The One Thing Every Homeowner Needs To Know About a Recession

The One Thing Every Homeowner Needs To Know About a Recession

The One Thing Every Homeowner Needs To Know About a Recession

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.

The National Bureau of Economic Research (NBER) defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

Bottom Line

We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009
Certified Negotiation Expert 2014
Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018
Senior Real Estate Specialist since 2020

Contact me! 

 

How Homeownership Can Bring You Joy

How Homeownership Can Bring You Joy

How Homeownership Can Bring You Joy

 

If you’re trying to decide whether to rent or buy a home, you’re probably weighing a few different factors. The financial benefits of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.

If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, it might be time to consider the perks of owning your home.

A Little Change Can Bring Lots of Joy

There’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.

recent report from the National Association of Realtors (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR:

There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.

The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space (see graph below):

How Homeownership Can Bring You Joy | MyKCM

And while many of the items NAR highlights are larger tasks, some, like painting rooms, are much smaller. Even those quicker projects can still bring you a greater sense of joy and accomplishment. Not to mention when you make upgrades in your home, you could be increasing its value which also gives your net worth a boost if you invest your time and effort wisely.

You’re Free To Update Your Home to Your Heart’s Content

These types of updates can result in additional happiness when you complete them, but there’s another reason you can feel good as a homeowner. In most situations, you’re free to renovate or update the interior of your home without needing additional permission. But as Business Insider points out, renters may not have the same freedom:

“Your landlord won’t always approve changes when you rent. But you have the power to update the home when you’re the owner. (Just make sure any big changes are approved by your homeowner’s association, if necessary.)”

If you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out. That’s one major benefit of owning your own home. Unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.

Bottom Line

Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.

The Dream of Homeownership Is Worth the Effort

The Dream of Homeownership Is Worth the Effort

The Dream of Homeownership Is Worth the Effort

The Dream of Homeownership Is Worth the Effort | MyKCM

If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a recent survey from Bankrate shows homeownership is so powerful that:

Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again.”

That means the results – owning a home and the benefits that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome.

Homeownership Contributes Significantly to Your Financial Well-Being

The National Association of Realtors (NAR) lists several motivations to consider if you’re thinking about buying a home. One of the top financial reasons is the equity you build. As NAR says:

“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . Building equity in your home is a ready-made savings plan.”

Your equity is a powerful tool you can leverage in a number of ways. And with recent home price appreciation, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a great investment and a top indicator of financial well-being. As the survey from Bankrate mentioned above shows:

“. . . Americans place a higher value on homeownership than on any other indicator of economic stability, . . .”

Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. That indicates just how impactful the financial benefits of homeownership truly are.

The Emotional Benefits of Owning a Home Are Powerful

Of course, homeownership is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, non-financial aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:

“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”

Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships.

What Does That Mean for You?

The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, says:

“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, the value of homeownership is indisputable.”

Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it.

Bottom Line

If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.

Is It Enough To Offer Asking Price in Today’s Housing Market?

Is It Enough To Offer Asking Price in Today’s Housing Market?

Is It Enough To Offer Asking Price in Today’s Housing Market?

Is It Enough To Offer Asking Price in Today’s Housing Market? | MyKCM

If you’re planning to buy a home this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.

In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.

Things Are Different Today

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), the average home that’s sold today:

  • Receives 4.8 offers
  • Sells in just 17 days

Homes selling quickly and receiving multiple offers shows how competitive the housing market is for buyers right now. This is because there are more buyers on the market than homes for sale. When the number of homes available can’t keep up with demand, homes often sell for more than the asking price.

How Does This Impact You When It’s Time To Submit an Offer?

Market conditions should help guide your decisions throughout the process. Today, the asking price of a home is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time to submit an offer, but you should also use that information as you’re searching for homes too. After all, you don’t want to fall in love with a home that ultimately sells for a price higher than what you’ve budgeted for.

The Mortgage Reports has advice if you’re looking to purchase a home in a competitive market. The article encourages you to be realistic with your housing search, saying:

The best thing to do is set your budget and expectations ahead of time so you know how much you can afford to offer — and when to walk away. This will make negotiations a lot easier.”

Of course, when you’ve found your dream home, you’ll want to do everything you can to submit your best offer up front and win a potential bidding war. Knowing the current market is key to crafting a winning offer. That’s where working with an expert real estate advisor becomes critical.

A real estate professional will draw from their experience and expert-level knowledge of today’s housing market throughout the process. They’ll also balance conditions in your area to make sure your offer stands out above the rest.

Bottom Line

Understanding how to approach the asking price of a home and what’s happening in today’s real estate market are critical for buyers. Let’s connect so we can work together to create a winning plan for you.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009
Certified Negotiation Expert 2014
Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018
Senior Real Estate Specialist since 2020

Contact me! 

 

Using Your Tax Refund To Achieve Your Homeownership Goals This Year

Using Your Tax Refund To Achieve Your Homeownership Goals This Year

Using Your Tax Refund To Achieve Your Homeownership Goals This Year

If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re probably working on a bit of spring cleaning and maintenance to spruce up your house before you list it.

Either way, any money you get back from your taxes can help you achieve your goals. Using a tax refund is a common tactic for buyers and sellers. SmartAsset estimates the average American will receive a $2,897 tax refund this year. The map below provides a more detailed estimate by state:

Using Your Tax Refund To Achieve Your Homeownership Goals This Year | MyKCM

If you’re getting a refund this year, here are a few tips to help with your home purchase or sale this season.

How Buyers Can Use Their Tax Refund

According to American Financing, there are multiple ways your refund check can help you as a homebuyer. A few include:

  • Growing your down payment fund – If you haven’t started saving for your down payment, let your tax refund kick off the process. And if you have a fund already, the money you get back could put you closer to your goal.
  • Paying for your home inspection – Your home inspection can save you a lot of headaches down the road by helping you determine the condition of the house. As a buyer, you’ll typically be responsible for paying for your inspection, and it’s definitely worth the investment.
  • Saving for closing costs – Closing costs are additional expenses you’ll need to pay once it’s time to close. They average anywhere between 2-5% of the purchase price of your home.

This list is a great start, but it isn’t exhaustive of all the costs you may encounter as you set out on your homebuying journey. The best way to prepare is to work with a trusted real estate professional to make sure you understand what’s to come in the process.

How Sellers Can Use Their Tax Refund

If you own a home and are planning to sell this spring, your tax refund can help you make sure your home is ready to list. Here are a few ways current homeowners can put their tax refund to good use:

  • Making small upgrades – NerdWallet provides a list of great ways to use your tax refund, including tackling small projects or boosting your curb appeal to help your home stand out.
  • Making repairs – If there’s anything in your house that needs to be fixed, American Financing notes that completing repairs is another great use of that money.
  • Buying your next home – Whether you’re selling to move up or downsize, you can use your tax refund to help pay for any costs on the purchase of your next home.

Of course, it’s important to talk with your trusted real estate advisor before taking on any projects. They’ll make sure you can focus on areas that’ll help you receive the best possible price when you sell.

Bottom Line

Funding your home purchase or sale can feel like a daunting task, but it doesn’t have to be. Your tax refund can help you reach your goals. Let’s connect to discuss how you can start on your journey.

Is This Your Year To Break Up with Renting?

Is This Your Year To Break Up with Renting?

 

Is This Your Year To Break Up with Renting?

If you aren’t in love with renting, you’re not alone. Let’s connect so you can break up with your rental and start your journey toward homeownership.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009
Certified Negotiation Expert 2014
Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018
Senior Real Estate Specialist since 2020

Contact me! 

 

Dwight Christie

Positive: Professionalism, Responsiveness

Marty sat down with my and wife and me to explain his process of helping first time home buyers. He took the time with us as we are interested in helping our kids. Marty is very professional and knows the real estate market better than anyone that we have talked to in the past. We will definitely be recommending Marty to help our daughter and her husband to get into their first home.

Brad East

Positive: Professionalism, Responsiveness

Marty has represented us for years and is an exceptional agent. In addition to his many decades in residential real estate, he also is an experienced luxury, custom home builder. His knowledge of the quality(or lack thereof) of the craftmanship of a home is invaluable. He sees things that even the inspectors may miss. He is thorough, responsive through the entire process, and skilled at negotiation. We certainly recommend him without hesitation

Adia Thornton

Positive: Professionalism, Quality, Responsiveness, Value

House hunting was practically a full time job. We were out looking at houses almost every single day. The market is so hot we lost 6 offers. He kept our spirits up and never wavered on quality.

His expertise was sooo valuable. He was really looking out for us. If we walked a house and it was cute but would have hidden problems he spotted them and guided us away from it.

We’re now in an adorable house that was exactly what we needed.

Todd Anderson

Positive: Value

Marty and Laurie are veterans in Utah’s real estate market. They understand property valuations in various market conditions. They are adept at finding solutions for the trickiest challenges of buying or selling a home. Marty and Laurie successfully sold three properties for our family. I highly recommend them for your real estate transaction.

Daniel Garner

Marty and his team are some of the most knowledgeable and caring people I know. I definitely would recommend his services to anyone!

Spencer Clark

Positive: Professionalism, Quality, Responsiveness, Value

Marty was great to work with. The expertise and experience he offers are unmatched. I highly recommend Utah Realty for all your real estate needs.

Faye Williamson

 

Positive: Professionalism, Quality, Responsiveness, Value

This is the second time using Marty Gale. He is very knowledgeable and has a keen sense of reading people, especially in negotiating. His advice has never failed. The second time using him had some unique hurdles, especially because it had been a rental property. His advice and willingness to help make the sale happen were above and beyond my expectations. I highly recommend him and Laurie for selling or buying. Thanks to the Gale team!

Lonnie Woodman

Positive: Professionalism, Quality, Responsiveness, Value

Marty is great to work with! He found the exact house I was looking for in a super tough market.

Kitroen Costner

 
 

Positive: Professionalism, Quality, Responsiveness, Value

I had a Great experience! Got my house sold super fast for a great price.

Wyatt Anderson

 
Positive: Professionalism, Quality, Responsiveness, Value
Marty is exceptionally professional to work with. He is very knowledgeable in the field of real estate and construction. I was very impressed how he made me feel through the whole transaction of the sale, even during the midst of Covid-19. I highly recommended Marty!

B Flow

Marty Gale is amazing to work with. He was able to work miracles for us in order to sell our condo. He goes above and beyond what a realtor is required to do because he becomes invested in his clients. He actually cares about who he is representing. His network of lenders and other people in the industry makes for a seamless process.


We also used him to buy our new home. We had an extremely short time frame and he was able to get us closed on our new home in record time before we went on vacation. He knew we would be worried about the security of our home while we were gone and he offered to keep a very close eye on it to put our minds at ease. He did all this after we had closed on our home and technically his “job” had ended. I can’t recommend him enough! Thank you Marty!!!

Greg Anderson

Positive: Professionalism, Quality, Responsiveness, Value

Marty was great and had worked hard to sale . I would use Marty again to buy or sale. Marty is a 12 star realtor.

Coulter Baldes

We’ve been through war with this guy and he stood by us the entire time. He always had time for us, and was always going above and beyond behind the scenes for us. His suggestions were awesome and people he works with we’re also fantastic. Can’t speak enough of how much this guy helped us.

Trevan Thomas

I recently bought my first home with my fiancee and Marty was incredibly helpful. I had no idea how complicated the process of buying a home would be. We certainly could not have done it without Marty’s help. He is experienced and used his connections with a variety of people to make the process as quick and easy as possible. I definitely recommend contacting him if you’re in the market for a new home.

Cynthia Sayers

 

They are the most caring, educated, patient agents and go the extra mile to be sure you understand and are in the loop from begining to end. You can’t go go wrong with Marty and Laurie Gale, they are a blessing.

Mariah Mills

 

Marty was great to work with. Recently my fiance and I were looking for a house, and Marty was recommended to us by my mother. She worked with Marty 30+ years ago when my parents bought their house. I had no idea all that went into buying a house, but thankfully we had Marty there to help walk us through it. He was great at using his connections to help us get our house. I would recommend Marty to anyone looking to buy a house.

Brandon Christensen

 I’m a loan officer who was working with Marty and Laurie to help a great family get into a home. No matter how many issues came up in the loan, they would stop whatever they were doing to make sure the issue got taken care of. They were absolutely instrumental in getting the loan closed and I truly do believe that most other realtors would have fallen short. Between their experience and dedication to the families they help, I don’t think that you could find a better realtor to get you into a home. I highly recommend them to anybody who’s looking to buy a home. They will get you both the best deal and experience possible.

Samantha Cook

Marty Gale is the best! He is a master negotiator! You can’t go wrong with him. I highly recommend him and would recommend him to anyone I know.

 

Jenny Bowen

 

Marty Gale at Utah Real Estate was fantastic to work with! He helped us both with the sale of our home as well as the purchase of a new one. I loved that he got feedback forms on the showings so we could get an idea of what potential buyers thought of our home. He was eventually able to negotiate a very strong offer and even got us above the asking price. On our purchase, he showed us countless properties and provided insight because of his professional background. For the home we purchased, it was in a very hot area and he made sure we were first at the open house. He also HAND DELIVERED our carefully written offer so that we would stand out against other offers. I would highly recommend Marty to anyone looking to buy or sell!

Marc J.

 

Gilbert Bruce

Both Marty and Lori were fantastic to work with. They went the extra mile during one of the toughest winters in the Midway area to produce a great sale of our residence. Never a complaint to travel to Midway for open houses and potential buyers. They’re the best!

DeWayne Brundage

We loved working with Marty Gale! He gave us so many tips on how to stage our home to sell, we followed his advice and sold it quickly. He helped us find our new home and closed on both at the same time. It was a stressful time but he made the process so much easier. I would highly recommend Marty and Laurie Gale to anyone looking to sell or buy a home. They have years of experience and it really shows. Thank you Marty and Laurie for all your help and for helping us keep our sanity through this process!

Thomas Alley

Marty is the hardest working and most helpful real estate agent I have met. I have gone through 4 cycles of buying and selling homes in my life and Marty was simply the best. Marty recently helped us sell a house and he guided us every step of the way, providing sound advice from his lifetime of experience. I highly recommend Marty.

Peter Smith

Positive: Professionalism, Quality, Responsiveness, Value

Marty walked me through the entire home buying process, answered all my questions, and advised on the best courses of action while allowing me autonomy. His breadth and depth of knowledge in the industry is unparalleled, rarely did he not know the answer to a concern I had. I could tell he wasn’t just a salesman but a person invested in my family and I’s well-being. HIGHLY recommend, will use again.

Lindsey Fabiano

 
Positive: Professionalism, Quality, Responsiveness, Value
Marty is amazing to work with. You can tell by his actions that he really works toward your personal needs and preferences and never toward his own. He is the absolute best!

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