Summer Housing Trends

The climate of the current housing market it still a positive one. Housing trends that we have seen in the past year will continue for the most part especially these highlighted trends. According to reports, unemployment is low and the overall economy is in good shape, making home ownership still a viable option.

 

Home Prices Are Rising Slowly: Part of the reason is due to increased mortgage rates and the overall economy. Uncertainty tends to discourage buyers who may already been on the fence. In addition, over the past few years, home prices increased as buyers competed for fewer homes.

Interest Rates May Be on the Rise: After years at a standstill, interest rates are forecasted to increase an average of 5% on a 30-year mortgage. The Federal Reserve raises the rates to help stabilize the economy and controlling inflation. Rising rates make homes less affordable.

Majority of Home Buyers Are Millennials: Most are in stable careers and with getting older, they are looking to buy their first homes in middle to upper-middle class neighborhoods. Baby boomers are retiring and downsizing, thrusting the millennials into leading the market.

Home Equity Will Still Increase-In 2018 the estimated equity increase was 2-6%, that is predicted to continue into 2020.

Urban Centers & Main Metro Areas are Getting Expensive: Cities that adjourn or are within easy commuting distance of main urban areas are suddenly seeing HUGE growth on the market. Here in Salt Lake, that means we are seeing areas like Murray, Millcreek, Holladay, Rose Park and Sandy explode!

What Does a Real Estate Agent Do?

People often wonder what a real estate agent does besides hosting open houses and maybe having the occasional headshot on a billboard. Actually, there are so many aspects to being a good real estate agent, here is a short break down for you, that way, when you need one, you will know what a good one looks like.

 

 

Price Your Home to Sell

One that is qualified and experienced in your area can help you price your home correctly. If your home is overpriced or underpriced you lose out either way. Underpriced means that you aren’t maximizing the dollars that you can get for your property. Overpriced means that it will languish on the market and not sell. And you end up often accepting less than it is worth in the long run.

They Handle All the Paperwork

It can be difficult to get a contract when you are competing against multiple offers when selling your home. A good agent will watch the market and let you know if any changes have occurred and make recommendations on what to do next if so. There are so many steps in buying and selling a home, your agent will have your best interest in mind from start to finish and will facilitate the transaction up until closing.

Marketing

Staging, getting the best photos and bringing in people to see your home is vital to it selling. A good agent knows all the tricks of the trade that can get your home the most exposure and ensure it shows well.

How To Find & Work With a Property Manager

Making the decision to work with a property manager or management company is not one to take lightly. After all, having investment property is a big undertaking in itself, you defiantly need a reliable property manager to entrust it to. Hiring the right property manager will defiantly make the rental process much easier for you in the long run.

Here are few tips when looking for one to hire.

 

Do your research.

 

Find out how many other properties they manage and how many are vacant.

 

  • How do they advertise property that is available for rent?
  • Are there any negative reviews about them?
  • Check with the Better Business Bureau and Real Estate Commission as well.

Ask for referrals.

 

Real estate agents are a great resource when looking to hire a property manager.

Ask around to other property owners, who do you know that also has rental property? Who do they use? Check with the Better Business Bureau and Real Estate Commission for this as well.

 

Meet with them in person before hiring them.

 

Often your first impressions are the best way to decide. Meet with him/her to get a sense of their professionalism, knowledge etc. Get clarification on how they can be reached, text, phone call, email etc. There is nothing more frustrating than hiring someone to manage something and they are difficult to reach when needed.

Look over the contract with a critical eye.

 

If something seems off or unfair, ask for clarification. Do not sign anything until you are certain that this property manager best suits your needs. Also make sure the costs are in line with your expectations and other companies.

Property management is a competitive field, doing your due diligence will pay off and you will enjoy the extra income the rental property can provide by choosing the best person/company for the job.

Why You Should Work With a Realtor

Working with a realtor to buy or sell a home is not only a good idea, it will take most of the stress out of the process. From dealing with the financials to writing contracts that protect you in the transaction, working with a realtor is an important first step to having a successful sale.

10 Reasons why you should work with a realtor:

 

1. Hiring a realtor will ensure your property is listed at the right price, as a result it will help it sell faster.

 

2. Presenting your property in the best manner is also vital to the sale, from staging to pricing, a professional can help direct you in this process.

 

3. Exposure is key. Realtors work for you, ensuring that your property has the proper exposure, from open houses to social media.

4. Working with a professional will ensure your contacts are signed and initialed correctly so there are no hiccups at closing. Working with a realtor streamlines the entire closing process and allows you to just show up at a scheduled time.

5. A realtor will schedule showings and appointments to see the property, all while keeping you in the loop on any progress.

6. Hiring a realtor gives you the peace of mind knowing that a professional ‘has your back’ and is working diligently to meet your needs throughout the real estate transaction. Have questions on any part of the process? Your realtor is there to help.

7. Typically, higher price offers will be presented when working with a realtor, resulting in your property selling at top of the market.

 

8. Negotiations and inspection issues are addressed by the realtor, therefore taking that responsibility off of you.

 

9. Closings are sped up when working with a realtor.

 

10. A realtor will have current market knowledge, knowing what homes have sold for in the area, therefore ensuring you have it priced correctly.

Staging Your Home in the Winter Months

Staging your home in the winter months is just as important, if not more so, than in the summer time. Accomplishing that warm and welcoming feel just takes a few steps and some attention to some minor details and your home can be brought out of hibernation. Make a good first impression from the moment perspective buyers pull up curbside. By creating a welcoming and relaxing environment, buyers will take extra time exploring the home.

1. Snow removal.

This may seem like an obvious first step as you want people to not only have easy access to your home, but for obvious safety reasons as well, but don’t forget those outdoor spaces you may also want to feature. Decks and patios that are a sellable feature for your home need to be accessible as well.

2. Create a warm welcome.

Hanging a winter wreath on the front door. If possible, have seasonal plants like spruce on the walkway or front porch. Be sure you turn those lights on early to avoid people approaching a dark house.

3. Provide a place to wipe feet.

Have a welcome mat and an indoor rug inside the door. Decide whether you want to keep the outdoor elements outside and then provide a place for people to wipe their feet or take off their shoes. Offering shoe covers is another affordable option.

4. Turn up the lights and the heat!

No one is comfortable meandering around a cold, dark house. You want guests to linger, checking out all the details that make your home appealing.

5. Create cozy spaces.

If you have a fireplace, light it. Use extra pillows and throws on the furniture, light some candles and pile a few books on that coffee table. This will allow potential buyers to see decorating possibilities as well as make them comfortable.

Looking for additional tips on staging or selling your home?  Here are a few more articles that might help you out:

Make the most of a 3 day relocation house hunting trip

You’re getting ready to move across the county in a few months.  For a new job or a new adventure or a change of scenery.  Relocation is a big, complicated step.  A lot of our relocation clients pick a 3 day window to fly out and start seeing houses a few months before the move.  We’ve compiled all the things we’ve learned to make a relocation trip that much easier for you.  Here’s how you can plan your relocation house hunting trip and condense it into 3 days.

 

Make the most of a 3 day relocation house hunting trip:
  1. Plan in advance
  2. Explore the area
  3. See some homes
  4. Write Offers

Plan Ahead

To maximize your relocation house hunting trip, find a real estate agent that specializes in relocation hunting.
Work with that agent in advance to discuss your home requirements and needs.  It will help them eliminate areas, homes and amenities that just won’t work for you.
Plan on seeing about 8-10 homes during your trip.  This means long and dedicated days with your agent – the more time you can give them to plan  the more you’ll be able to see.

DAY 1: Explore the Area

Spend the first day of your relocation house hunting trip exploring neighborhoods.  You agent can help you narrow down areas that make sense for you.  Don’t skip this step – you don’t want to find a home you love in an area that doesn’t suit your needs.
For example, if you have young kids finding are area with a great school district will be important.  If you want to have a minimal commute, targeting a spot that has good access to public transportation or is close to your office is key.
Narrow down your search to 2-4 areas and neighborhoods that you really like and focus your search there.

DAY 2: Visit homes

The second day is the day to dive in and start seeing homes.  Your relocation real estate agent should be able to plan a route to help maximize your time and keep you from driving back and forth across the city.  Set the goal of visiting 6-8 homes – a couple in each of the areas you like.

Wear comfortable shoes, carry some water, take time for a lunch break – it is going to be a long day.
As you see homes be sure to rank them for your agent – tell them which ones you like the most and the least.  It will help them get to know your preferences and dislikes when it comes to a home.  It can also help you cross off some homes without even seeing them.  Maximize time spent looking at homes you actually like in areas you love.
At the end of Day 2 of your relocation house hunting trip, you’ll want to have a couple of homes on the shortlist of possibilities.

 

 

 

DAY 3: Write offers

On the morning of Day 3 you can squeeze in a couple more walkthroughs if you want or if you only have one home that you like from the day before.
Afterwards, you want to spend the third day writing offers with your agent.  Ideally you have 2-3 homes that you’re making an offer on before you head home from your relocation house hunting trip.

 

BACK AT HOME:

Stay in touch with your real estate agent.  They will let you know if any of your offers were accepted, what they need from you next.  You agent can also help coordinate inspections, refer you to people to help with repairs or cleaning, and can even arrange for you to close on your home long distance.