind, leaving you with a lighter wallet and nowhere to live. Plus, if you provided personal information, such as your bank account information and Social Security number, you could become a victim of identity theft or other types of consumer fraud.

To protect yourself, learn all you can about the rental process and watch for these red flags:

You're asked to wire money. 
The Federal Trade Commission (FTC) calls this the surest sign of a scam. 'There's never a good reason to wire money to pay a security deposit, application fee, first month's rent, or vacation rental fee,' they warn. 'That's true even if they send you a contract first. Wiring money is the same as sending cash — once you send it, you have no way to get it back.'
You don't know who you're dealing with.
You should meet with the rental contact and check their photo ID, to be sure they're actually the owner or property manager. Depending on where you live, you can search county tax records online or visit the assessor's office. If you're renting long-distance, ask someone to visit the property for you to confirm the person's identity and that the property is a legitimate rental.
You're pressured into making a fast decision.
Scammers create elaborate (and often touching) backstories about why they need to close deals immediately. It may be military deployment, or they're leaving town as part of a church group to help overseas disaster victims. They may offer to put you in touch with a friend or relative to deliver the keys once your payment has cleared. Beware! If you're being pressured to make a fast decision, keep looking, say the experts.
The odds are slim that you'll be victimized, but it never hurts to be aware of the danger. You can also visit Precision Realty & Associates when you work with Carriene Porteryou’re guaranteed to get the expertise and advice you need to Sell or Buy a home.

Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call 801-809-9866 for more details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! 

#LeasePurchase #UtahRealEstate #Selling #Buying