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 …

Study: Ogden Tops Utah for Housing Affordability

Northern Wasatch Association of Realtors Advice

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 Realtors Advice

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 Realtors Advice

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 …

2017 Real Estate Forecast

Northern Wasatch Association of Realtors Advice, Update

Despite tight housing supplies and rising home prices, buyers still flocked to the housing market, making 2016 one of the best years ever for home sales and setting the stage for strong real estate conditions in 2017 and 2018. The National Association of REALTORS is predicting 2016 will be the best year for U.S. home sales since 2006. In Utah, if the pace keeps up, 2016 will have the most real estate transactions ever on records dating back to 2003. In Northern Utah, Weber and Davis County sales increased about 4 and 2 percent, respectively, for the first nine months of the year. That’s up from a very strong 2015. Moving forward, experts forecast 2017 should have even more transactions. …