How to Win Multiple Offer Situations in 2022

Multiple offer situation

According to the Federal Housing Finance Agency, U.S. house prices increased from the second quarter of 2020 to the comparable quarter the year after by 17.4%.

Utah, meanwhile, achieved an annual appreciation of 28.3%. That was second only to Idaho, which had 37.1% appreciation.

While the fallout stemming from the COVID-19 pandemic may have spooked some homebuyers, multiple offer situations are still commonplace.

What are your options in 2022 when competing with other buyers to get the house you want? Are there ways to increase your odds of success?

Here are some tips and tricks to help you beat the competition and get the home you’ve always dreamed of buying.

Know Your Market

Spend some time researching the real estate market before you go house-hunting. First, you need to know what similar properties go for in Salt Lake City. This will help when it comes time to make a competitive offer for a home.

Work With the Seller

The seller is in the driver’s seat in the hot Salt Lake City real estate market. You’ll want to respect this fact so that negotiations lead to the desired results. 

Two-way communication is essential. Respect deadlines, agree to favorable closing date to the seller and be cooperative rather than adversarial. You’ll want the process to be as smooth as possible.

Go Easy on the Contingencies

You can tip the odds in your favor by going easy on the contingencies. For instance, you can consider waiving a home inspection. Of course, the more contingencies you’re open to waiving or skipping, the more attractive your offer will be.

While going easy on the contingencies can help, you shouldn’t take on more risk than you can reasonably handle. For example, if you’ll be maxing out your financial resources to buy a home, you might not want to skip a home inspection.

The last thing you’ll want is to face significant expenses after buying a home.

Submit Your Highest and Best Offer

When it comes to the real estate market, your best bet is to table your best offer right off the bat. This is especially true if there are multiple offers on the table. A ridiculously low offer might turn off the seller altogether.

In addition to delivering the best offer, you can show proof of adequate financing to close the transaction and reduce the due diligence period. You’ll want to make the sort of offer that the seller can’t refuse.

Work With an Experienced Agent

Everything will be more accessible if you work with a reputable and experienced real estate agent. The realtor you work with should know the Salt Lake City real estate market inside and out and should be a shrewd negotiator.

Such a professional will explain the process, answer your questions, and give you advice that helps you make the right decisions.

The Right Realtor Will Help You Navigate Multiple Offer Situations

Do you need to find a realtor who can help you in multiple offer situations? For example, are you interested in buying or selling a home in Salt Lake City?

If you answered yes to any of these questions, you’ll want help from the number one Salt Lake City realtor. We help buyers find the perfect residences and help sellers get top dollar for their homes.

Get in touch today to find out how we can help you get the results you want.

 

What to Expect: SLC Real Estate Trends for 2022

Utah Real Estate trends 2022

Ever since the pandemic, the real estate market has been soaring. It’s undeniable that it’s a great time to sell but a poor time to buy.

Many consumers hoped to wait out the high prices, but that’s looking like a very long wait. Experts predict that the high rates will continue far into 2022. So the best way to beat the market is by understanding it.

When focusing on real estate in the United States, you should pay close attention to SLC real estate trends. Salt Lake City is predicted to be the highest housing market by 2022.

Here’s everything you need to know.

Salt Lake City Is Expected to Be the No. 1 Housing Market in 2022

According to Realtor.com, the Salt Lake City real estate market is the No. 1 housing market and in an excellent position to continue its growth into 2022. The closest competitor for the title is Boise, Idaho.

Mortgage Rates, Interest, and Prices May Increase

It’s always possible that the market may go down if you wait. However, most experts are predicting it will continue to rise.

Because of this increase, the governor is introducing a new proposed budget for 2022. He hopes to lessen the demand for homes and stop the rising prices before they crash.

Multifamily Homes Will Become More Popular

Amid the volatility of the housing market, multifamily homes are one of the growing real estate market trends. This is especially true for investors.

This popular real estate trend remained stable before, during, and after the pandemic. The affordable acquisition cost is the main reason to buy a multifamily home.

When broken down by unit, it’s cheaper to buy or build a multifamily home instead of a traditional house.

Interest in Senior Housing Continues to Grow

Another 2022 real estate trend will be investors turning to senior housing. Because the sector is less cyclical than other parts of real estate, it’s a stable investment that continues to grow as people age.

Work from Home Is Changing the Real Estate Market

During the global pandemic, most businesses had to either shut down or allow their employees to work from home. The real estate market is no exception.

Suburban Living Is Becoming More Popular

Salt Lake City is booming because of quick jobs and population growth. That means more families are looking for homes.

With more families, there comes an increase in people looking for suburban homes. Salt Lake City is very walkable, and there are plenty of wonderful neighborhoods for families looking to move.

Learn More About SLC Real Estate Trends

At first, it might seem worthwhile to wait out the high real estate market. However, it doesn’t appear to be going away any time soon. All the other trends that the pandemic started look like they’re also here to stay.

Working from home is reshaping the market in ways no one predicted. Suburban living and senior living are on the rise. But, no matter what the new trend is, Salt Lake City is at the center of it.

For more information, contact us! Our experts would love to discuss SLC real estate trends with you.

Home for the Holidays: 5 Tips for Selling Selling Home in Winter

Selling a Home in Winter Market Source Real Estate

The real estate market has been active lately, and it shows no signs of calming down. That makes it a great time to put a house on the market and potentially get top dollar for it. 

Are you looking for a new home for the holidays? Do you need to sell your current one first? Learn five tips for selling a home in winter now.

1. Tidy Up

One of the top tips for selling your home in winter is a simple one. Make sure your home is clean and tidy before showing it to potential buyers. Declutter and research home staging tips for selling your house to show it off to its maximum potential. 

2. Prepare for Winter Weather Challenges

Putting your home on the market during the coldest season can mean more things to think about in terms of outdoor maintenance. Be prepared for the challenges of winter weather, including snow removal and ice on the sidewalks. You want your home to be accessible to all potential buyers, so keep your sidewalks, driveways, and pathways clear and safe for them to walk on when visiting. 

3. Add a Fresh Coat of Paint

No matter the season, one of the most helpful tips for selling your home is to refresh your walls with a new paint job. To help your home look more welcoming in the cold months, add a fresh coat of paint in a neutral hue that will appeal to different buyers. Avoid colors that are too loud or dramatic that might put off potential purchasers.  

4. Troubleshoot Issues With Plumbing and Electricity

Keep an eye out for signs that there may be problems with the plumbing or electricity. If not caught early enough, these can be costly fixes and could derail a deal if the buyers deem it too troublesome to deal with. 

5. Turn Up the Thermostat When Selling a Home in Winter

Keep it cozy indoors. When coming from the chilly outdoors, it makes your home viewers comfortable. This will help it feel warmer than usual and could help seal the deal. 

Bonus Tip

Be strategic with the listing price. Remember, the market is subject to fluctuations during the winter and especially the holiday season. Many different factors drive the real estate market each year, so talk about this with your real estate agent to stay on top of things. 

Ready To Sell Your Home?

Now that you’ve learned the top tips for selling a home in winter, you can be proactive as you get ready to list your property. Little details can add up to big rewards if you take the time to do them. 

Are you thinking of buying or selling a home in the Salt Lake City area? Market Source Real Estate can help you out! Contact us here to learn how we can assist you with everything from rentals to relocation services.  

Walkable Neighborhoods in Salt Lake City

Walkable Neighborhoods in SLC

Salt Lake City is the perfect mix of a big city and nature. This city is the perfect destination for explorers and city folk with hip shops and restaurants to explore and serene parks and unique landscapes.

If you’re planning on moving to Salt Lake City and are looking for neighborhoods that are easy to get around by foot, keep reading to find out more about the most walkable neighborhoods in SLC.

Central City

Central City provides a range of activities to explore within walking distance of each other. It has parks, shopping streets, and restaurants, all with a view of the beautiful mountain ranges surrounding this valley city.

Liberty Park is the gem of this area and spans 80 acres of green space. Bring your dogs and kids and enjoy the Herman Franks Dog Park as well as the playgrounds and walking paths running through the park.

For a day of walking and shopping, head over to Trolley Square for everything you need and check out the history of Salt Lake City’s trolley cars.

Rio Grande

The Rio Grande is one of the most walkable Salt Lake City neighborhoods. Stop by the Rio Grande Train Depot and take in the architecture. Grab a drink at the cafe and visit the gallery.

Don’t forget to learn more about the haunted history of this building. Be on the lookout; you might see a ghost!

Take a walk and visit the state history offices, the Utah History Research Center, the Rio Gallery, and the Rio Grande Cafe. You will love the area.

East Central

Walk to the shops at 9th and 9th in East Central Salt Lake City and feel like you’ve entered small-town life. Close by Central City; this area offers an escape from the bustle. Be sure to visit all the locally owned shops and cafes to get a taste of local culture.

Head over to the nearby University of Utah, which borders the Red Butte Canyon, for a day of hiking. Be sure to stop by the garden to marvel at the plant collections or attend one of the many events hosted there.

Liberty Wells

For a more suburban area just outside the city center, check out Liberty Wells. This residential spot is within walking distance of Liberty Park and is surrounded by restaurants, gyms, and shops for anything you might need near your home.

First Encampment Park is central within Liberty Wells and offers ideal walking paths and frequent events for the whole family.

Bonneville Hills

Located further east of Liberty Wells, Bonneville Hills is nestled next to multiple hiking trails, including the Bonneville Shoreline Trail, which goes along the beautiful Lake Bonneville.

Take a short walk to the Hogle Zoo. This 40-acre zoo is home to various animals and is the perfect weekend activity for the whole family.

Find Your New Home in One of These Walkable Neighborhoods in SLC

Whether you’re from the area or planning to move to Salt Lake City, these walkable neighborhoods in SLC are a must to check out. With a mix of everything you need, they encapsulate the city’s natural wonder and vibrant culture.

For more information on buying a home in Salt Lake City, contact us today!

Best Things to do in the fall in Utah

Fall in Utah is simply breathtaking. There are so many fun things to do in the fall, with the color changes and the chill in the air, you will want to experience all the wonder mother nature has in store, as well as take in a few fun fall inspired events this time of year.

 

Here are few or our favorites:

Take a drive:

 

Alpine Loop- is own of the most picturesque drives in Utah. The loop connects American Fork Canyon and Provo Canyon and will provide you with an abundance of color.

 

Big Cottonwood Canyon- Another scenic byway that will take you a journey of fall color changes.

 

Sundance- take a left after the tunnel as you drive from Provo to Heber. There are signs along the way.

Fall Hikes:

 

Please check links for difficulty levels.

 

Bell Canyon Reservoir– pick this hike up right in Sandy and don’t stop until you get to the lake. The colors are amazing in the fall.

 

Stair Gulch– In Big Cottonwood Canyon, the colors line the trail as you climb up the gulch.

 

Trail to Desolation Lake – behold the honey gold aspens and the pretty lake just up yonder. The hike is not a short one, so it is also a great workout.

 

For the kids

 

Gardner Village Witches– Few things say fall like the Witch display at Gardner Village. This event really is fun for all ages but younger kids really get a kick out of seeing all the creative witch displays around the village. And it is free to roam around.

 

Boo Lights– Hogle Zoo does an amazing job of creating Halloween themed light displays throughout the zoo. From a graveyard to the land of spiders, kids will enjoy all the sights…and sounds.

 

The Crazy Corn Maze- Just like the name implies, be prepared to enter a corn maze of fun with many twists and turns over 8 acres of corn.