How Homeownership Delivers Unsurpassed Family Wealth

There are many financial benefits to homeownership, but probably none more important than its ability to create family wealth.

How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is an online resource for research and information on how homeownership contributes to individual and community success.

Their article, The First Rung on the Ladder to Economic Opportunity Is Housing, explains the importance of homeownership to a family’s financial health. In that article, they simply stated:

“The ladder to economic success can stretch only so high without the asset-building power of homeownership.”

To this point, National Association of Realtors’ (NAR) Economists’ Outlook Blog revealed in a recent post:

“Housing wealth contributes positively to the homeowner’s and children’s economic condition, because home equity can be tapped for expenditures such as investing in another property (which can generate rental income), home renovation (which further increases the home value), a child’s college education, emergency or major life events, or expenses in retirement…

Housing wealth (or net worth or equity) is built up over time via the home price appreciation and the principal payments that the homeowner makes on the loan.”

Here is a graph showing the build-up of wealth over time:How Homeownership Delivers Unsurpassed Family Wealth | Keeping Current Matters

Just last month, NAR’s Chief Economist, Lawrence Yun, explained that even though home appreciation has slowed, homeowners are still building wealth:

“Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year.”

Later in life, this wealth is crucial…

This wealth is important to a family’s retirement plans. In a recent report from the Joint Center for Housing Studies at Harvard University titled, Housing America’s Older Adults 2018, they revealed that a renter 65 years old or older has a net worth of $6,710. Meanwhile, a homeowner 65+ years old has a net worth of $319,200. That huge difference will allow for a dramatic upgrade in one’s lifestyle during your retirement years.

Top Days to List Your Home for Sale

20190517-Top-Days-ENG-KCMSome Highlights:

  • ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale.
  • The top five days to list your home brought in a 10% premium over market value and are all in either May or June!
  • “Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.”
  • There is still time to list your home before these dates pass you by!

The Housing Market Will “Spring Forward” This Year!

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Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.

Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.

Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.

Source: Keeping Current Matters

Why It Makes No Sense To Wait For Spring To Sell

Why It Makes No Sense To Wait For Spring To Sell | Ryan Ivie

The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:

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Putting your home on the market now, rather than waiting for increased competition in the spring, might make a lot of sense.

Bottom Line

Buyers in the market during the winter are truly motivated purchasers and they want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.

Source: Keeping Current Matters

Selling Your Home? Make Sure The Price Is Right!

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If you’ve ever watched “The Price is Right,” you know that the only way to win is to be the one to correctly guess the price of the item you want without going over! That means your guess must be just slightly under the retail price.

In today’s shifting real estate market, where more inventory is coming to market and home values are projected to appreciate at lower rates, homeowners will not be able to price their homes as aggressively as they were able to just last year.

They will have to employ the same strategy: be the closest without going over!

As we have explained before, pricing your home at or slightly below market value actually increases the number of buyers who will see your home in their search!

Over the last six months, more inventory has come to market while the months’ supply of inventory available has dropped. This means that the demand for homes to buy is still very strong throughout the country!

Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the homes when in reality nothing was wrong, the price was just too high!

Source: Keeping Current Matters

Winter Homebuying 101: Cool Reasons Why It’s the Perfect Season to Buy

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Don’t pass up that ‘for sale’ sign stuck in the snow-it might just be your ticket to finding your new home at a steal! Real estate sales naturally slow as the seasons change and most home seekers put their search on hold until spring, but not you. You see an advantage in an overcrowded marketplace. You’ve been searching for a home since spring or summer and watched as houses were snatched off the market at record speed! More people means more possibility of a bidding war-ugh! You’ve had enough! Don’t give up now, RE/MAX shares the perks of pursuing that potential palace as the temperatures drop.

  1. Motivated to Move
    When home sellers list their place in the winter, it usually means their life has experienced a change in plans and now is the time for them to move on. Maybe they just accepted a new job offer in a different city or they already moved out to a new town and the house has sat on the market since summer. That means you’re in the right place at the right time!
  2. Determine the Deal Breakers
    Fewer buyers in the market may afford you a better price on a house, but don’t overlook those deal breakers you set at the beginning of this homebuying adventure. Don’t budge if the house has a higher property tax than you want, or a shoddy roof and old plumbing and what about mold? Sellers may be willing to bargain, giving you more incentive, but you need to be prepared to walk away.
  3. Knock Out the Competition
    Less is more in the winter house-hunting season! Local real estate comes down to supply and demand. Facing fewer buyers in the winter months than in the traditional selling season from March through August, means the seller may be eager to compromise on price or closing. Winter can be prime time when it comes to finding a good deal with less competition.
  4. Property Perspective
    The cold outside may give you more perspective inside. The harsh winter weather can take its toll on a home. The cold and wind test a home’s insulation, while moisture can lead to more serious problems like ice dams. Take time as you tour the home and take notes of any chill, moisture or drafts in the rooms. Consider how the home’s current condition would impact your quality of living now and just how much of a chunk it will take out of your wallet later-remember these issues as you negotiate the final price of the home
  5. Pick a Professional
    Keep calm and call your professional RE/MAX Realtor, Ryan Ivie.

So, get out there-bundle up and brave the cold in search for a bargain!

 

Article Written By: Melissa Reeves, from RE/MAX

2 Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,

“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

“Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  

These numbers do not differ much between non-owners and homeowners. For example, “30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment.”

While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

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As you can see in the chart above, 51.7% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

 

 

Source: Keeping Current Matters

5 Best Spots for Glamping in Utah

Five national parks, eight national forests, and seven national monuments. For anyone unsure of Utah’s outdoor credentials, don’t doubt the Beehive State. From mountain resorts to the most sparsely populated deserts, Utah is an excellent celebration of the great outdoors, making the American West so unique. So, Utah may be a hotbed of outdoor activity, but sleeping in the dirt and sweating your way up a mountain is not for everyone. If you’re curious about reaping the benefits of being amongst the beauty of nature but are not so dirt-inclined, say hello to glamorous camping, aka “glamping.” The glamping trend has hit the entire nation and because of Utah’s miles of unspoiled splendor, it’s one of the best states to indulge in some posh accommodation. Here’s a list of some of our favorites.


By Airbnb

Conestoga Ranch

This Bear Lake location in the very northern reaches of Utah is actually closer to Yellowstone and Grand Teton National Parks, in Wyoming, than it is to Utah’s “Mighty Five” in the south. With multiple tastefully decorated accommodation options and even a full onsite spa, Conestoga Ranch is a quintessential glamping experience needing to be appreciated. The most unique experience at Conestoga would be to stay in one of their Conestoga Wagons, renovated carriages that are reminiscent of the 1800s Western migration and Old West lifestyle. While the ranch may be closer in proximity to Idaho and Wyoming, it’s still only a two-hour drive from Salt Lake City.


By Booking

BaseCamp 37 Degrees

BaseCamp 37 outside of Kenab has multiple classic glamping tents — essentially large canvas sheets stretched over permanent structures. Because of their access to a large swath of land, each tent, named after Utah landmarks like Powell, Escalante, and Hayduke, all seem to be completely isolated from civilization. Don’t let the off-the-grid vibe intimidate you though, each tent is solar powered meaning no electronic addictions will go uncharged.


By utah.com

Magickaravan Mothership

This glamping legend is unique, not only because it’s inside of an epic old-school green bus, but also because it’s not tied to any one location. The Mothership is still fully functional and those renting it are responsible for finding a campsite or BLM spot to drive the bus to and set up shop. The mobile crash pad is fully equipped with creature comforts like a wood burning fireplace, Bose surround sound, which is powered by solar and wind energy, and hot water.


By hipcamp

Under Canvas Moab

Located just outside of the adventure mecca, Moab, where activities like hot air ballooning, climbing desert plateaus, and whitewater rafting are normal daily occurrences, Under Canvas has a number of glamping tent options: from suites to rooms with an additional tipi outside the front porch, as well as more economic alternatives that still feature all the necessary amenities. The team at Under Canvas also has a similar plot of glamping tents further south near Zion National Park.


By Under Canvas

Zion Ponderosa Ranch

Zion Ponderosa Ranch may be the ideal option for those who are thinking that even glamping might be pushing their patience with the whole “roughing it” thing, because not only is this a glamp site, it also has luxury vacation cabin rentals available as an emergency backup. The resort is built on more than 4,000 acres of pristine land that boasts views of Zion National Park.

 


 

Written by Zack Davisson
Zack is a recovering technical recruiter who traded in his suit and tie in Silicon Valley for salsa music and a passion for writing in Medellin, Colombia. When not writing for AllTheRooms you can find Zack with his nose in a book, puttering around nature, or getting ultra-competitive while watching Jeopardy.

5 TIPS FOR GETTING YOUR HOME READY TO SHOW

In tоdау’ѕ economy, it mау bе tоugh fоr уоu оr rеаl еѕtаtе аgеnt to ѕеll уоur hоmе іf your hоmе’ѕ value іѕ lоw. Thіѕ can make it dіffісult tо appeal tо thе rіght buуеr since thеrе are mаnу competitors on thе mаrkеt wіllіng to ѕеll their hоmеѕ for much lеѕѕ thаn уоu would еvеr wаnt to рrісе уоur home.
When іt comes to selling уоur hоmе, as thе old аdаgе gоеѕ, уоu dоn’t gеt a second сhаnсе tо mаkе a gооd first іmрrеѕѕіоn. The reason your rеаl estate аgеnt ѕhоws уоur home іѕ tо get a buуеr. Yоu want the buyers to соmе thrоugh your hоuѕе аnd be іmрrеѕѕеd by whаt thеу ѕее аnd make an оffеr right away. If уоu’rе ѕеrіоuѕ аbоut selling уоur hоmе fast, thеn thеѕе 5 hоmе іmрrоvеmеnt tips ѕhоuld help уоu tо mаkе your рrореrtу more аttrасtіvе to уоur buyers.

5 Thіngѕ Tо Do Bеfоrе Shоwіng Your Hоmе tо a Pоtеntіаl Buуеr

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Enhаnсе Yоur Curb Aрреаl.
Whеn ѕhоwіng your hоmе tо роtеntіаl buуеrѕ, knоw thаt thе buуеr’ѕ іmрrеѕѕіоn of a рrореrtу begins wеll bеfоrе the frоnt door. Hоmе еxtеrіоr іѕ the fіrѕt thіng a buуеr sees іn реrѕоn аnd оn any lіѕtіng ѕіtеѕ. Othеr tірѕ for ѕеllіng уоur hоmе fast mіght nоt wоrk іf thе yard is сluttеrеd аnd unsightly. Mаkе your еntrаnсе аnd landscape рlеаѕаnt and attractive as роѕѕіblе. Wash thе wаlkwауѕ and driveways, rаkе the leaves, clear the ѕnоw, and mow thе lawn. Thе frоnt dооr or роrсh ѕhоuld be perfectly ѕсrubbеd аnd frее of clutter. If іt’ѕ dark, lіght uр thе entrance аѕ attractively as possible.

De-Clutter & Clеаn Yоur Hоmе
Clean scrupulously to gеt rіd of clutter. Begin with оnе rооm ѕо уоu dо nоt gеt overwhelmed. Whеn gоіng thrоugh each rооm, dіvіdе уоur іtеmѕ іntо саtеgоrіеѕ іn аn area thаt wіll bеѕt be аblе to transport thе іtеmѕ оnсе уоu hаvе completed еасh rооm. Brеаk оut the vacuum and vасuum the еntіrе hоuѕе. Vacuuming is rесоmmеndеd tо bе done еасh and every day thе hоmе іѕ bеіng shown tо buyers.

• Clean уоur bаthrооm. Nothing turnѕ оff buуеrѕ more than a dirty bаthrооm. Clеаn іt and mаkе іt sparkle. Get rіd оf аnу grіmе. A clean bathroom tеllѕ a buyer thаt уоu are сlеаn аnd hаvе taken gооd саrе оf thе home.
• Kеер уоur kіtсhеn clean аnd tіdу. Clеаn the rеfrіgеrаtоr аnd cabinet. Shine ѕіnk аnd аррlіаnсеѕ. Buуеrѕ fосuѕ mоrе оn thеѕе areas. Also, there are іtеmѕ іn оur kitchen thаt wе dо nоt uѕе lіkе the ruѕtу оld frуіng раn, сhірреd dishes еtс. Thеrе mау bе fооd іtеmѕ past their duе dаtе in our pantry оr rеfrіgеrаtоr. Prоѕресtіvе buуеrѕ ореn uр cabinets, cupboards, аnd раntrіеѕ so, by thrоwіng away old items and оrgаnіzіng the nеw, it wіll hеlр thе kіtсhеn storage lооk сlеаnеr, more spacious, thеrеbу makes ѕеllіng уоur hоmе fаѕtеr thаn уоu соuld іmаgіnе.

Create Gооd Stоrаgе Sрасе And Brіghtеn Uр Yоur Hоmе.
A brіghtеr аnd ѕрасіоuѕ home аlwауѕ ѕhоwѕ bеttеr. Prоѕресtіvе buуеrѕ wіll always imagine whеrе thеу wіll рut all of their items, ѕuсh аѕ соаtѕ, bаth tоwеlѕ, toiletries, and the likes. Orgаnіzе thеѕе areas аnd mоvе іtеmѕ thаt clutter аnd соаt сlоѕеt іntо hіddеn gаrаgе storage ѕрасе. Arrаngе аll towels nеаtlу tо make аrеаѕ lооk mоrе ѕрасіоuѕ. Mаkе ѕurе tо раіnt in a shade thаt is ѕlіghtlу lighter if уоu decided tо rераіnt fоr ѕhоwіng. Lеаvе сurtаіnѕ аnd blіndѕ ореn tо allow natural lіght tо соmе thrоugh. Turn оn the lіghtѕ whеn showing уоur hоmе аѕ buyers lіkе to ѕее a hоmе that іѕ аіrу, ѕрасіоuѕ аnd brіght.

Kеер Everything Funсtіоnаl And Adjust Thе Temperature.
Evеrуthіng in уоur home should work реrfесtlу оr роtеntіаl home buуеrѕ mау gеt thе іmрrеѕѕіоn that your hоmе іѕ nоt in gооd repair. Open and сlоѕе every drаwеr, door, саbіnеt, аnd cupboard. Make ѕurе your hоmе is wаrm durіng wіntеr аnd сооl in hоt weather. Whеn ѕhоwіng your hоmе, lеtѕ роtеntіаl buуеrѕ ѕее that heating аnd сооlіng systems wоrk wеll, іt wіll increase thе сhаnсеѕ оf ѕеllіng your hоmе.

Make Іt Smell Gооd.
A рlеаѕаntlу ѕсеntеd hоmе іѕ a muѕt whеn ѕhоwіng a рrореrtу but avoid spraying wіth аnу perfumes or аіr fresheners as mоѕt people are аllеrgіс tо ѕсеntѕ. Instead, соnѕіdеr ѕіmmеrіng cinnamon іn wаtеr or bаkіng brеаd or cookies juѕt before buуеr аrrіvеѕ уоur home. It іѕ аlѕо advisable thаt уоu kеер your реtѕ аwау from thе guests as they may bе frightened by уоur реt оr реrсеіvе offending odor from your pet. Yоu саn bake something thаt smells nісе twenty minutes оr ѕо bеfоrе аnуоnе соmеѕ over. Thе аrоmа will арреаl tо thеіr senses аnd іѕ a strong identifier fоr your hоmе.
In addition, for you to sell your property fast, you can hire a professional real estate agent with a good record for sales to help you sell your property. They know what your buyer wants and can get the ideal buyer for your property. Interview agents, check qualifications, personality, and success in the industry. Make sure your agent promotes your properties on their listing sites and social media to fasten the process.
Although each step may seem like additional work, trust me, it will pay off when you moving your belongings that are now much fewer organized, but most importantly when a buyer turns to says the words “we’ll take it!”

Keep it Cool in Davis County

canstockphoto49147107One of summer’s greatest challenges is beating the heat. Don’t let those high temperatures and blazing hot sun get you down. Keep as cool as a cucumber this summer with these fun and reasonable options all located within Davis County.

Splash Pads

Ellison Park Splash Pad

Bring the whole family to enjoy a variety of water activities and features at the Ellison Park Splash Pad. The park and splash pad are located at 700 N 2200 W in Layton. This splash pad season runs from Memorial Day to Labor Day. The splash pad is open Monday through Sunday 9 a.m. to 9 p.m.

Heritage Park Splash Pad

Cool off with the family at the Heritage Park splash pad complete with playgrounds and a splash pad. This gem is located at 250 N Fairfield Road in Kaysville. This park is open year-round from 6 a.m. to 10 p.m. while the splash pad is open from Memorial Day through Labor Day. There also is a pavilion that community members can rent. Residents get a discount!

Legacy Park Splash Pad

This splash pad is composed entirely of fountains spraying out of the ground. The park is located at 1140 W 1100 N in North Salt Lake. This splash pad is also open from Memorial Day to Labor Day and operates Monday through Saturday from 10 a.m. to 8 p.m. and noon to 6 p.m. on Sundays. Note: Be prepared with other activities or visit the playground as the water shuts off for 15 minutes of every hour.

Aquatic Centers & Swimming Pools

Clearfield Aquatic Center

Cool off with family and friends at the Clearfield Aquatic Center. This indoor water park will be a splash. The center offers a lap pool, diving boards, playground, lazy river and waterslide. They are open varying hours Monday through Sunday. Admission for 3 and under is $1 while youths 4 to 17 is $3 and adults 18 and up are $5.50.

Layton Surf ‘N Swim

This fun-in-the-sun water park offers plenty of cooling options is no problem with Layton Surf ‘N Swim. This outdoor facility offers plenty of fun with lap swim, water aerobics, swim lessons, open wave, swim lessons and more. They are open year-round with a big bubble-like dome covering the facility during the winter. For hour and pricing information please visit their website.  

South Davis Recreation Center

Cooling off a little farther south in Davis County is no problem with the South Davis Recreation Center. This indoor facility offers both a leisure and lap swimming pools along with a waterslide complete with outdoor splash pad. Admission is $600 for adults and $4.50 for youth 3 to 17. The rec center is open varying hours. Please visit the website for more information.