Thinking of Selling? Now May Be the Time

Thinking of Selling? Now May Be the Time

Thinking of Selling? Now May Be the Time.

Thinking of Selling? Now May Be the Time. | MyKCM

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.

The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:Thinking of Selling? Now May Be the Time. | MyKCMDemand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.

Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

 

Now may be the time for your Professional Equity Assessment Report

Income Rates Over Time

Income Rates Over Time

Interest Rates Over Time [INFOGRAPHIC] | MyKCM

Some Highlights:

  • With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time.
  • According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
Entry-Level Homeowners Are in the Driver’s Seat

Entry-Level Homeowners Are in the Driver’s Seat

Entry-Level Homeowners Are in the Driver’s Seat

Entry-Level Homeowners Are in the Driver’s Seat | MyKCM

One thing helping homeowners right now is price appreciation, especially in the entry-level market. In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects prices will rise 5.2% by December 2020.

Why is this good news for the homeowners?

When prices appreciate, homeowners gain equity. In addition, those planning to sell this year, especially in the entry-level market, can potentially earn a substantial profit.

Dr. Frank Nothaft, Chief Economist at CoreLogic, says:

“Moderately priced homes are in high demand and short supply, pushing up values…Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”

As Dr. Nothaft indicates, the lack of inventory continues to drive home price growth. This means there’s a high demand for homes in this tier of the market, making it a great time to consider using your equity to move up to a bigger or more premium home.

When you upgrade your home, you may be able to find the amenities or features you’ve dreamed of – such as a yard to plant or garden in with your family this spring, or more outdoor space for entertaining this summer. Maybe it’s the master bath you’ve always hoped for, or a garage to finally park your car inside.

Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.

Bottom Line

If you’d like to own a bigger home, let’s get together to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained.

Opportunity in the Luxury Market This Year

Opportunity in the Luxury Market This Year

Opportunity in the Luxury Market This Year

Opportunity in the Luxury Market This Year | MyKCM

Homes priced in the top 25% of a price range for a particular area of the country are considered “premium homes.” At the start of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes. It looks like buyer activity, however, is starting to show a shift in this segment.

According to the January Luxury Report from the Institute for Luxury Home Marketing (ILHM):

“In a snapshot of 2019, despite pessimism at the start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets.”

Momentum is growing, and those looking to enter the luxury market are poised for success in 2020 as well. With more inventory available at the upper-end, historically low interest rates, and increasing average wages, the stage is set for buyers with an interest in this tier to embrace the perfect move-up opportunity.

The report highlights the increase in buyer activity in this segment, resulting in growing sales toward the end of 2019:

“According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern.

Many of early 2019’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019.”

With evidence of strong buyer confidence, this is great news, as more homeowners are building equity and growing their net worth throughout the country:

“Many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increase number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in…secondary cities throughout North America.”

With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market. Keep in mind, luxury can mean different things to different people, too. To one person, luxury is a secluded home with plenty of property and privacy. To another, it is a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent understand what you’re after as you define the scope and location for the home of your dreams.

Bottom Line

If you’re thinking about upgrading your current house to a luxury home, or adding an additional property to your portfolio, let’s get together to determine if you’re ready to make your move.

Whats Trending in Outdoor Kitchens?

Whats Trending in Outdoor Kitchens?

 

Outdoor kitchens have been popular for years. Not only do they give you an excuse to enjoy beautiful weather outdoors but they’re also great for entertaining. Having a nice outdoor kitchen can even improve the overall value of your home! While these kitchens were once thought to be a fad, they actually seem to be getting more and more popular as time goes by.

If you’re thinking of adding an outdoor kitchen to your home, you might be wondering how to make sure that your new kitchen fits with the current trends in outdoor kitchen design. While the final decision comes down to you and your tastes, here are a few hot trends to help form the design of your new outdoor kitchen.

 

Rustic Looks Are King

Once upon a time, outdoor kitchens were little more than blocks of brick and mortar with an oven or grill built in. Now they’ve really grown, and their overall look has grown as well. One of the really popular trends in outdoor cooking spaces is to give them a rustic or even semi-rustic look; brick and stone still play a part, but so do aged wood and similar accents like corrugated metal. Brick flooring and rustic whitewashing are also fairly popular, as they give the whole kitchen area a very part-of-the-home feel.

Semi-Outdoor Chic

While some outdoor kitchens are completely separate from the home, one growing trend is to build them into a covered deck area or other space that connects to the home. Adding a bit of roofing and a few partial walls or supports capitalizes on the outdoor feel of the space while still giving you a bit of privacy and control over the space you’ll be cooking in.

Accessible Food Prep

When outdoor kitchens first started becoming popular, the usual approach was to do all the food prep inside and then bring things out to cook. Over time, though, homeowners have shifted toward wanting to do some if not all of their prep outdoors as well. This means that modern outdoor kitchens provide access to counter-space, butcher block cutting boards that are built in to the surface, and other prep-area essentials. They also offer up sinks and other sources of water, and many include mini-fridges to keep fresh ingredients cool until they’re needed as well. Some outdoor kitchens even come equipped with dishwashers to provide beginning-to-end cooking solutions!

Pizza Ovens Remain Popular

A lot of outdoor kitchens got their start as an excuse to install brick pizza ovens, and these outdoor ovens remain popular today. The types of pizza ovens that people want have evolved a bit, however. While you’ll still see plenty of very basic brick pizza ovens, clay ovens and more traditional gas or electric ovens are also gaining popularity. The type of pizza oven you choose depends largely on personal preference, just so long as there’s a place for you to cook a pizza out there somewhere.

Outdoor Storage

One other major trend in outdoor kitchens is an increase in available storage space for various tools and other kitchen implements. Some of these spaces are simple, with shelves or reclaimed crates as a place to hold items temporarily. Others are much fancier, including “windows” attached to the house that open to reveal service settings and everything else you need to enjoy a good meal outdoors. There are lockable storage solutions, open-air storage solutions and just about everything else that you can think of available. Basically, it’s a good idea to include all the storage that you would want in your regular kitchen when building a kitchen outdoors.

 

Breaking News Housing Inventory

Breaking News Housing Inventory

Breaking News!

Housing Inventory Is Falling!

February 2-22-20

Utah Active Homes From Utah Real Estate >>> 6161

Salt Lake County Active Homes for Sale >>> 1265

Utah County Active Homes for Sale >>> 1387

Davis County Active  Homes for Sale >>> 360

Utah is experiencing a housing shortage. Most prevalent across the Greater Wasatch Front in Utah and Salt Lake County.

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