Invest in homeownership before increases in rates and prices

Northern Wasatch Association of Realtors Advice

Patience may be a virtue but in the case of the housing market, it may not pay to wait. That’s because would-be homebuyers will likely face rising home prices and interest rates in 2019. In a recent presentation to Northern Wasatch Realtors, Jim Wood, an economist with the University of Utah Kem Gardner Policy Institute, told Realtors he expects area home prices to go up in 2019. “In Weber County and in Box Elder County, we’re going to see prices continue to increase at double-digit or almost double-digit levels,” Wood said. “That’s where they’ve been the last few years.” Specifically, Wood expects home prices to increase 9 percent in Davis County to a median value of $345,000. In Weber County, …

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 …

How to Sell A Home in Utah That Is In A Revocable Living Trust

Northern Wasatch Association of Realtors Advice

Revocable living trusts are an excellent way to help protect your assets, especially your home or other real properties in Utah. You can either appoint yourself the trustee or name a third party to take care of your assets and inheritance wishes. In either case, the person responsible for managing the trust can sell a piece of property that is held in the trust. Whoever the trustee is, that person is authorized to make all of the necessary arrangements associated with property ownership. This includes handling maintenance and repair needs as well as placing it on the market. If the property is held in a revocable living trust, it can be sold by using a purchase and sales agreement which …

The price is right: Tips for setting a list price

Northern Wasatch Association of Realtors Advice

When putting a home up for sale, one of the most important tasks is making sure the price is right. Set the price too low and you risk losing thousands of dollars. Price your home too high and it could languish on the market. That’s problematic since homes with the biggest discounts typically are the ones that stay on the market longest, according to Realtor.com. It’s also important to get pricing right so you don’t miss out on potential buyers who are looking in price ranges close to yours. To navigate the dangers of over- and underpricing, here are five tips to help you get it right: 1. Don’t set the price based on what you paid Over the past …