Tips for Winning in a Seller’s Market

Northern Wasatch Association of RealtorsAdvice, Update

If you’ve been shopping for a home, you know it’s a seller’s market. Home prices are rising, the number of houses for sale is declining and properties are selling very quickly. In Weber County, the median sales price increased substantially in February — up 19 percent from last year to $200,000. In Davis County, prices rose 11 percent — an increase of nearly $25,000 from the median in 2016. The same conditions prevailed in Morgan County where prices were up and buyers had fewer housing choices. The current environment is the result of a housing shortage. In fact, the Kem Gardner Policy Institute at the University of Utah finds the number of new Utah households is now growing faster than …

Study: Ogden Tops Utah for Housing Affordability

Northern Wasatch Association of RealtorsAdvice

If you’ve been struggling to find an affordable home, consider house-hunting in Northern Utah. Recently, the National Association of Home Builders (NAHB) named Ogden-Clearfield as Utah’s most affordable metro area for buying a home. The Ogden-Clearfield metro, which includes Box Elder, Davis, Morgan and Weber counties, also ranked fourth-best regionally and No. 37 nationally among more than 200 metro areas studied. Even with some price increases, nearly 84 percent of new and existing homes sold between October and December were affordable to families making the area income of $73,000. That’s according to NAHB’s fourth quarter 2016 Housing Opportunity Index. In Utah’s other metro areas, affordability isn’t quite as favorable but still outperforms the U.S. average. In Salt Lake, about 71 …

The risks of selling and buying on your own

Northern Wasatch Association of RealtorsAdvice

In a world where Pinterest, online videos and specialty blogs encourage you to try any number of projects, it’s easy to think you’re up to any do-it-yourself challenge. While some projects are low-risk, like trying a new recipe, others, like shingling your roof, can cause serious problems if done without the proper expertise. Buying and selling a home are activities that fall into the latter category. Without the experience of a real estate agent who knows your neighborhood, you risk losing thousands of dollars. Or you could find yourself in a lawsuit because you didn’t understand your legal responsibilities. Here are just a few of the costly mistakes that “do-it-yourselfers” risk making:   Buyers Paying too much Just because a …

What will higher interest rates mean for home buyers?

Northern Wasatch Association of RealtorsAdvice

With the recent jump in mortgage rates, some would-be home buyers are wondering what the higher rates will mean for their purchasing prospects. Throughout 2016 rates on 30-year mortgages have remained under 4 percent or even 3.5 percent. In the remaining weeks of the year, however, rates on 30-year mortgages have steadily increased into the 4 percent range. With an improving economy, experts tell home buyers to expect above 4 percent to be the new normal. Inflation is on the rise and with it long-term interest rates are likely headed up. In fact, the Federal Reserve recently raised the all-important federal funds rate at its December meeting and likely will increase the rate several more times in 2017. While the …

Saving During the Holidays

Northern Wasatch Association of RealtorsAdvice

It’s that time of year again to start trimming your tree and your budget. Saving and spending wisely this holiday season you can avoid a total budget-buster. Trim your spending without sacrificing any holiday experiences with these quick tips. 1. Budget Budgeting for the holidays is always a smart idea. Start by establishing a general spending cap or allocating a specific amount to each person on your list. Be careful not to forget the little things or set a budget that is too tight. These two items can quickly cause your holiday budget to sour. After setting your budget, it’s important to stick to it. 2. Track your spending One of the most helpful ways to stick to your budget …