Salt Lake City Metro Real Estate Blog
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2024-01-26T13:22:43-07:00
tag:team1580.com,2012-09-20:35478
Experts Project Home Prices Will Increase in 2024
Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">survey</a> from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out of every four people are dealing with that fear, and you might be, too.
To help ease that concern, here's what experts forecast will happen with prices this year.
Experts Project a Modest Increase
Check out the latest <a href="https://www.mykcm.com/2024/01/12/home-prices-forecast-to-climb-over-the-next-5-years-infographic/" rel="noopener noreferrer" target="_blank">home price</a> forecasts from eight different sources (see graph below):
<a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240122/20240123-2024-Home-Price-Forecasts.png" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240122/20240123-2024-Home-Price-Forecasts.png" /></a>The blue bar on the left means, on average, <a href="https://img03.en25.com/Web/MortgageBankersAssociation/%7Ba8f4bf3d-95ec-42be-9c8d-3eb49e52f553%7D_Mortgage_Finance_Forecast_Jan_2024.pdf" rel="noopener noreferrer" target="_blank">experts</a> think <a href="https://www.zillow.com/research/2024-housing-predictions-33447/" rel="noopener noreferrer" target="_blank">home prices</a> will go up over 2% by the end of this year – not down.
<a href="https://www.freddiemac.com/research/forecast/20231220-us-economy-expanded-in-2023" rel="noopener noreferrer" target="_blank">Prices</a> aren’t likely to depreciate in 2024 because <a href="https://www.mykcm.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">inventory</a> is still tight and lower <a href="https://www.mykcm.com/2024/01/08/what-lower-mortgage-rates-mean-for-your-purchasing-power/" rel="noopener noreferrer" target="_blank">mortgage rates</a> are leading to strong <a href="https://www.mykcm.com/2024/01/17/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers/" rel="noopener noreferrer" target="_blank">buyer demand</a>. Those two factors will keep pushing <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/q4-2023-home-price-expectations-survey" rel="noopener noreferrer" target="_blank">prices</a> up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, <a href="https://www.cnn.com/2023/12/26/business/us-home-prices-record-high-october/index.html" rel="noopener noreferrer" target="_blank">explains</a>:
“With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.”
What Does This Mean for You?
Experts are saying <a href="https://twitter.com/NewsLambert/status/1730642488346472787" rel="noopener noreferrer" target="_blank">home prices</a> will go up this year, and that's good news if you're <a href="https://www.mykcm.com/2024/01/03/thinking-about-buying-a-home-ask-yourself-these-questions/" rel="noopener noreferrer" target="_blank">thinking</a> about <a href="https://www.mykcm.com/2024/01/16/why-you-may-want-to-seriously-consider-a-newly-built-home/" rel="noopener noreferrer" target="_blank">buying a home</a>. When you become a <a href="https://www.mykcm.com/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/" rel="noopener noreferrer" target="_blank">homeowner</a>, you want the <a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf" rel="noopener noreferrer" target="_blank">value</a> of your house to <a href="https://www.mykcm.com/2024/01/11/the-dramatic-impact-of-homeownership-on-net-worth/" rel="noopener noreferrer" target="_blank">go up</a>. That appreciation is what builds <a href="https://www.mykcm.com/2024/01/09/ways-your-home-equity-can-help-you-reach-your-goals/" rel="noopener noreferrer" target="_blank">equity</a> and makes homeownership such a good investment over time.
Beyond that, expected home price appreciation also means if you’re ready, willing, and able to <a href="https://www.mykcm.com/2024/01/05/achieving-your-homebuying-dreams-in-2024-infographic/" rel="noopener noreferrer" target="_blank">buy</a>, waiting just means it will cost more later.
Bottom Line
If you're worried home prices will come down, don’t be. Many experts believe they’ll actually go up this year. If you have questions or worries about what’s happening with prices in our area, let’s connect.
2024-01-26T13:15:18-07:00
2024-01-26T13:22:43-07:00
Eileen Stubbs
tag:team1580.com,2012-09-20:34920
3 Keys to Hirring Your Home Ownership Goals in 2024
If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry <a href="https://www.simplifyingthemarket.com/en/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank" style="font-size: 17px;">experts</a> to bring your homeownership vision for the new year into focus.
Over the last year, the <a href="https://www.simplifyingthemarket.com/en/2023/11/29/why-the-economy-wont-tank-the-housing-market/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">economy</a> had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, <a href="https://www.cnn.com/2022/11/10/homes/mortgage-rates-november-10" rel="noopener noreferrer" target="_blank">explains</a>:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
Here are a few things to think through as you define your goals for 2024.
1. Know Your Why
You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many <a href="https://www.simplifyingthemarket.com/en/2023/11/23/why-homeowners-are-thankful-they-own/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">compelling reasons</a> to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an expert advisor to make sure your move gives you a lasting sense of accomplishment.
2. Figure Out What Your Next Home Needs To Look Like
You know you want to move, but how would you describe your dream home? The number of <a href="https://www.simplifyingthemarket.com/en/2023/12/13/the-surprising-trend-in-the-number-of-homes-coming-onto-the-market/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">homes for sale</a> has grown recently, and that could mean more options to choose from when you buy. But overall housing supply is still <a href="https://www.simplifyingthemarket.com/en/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">lower</a> than more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for. Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you.
3. Determine if You’re Ready To Buy
Getting clear on your budget and available <a href="https://www.simplifyingthemarket.com/en/2023/12/12/down-payment-assistance-programs-can-help-pave-the-way-to-homeownership/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">savings</a> is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting <a href="https://www.simplifyingthemarket.com/en/2023/12/08/your-homebuying-adventure-infographic/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">pre-approved</a> for a home loan, and assessing your current <a href="https://www.simplifyingthemarket.com/en/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=583682-99d933732bd214912c8d0eac921c761f" rel="noopener noreferrer" target="_blank">home equity</a> if you’re selling your existing house.
A Professional Will Guide You Through Every Step of the Process
Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.
Bottom Line
Let’s connect to plan how to make your homeownership dreams a reality in 2024.
2024-01-03T11:44:37-07:00
2024-01-03T11:59:07-07:00
Eileen Stubbs
tag:team1580.com,2012-09-20:34181
Real Estate Reflections: Closing a Chapter on 2023
As we bid farewell to 2023, the real estate market has presented a kaleidoscope of trends, challenges, and opportunities. This year has been a testament to resilience and adaptation in a sector that's always on the move.
The year started with cautious optimism, coming off the back of a tumultuous market influenced by global events. Interest rates, a key driver in the housing market, saw fluctuations that prompted buyers and sellers alike to rethink their strategies. Despite these challenges, the market demonstrated remarkable buoyancy.
A notable trend this year was the increasing demand for sustainable and energy-efficient homes. Environmentally conscious buyers have driven a shift towards green living spaces, reflecting a broader societal move towards sustainability.
The luxury market continued to flourish, with high-end properties seeing significant interest in key urban and resort locations. Meanwhile, the suburban real estate market witnessed a surge in demand as remote work remained a staple, allowing people to prioritize space and comfort over proximity to urban centers.
For first-time buyers, the market was a mixed bag. While some found opportunities in softened prices, others grappled with affordability challenges.
As we look towards 2024, the real estate sector remains a dynamic and essential pillar of our economy. It's a market perpetually evolving, consistently offering new opportunities and lessons for buyers, sellers, and professionals alike.
2023-12-04T13:30:00-07:00
2024-01-26T12:01:50-07:00
Lori Aikin
tag:team1580.com,2012-09-20:30918
Are Home Prices Really Going Down?: Debunking the Hype
Have you been watching the news and felt concerned about the future of home prices? Some experts predicted a housing market crash in 2023, which led to sensational headlines in the media. This article aims to provide you with a clear picture of what is actually happening in the real estate market.
Dissecting the Hype Around Home Prices<br />At the end of 2022, housing experts raised alarms about a potential crash in home prices for 2023. Media outlets caught onto this prediction, creating headlines that foretold of doom and gloom for the housing market. This flurry of negative news left many wondering about the state of the market. If the news left you questioning or delaying your own plans to move, here is what you need to know.
Home Prices Never Crashed<br />Contrary to the alarming headlines, the actual <a href="https://www.zillow.com/research/data/" title="Zillow Housing Data" target="_blank" class="img_box_left">data</a> reveals a different story. Home prices showed remarkable resilience and performed significantly better than the media portrayed (refer to the chart below).
<img src="https://assets.site-static.com/userfiles/1566/image/ty/Blog_Post_Images/20231003-Percent-Change-In-Home-Values.png" width="960" height="720" />
This chart compiles information from three trusted <a href="https://www.freddiemac.com/research/indices/house-price-index" title="Freddie Mac House Price Index" target="_blank" class="img_box_left">sources</a>, illustrating how prices <a href="https://www.blackknightinc.com/data-reports/" title="Black Knight Data Report Library" target="_blank" class="img_box_left">rebounded</a> after experiencing only slight national declines. This stands in stark contrast to the catastrophic crash scenario depicted in many articles. Things are very different than what we experienced in 2008.
The Reality of Home Prices<br />The minor declines that did occur, as highlighted in red, were neither severe nor long-lasting. In the <a href="https://www.wsj.com/economy/housing/the-fall-in-home-prices-may-already-be-over-3496d6bb" title="WSJ The Fall In Home Prices May Already Be Over" target="_blank" class="img_box_left">words</a> of Nicole Friedman, a Wall Street Journal reporter,
“Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”
Although the news coverage has made a big deal about house prices going down, the slight correction has already passed. The data currently shows prices are actually slowly going back up. They are not falling anymore.
What Lies Ahead for Home Prices?<br />Experts unanimously agree that home price growth will persist in the coming years, gradually returning to normal market levels. This means we'll continue to see home prices increase, albeit at a more moderate pace compared to recent years, which is ultimately a positive development.
Media Influence on Public Opinion<br />Some media outlets may interpret this slowdown in home price growth as an impending decline and circulate stories that fuel such fears. This influence is evident in the Consumer Confidence <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" title="Fannie Mae National Housing Survey Archive" target="_blank" class="img_box_left">Survey</a> by Fannie Mae (see chart below).
<img src="https://assets.site-static.com/userfiles/1566/image/ty/Blog_Post_Images/20231003---of-Americans-Who-Think-Home-Prices-Will-Go-Down-over-the-Next-12-Months.png" width="960" height="720" />
While the percentage of Americans anticipating price drops had been steadily declining earlier this year, recent data shows a slight uptick in such expectations (highlighted in red). This underscores the enduring influence of media on public opinion even when the data shows prices are slowly going up.
Debunking the Hype<br />Don't get scared by those gloomy headlines and become part of the statistics. The data from multiple sources shows that home prices aren't going down. So, don't let the news mess with your plans to buy or sell. When life changes, you still need to make a move, but don’t let fear keep you from knowing your options. Let's connect through text or grab a bite to eat to see what your real estate goals are. Talk to you soon!
Phone <a href="tel:+18012349080" class="si-phone-link" rel="nofollow" aria-label="call +18017971794" uw-rm-vague-link-id="tel:+18017971794$call +18017971794" data-uw-rm-vglnk="">(801)-234-9080</a>
Email <a href="mailto:ty@team1580.com" aria-label="send an email to info@team1580.com" uw-rm-vague-link-id="mailto:info@team1580.com$send an email to info@team1580.com" data-uw-rm-vglnk="">ty@team1580.com</a>
AddressTeam 1580
11240 S. River Heights Dr. Suite 150
South Jordan, UT 84095
2023-10-03T11:00:00-07:00
2023-10-03T11:32:10-07:00
Ty Higley
tag:team1580.com,2012-09-20:30045
Reconsidering Home Sweet Home: Is Selling Your House a Wise Move?
Hey there, guys! I totally get it – the prospect of those rising mortgage rates might have you clutching onto your house like never before. But here's the kicker: while the allure of your current mortgage might seem strong, there's a whole different side to consider. Brace yourselves, because the nitty-gritty truth comes from none other than Bankrate:
"Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market."
Hold up, before you jump ship – let's dive into the depths of this. Why exactly did the idea of selling creep into your thoughts?
Trust me, it's not just about the numbers. Your reasons for wanting to sell likely run deeper, entwined with shifts in your life or dreams of a new living space.
The Dark Side: Reasons People Are Still Selling Homes<br />Now, here's where the shadows cast a spotlight. Check out what Builder Online revealed – it's like peeling back the layers:
1. Marital Mysteries: Say "I do" recently? While it's all smiles, behind the scenes, you might be grappling with the need for more space or a fresh start that's truly your own.
2. Breaking Bonds: On the flip side, if the bonds are breaking, living under the same roof might feel like a pressure cooker. Can selling your haven lead to a life-changing solo space? You'd be surprised.
3. Expanding Tribes: Growing families often mean growing space needs. But here's the twist – space isn't exactly growing on trees. The walls are closing in, and waiting it out? Not the brightest idea.
4. Ghosts of the Past: Loss hits hard. And being stuck in a space that's a constant reminder can be tougher. Maybe downsizing for sanity's sake or shedding the baggage is more your tune.
5. Golden Goodbyes: Retirement's here, but your home isn't on board. Downsizing to save? Relocating for love's sake? Living that dream life? Well, your current abode might not be on the same page.
You might be thinking, "Whoa, hold on, I'm not the only one in this boat." You're spot on. According to Realtor.com, a whopping 25% of sellers are jumping ship for personal reasons, even if the mortgage rates aren't exactly playing nice:
"More than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons."
So, before you swear off selling, consider this: Life's throwing curveballs, and those mortgage rates? Well, there's more than one way to tackle them. Like using the equity you've got stashed in your current house to open doors to the next chapter. With equity on your side, financing might not be the monster under the bed. And hey, the all-cash option? If you have enough equity and are downsizing there's no harm in ditching the mortgage maze altogether.
In a Nutshell – or Should I Say Pandora's Box?<br />When those evolving needs are knocking on your door, don't just slam it shut. Let's chat and discuss your options. Having a mastermind by your side to navigate listing your house and discovering the next adventure – it could be a game-changer. Think about it – you might just be one click away from unraveling the real story. The biggest mistake you may make would be to NOT find out what your options are. Call, text or email me. Even if you're out 3 months to a year, I can help you plan for what life can throw our way.
-Your Friendly Neighborhood REALTOR©,
Ty Higley
2023-08-29T14:00:00-07:00
2023-10-03T09:48:01-07:00
Ty Higley
tag:team1580.com,2012-09-20:29849
Foreclosures
Don’t Expect a Wave of Foreclosures [INFOGRAPHIC]
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20230816/Dont-Expect-A-Wave-Of-Foreclosures-KCM-Share.png" width="600" /><br /><br />
<a href="https://www.simplifyingthemarket.com/en/content/images/20230816/Dont-Expect-A-Wave-Of-Foreclosures-MEM.png?a=592998-8eeeda65da0b35ff694f4e6f77093e2c" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20230816/Dont-Expect-A-Wave-Of-Foreclosures-MEM.png" /></a>
Some Highlights
With ongoing high <a href="https://www.mykcm.com/2023/08/03/how-inflation-affects-mortgage-rates/" rel="noopener noreferrer" target="_blank">inflation</a> pushing up everyday costs, some people are worried that'll create a flood of foreclosures. Here's why that's <a href="https://www.freddiemac.com/investors/financials/pdf/0523mvs.pdf" rel="noopener noreferrer" target="_blank">unlikely</a>.
Fewer <a href="https://www.freddiemac.com/investors/financials/pdf/0623mvs.pdf" rel="noopener noreferrer" target="_blank">people</a> are seriously <a href="https://www.fanniemae.com/media/48496/display" rel="noopener noreferrer" target="_blank">behind</a> on mortgage <a href="https://www.corelogic.com/intelligence/loan-performance-insights-july-2023/" rel="noopener noreferrer" target="_blank">payments</a> right now. If foreclosures were going to rise a lot, more people would need to be late on their payments.
Since most are paying on time, a wave isn’t <a href="https://calculatedrisk.substack.com/p/fannie-and-freddie-single-family" rel="noopener noreferrer" target="_blank">coming</a>. If you're concerned about a flood of foreclosures, the <a href="https://www.mykcm.com/2023/07/24/foreclosure-numbers-today-arent-like-2008/" rel="noopener noreferrer" target="_blank">data</a> shows that's not likely.
2023-08-22T16:00:00-07:00
2023-08-22T10:14:24-07:00
Lori Aikin
tag:team1580.com,2012-09-20:8374
Thinking of Buying a Home in Winter?
2020-12-04T12:03:00-07:00
2020-12-04T12:31:07-07:00
Jeff Hoover
tag:team1580.com,2012-09-20:7263
How Is Remote Work Changing Homebuyer Needs?
How Is Remote Work Changing Homebuyer Needs?
<img src="https://files.mykcm.com/2020/08/05065529/20200810-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How Is Remote Work Changing Homebuyer Needs? | MyKCM" width="750" height="410" /><br /><br />
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.
According to <a href="https://themreport.com/daily-dose/07-29-2020/how-remote-working-is-impacting-homebuyer-sentiment" title="George Ratiu" target="_blank" rel="noopener noreferrer">George Ratiu</a>, Senior Economist for realtor.com:
"The ability to work remotely is expanding home shoppers' geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term…Although it's too early to tell what long-term impact the COVID-era of remote work will have on housing, it's clear that the pandemic is shaping how people live and work under the same roof."
Working remotely is definitely <a href="https://www.realtor.com/research/home-buying-2020-remote-work-post-covid/" title="changing" target="_blank" rel="noopener noreferrer">changing</a> how Americans spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and <a href="https://www.simplifyingthemarket.com/2020/07/30/will-we-see-a-surge-of-homebuyers-moving-to-the-suburbs/?a=627144-bff53036427dd80feba1380b86d8b5d4" title="more space" target="_blank" rel="noopener noreferrer">more space</a> in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters.
A recent realtor.com-HarrisX survey <a href="https://themreport.com/daily-dose/07-29-2020/how-remote-working-is-impacting-homebuyer-sentiment" title="indicates" target="_blank" rel="noopener noreferrer">indicates</a>:
“In a June poll of 2,000 potential home shoppers who indicated plans to make a purchase in the next year, 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely, while nearly 40% [of] that number expected to purchase a home within four to six months and 13% said changes related to pandemic fueled their interest in buying a new home.
Clearly, Americans are thinking differently about homeownership today, and through a new lens. The National Association of Home Builders (NAHB) <a href="http://eyeonhousing.org/2020/07/new-home-sales-jump-in-june/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“New single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs.”
Through these challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. This has quickly shifted what home truly means to many American families. More than ever, having a place to focus on professional productivity while many competing priorities (and distractions!) are knocking on your door is challenging homeowners to get creative, use space wisely, and ultimately find a place where all of these essential needs can realistically be met. In many cases, a new home is the best option.
In today’s real estate market, making a move while <a href="https://www.simplifyingthemarket.com/2020/07/17/mortgage-rates-fall-below-3-infographic/?a=627144-bff53036427dd80feba1380b86d8b5d4" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> are hovering at historic lows may enable you to purchase more home for your money, just when you and your family need it most.
Bottom Line
If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, let’s connect today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success.
2020-08-06T15:22:00-07:00
2020-08-06T16:24:38-07:00
Jeff Hoover
tag:team1580.com,2012-09-20:6814
National Home Ownership Month
National Homeownership Month
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Some Highlights
National Homeownership Month is a great time to reflect on how we can each promote stronger community growth.
Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a positive impact on our local communities.
Let’s connect today if homeownership is part of your future plans.
2020-06-06T16:41:00-07:00
2020-06-06T16:59:23-07:00
Eileen Stubbs
tag:team1580.com,2012-09-20:6421
Keys To Selling Your Home Virtually
<img src="https://assets.site-static.com/userfiles/1566/image/Selling_Your_Home_Virtually.jpg" width="750" height="410" />
In a recent survey by <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__news.move.com_2020-2D04-2D16-2DWould-2DYou-2DBuy-2Da-2DHome-2DWithout-2DStepping-2DFoot-2DInside&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=Hr4cZ7QBL8h_I4BulQvtZL575i21ihqfJewOgIIgCMo&m=CaLJslOoy6HUoP0HIiN99CbeYntrHYuSZwmCWI72LmE&s=Km_08gHhbf9tJx16sxFLJR2kyvX-OG_wxSX4155t85E&e=" target="_blank" title="realtor.com">realtor.com</a>, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?
In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.
So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.simplifyingthemarket.com_2020_04_17_how-2Dtechnology-2Dis-2Dhelping-2Dbuyers-2Dnavigate-2Dthe-2Dhome-2Dsearch-2Dprocess-2Dinfographic_-3Fa-3D583682-2D99d933732bd214912c8d0eac921c761f&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=Hr4cZ7QBL8h_I4BulQvtZL575i21ihqfJewOgIIgCMo&m=CaLJslOoy6HUoP0HIiN99CbeYntrHYuSZwmCWI72LmE&s=K8IWcnVWmCKRyq761JgePlBn1qbTNNjX1V3YFsUj6KY&e=" target="_blank" title="technology">technology</a> would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:
Virtual tour of the home
Accurate and detailed listing information
Detailed neighborhood information
High-quality listing photos
Agent-led video chat
After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.nar.realtor_coronavirus-2Da-2Dguide-2Dfor-2Drealtors&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=Hr4cZ7QBL8h_I4BulQvtZL575i21ihqfJewOgIIgCMo&m=CaLJslOoy6HUoP0HIiN99CbeYntrHYuSZwmCWI72LmE&s=mXvi0Mo_i0XBqNqstq7wJmvdmVxzGlnjBWtjEvz17Es&e=" target="_blank" title="safely">safely</a>. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:
Limit in-person activity
Require guests to wash their hands or use an alcohol-based sanitizer
Remove shoes or cover with booties
Follow <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.cdc.gov_coronavirus_2019-2Dncov_prevent-2Dgetting-2Dsick_prevention.html-3FCDC-5FAA-5FrefVal-3Dhttps-253A-252F-252Fwww.cdc.gov-252Fcoronavirus-252F2019-2Dncov-252Fprepare-252Fprevention.html&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=Hr4cZ7QBL8h_I4BulQvtZL575i21ihqfJewOgIIgCMo&m=CaLJslOoy6HUoP0HIiN99CbeYntrHYuSZwmCWI72LmE&s=S56UuOuMTF8SYALLHsaKpFH2VZ8hqpJTwFA3OykSCQs&e=" target="_blank" title="CDC">CDC</a> guidance on social distancing and wearing face coverings
Getting comfortable with your agent – a true trusted advisor – taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.
Nate Johnson, CMO at realtor.com ® notes:
"As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward."
It sounds like some of these new practices might be here to stay.
Bottom Line
In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate through all that’s new when it comes to making your next move.
2020-04-23T05:44:00-07:00
2020-04-23T06:47:15-07:00
Eileen Stubbs
tag:team1580.com,2012-09-20:6357
We've Got You Covered during Home Showings
We know during these unprecedented times that everyone is concerned with safety and how to protect themselves.
At Team 1580, we understand that sometimes life just can't be placed on hold and you may need to buy or sell a home. Check out our video to see what we are doing to create a safer experience for our clients.
2020-04-15T09:31:00-07:00
2020-04-15T10:35:30-07:00
Jeff Hoover
tag:team1580.com,2012-09-20:3899
Is Getting a Home Mortgage Still Too Difficult?
<img src="https://assets.site-static.com/userfiles/1566/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.
2019-09-09T07:45:00-07:00
2019-09-10T13:58:17-07:00
Jeff Hoover
tag:team1580.com,2012-09-20:3898
Why You Should Consider Selling in the Winter
<img src="https://assets.site-static.com/userfiles/1566/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.
2019-09-09T07:45:00-07:00
2019-09-10T13:58:34-07:00
Jeff Hoover
tag:team1580.com,2012-09-20:3897
Common Things to Look Out for Before Buying Your Dream Home
<img src="https://assets.site-static.com/userfiles/1566/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing.
2019-09-09T07:45:00-07:00
2019-09-10T13:58:28-07:00
Jeff Hoover