Steps to Achieve your Homebuying Resolution

The new year is a time for new beginnings and, of course, resolutions. 

If one of your resolutions for 2019 is to become a homeowner, we have a list of 6 things you can do to get prepared and make the homebuying process easier.

• Evaluate your finances: Before you start house hunting, you need to get a firm handle on your finances. What do you earn?  What do you spend?  How much do you have in savings? Answering these questions will help you determine if you are financially ready for homeownership.  
• Get Credit Smart: Find out what your credit score is. Credit is key to getting a mortgage and determining your interest rate. You can take steps to improve your credit by paying your bills on time, working with a housing counselor, and taking our free CreditSmart® online training.
• Stay focused on your goal: After evaluating your finances, you'll be able to see where there is room for improvement. If you're trying to save money, work on reducing optional expenses at the start of the year and set up a monthly, automatic deposit into your savings account.
• Get preapproved for a loan: A pre-approval letter from your lender will tell you the maximum amount you are qualified to borrow for a home loan. Based on the information in your loan application, the lender will determine the amount you are qualified to borrow by evaluating your four Cs. Having a pre-approval letter while shopping for homes can help you move faster, with greater confidence, in competitive markets.  Keep in mind that you should only borrow what is comfortable for you and within your budget, making sure not to overextend yourself.
• Gather paperwork ahead of time: There is a lot of paperwork involved in the buying process so it's important to get organized as early as possible. When applying for a home loan, you will need copies of your tax returns, paycheck stubs, bank and asset statements, W-2 information and your credit report. There are going to be additional documents to finalize the sale, transfer the deed and compile your mortgage information. Starting the process organized will minimize mishaps down the road.
• Lean on Your Team: The better prepared you are the better your experience will be. Considering hiring a trusted team of industry professionals to help you navigate the homebuying process. The expertise of a trusted agent, attorney and home inspector can save you money in the long run.

Visit Carriene Porter of Precision Realty & Associates for more information on planning to buy.

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

Holiday Gift for Home Buyers, Sellers

Mortgage Rates Continue to Fall: Home buyers and sellers are in 

for even more holiday cheer this season as mortgage interest rates continued to fall. That makes it more affordable for folks to purchase properties as their monthly mortgage payments will be a little lower. Plus, it may lead to more buyers in the market eager to snap up properties before rates go back. That's a win for sellers, too.

Despite the Federal Reserve jacking up its own federal interest rates this month, mortgage rates slid down to 4.55% as of Dec. 27, according to Freddie Mac data. That's down from 4.62% just a week ago—and a nearly nine-year high of 4.94% in November of this year.

Even a single percentage point rise in mortgage rates can add more than $100 a month to a $293,000 home, which is the median home price nationally. And unfortunately for buyers, that little rise can turn into extra tens of thousands of dollars over the life of a 30-year, fixed-rate loan.

However, these lower rates are likely only a temporary reprieve, according to Chief Economist Danielle Hale of realtor.com®. That's because the Federal Reserve plans to raise its rates twice more next year—and mortgage interest rates usually follow suit. The Fed hiked rates four times in 2018, by 0.25% in each instance.

"Would-be home buyers should prepare for higher rates but keep an eye out for lower-rate opportunities like we’re seeing right now," Hale said in a statement.

The lower rates may be good for the slowing real estate market. As prices and rates have risen, fewer buyers could afford their dream homes and neighborhoods. So many chose smaller, cheaper abodes; moved to less desirable communities; or were reluctant to pull the trigger. This has led to fewer home sales than expected in 2018, aka a seller's worst nightmare.

Now that rates are down a bit, more buyers may decide to jump back into the market.

"The negative headlines around the financial markets are concerning, but the economy remains healthy, so the drop in mortgage rates should stem or even reverse the slide in home sales that occurred during the second half of 2018,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

Visit Carriene Porter of Precision Realty & Associates for more information on planning to buy.

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

Buying, Selling Myths Clients Believe

Home buyers and sellers may have false assumptions about the real 

 estate transaction process, believing in myths that could rob them of a purchase opportunity or keep them from selling for more money.

1. The longer a home has been on the market, the more negotiable the deal is. There are many reasons a property may be on the market for a long time that have nothing to do with price or condition. Buyers shouldn’t automatically assume time on market indicates the sellers are more willing to haggle over the price.

2. An open house must be part of the marketing plan for a home. Open houses actually aren’t terribly effective when looking for potential buyers. In reality, o

nly 7 percent of buyers find the home they buy through an open house, according to a 2017 survey by the National Association of REALTORS®.

3. A 30-year fixed-rate mortgage is the best form of financing. Every buyer’s situation is different, and not everyone will benefit from a 30-year fixed-rate mortgage. “If you don’t plan on staying in your home for 30 years, you need to evaluate other options, like a 7-year fixed-rate. 

4. Overpricing your house leaves room for negotiation. While negotiations are a part of most real estate transactions, if you price your home too high, you run the risk of not getting buyers to the table at all.

5. Online evaluations can give you an idea of home value. Automated valuation models don’t take every factor into consideration when determining the value of a property. Environmental hazards, recent nearby sales, and renovations, for example, aren’t calculated into AVMs, but they can certainly affect the home’s price. “The best way to check your house’s value is to ask a real estate professional,” Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 

6. You have to put 20 percent down on a home purchase. While buyers can save money on financing costs by bringing a higher amount to the table, it’s not necessary to buy a home. Conforming loans will enable your clients to buy a home with as little as 3 percent down. There are other resources for buyers struggling with down payments.

Are You Ready to get Started? When you work 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.  

#Lease #UtahRealEstate #Homeownership

We Invite You to Cozy Up to these Wonderland Homes

Some homes are ideal venues for a Christmas break—we all aspire 

to spend a holiday in a house that's warm and cozy on the inside with a blanket of white, fluffy snow on the outside. Feeling the holiday spirit, we set out to find a few picturesque homes so magnificent in winter that they're just waiting to be featured on the front of a Christmas card.

If you're on the hunt for a winter escape of your own, grab a mug of hot cocoa, and cozy up with these nine incredible properties, each ideally suited to spending the holidays watching the snow fall. Happy holidays!

74 White Pine Canyon Rd, Park City, UT 

Price: $12,950,000

Park City paradise: Forbes magazine has described it as the "granddaddy of all estates." This posh, nine-bedroom mansion is enormous, with almost 16,000 square feet of living space. Stocked with every amenity imaginable, the contemporary ski-in and ski-out home is the ultimate in high-end winter vacationing. Santa had better bring his A-game when delivering toys to this luxe address.

25 S. Yuba Dr, Soda Springs, CA

Price: $349,000

Tinsel in Tahoe: This quaint chalet sits in the middle of the woods surrounding Lake Tahoe. The rustic interiors will appeal to a buyer in search of lodgelike charm. Outside, there's every winter activity imaginable: line skiing, snowshoeing, snowmobiling, sledding, and more than 50 feet of frontage on the Yuba River. Buyer, be aware: The road to the home is only open in the summer, which means you'll need to ski, snowshoe, or snowmobile in during the winter months.

Are You Ready to get Started? When you work 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.  

#Lease #UtahRealEstate #Homeownership

Should Snowbirds Rent or Buy Second Home?

How to Decide: The question of whether to buy or rent is a common 

one for snowbirds. There's no clear-cut, one-size-fits-all answer on whether buying or renting is better. It varies by family situation, income, and whether you're ready to consider your winter home, well, home.

Here are some considerations for when it's best to rent and when it's best to buy, along with some tips if you're planning to buy a winter home.

3 times snowbirds should rent

Although buying a home makes sense for some, it's not always the be-all and end-all it's made out to be. For some snowbirds, renting simply makes more sense. Snowbirds should consider renting in the following situations:

• It's your first year flying south. "I wouldn't buy before I rent." "I would rent the first year and make sure it's exactly what you thought it was." For instance, you might think you'll enjoy the peace and quiet of a remote house in the woods, but once there, you may realize you'd rather be in the middle of a bustling neighborhood. If you're still in the audition phase of your snowbird experience, you should also rent until you narrow down your geographic preference.
• You're nervous about market volatility. The real estate market is unpredictable. If you think you may need to sell quickly and you'd lose money with a home purchase, it makes more sense to rent.
• You're concerned about upkeep costs. Homeownership costs money. Even with proper maintenance and upkeep, it doesn't take much to end up with a large, unexpected bill. Rentals offer predictable costs, suggests caution when deciding whether to rent or buy: "Owning a secondary home is an extra expense. Make sure you can carry this additional financial obligation."

3 times snowbirds should buy

Living out of suitcases gets tiring after a while, as does lining up a new rental for each winter. Eventually, you may be ready to settle down. Buying a home makes sense for snowbirds in these situations:

• You're ready to call someplace home. You've fallen in love with an area, and now you're ready to get hitched. Instead of piling all your worldly goods into a car twice a year, you can step on a plane with a suitcase and land in a home that's painted, arranged, and decorated as you like it.
• You're thinking about your legacy. Your legacy goes beyond leaving your home to your family, although that should be a consideration, too. You may want to buy once you've found the perfect spot and want to host your grandchildren. "That's how traditions get started." 
• You're able to qualify. Some retirees have a challenging time qualifying for a second mortgage. "These types of home buyers often have plenty of assets, but they may not have enough income to qualify for a new mortgage."  So make sure you can carry two mortgages before moving ahead.

The decision to buy a winter home is both financial and emotional. If you think you're ready, though, here are some tips for making the most of your winter home purchase.

Snowbird home-buying advice

Unfortunately, buying a second home can be just as involved as buying your first home. Here are some ways to keep the process moving along smoothly:

• Get pre-approved before you go. "I get calls all the time from people visiting Florida who found a home they want to buy far sooner than expected."  "Suddenly, they need a pre-approval letter to make a strong offer, but all their financial documents are back home." If you're planning to buy, make sure you have mortgage pre-approval, and all your financial documents readily available.
• Find the right real estate agent. There are lots of great real estate agents who specialize in snowbirds. A snowbird real estate agent can help you with everything from your home purchase to your cable hookup.
• Check if you can rent it out when you're not there. You may assume you can rent out your second home during the months you aren't there, but make sure—your homeowners association may have rules about that. Some HOAs don't allow rentals, while others require any potential tenants to be screened. There's also the factor that places that have a great climate in the winter can be miserable in the summer, so you may have trouble finding someone who will rent your home during the off season. If being able to rent out your purchase is important to you, discuss that with your real estate agent. "Don't buy a property and expect to rely on rental income when you're not using it."  "Future rent is no guarantee."

Are You Ready to get Started? When you work 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.  

 #Snowbirds #UtahRealEstate #Homeownership

Merry Christmas and Happy New Year

The Magic of Christmas never ends and its greatest of gifts are family and friends. May your home be filled with laughter and happiness!

 From Precision Realty & Associates

 Please feel free to explore our new website just click on our company name. And if you have any questions or would like to see homes in person  PLEASE give us a CALL today.

#Holidays #MerryChristmas #NewYear

Keeping Your Home Safe During the Holidays

While people focus on spending time with family and friends, shopping 

for gifts, and traveling during the holiday season, it’s also important for them to pay attention to keeping their homes safe.

Without putting a damper on the holiday spirit, here are some simple precautions from Brian Collins, a writer for Hippo, an InsurTech company, that you can share with your clients.

If you’re home for the holidays: Track all your online orders and make sure you’re aware of delivery times and days.

Do your best to be home to receive packages when they are scheduled to arrive.

Even when you’re home, it’s wise to keep all doors locked.

Keep in mind that gifts under the tree can attract thieves. If you do put gifts out, keep them away from windows.

Burn or cut up packaging for expensive gifts before discarding it. Some thieves will dig through trash for clues about what valuables may be inside your home.

When shopping online, shop at websites you trust, create strong passwords for your accounts, pay with credit cards for more liability protection, and be very wary of email scams (don’t open attachments from people or businesses you don’t know).

If you’re away for the holidays:

Web-based security cameras are the best method to remotely monitor your home. You can see who is coming and going, when packages are delivered, and other activity that occurs when you’re away.

Leave a key with a neighbor or make copies for family and friends instead of hiding it outside your home., where a would-be home invader might find it.

Don’t make announcements on social media that you will be leaving for the holidays.

Wait until you return home to make holiday-related posts online, and don’t post your location while you’re away.

Put your lights on a timer and have them turn on during hours when you would ordinarily be home, so your home doesn't appear unoccupied.

Make sure mail and packages are held for you until your return.

Record the make, model and serial number of your valuables (artwork, electronics, firearms, etc.) and photograph or make a video log of your jewelry and other important belongings. Stolen property is much easier to recover if you have solid identifying information.

Tell a neighbor or friend when you’re going to be out of town, and have them drop by to check on your home.

 Fire Prevention

According to the National Fire Protection Association, unattended cooking appliances are the leading cause of house fires in the United States, with Christmas Day and Christmas Eve among the times when these kinds of fires most frequently occur. Decorations, such as candles, are also to blame for many fires in homes.

• Here are some tips to help clients to stay safe:
• Keep a close eye on your oven and stove when cooking.
• If possible, opt for a freshly cut Christmas tree, since natural trees are more fire-resistant than artificial ones. Also, be sure to keep your tree watered and away from open flames, radiators, or space heaters. If you’re shopping for an artificial tree, make sure it is labeled as “fire-resistant.” Never use candles to decorate Christmas trees.
• Avoid putting wrapping paper, which can ignite suddenly and burn intensely, in your fireplace.
• Ensure your flue is open before igniting a fire, and remove any decorations from around the fireplace.
• Test your smoke alarms and keep exits from your home clear.
• Don’t overload your circuit breaker or extension cords.
• When you leave the house or go to bed, turn off all your holiday lights to avoid a potential fire.

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

Source: Hippo

New Homes Are Tougher to Find

Fewer new single-family homes entered the pipeline in November 

as housing affordability concerns continued to hinder inventories, the Commerce Department reported Tuesday.

Housing starts increased 3.2 percent in November to a seasonally adjusted annual rate of 1.26 million units, but the increase was all due to an increase in multifamily starts—apartment buildings and condos.

Multifamily starts rose 22.4 percent last month, while single-family housing starts fell 4.6 percent. This marks the third consecutive month for decreases in single-family production, which is now at a one-and-a-half year low.

An overhead view of homes.

“Favorable demographics support healthy housing demand, so it is frustrating that the housing affordability crisis is preventing many consumers from achieving their goal of buying a home,” says Robert Dietz, NAHB’s chief economist. “While homeownership has increased over the last nine quarters.

A turnaround for the new-home sector doesn’t appear to be coming soon either. Housing permits—an indicator of future housing construction—rose 5 percent in November to 1.39 million. But single-family permits only eked up 0.1 percent, while multifamily permits rose 14.8 percent. Higher mortgage rates, Home prices continue to outpace wage growth too.

“Until the demand for owner-occupied homes rebounds, it is difficult to see why single-family starts will turn around,” 

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 #Newconstruction