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How to Win Multiple Offer Situations in 2022

by | Jan 20, 2022 | Real Estate Agent Tips, Real Estate Tips

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.

 

Should You Buy a Property With an ADU in 2021?

by | Aug 5, 2021 | Real Estate Agent Tips, Real Estate Tips

Accessory Dwelling Unit

Buying a house can be an exciting time. It’s a chance to find your new home and a new place to make years of memories. However, any house you buy is an investment.

As such, you want to find a home that appreciates as time goes on. Several features can help attain that increased value, one of which is an accessory dwelling unit.

An accessory dwelling unit (ADU) is a smaller, secondary building or space resting on a larger building plot. They can significantly increase your home value in 2021. In this article, we’ll explore more about ADUs and how they can benefit your household.

Are ADUs Worth it?

ADUs are excellent ways to add long-term equity and value to your property. So long as they remain well-kept, an ADU automatically adds significant value to your property when you decide to sell it.

You can also use an ADU as a way of making passive income. For example, if your ADU is a detached one (not in a garage or other space joined to your home), you can rent it out to people and collect money from their rent and bills.

However, to understand this more fully, we’ll first need to examine types of ADUs. You can learn more about this in the next section.

Types of Accessory Dwelling Unit

There are several types of ADUs in 2021, each with its advantages. One of the most common forms is the built-in ADU.

This form is a part of the house but separated by an interior wall. A universal feature of built-in ADUs is their separate entrance and exit from the main structure.

Another frequent ADU type is the above-garage ADU, which consists of an apartment building over a free-standing or attached garage. Often, business owners love to use the above-garage ADUs as an office for their home business.

Carriage houses are the last common ADU type. These are usually free-standing, small houses that share the primary home’s lot. They’re often located near the property entrance to give them a sense of privacy from the main household.

Who Can Build An ADU?

Who can build an ADU often depends on the building codes in your area. Usually, an architect or contractor is the standard. These workers have the experience to construct what you need.

Moreover, they have more reputability as builders. As such, they can more quickly receive the required building permits for the job.

Benefits of ADUs

We’ve noted several benefits of ADUs throughout this article. First, they help to add long-term value to your property. As such, you can sell the property for more than you purchased it.

Another benefit is its potential for earning passive income. Owners of ADUs can use the space for house renters. Alternatively, you can use the ADU for your storage or workspace.

Mortgages and Taxes on ADUs

The biggest downside to ADUs is the increase they bring to your property taxes. When you add an ADU, most areas factor it into your property taxes and mortgage payments. However, if you use the ADU as a source of income, you can offset the additional costs.

Search For a Property With an ADU

As you can see, an accessory dwelling unit brings many advantages. For example, you can use it for extra space to work from home or use it for additional income.

Suppose you’re interested in owning an ADU; excellent! Use our services to search for properties with ADUs in the Salt Lake City area today.

3 Best Ways Real Estate Agents Can Manage Time

by | Feb 27, 2020 | Monique Higginson, Real Estate Agent Tips, Real Estate Tips

 

 

While time management is essential in all occupations, it’s an especially important skill for real estate agents that hope to be successful in their field.

If you’re a real estate agent that wants to take their career to the next level this year, keep reading for tips on how to manage time successfully.

1. Start Every Day With a Plan

Sometimes being a real estate agent can feel like being your boss. Because of this, it’s vital for real estate agents to go into each workday with a plan.

It’s helpful to get into a routine where you plan daily, either early in the morning or in the evening for the next day. Highlight what needs to get done, including any appointment times, and block out time for all these activities. By starting the day with a plan, you can stay organized and know what you realistically have time for.

2. Stay Organized

Staying organized is a must for being successful in real estate. If you’re disorganized, you can disappoint and steer away from potential and current clients. Find a scheduler or task management system that works for you.

If you’re a pen and paper person, consider getting a planner to help you manage your time.

Planners are a great option because you can block out time by the half-hour, making sure you know what’s on the agenda daily, weekly, and monthly. If you choose this option, make sure you keep your planner on you constantly in a briefcase or purse, so that you can refer back to it at any time.

If this seems archaic to you, there are plenty of digital task managing options that you can access from your laptop or mobile. There are many free options, such as Glip and Airtable. These apps are a great option, as you can access them from anywhere.

3. Stay Distraction- and Procrastination-Free

Whether you work at an office or from home, distractions are everywhere. It’s a good idea to limit distractions in your workspace. Get in the habit of zoning into your work with a Focus playlist.

If you don’t need your phone for whatever work you’re doing, turn it off or put it away. Finding your own habits that lead to a distraction-free work zone can seriously help you stay on task. Try to limit multitasking, as it’s a sure way to get off-topic and can reduce the quality of your work.

We all have times where we put tasks off, especially those that are more difficult than others. Procrastinating is a sure way to cause yourself even more stress in the workplace. Give yourself time to get your work done so that you can produce impressive work.

If there’s something on your list you don’t want to do, try doing it first. This takes the pressure off and lets the rest of the day flow much more quickly.

4. Monique’s Time Management Recommendations & Schedule

1.  Get up early.  Monique starts her day at 5:45 am to fit in some personal and mental wellness before the day gets going.  In real estate, you’re often working into the evening or on weekends showing homes – which means that morning is gold for real estate agents.

2.  Find a way to work out.  She generally tries to get to the gym by 6:15 am before she has to get her kids out the door to school.  Choosing a gym close to your house makes it much more likely that you’ll go.

3.  Monique says, “I like to plan my day out at the beginning of the day with tasks so I can be very efficient with my time while driving around, etc. I work from my phone while I am waiting for clients to show up, etc in order to stay caught up.”

4.  Delegate tasks to assistants.  You can’t do it all.  This might include personal tasks like grocery shopping, running errands or planning travel.

5.  Know your worth.  Another Monique-ism, “I have a house cleaner and try to hire out any services that cost me less per hour than I am worth in order to maximize productivity.”

Make your career in real estate the best it can be by following these simple steps to manage time effectively.

For more on real estate, and to check out homes for sale in Salt Lake City, head to our site today!