Mortgage Options in 2018

Northern Wasatch Association of Realtors Advice

Home prices are rising in Northern Utah according to Utah Realtors. In Davis County, the median sales price rose 9 percent to $272,500 during the first 10 months of 2017. The trend was similar in Weber County with an increase of 11 percent to $205,000. Prices in Morgan County, where sales volumes are lower, remained flat at $390,000. While home prices likely won’t rise as quickly next year, they will still be up about 4 percent statewide in 2018, according to CoreLogic. While the gain is good for existing owners, it presents challenges for those who want to buy. With more expensive homes, buyers need to save more cash for down payments and qualify for larger loans. Higher prices also …

WHAT ESTATE PLANNING ATTORNEYS WANT REALTORS TO KNOW

Northern Wasatch Association of Realtors Advice

Real estate transactions can be unpredictable, especially if the previous property owner has passed away and the transaction involves the trust or estate of the deceased. As estate planning attorneys, we have encountered multiple deceased-owner cases where realtors have taken their eye off the ball and landed their clients and themselves in an unnecessary mess of one kind or another. However, the good is that all realtors can take some very basic precautions, utilizing tools already at their disposal, and come up smelling like roses at the closing table. Here’s how. Ask good questions, be a good listener and use the preliminary title report as the foundation for a successful transaction. On the seller side, make sure that the people …

Which remodeling projects are best?

Northern Wasatch Association of Realtors Advice

According to Harvard’s Joint Center for Housing Studies, Americans spent $340 billion on remodeling in 2015. With the significant time and money invested into remodeling, it’s important to strategically select projects. Homeowners aiming to enhance quality of life may have different priorities than those wanting to increase their property’s resale value. New research makes those decisions a little easier. The National Association of Realtors partnered with the National Association of the Remodeling Industry to create the 2017 Remodeling Impact Report which details the returns of 20 interior and exterior remodeling and replacement projects. Researchers measure payoff in three ways: 1) how much is added to the home’s resale value 2) how much the project appeals to buyers and 3) how …

Which real estate investment is right for you?

Northern Wasatch Association of Realtors Advice

Northern Utah’s housing market is booming. In only a year, home values in Davis, Morgan and Weber counties increased more than 12 percent. In both Davis and Weber counties, the median sales price is about $30,000 higher than last year, according to the Utah Association of Realtors’ July report. In the rental market, rates are up 6.5 percent in Salt Lake, according to a report from Cushman & Wakefield. While the record-low vacancy rates are likely to head up, experts still expect rental rates to grow about 4 percent in 2018. In light of the increases in both housing prices and rental rates, you may be thinking about buying some real estate as an investment. Even though the gains won’t …