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)