Many Smart Homes Sell Faster Today The Technology of Tomorrow Helps: Smart home appliances and technology are becoming more common, and home buyers are increasingly choosing homes that boast the latest tech savvy features. An uncovered what smart features home buyers most desire, and how those features are impacting a home’s sale. Buyers today are more interested in homes with smart home features and technology
than they were two to five years ago. Respondents say they’re seeing
more buyers interested in controlling their home technology through
their smart phone or tablet. Highlighting smart home technology can really pay off. One in three noted that homes with smart home features and technology tend to sell faster than homes without them, See Smart Home Features.
The Next Big Thing? Micro Apartments: Tiny studio apartments may be the next trend for the multifamily sector.
Developers see the small apartments -- averaging about 380 square feet
-- as a big draw to urban-dwelling millennials as they break out to form
new households.Developers built about 1,000 micro units in 2013 and 2014 and about 2,200 more are under construction. Just like the overall rental market, rents for micro units are rising rapidly.
or proposed. Many of these
micro apartments are mostly centered in high-cost housing markets. Continuing to rent is not a great solution to the affordability problem, either.Mortgage Rates Drop Even Lower This Week(Interested in learning about mortgages? Check out our video.
When news broke last week that a San Francisco woman’s rent was increasing by 400% (yes, you read that right, 400%), we all clutched our pearls and muttered through clenched jaws, “Only in the Bay Area.”Except it’s not.While
the Bernal Heights woman’s situation is somewhat nuanced and unique
(her place had been rent-controlled, but the landlord got the building
rezoned so those regulations would no longer apply), the issue of skyrocketing rent is affecting people across the country. In 2014, rents nationwide increased an average of 3.6%, and nearly 11% over the past three years, Read more.
Attention Potential Sellers Sitting On The Fence It could be time to make a move. Do potential sellers in your market need convincing? An article in CNN Money highlighted several reasons why this spring would be the perfect time for home owners to get off the fence. After all, many markets across the country are still tilting in sellers’ favor. Here’s why: Less competition: A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers.Inventory levels nationwide were at a 4.6-month supply in February. A balanced market is considered to fall between a five- to seven-month supply. Mortgage rate hikes loom and Soaring rental costs, read more.
How can you get a deal in a seller's market? When it’s time to sell your house, conventional wisdom says selling in the prime season, which begins in spring and lasts through summer, is the best way to go. But what if you wanted to wait until the off-season—is that a savvy move, or would you be leaving money on the table?Spring marks the beginning of the busiest home-selling and home-buying season in most areas.
With the warmer weather, more daylight, and the impetus to get a new
house, buyers are more likely to shop during this time of year,
with home buying peaking in June. Bidding wars mean, They also usually mean buyers are less likely to make repair requests or other demands, read more.
Existing-home sales showed some improvement in February, but remain constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year. The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago."Stronger price growth is a boon for home owners looking to build
additional equity, but it continues to be an obstacle for current buyers
looking to close before [mortgage] rates rise." "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsustainable levels." Read more.
Hot Housing Market Trails a Hot Job Market in Utah Here's Where Hiring is on the Rise:Usually a hot housing market trails a hot job market. Could the same hold true for these booming employment centers? The top two places garnering the most jobs lately: Austin, Texas, and Salt Lake City, according to Gallup’s Salt
Lake City are attractive places for tech workers since the salaries are
more competitive and the cities boast a lower cost of living than
in
the traditional tech-hub of California, according to the Gallup index.
Salt Lake City is also seeing a growth in tourism and energy sector
jobs.index, read more.
The number of foreclosure starts nationwide did an about-face in February after jumping to their highest level in 13 months in January. Foreclosure
starts dropped by 15 percent month-over-month in February, down to
79,700, the lowest level since November 2014 and their third lowest
total for any month in at least seven years, according to Black Knight.In addition to the decline foreclosure starts experienced. In February,
a couple of other foreclosure statistics dropped to pre-recession
levels for the month. Foreclosure inventory fell below 800,000 (a nearly
30 percent decline) for the first time since December 2007, Learn more watch our video.
Affordable homes were mostly centered in inland areas of the U.S., such as Illinois, Michigan, Indiana, as well as other Midwestern states. Affordability was also found to be highest in parts of Nevada, Utah, and Wyoming.Fifty-four percent of for-sale listings of existing homes are within reach for a median-income household in
the U.S., according to a new analysis. "So
far this year we are hearing from home shoppers that finding a home
that meets their needs or budget is the biggest impediment to buying," says Jonathan Smoke, chief economist. "The good news from this data is that more than half of the listings nationwide are by definition affordable. More good news today, Mortgage Rates Stay Low Heading Into Spring, read more.
Friday, March 20, 2015
Increasing a Home's Property Value With the Spring selling season in full swing, now is the time for your clients to start making changes to improve their #home's comfort level and the way it functions to make it more appealing to potential buyers. Where
should they start? Start with the four home improvement basics:
foundation, roof, plumbing, and electrical. Of these the roof is the
most important. "I am almost always asked 'How old is the roof?'" Smaller
replacement projects, particularly those that enhance curb appeal,
remain the most cost effective way for sellers to improve value, Tips to increase value.
Next Week Start 3% Down Payments Freddie Mac will begin offering mortgages with down payments of only 3 percent — the first time they've been this low on the GSE's loans in nearly five years — starting March 23. The move is expected to make more credit available to entry-level borrowers. "By launching our 3 percent down payment mortgage now, at the start of the spring home buying season,
lenders will be ready to serve qualified working families who are ready
to buy.That means parents or relatives now can cover 100 percent of the down payment through gifts.Many local and state organizations offer down-payment assistance as well, and there are specialized programs for military vets, read more.
The gap between rental costs and household income is widening to unsustainable levels across the country. As more renters face steeper costs, it may put them even further away from home ownership,
according to a new study released by the National Association of
REALTORS®. NAR evaluated income growth, housing costs, and changes in
share of renter and owner-occupied households over the past five years
in metropolitan statistical areas across the U.S.Over
the last five years, a typical rent rose 15 percent, while the income
of renters grew by only 11 percent, according to their research. Current renters seeking relief and looking to buy are facing the same dilemma: Read more.
Emerging Trends in Home Improvement Spending The home improvement industry could see record-breaking spending in 2015, according to a newly released report from the for Housing Studies of Harvard University. There
are several factors behind the increase, such as the strengthening of
the economy, recovering home prices, federal and state stimulus programs that are prompting a rise in energy-efficient upgrades, and rental property owners who are reinvesting in their properties to attract new tenants. "After years of declining revenue and high failure rates, the home improvement industry is, to some extent, reinventing itself." "It’s only a matter of time before this generation becomes more active in the housing market, read more.
Mortgage Rates Edge Higher as Homebuying Season Starts Freddie Mac economists are bullish on housing: "This month kicks off spring home buying season,"
says economist at Freddie Mac. "Between now
and the end of June, we’ll see about 40 percent of all home sales for
the year." It’s
that optimism that has Freddie Mac forecasters expecting 2015 "to be
the best year for home sales and new home construction since 2007,
when total home sales were about 5.8 million for the year," according
to their U.S. Economic and Housing Market Outlook for March. Freddie Mac economists predict that rents will continue to rise at or above inflation this year. Meanwhile, Freddie Mac economists expect that the 30-year fixed-rate mortgage to rise this year, read more.
Stay in Mom’s Basement? Nope! If you’ve ever read anything about millennials, you’d be forgiven for thinking they’re
shiftless, underemployed ne’er-do-wells with no intention of ever
moving out of their parents’ basements. But the truth is millennials are home buyers.
In fact, they made up the largest percentage of home buyers in 2014.
Millennials—that is, adults 34 and younger—accounted for 32% of all home
purchases last year, according to the 2015 Home Buyer and Seller Generational Trends study. In fact, the
median age of a millennial home buyer was 29, with a median income of
$76,900. What’s more, millennials were most likely to buy with their
unmarried partner. What’s driving all the home buying?
Could Improve Your Credit:If you’ve been struggling to build or repair your credit score, there are some changes in the works that may make things easier for you. On Monday, the three largest providers of credit-reporting informationannounced an agreement
to change the way they handle data on your credit report. Going
forward, consumers may see fewer negative entries added to their credit
reports from secondary sources such as medical bills and collections for
non contractual payment agreements (e.g., traffic fines). According to Experian’s positive utility payments yielded the following results: Read more.
Higher Rates Aren't Deterring These Buyers Mortgage rates jumped to the highest averages of the year last week, prompting volume to fall, the Mortgage Bankers Association reported Wednesday. However, many high-end home buyers weren't deterred by the higher rates. Applications for home purchases increased 2 percent for the week and are now 2 percent higher than year-ago levels,
MBA reports. The rise was mostly due to high-end home buyers, with the
average purchase loan size rising to $294,000 last week—the highest ever
recorded by MBA. Fifty-four
percent of Americans say that they believe getting a mortgage is easy. Read more about March 2015: Spring Home buying Season
Spring Is Coming, 20 Markets Are Heating Up Just in time for spring selling season to start,
sellers are finally starting to put their homes on the market, upping
the selections for buyers, according to the latest analysis. Higher inventories and buyer demand are expected to boost closings this month. "The biggest macro trend is that we're finally seeing inventory grow,"
says Jonathan Smoke, chief economist. "This is a very important trend
for many reasons – in particular, because it will help keep prices at a
more moderate level down the road." Affordability had become a chief concern recently in the #housing market. So what's changed and why are more sellers putting their homes on the market? Read more.
A Study Makes a Surprising Recommendation: Home prices are up. Mortgage rates are low. Housing supply is stretched thin. Suffice it to say—it’s a tight market. And in a tight market, the conventional wisdom is to price your house a little lower than its actual value, in the hopes of sparking a bidding war that will result in an above-marketsale price. Homes that sold last year for $200,000 easily sell for $205,000 or more this year, he says. So while comparable sales and research might suggest lower pricing, based on last year’s data, he might suggest a slightly higher price based on the current market Not so fast! Homes priced higher might end up selling even higher, according to a study published, read more.
Salt Lake City One of the Best Downtowns Downtowns with buzz not only have the usual office jobs but plenty of independently owned shops and restaurants, a vibrant night life—and people who live there. The best downtowns consistently change as our lifestyles, priorities and work patterns evolve.
A slate of construction projects ranging from renovations of historic buildings to new apartments and office towers puts downtown Salt Lake City, Utah, in a perpetual state of change. Longtime residents of this thriving downtown area have seen many new residential units added along with restaurants, coffee shops and places to find live music,SeeTop 10 Best Downtowns
Things That Are Dragging Down Your Home’s ValuePlease Fix These:
There are a lot of things you can’t control in the home-selling
process. You can’t force people to come see your home or make an offer
on it. But you can make sure to take care of some easy repairs that would otherwise turn off prospective buyers.
Look around and make sure you haven’t ignored any of these 10 repairs
that can make a buyer think twice about your asking price.1. Paint colors that just don’t blend in The
color of your home is one of the first things a buyer will notice. If
it’s a very different color from your neighborhood or general area, you
should paint it something more innocuous. Most buyers don’t want to live
in the only pink house in town. The same goes for the interior. If your living room is bright orange, paint over it. Choose a neutral color so buyers can project their own ideas onto it, read more.
Challenging Housing Market Lack of Credit Availability, Low Inventory: Two challenges facing the U.S. housing market is currently facing two challenges – a dearth of credit creation and
a lack of available inventory, according to a report released Wednesday
by the Kroll Bond Ratings Agency (KBRA) that is scheduled to be
presented Head of Research
Christopher Whalen at the 2nd Annual Real Estate Symposium in Salt Lake
City, Utah. Whalen
said the dearth of available credit for housing is a function of
Dodd-Frank Act, which was created in part to protect consumers from
predatory and other harmful lending and financial practices by businesses Low inventory may take bloom off spring home sales. Home prices are beginning to grow at a faster pace again, which is not good for the spring market, read more.
Bidding Wars Brew Nationwide, more people are putting their homes up for sale, but in some cities it’s still not enough. With too many buyers and too few properties on the market, bidding wars are heating up again.“Most markets are struggling to achieve the proper balance of #homes for sale and qualified buyers.”Under Tight Supplies housing inventories remain constrained in many markets, some buyers may face increased competition and more bidding wars heading into the spring-selling season. The reports in its latest #housing report that bidding wars are already elevated, read more.
Owners Upbeat on Home Values Remodeling Cost vs. Value: Less Is More: Home sales may be off to a sluggish start this year, but home owners are still upbeat when it comes to the value of their homes. They’re willing to spend to preserve that value too. Home-improving
giants Lowe’s Co. and Home Depot Inc. reported “blowout fourth quarter
profits,” which beat expectations with sales advancing more than 7
percent at both retailers, Bloomberg News reports. What’s more, January is showing strong gains too, which could prove a boon heading into the spring selling season, read more.
Red-Carpet Treatment for Jumbo Borrowers Some highlights from 2014: For a five-week stretch between August and September, jumbo
rates were lower than those for comparable conforming mortgages. Many
banks and credit unions began offering more jumbo options, some with
down payments less than 20% and no private #mortgage insurance
requirements. Jumbo mortgages have loan amounts higher than the limits for government-backed loans. Competitive housing markets in some areas fueled a rise in
first-time #homebuyers who took out jumbo mortgages.“The jumbo share of the market was much more purchase-driven in 2014,” read more.
New Construction, Mortgage Rates Are Up Buyers always prefer new construction, even though new construction prices are rising. Therefore, mortgage rates are going up, according to the Freddie Mac Primary Mortgage Market Survey, which
reported that new-home sales and price appreciation had driven the
average 30-year fixed-rate mortgage to 3.8% this week, up from 3.76%
last week. That’s actually down from this time last year, when it
averaged 4.37%. New-home
sales were largely flat in January but are up 5.3% from last year, read more.
choosing homes that boast the latest tech savvy features. An uncovered what smart features home buyers most desire, and how those features are impacting a home’s sale. Buyers today are more interested in homes with smart home features and technology
than they were two to five years ago. Respondents say they’re seeing
more buyers interested in controlling their home technology through
their smart phone or tablet. Highlighting smart home technology can really pay off. One in three noted that homes with smart home features and technology tend to sell faster than homes without them, See Smart Home Features.
multifamily sector.
Developers see the small apartments -- averaging about 380 square feet
-- as a big draw to urban-dwelling millennials as they break out to form
new households.
pearls and muttered through clenched jaws, “Only in the Bay Area.”
convincing? An 
house
constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year. The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago.
hot job market. Could the same hold true for these booming 
after jumping to their highest level in 13 months in January. Foreclosure
starts dropped by 15 percent month-over-month in February, down to
79,700, the lowest level since November 2014 and their third lowest
total for any month in at least seven years, according to Black Knight.
Affordability was also found to be highest in parts of Nevada, 
to 
expected to make more credit available to entry-level borrowers. "By launching our 3 percent down 
As more renters face steeper costs, it may put them even further away from 
2015, according to a newly released report from the for Housing Studies of Harvard University. There
are several factors behind the increase, such as the strengthening of
the economy, recovering home prices, federal and state stimulus 
spring 
they’re
shiftless, underemployed ne’er-do-wells with no intention of ever
moving out of their parents’ basements. But the truth is millennials are home buyers.
In fact, they made up the largest percentage of home buyers in 2014.
Millennials—that is, adults 34 and younger—accounted for 32% of all home
purchases last year, according to the 2015 Home Buyer and Seller Generational Trends study. In fact, the
median age of a millennial home buyer was 29, with a median income of
$76,900. What’s more, millennials were most likely to buy with their
unmarried partner. 
Bankers Association reported Wednesday. However, many high-end home buyers weren't deterred by the higher rates. Applications for home purchases increased 2 percent for the week and are now 2 percent higher than year-ago levels,
MBA reports. The rise was mostly due to high-end home buyers, with the
average purchase loan size rising to $294,000 last week—the highest ever
recorded by MBA.
Higher inventories and buyer demand are expected to boost closings this month. "The biggest macro trend is that we're finally seeing inventory grow,"
says Jonathan Smoke, chief economist. "This is a very important trend
for many reasons – in particular, because it will help keep prices at a
more moderate 
Suffice it to say—it’s a tight market. And in a tight market, the conventional wisdom is to price your house a little lower than its actual value, in the hopes of sparking a 
independently owned shops and restaurants, a vibrant night life—and people who live there. The best downtowns consistently change as our lifestyles, priorities and work patterns evolve. 
and
a lack of available inventory, according to a report released Wednesday
by the Kroll Bond Ratings Agency (KBRA) that is scheduled to be
presented Head of Research
Christopher Whalen at the 2nd Annual Real Estate Symposium in Salt Lake
City, Utah.
it’s still not enough. With too many buyers and too few properties on the market, bidding wars are heating up again.
a 
jumbo
rates were lower than those for comparable conforming mortgages. Many
banks and credit unions began offering more jumbo options, some with
down payments less than 20% and no private #mortgage insurance
requirements. 