How is Real Estate Changing in 2019

How is real estate Changing in 2019 | Market Source Real Estate

 

We sat down with our own Monique Higginson to discuss the real estate forecast for 2019. Here are her thoughts on the current state of real estate in Utah for 2019.

 

Q. What is the state of the market currently?

A. The market is very good as it is spring but it is not as hot as it has been the past few years. Inventories are still low in general.

Q. Is it a ‘buyers’ or ‘sellers’ market right now?

A. Buyers are not as urgent this year. I am finding that they are not willing to compete as much as in years past. It is still a seller’s market but the conditions are much more favorable for buyers this year.

Q. Is the cost of homes still raising at a rapid rate?

A. We expect less appreciation in 2019 than we have been having the last 5-6 years.

 

 

Have questions for Monique? Shoot us an email and we will be sure to address them.

 

 

A Short History of Sugar House in Salt Lake City

It is no secret that we have a fondness for Sugar House. Its rich history coupled with the area’s current vibe, and thriving communities, make the Sugar House neighborhoods quaint, welcoming and full of opportunity.

How it came to be:

Sugar House was established in 1853, six years after the Mormon pioneers settled in the valley, making it among Salt Lake City’s oldest neighborhoods. Today, the tree-lined streets and character filled bungalows make walking the best way to experience all that Sugar House has to offer.

 

Situated west of the mouth of Parleys Canyon and the area southeast of Salt Lake City, Sugar House is located from 1700 South to 2700 South and 700 East to 2000 East. Sprawling retail developments, eateries and mountain views are just a few of the treasures found here.

What’s in a name?

Sugar House was aptly named in reference to the sugar beet test factory owned by the Deseret Manufacturing Company in the area. The name came about as a suggestion by Margaret McMeans Smoot, the wife of the then mayor of Salt Lake City, Abraham O. Smoot.

 

Sugar House was the home of Utah’s first state prison for nearly a century, operated by the federal government until Utah gained statehood in 1896. Today, the spacious Sugar House Park and Highland High School, occupy the space after a decade long campaign run by businessman Horace Sorensen to turn it into a park. The Legislature passed the statute to create a state park from the old prison site in 1947. The prison was then moved to the point of the mountain in Draper in 1951.

 

Our Tribute: 

Today, Sugar House is booming with local businesses, restaurants and shopping and has become one of the state’s most desirable locations. We admire it so much, we had an artist recreate this historical scene on our building, we think it turned out amazing!

Tips for First Time Home Buyers

Buying your first home is a very exciting time, but first-time homebuyers can also feel a bit anxious if you do not have all the information you need or are not fully prepared for all the costs necessary to buy a home.

 

Here are some things to consider to help you be prepared for your big move.

  • First and foremost, determine a realistic amount for how much you can afford.Consider your current monthly budget, leave room for miscellaneous home costs and repairs, like HOA fees, taxes and insurance. Then determine the amount you can afford for a house payment, considering what percentage of your take-home pay can be used.

 

  • Pay off all debt. Carrying debt will not only decrease the amount you will qualify for but can also add stress to your monthly bottom line
  • Save for a down payment. Having 20% down is ideal, that will get you into a position of not having to pay Private Mortgage Insurance (PMI).
  • Save for closing costs. Typically, closing costs are 3-4% of the purchase price. Once you have a good idea of the home price, you can get to this number easily.
  • Loan pre-approval. Once you have paid off debt and saved for closing cost, it is a good idea to have a lender pre-approve you for a loan. This will help expedite the closing process and give you an idea of what amount you actually qualify for.

 

  • When it comes time to finding the perfect house, research desirable neighborhoods to find the best fit.

 

  • Hire a real estate agent that can help you navigate the maze of open houses and do all the necessary paperwork!

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: