801-205-3500 or 801-205-1600 Gales@UtahRealty.us
Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner!

Selling Your House: Here’s Why You Need A Pro In Your Corner! | MyKCM

With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional.

Real estate agents are trained and experienced in negotiation while, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families.

Here is a list of just some of the people with whom the seller must be prepared to negotiate with if they decide to For Sale by Owner (FSBO):

  • The buyer, who wants the best deal possible
  • The buyer’s agent, who solely represents the best interests of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The termite company, if there are challenges
  • The buyer’s lender, if the structure of the mortgage requires the sellers’ participation
  • The appraiser, if there is a question of value
  • The title company, if there are challenges with certificates of occupancy (CO) or other permits
  • The town or municipality, if you need to get the CO permits mentioned above
  • The buyer’s buyer, in case there are challenges with the house your buyer is selling

Bottom Line

The percentage of sellers who have hired real estate agents to sell their homes has increased steadily over the last 20 years. Let’s get together to discuss all that we can do to make the process of selling your house easier for you.

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House | MyKCM

Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating.

As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s.

Homeowners: Now Is A Good Time To Sell Your House | MyKCM

This does not come as a surprise, as tenure length (the number of years someone owns a home before moving again) among existing homeowners has increased. It has risen from an average of 6 years from 1985 to 2008, up to 9.5 years over the last few years. This is shown in the graph below:

Homeowners: Now Is A Good Time To Sell Your House | MyKCM

As we can see, there is a pent-up seller demand!

What led to this change in behavior? Falling prices during the housing crisis led to many homeowners having negative equity in their home, meaning they owed more on their mortgage than the home was worth. Others were able to secure a low interest rate on their mortgage and have not been quick to obtain a new mortgage with a higher rate.

Will this trend continue?

Recently NAR reported that “69% of people believe now is a good time to sell a home.”

With a strong economy, low interest rates, and wages continuing to rise, some homeowners will be ready to put their house on the market and move up to the home of their dreams!

Bottom Line

There is a great opportunity for sellers to take advantage of the current real estate market before new inventory comes to market. If you are considering selling your house or would like to know your options, let’s get together today to help you understand the possibilities available to you!

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging as Spring Market Begins | MyKCM

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade.

However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available).

Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months.

Buyer Demand Surging as Spring Market Begins | MyKCM

Why the increase in demand? Increased buying power.

According to the National Association of Realtors’ Economists’ Outlook Blog, purchasing a home has become more affordable, which has led to increased demand.

“Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of income.”

Bottom Line

It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.

 

*The methodology behind the indices:

The ShowingTime Showing Index

“The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”

The National Association of REALTORS® Buyer Traffic Index

“In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay?

Are Low Interest Rates Here to Stay? | MyKCM

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Macbelieve rates will be by the end of 2019.

Are Low Interest Rates Here to Stay? | MyKCM

Bottom Line

If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following three questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a study by realtor.com found that “73% said buying in a good school district was “important” in their search.

This report supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. The actual reasons are:

  • A good place to raise children and provide them with a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing, it may cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

Freddie MacFannie Maethe Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions You Need To Ask Before Buying A Home | MyKCM

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Utah Has The Highest Employment Growth

Utah Has The Highest Employment Growth

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale

Does selling my home myself save me money?

 

I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had with his neighbor. He said: “We were doing a project together this Saturday and during the project we discussed what I did for a living.  When the neighbor learned that I was a lender and that I work with several great Realtors® the neighbor ranted and raved about Realtors®.  He said they are overpaid, don’t do anything and he would never use one.”  Subsequently the lender asked me to write this article about what realtors do.

Let me begin with this statement. “In any profession you have the good and the bad.” Unfortunately this gentleman most likely had a bad experience with a Real Estate Agent at some point in his life. In any professional service performed for a fee, you usually get what you pay for.

Realtors® are a member of the National Association of Realtors® and have to adhere to a higher standard of care than a licensed real estate agent.  If a Realtor® is doing his or her job properly, they will complete up to 200 steps with considerable time and effort to get the property sold. In this market with ever tightening home loan requirements, inspections, tests and disclosures, many times the property goes under contract multiple times before arriving at a successful closing.  Navigating a transaction to a completed sale is a complicated process. In 28 years as a full time Broker I have never seen the process as complicated as it is now.

 

Years ago you might have been able to place a sign on the property, write a contract, wait two weeks and close with no problems. Those days are long gone!

So the question is “What value does the Realtor® bring to the sales process? Does it justify the commission they charge?

Answer – The right Realtor® brings years of marketing experience, knowledge and tools of the trade to the table. Proper use of this knowledge, marketing and experience will:

  1. Sell the home faster,
  2. Net more money to the seller than they could if they were to sell “By Owner”,
  3. Narrow or eliminate the pitfalls of selling “By Owner”.

As local Realtors®, we collect a lot of statistics about this and the data shows conclusively that only 10% of “By Owner” attempts are successful. About 10% of the “By Owner” attempts end up with the property being removed from the market and the sale abandoned. The remaining 80% of “By Owner” attempts hire a real estate professional to get the job done.

According to National Association of Realtors® statistics, sellers who are represented by a real estate professional get 20% more money for their homes than sellers who successfully complete a “For Sale By Owner” transaction.  A part of that is due to the unrepresented seller’s tendency to overprice their property in the first place with the result that they have to discount more heavily because it becomes “stale” on the market.  In a transaction involving a real estate professional, we work very hard at the beginning to properly price the home and consequently they sell more quickly.

Secondly, there is the issue of advertising. A house won’t sell if nobody knows it is for sale. A “For Sale By Owner” sign on the lawn is only a start (and a weak one at that).  A Realtor® may spend anywhere from 6-10% of the expected commission on advertising in addition to the cost of placing the listing in the MLS, and the cost of a professional sign placed on the property. Additional costs may be incurred for placing the listing on certain Web sites and for other techniques that the agent uses to increase exposure for the property. In addition, most companies now have mobile apps that can be used to find your property, if it is listed. More and more buyers are “going mobile” these days and you might end up being as invisible in that world as a “For Sale By Owner”.

Third is the need to deal with potential buyers. Buyers and their agents need to set up appointments and are likely to call at all hours sometimes with limited advance notice. A Realtor® will have an office that people can call for these appointments 7 days a week. A Realtor® will also try to pre-screen potential buyers and only set appointments for those that he/she feels are valid buyers for the property. Place a “For Sale By Owner” sign in your front yard and you invite the whole world to walk through your house.

The forth issue is one of time – time that the agent would spend sitting in open houses, so you don’t have to and the time that you’ll lose on the sale just due to it being a unrepresented sale. Without the benefit of the exposure that the Realtor® will provide for the house, through the Multiple-Listing Service and his/her advertising and marketing efforts, the unrepresented home is likely to stay on the market quite a bit longer than a listed property. Statistics tell us that an unrepresented seller’s house can stay on the market almost twice the average for a listed property in the same area. Remember that you’re making payments during that extra time and very little of that money flows to your equity bottom-line.

Fifth, todays buyers and sellers agree a full 89% of buyers used a Realtor®, and so did 88 % of sellers.

For Sale By Owner (FSBO) Statistics

FSBOs accounted for 9% of home sales in 2013. The typical FSBO home sold for $184,000 compared to $230,000 for agent-assisted home sales. Roughly a 20% loss to the unrepresented seller.

FSBO methods used to market home:

Yard sign: 36%

Friends, relatives, or neighbors: 28%

Online classified advertisements: 16%

Open house: 14%

For-sale-by-owner websites: 13%

Social networking websites (e.g. Facebook, Twitter, etc.): 7%

Multiple Listing Service (MLS) website: 7%

Print newspaper advertisement: 7%

Direct mail (flyers, postcards, etc.): 1%

Video: 1%

Other: 2%

None: Did not actively market home: 32%

Most difficult tasks for FSBO sellers:

Understanding and performing paperwork: 18%

Getting the right price: 13%

Preparing/fixing up home for sale: 12%

Helping buyer obtain financing: 3%

Attracting potential buyers: 3%

Selling within the planned length of time: 7%

Having enough time to devote to all aspects of the sale: 6%

Source: 2013 National Association of REALTOR®S® Profile of Home Buyers and Sellers

 

Home Seller Statistics

The typical home seller in 2013 was 53 years of age, had a median household income of $97,500, and lived in their home for 9 years.

88% of sellers were assisted by a real estate agent when selling their home.

Recent sellers typically sold their homes for 97% of the listing price, and 47% reported reducing the asking price at least once.

The typical home sold was on the market for 5 weeks.

39% of sellers who used a real estate agent found their agents through a referral by friends or family, and 25% used the agent they previously worked with to buy or sell a home.

Sellers who definitely would use same agent again: 65%

Source: 2013 National Association of REALTOR®S® Profile of Home Buyers and Sellers

Home Buyer Statistics

First-Time vs. Repeat Buyers:

First-time buyers: 38%

Median age of first-time buyers: 31

Median age of repeat buyers: 52

Median household income of first-time buyers: $64,400

Median household income of repeat buyers: $96,000

The typical home purchased in 2013 was 1,900 square feet in size, was built in 1992, and had three bedrooms and two bathrooms.

Among those who financed their home purchase, buyers typically financed 90% of the home price.

88% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.

Buyers who definitely would use same agent again: 73%

Information sources used in home search:

Real estate agent: 89%

Yard sign: 51%

Mobile of tablet website or application: 45%

Open house: 45%

Mobile or tablet search engine: 42%

Print newspaper advertisement: 23%

Source: 2013 National Association of REALTOR®S® Profile of Home Buyers and Sellers

 

 

Comments from my past Clients:

“Marty is the most knowledgeable and in-depth Real Estate professional I’ve ever dealt with, and I’ve hired him to help me buy and sell. I would recommend him to anyone seeking to buy or sell a home!” Kelly C.

 

“I hired Marty to market my house in South Jordan because of his experience and knowledge of the market. He kept me up to date on changing market conditions and provided valuable feedback on the best way to position the property for sale. He was also very easy to work with as I was an absentee owner. I recommend him very highly.”

Keith V.

“From the very beginning, Marty Gale was a straight shooter with excellent integrity. His hard work ethic and determination not only helped us sell our home but find one that suited our needs in our price range. He made our home buying experience seamless and fun. If I ever need to buy or build another home I will, without a doubt, use him as my agent. Thanks to Marty we are now enjoying our beautiful new house!”

Rodney F.

 

“Marty has sold me over a million dollars in real estate and I am very happy with the results. He has done a very good job of guiding us in home sales / purchase of our new home, investment properties and finance. I would highly recommend him if you are looking for a good, trustworthy real estate agent.”

Ron C.

I have dealt with Marty on two different occasions. One time selling and once buying a house. Both experience were very good. He is knowledgeable in all aspects of his business. He was very loyal to me as his client and I felt very comfortable working with him. I would not hesitate to recommend Marty to anyone who needed his service.

Merril B.

 

“Marty has helped me with a few real-estate endeavors. He has helped me sell my home and more recently he worked to help my growing family find a home in salt lake. Marty had all the resources available to me: home inspector, clean up companies, and others to help us achieve our goals in purchasing a safe home for our daughter. Once we put an offer in, he worked tirelessly to get the job done. We were on a tight time line and were able to find a house, purchase it, and move in to the house in under a month and half. Marty was efficient, smart, honest, and hard working to make this process easy and fast. I enthusiastically recommend him to everyone I know.”

 

 

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize

Home Value Appreciation Stops Falling, Begins to Stabilize | MyKCM

The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer.

In a recent post on the National Association of Realtors’ Economists’ Outlook Blog, it was revealed that Realtors are starting to sense that home values are beginning to stabilize and that we may see appreciation beginning to accelerate again:

“About 3,000 REALTORS® who responded to NAR’s February 2019 REALTORS Confidence Index Survey had more optimistic— although modest— home price growth expectations over the next 12 months. Respondents expect home prices to typically increase by 1.9 percent nationally, up from 1.4 percent in the January survey.”

The thinking that home appreciation has bottomed-out was also confirmed in two additional housing reports recently released:

CoreLogic Home Price Index – The analysts at CoreLogic increased their projection for home appreciation for the next twelve months to 4.7% as compared to the 4.6% they projected in their previous report.

The Home Price Expectation Survey – In the 2019 first quarter survey, the nationwide panel of over one hundred economists, real estate experts, and investment & market strategists increased their projection for home value growth in 2019 to 4.3% compared to the 3.8% increase they had projected in the fourth quarter of 2018.

Bottom Line

Agents working the business every day, one of the premier data companies in the real estate space, and one hundred housing experts all agree: home price appreciation has ended its decline and looks to be stabilizing… and may even accelerate.

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

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Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

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home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

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Celebrating a Closing

Celebrating a Closing

Yvonne is celebrating the purchase of her lovely rambler home. Congratulations Yvonne!

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come

Home Buyer Demand Will Be Strong for Years to Come | MyKCM

There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”.

And while this might be true for some millennials, more and more research has surfaced that shows for the vast majority, owning a home is a major part of their American Dream!

New research shows that 66% of millennials who currently rent are determined to buy a home! Seventy-three percent of those surveyed by Pulsenomics plan to buy a home in the next five years, with 40% planning to do so within the next two years!

Home Buyer Demand Will Be Strong for Years to Come | MyKCM

“Millennials want to own a home as much as prior generations,” Ali Wolf, Director of Economic Research at Meyers Research says. “We saw millennial shoppers scooping up homes in 2018—and 2019 will be no different.”

Bottom Line

Are you one of the millions of renters who are ready and willing to buy a home? Let’s get together to determine your ability to buy now!

Utah Realty can Knock out a Great Deal for You

Utah Realty can Knock out a Great Deal for You

Selling Your House: Here’s Why You Need A Pro In Your Corner! With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Real estate...

Homeowners – Now Is A Good Time To Sell Your House

Homeowners – Now Is A Good Time To Sell Your House

Homeowners: Now Is A Good Time To Sell Your House Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell...

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins

Buyer Demand Surging in Utah as Spring Market Begins Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However,...

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay

Are Low Interest Rates Here to Stay? Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last...

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home

3 Questions You Need To Ask Before Buying A Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is...

Why should I use a Realtor® to sell my home

Why should I use a Realtor® to sell my home?  By Marty Gale Does selling my home myself save me money?   I recently received a call from a Mortgage originator (Loan Officer) that is a friend of mind. What prompted me to write this article was a discussion he had...

home price appreciation each month for over a year

home price appreciation each month for over a year

Home Value Appreciation Stops Falling, Begins to Stabilize The percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far annual appreciation would fall. It seems we may now have the answer. In a...

Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”. And while...

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