Wednesday Word | After-Repair Value

Wednesday Word | After-Repair Value

“Wednesday Word”     After-Repair Value or ARV

 
What Is After-Repair Value (ARV) In Real Estate? ARV is the estimated value of a property after completed renovations, not in its current condition. House flippers commonly use ARV as a way to gauge the worth of a fixer-upper property, including how much it can be bought, and then resold for after repairs.
House flippers commonly use ARV as a way to gauge the worth of a fixer-upper property, including how much it can be bought, and then resold for after repairs.

The world of House Flipping!  Let’s delve into the world of real estate and uncover the ins and outs of ARV, or After Repaired Value. In today’s discussion, we will specifically focus on the challenges faced by homeowners when dealing with house flippers. With the rising popularity of flipping properties for profit, it’s essential to understand the concept of ARV and the potential pitfalls that can arise during these transactions. Whether you’re a homeowner looking to sell or a curious enthusiast of real estate, this article aims to provide you with valuable insights into the world of house flipping and the problems that can arise when dealing with one.

Understanding ARV: The Key Metric For House Flippers

Understanding ARV: The Key Metric For House Flippers

When it comes to the world of house flipping, one of the most crucial metrics to understand is the After Repaired Value (ARV). ARV represents the estimated value of a property after it has been repaired and renovated, making it a vital tool for both experienced and novice house flippers. This metric not only helps flippers determine potential profit margins but also assists in assessing risks and making smart investment decisions.

House flippers are individuals or companies who purchase distressed properties, renovate them, and sell them for a profit. The success of their endeavors largely depends on accurately estimating the ARV of the property they plan to flip. However, determining the ARV is not as simple as it may seem. It requires a thorough analysis of various factors, including market trends, property condition, location, and the costs associated with repairs and renovations.

One common problem that house flippers encounter is underestimating the ARV. When flippers fail to accurately assess the potential value of a property after it has been repaired, it can lead to significant financial losses. Overlooking important details or relying on outdated information can result in unrealistic expectations and an inability to sell the property at the desired price.

To avoid this problem, flippers should conduct comprehensive market research and utilize the expertise of real estate professionals. This may involve studying comparable properties in the area that have recently sold, analyzing market trends, and consulting with realtors or appraisers who have a deep understanding of the local market. By incorporating these analyses into their calculations, flippers can make more informed decisions and mitigate potential risks.

Another challenge that flippers often face is accurately estimating the cost of repairs and renovations. Renovating a property can be a complex process, and unforeseen expenses are not uncommon. Flippers must consider the cost of materials, labor, permits, and potential delays when determining the budget for renovations. Any miscalculations in this area can significantly impact their profit margins.

To overcome this challenge, it is crucial for flippers to work closely with contractors and other professionals in the construction industry. Having reliable and trustworthy experts who can accurately assess the scope of work and provide accurate cost estimates is essential. By involving professionals from the beginning, flippers can avoid unexpected surprises and ensure that their budget aligns with the desired outcome.

Additionally, flippers must also take into account the time it takes to renovate and sell the property. Holding costs, such as loan payments, property taxes, and utilities, can quickly eat into profits if the property remains on the market for an extended period. Therefore, accurately estimating the time required for renovations and factoring it into financial planning is essential for successful house flipping.

In conclusion, ARV is a key metric for house flippers, allowing them to determine potential profit margins, assess risks, and make informed investment decisions. Understanding ARV requires a comprehensive analysis of various factors and market trends, as well as accurate calculations of repair and renovation costs. By avoiding common pitfalls such as underestimating the ARV or miscalculating renovation expenses, flippers can increase their chances of success in the highly competitive world of house flipping.

The Appeal And Pitfalls Of House Flipping

House flipping has gained significant popularity over the years, attracting both seasoned investors and budding entrepreneurs looking to make a quick profit in the real estate market. With the promise of substantial returns, the appeal of house flipping is undeniable. However, behind the allure lies a host of potential pitfalls and challenges that house flippers must navigate.

At the heart of successful house flipping lies a key concept known as the After Repaired Value (ARV). ARV refers to the estimated value of a property after it has undergone necessary repairs and renovations. This value is crucial for house flippers as it determines the potential profit or loss they will incur on their investment.

The ARV is calculated by considering several factors, including the current market conditions, the property’s location, its size and layout, as well as the quality of the repairs and upgrades to be made. For house flippers, accurately estimating the ARV is essential in determining the purchase price they are willing to pay for a distressed property.

The appeal of house flipping lies in the potential for substantial profits. Successful house flippers can often turn a neglected, run-down property into a desirable living space, commanding a higher price in the market. This ability to transform a property and contribute to the revitalization of neighborhoods can be incredibly fulfilling for investors.

Moreover, house flipping allows individuals to capitalize on their creativity and vision. Through strategic renovations and upgrades, house flippers can add value to the property and attract potential buyers or tenants. This aspect of house flipping appeals to those with a keen eye for design and a passion for transforming spaces.

Despite its appeal, house flipping is not without its challenges. One of the most significant pitfalls of house flipping revolves around the unpredictability of renovation costs. In many cases, unforeseen problems such as structural issues, plumbing or electrical problems, or even permit delays can lead to significant cost overruns. These unexpected expenses can eat into the potential profit margins and turn a lucrative venture into a financial burden for house flippers.

Another challenge that house flippers often face is the competitive nature of the real estate market. As more individuals venture into house flipping, the demand for distressed properties increases, making it harder to find lucrative investment opportunities. The increased competition can lead to inflated purchase prices and, consequently, decreased profit margins for house flippers.

Furthermore, dealing with contractors and subcontractors can also pose challenges for house flippers. Coordinating schedules, ensuring quality workmanship, and managing the overall renovation process can be time-consuming and stressful. Delays in completing renovations can negatively impact the potential profit of the project and stretch the timeline for completion.

Lastly, house flippers must also consider the market conditions and trends when determining the ARV. A sudden market downturn or changes in buyer preferences can significantly impact the property’s value, potentially leading to a loss instead of a profit. Staying informed about the local real estate market and accurately forecasting future trends is essential for success in the house flipping business.

In conclusion, house flipping offers a tempting proposition for investors seeking to enter the world of real estate. The potential for substantial profits and the ability to transform neglected properties into desirable living spaces are alluring aspects of this venture. However, the path to success in house flipping is fraught with challenges. Accurately estimating the After Repaired Value, managing renovation costs, dealing with market competition, and navigating the complicated renovation process are just a few of the hurdles that house flippers must overcome. Despite the pitfalls, those who approach house flipping with thorough research, careful planning, and a realistic understanding of the risks can find success in this exciting and potentially profitable endeavor.

Challenges In Dealing With House Flippers: A Deep Dive

House flipping has become a popular practice in the real estate industry. House flippers, also known as real estate investors, purchase distressed or undervalued properties, make renovations and repairs, and then sell them for a profit. This practice has gained significant attention due to the potential returns it offers, attracting both experienced professionals and novice investors. However, while house flipping can be a lucrative business, there are several challenges associated with dealing with house flippers that prospective sellers should be aware of.

One of the major challenges in dealing with house flippers is accurately determining the After Repaired Value (ARV) of the property. The ARV is the estimated value of a property after it has undergone the necessary repairs and renovations. House flippers rely heavily on this value to determine the budget and potential profit of a house flip. However, estimating the ARV accurately can be a complex task as it involves considering numerous factors such as the property’s location, market conditions, and comparable sales in the area. Sellers who are not familiar with these considerations may find it difficult to negotiate a fair price with house flippers.

Another challenge in dealing with house flippers is ensuring that the repairs and renovations they undertake are of high-quality. House flippers often have tight budgets and strict timelines, which can sometimes result in them cutting corners or using subpar materials. This can lead to issues down the line, leaving the seller responsible for any problems that arise after the sale. It is crucial for sellers to thoroughly vet house flippers, check their previous projects, and ensure that proper contracts are in place to protect their interests.

Transparency is yet another challenge often faced when dealing with house flippers. Some investors may hide certain information about the property or its history to maximize their profit margins. It is important for sellers to be aware of any potential liens, legal issues, or structural problems associated with the house. Conducting a thorough inspection and working with reputable professionals such as real estate agents or property inspectors can help sellers uncover any hidden issues and make informed decisions.

One of the most significant concerns when dealing with house flippers lies in the communication process. Many investors work on multiple projects simultaneously, and it can be challenging to maintain consistent and open communication throughout the entire process. Sellers may find it frustrating to get updates on the progress of the renovations, negotiate changes or additional repairs, or even finalize the sale. Establishing clear lines of communication and ensuring regular updates can mitigate these challenges and maintain a positive working relationship with house flippers.

Moreover, the fast-paced nature of house flipping can sometimes create pressure on the seller to make quick decisions without fully considering all available options. House flippers often present attractive cash offers, positioning themselves as a hassle-free alternative to the traditional selling process. However, it is essential for sellers to carefully evaluate these offers against other options, such as working with real estate agents or exploring the market to potentially fetch a higher sale price.

Overall, while house flipping can offer beneficial opportunities for both buyers and sellers, dealing with house flippers can present a unique set of challenges. Accurately determining the ARV, ensuring quality repairs, promoting transparency, maintaining effective communication, and carefully evaluating offers are crucial steps for sellers to navigate the intricacies of working with house flippers. By taking these challenges into account, sellers can minimize risks and maximize the potential rewards associated with selling properties to house flippers.

Strategies For Overcoming Problems With House Flippers

When it comes to dealing with house flippers, there can be a variety of challenges that arise. These challenges can stem from differing priorities, misunderstandings, or even unethical practices. While it is true that not all house flippers are problematic, it’s important to be aware of the potential issues that may arise when working with them. In this section, we will discuss strategies for overcoming problems with house flippers and ensuring a smooth transaction.

1. Research the Flipper: Before entering into any agreement with a house flipper, it is crucial to conduct thorough research on their background, track record, and reputation. Look for reviews, testimonials, or case studies to gauge their credibility and reliability. This step can save you from potential headaches down the line. It’s also a good idea to ask for references and reach out to past clients to cross-verify their experiences.

2. Set Clear Expectations: When working with house flippers, it is essential to have open and honest communication from the beginning. Clearly define your goals, timelines, and expectations regarding the project. Discuss the scope of work, budget, and any specific requirements you may have. This will help set realistic expectations and minimize misunderstandings during the process.

3. Get Everything in Writing: It’s crucial to document all agreements, contracts, and discussions in writing. Having a written agreement ensures that both parties are on the same page and helps protect your interests. Include details such as the schedule of work, payment terms, responsibilities of each party, and remedies for breach of contract. This will provide a reference point in case any disagreements or disputes arise.

4. Regular Communication and Inspections: To avoid surprises and maintain transparency, it is important to establish a regular communication schedule with the house flipper. Stay involved in the process by visiting the property regularly to monitor progress and address any concerns promptly. Regular inspections can help identify potential issues and allow you to address them before they become more significant problems.

5. Secure Financing and Independent Appraisal: Before beginning any transactions with house flippers, it is crucial to have your financing in order. Obtain pre-approval from your lender to ensure you have the funds necessary to complete the project. Additionally, consider getting an independent appraisal of the property to determine its accurate After Repaired Value (ARV). This will help you gauge the profitability of the project and avoid overpaying for the property.

6. Work with Professionals: Considering the complexity of real estate transactions, it is advisable to seek professional help when dealing with house flippers. Hire a real estate attorney who specializes in property transactions to review contracts and safeguard your interests. Additionally, consider collaborating with real estate agents, inspectors, and contractors who have experience dealing with house flippers. These professionals can offer guidance, insights, and additional layers of protection throughout the process.

7. Trust Your Instincts and Walk Away if Necessary: If you have reservations or concerns about a house flipper or their practices, trust your instincts. If something doesn’t feel right or you suspect unethical behavior, it may be best to walk away from the transaction. Avoid getting caught up in potential scams or compromising situations that could lead to financial or legal troubles. Remember, it’s better to lose out on a potential deal than to enter into a harmful agreement.

By implementing these strategies, you can minimize the risks and problems associated with dealing with house flippers. While not all flippers are problematic, it is crucial to conduct due diligence and take necessary precautions before engaging in any real estate transactions. Stay informed, communicate effectively, and prioritize your best interests to ensure a smooth and successful experience.

 

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Are the Top 3 Housing Market Questions on Your Mind?

Are the Top 3 Housing Market Questions on Your Mind?

Are the Top 3 Housing Market Questions on Your Mind?

When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in.

Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.

1. What’s Next for Mortgage Rates?

Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.

There’s a long-standing relationship between mortgage rates and inflation. Basically, when inflation is high, mortgage rates tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.

And in some ways, we’ve started to see hints of slightly lower mortgage rates in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, says:

“The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think – in the weeks and months to come.”

2. Where Are Home Prices Headed?

While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing.

To help show just how confident experts are in this continued appreciation, take a look at the Home Price Expectation Survey from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.

3. Is a Recession Around the Corner?

While recession talk has been a common thing over the past few years, there’s good news on that front.

The Wall Street Journal (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):

This is big news for the housing market. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already.

Bottom Line

The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. Let’s connect to talk more about the housing market questions on your mind as we head into the new year.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Is Wall Street Buying Up All the Homes in America?

Is Wall Street Buying Up All the Homes in America?

Is Wall Street Buying Up All the Homes in America?

If you’re thinking about buying a home, you may find yourself interested in the latest real estate headlines so you can have a pulse on all of the things that could impact your decision. If that’s the case, you’ve probably heard mention of investors, and wondered how they’re impacting the housing market right now. That could leave you asking yourself questions like:

  • How many homes do investors own?
  • Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?

To answer those questions, here’s the real story of what’s happening based on the data.  

Let’s start with establishing how many single-family homes (SFHs) there are and what portion of those are rentals owned by investors. According to SFR Investor, which studies the single-family rental market in the United States, there are eighty-two million single-family homes in this country. But how many of them are actually rentals?

According to data shared in a recent post, sixty-eight million (82.93%) of those homes are owner-occupied – meaning the person who owns the home lives in it. If you subtract that sixty-eight million from the total number of single-family homes (82 million), that leaves just about fourteen million homes left that are single-family rentals (SFRs).

Do institutional investors own all of those remaining fourteen million homes? Not even close. Let’s take it one step further. There are four categories of investors:

  • The mom & pop investor who owns between 1-9 SFRs
  • The regional investor who owns between 10-99 SFRs
  • Smaller national investor who owns between 100-999 SFRs
  • The institutional investor who owns over 1,000 SFRs

These categories show that not all investors are large institutional investors. To help convey that even more clearly, here are the percentages of rental homes owned by each type of investor (see chart below):

 

As you can see in the chart, despite what the news and social media would have you believe, the green shows the vast majority are not owned by large institutional investors. Instead, most are owned by small mom & pop investors, like your friends and neighbors.

What’s actually happening is, that there are people out there, just like you, who believe in homeownership, and they view buying a home (or a second home) as an investment. Maybe they saw an opportunity to buy a second home over the last few years to use it as a rental and generate additional income. Or maybe they just decided to keep their first house rather than sell it when they moved up.

So, don’t believe everything you read or hear about institutional investors. They aren’t buying up all the homes and making it impossible for the average person to buy. That’s just not what the numbers show. Institutional investors are actually the smallest piece of the pie chart.

Bottom Line

While it’s true that institutional investors are a player in the single-family rental marketplace, they’re not buying up all of the houses on the market. If you have other questions about things you’re hearing about the housing market, let’s connect so you have an expert to give you the context you need.

cost-effective and flexible solution for an accessory dwelling unit (ADU)?

cost-effective and flexible solution for an accessory dwelling unit (ADU)?

Are you searching for a cost-effective and flexible solution for an accessory dwelling unit (ADU)? Look no further than a manufactured double wide mobile home. ADUs have gained popularity as a versatile and affordable housing option, and manufactured homes offer numerous advantages in this context. In this blog article, we will explore why a manufactured double wide mobile home can be a perfect fit for an ADU, providing a comfortable and functional living space without breaking the bank. Whether you’re looking to accommodate a loved one, generate rental income, or simply expand your living space, this article will showcase the benefits of considering a manufactured double wide mobile home for your ADU needs.

$119,000 Would need to move to your lot.

Cost-Effective And Time-Efficient Construction Of Double Wide Mobile Homes

When it comes to constructing an accessory dwelling unit (ADU), one of the most important factors to consider is cost-effectiveness. ADUs provide a practical solution for housing needs by offering an additional living space on existing residential properties. In recent years, many homeowners have discovered the numerous advantages of using a manufactured double wide mobile home as an ADU.

One of the primary reasons why a manufactured double wide mobile home is cost-effective is due to its construction process. Unlike traditional site-built homes, these mobile homes are built in a controlled environment, typically in a factory setting. This controlled environment ensures increased efficiency and quality control throughout the construction process.

Because of the streamlined manufacturing process, the construction of a double wide mobile home requires less time and labor compared to a site-built ADU. The use of pre-fabricated components allows for faster assembly and installation on-site. This means that homeowners can have their ADU completed in a fraction of the time it would take to build a traditional ADU.

Another cost-saving aspect of manufactured double wide mobile homes is the ability to control material costs. The factory setting allows for bulk purchasing of construction materials, reducing overall expenses. Additionally, the in-house production of components minimizes waste, making the construction process more sustainable and efficient.

In terms of affordability, the overall cost of a manufactured double wide mobile home is typically lower than a site-built ADU. Factors such as reduced labor, controlled production costs, and bulk material purchasing contribute to the lower price point. This affordability makes double wide mobile homes an attractive option for homeowners looking for a cost-effective solution for their ADU needs.

Moreover, the cost-effectiveness of a double wide mobile home doesn’t compromise its quality or durability. These homes are built to meet strict construction standards and regulations. They undergo rigorous inspections during the manufacturing process, ensuring that they meet the necessary safety codes.

Additionally, the materials used in the construction of double wide mobile homes are carefully selected to withstand transportation and installation. They are designed to be durable and resilient, providing homeowners with a long-lasting living space.

Furthermore, double wide mobile homes offer additional cost savings in terms of energy efficiency. These homes are equipped with energy-efficient features, such as insulated walls, high-quality windows, and modern appliances. These energy-saving elements help to reduce utility costs and make the ADU more sustainable.

In conclusion, a manufactured double wide mobile home offers a cost-effective and time-efficient construction solution for the creation of an accessory dwelling unit. The streamlined manufacturing process, reduced labor, controlled material costs, and energy-efficiency make it an attractive option for homeowners seeking a practical and affordable ADU. By choosing a double wide mobile home, homeowners can save time and money while still enjoying a high-quality, durable, and comfortable living space.

The Benefits Of A Double Wide Mobile Home As An Accessory Dwelling Unit

As the demand for affordable housing solutions continues to rise, more and more homeowners are exploring the concept of accessory dwelling units (ADUs) as a viable option. These secondary living spaces built on the same lot as the main dwelling offer a multitude of benefits, from generating rental income to providing a private living space for aging parents, adult children, or guests. When it comes to ADUs, one highly practical and cost-effective solution is a manufactured double wide mobile home.

While mobile homes were previously associated with a certain stigma, the housing industry has made significant advancements in providing high-quality, energy-efficient, and aesthetically pleasing options. Double wide mobile homes, specifically, offer several advantages that make them an ideal choice for an ADU.

1. Affordability: One of the most significant advantages of a double wide mobile home is its affordability. Manufactured homes generally cost significantly less compared to traditional site-built homes, making them an attractive option for homeowners with a limited budget. This cost-effectiveness can translate to lower rental rates or reduced construction expenses for those planning to build an ADU for additional income.

2. Speed of construction: Building an ADU from scratch can be a time-consuming process, especially when considering the various permits, inspections, and construction schedules involved. In contrast, double wide mobile homes are built in controlled factory settings, which allows for efficient and precise construction techniques. Once completed, the ADU can be delivered and installed on-site within a matter of weeks, significantly reducing the overall construction timeline.

3. Flexibility and customization options: Double wide mobile homes come in a variety of sizes, layouts, and designs, offering homeowners a range of customization options to fit their specific needs and preferences. Whether the ADU is intended for rental purposes, a home office, or an in-law suite, these manufactured homes can be tailored to meet the desired functionality and style, allowing for a seamless integration with the existing property.

4. Quality and durability: The modern double wide mobile homes available today are constructed using advanced building techniques and materials, ensuring greater structural integrity and longevity. From durable roofing and siding to energy-efficient windows and insulation, these homes are designed to withstand the test of time and provide comfortable living conditions for residents.

5. Mobility and versatility: The term “mobile home” may suggest a lack of permanence, but double wide mobile homes are designed to provide both mobility and versatility. While they can be permanently installed, they also offer the flexibility to be relocated if desired, making them an excellent choice for homeowners who may want the option to change the ADU’s location in the future.

6. Accessibility features: Double wide mobile homes can be designed with accessibility features, such as ramp entrances, wider doorways, and grab bars, to accommodate individuals with mobility challenges or disabilities. This makes them a suitable option for homeowners looking to create an ADU that is accessible and inclusive for all occupants.

In conclusion, a manufactured double wide mobile home holds numerous benefits as an accessory dwelling unit. From affordability and speed of construction to flexibility and customization options, these homes offer homeowners a practical and cost-effective solution for creating additional living spaces on their properties. With their quality construction, mobility, and accessibility features, double wide mobile homes can provide a comfortable and inviting environment for residents while complementing the aesthetics of the existing property.

Flexibility And Customization Options For Double Wide Mobile Homes As ADUs

When it comes to finding the perfect accessory dwelling unit (ADU) for your property, flexibility and customization options are essential considerations. And that’s where manufactured double wide mobile homes come in. These homes offer a range of benefits and possibilities that make them an excellent choice for ADUs.

One of the primary advantages of double wide mobile homes as ADUs is their flexibility in design and layout. These homes can be customized to suit your specific needs and preferences, whether you’re looking for a compact one-bedroom unit or a spacious two-bedroom dwelling. The wide variety of floor plans available allows you to tailor the living space to accommodate your lifestyle and maximize functionality. From open-concept layouts to partitioned rooms, the design possibilities are extensive.

In addition to layout customization, double wide mobile homes also offer flexibility in terms of location. Unlike traditional stick-built ADUs, these homes can be installed on virtually any property. Whether you have a large backyard, a rural area, or even an urban setting, a double wide mobile home can seamlessly blend into the surroundings and become a comfortable and functional living space.

Another significant advantage of double wide mobile homes as ADUs is their cost-effectiveness. Manufactured homes are generally more affordable compared to traditional construction methods. This cost-effectiveness is especially beneficial for homeowners who want to add an ADU to their property without breaking the bank. Additionally, the shorter construction time of manufactured homes means you can have your ADU up and running quickly, saving both time and money.

Double wide mobile homes also offer additional benefits in terms of energy efficiency. These homes are built to modern energy efficiency standards, ensuring reduced heating and cooling costs. With proper insulation and the use of energy-efficient appliances, you can create a sustainable and eco-friendly living space for your ADU, saving money on utility bills in the long run.

Durability is another crucial aspect to consider when choosing an ADU, and double wide mobile homes excel in this area as well. Manufactured homes are constructed using high-quality materials and adhere to rigorous building codes, ensuring a sturdy and durable structure. This durability translates into a long-lasting ADU that requires minimal maintenance, providing peace of mind for homeowners.

Furthermore, the popularity of double wide mobile homes as ADUs is not only due to their versatility and affordability but also their aesthetic appeal. These homes are available in various exterior finishes and designs, allowing you to select a style that complements the existing architecture of your property. Whether you prefer a modern, contemporary look or a more traditional aesthetic, there is a double wide mobile home design to suit your taste.

In conclusion, when it comes to choosing an ADU, the flexibility and customization options offered by double wide mobile homes make them a perfect choice. With an array of floor plans, energy-efficient features, durability, and cost-effectiveness, these homes provide homeowners with the ability to create a comfortable and personalized living space that blends seamlessly into any property. Whether you’re looking to accommodate additional family members, create a rental space, or simply expand your living options, a manufactured double wide mobile home could be the ideal solution for your ADU needs.

Overcoming Common Misconceptions About Double Wide Mobile Homes As An ADU Option

A manufactured double wide mobile home may not be the first thing that comes to mind when considering an accessory dwelling unit (ADU). Common misconceptions often surround mobile homes, leading people to overlook their potential as a viable housing option. However, it is important to debunk these misconceptions and recognize the numerous advantages that a double wide mobile home can offer as an ADU.

First and foremost, the stigma associated with mobile homes arises from outdated beliefs and stereotypes. Many people imagine dilapidated structures in unkempt trailer parks. However, modern manufactured homes have come a long way and are built to high standards of quality, durability, and energy efficiency. While there may still be older mobile homes that do not meet these standards, it is crucial to separate those from today’s manufactured double wide mobile homes.

A double wide mobile home is constructed in sections at a factory and then transported to its final location. This off-site construction process provides several advantages over traditional on-site building methods. One significant advantage is cost-effectiveness. Manufactured homes are often more affordable than site-built homes, making them an attractive option for homeowners looking to add an ADU without breaking the bank.

Another misconception is that mobile homes lack aesthetic appeal and customization options. However, modern manufactured double wides come in a wide range of designs and floor plans that can suit various aesthetic preferences. Homeowners can choose from various exterior finishes, roofing materials, and interior finishes to match their desired style. Customization options also extend to the layout, size, and features of the ADU, allowing for flexibility in meeting specific needs and preferences.

Furthermore, double wide mobile homes offer a faster construction timeline compared to traditional site-built ADUs. With off-site construction, most of the building process occurs in a controlled environment, minimizing weather-related delays and fluctuations in productivity. By the time the modules are brought to the site for final assembly, a significant portion of the construction work is already completed. This accelerated construction process translates into shorter wait times and reduced disruption for homeowners.

One concern often raised about mobile homes is their perceived lack of durability. However, manufactured mobile homes are constructed to meet strict building codes and undergo rigorous inspections during and after construction. They are engineered to withstand transportation and installation, ensuring their durability over time. In fact, some studies have shown that manufactured homes can be more resistant to strong winds and seismic activity compared to site-built structures.

Energy efficiency is another aspect where manufactured homes have made significant strides. Today’s double wide mobile homes are designed with energy conservation in mind. They often feature advanced insulation materials, high-performance windows, and energy-efficient appliances. These elements contribute to lower energy consumption, decreased utility bills, and a reduced environmental footprint for the ADU.

Lastly, mobile homes can offer the flexibility to relocate if necessary. Whether due to a change in living circumstances, job opportunities in a different location, or simply the desire for a change of scenery, mobile homes can be easily transported to a new site. This mobility provides homeowners with the freedom to adapt to changing circumstances without losing their investment in the ADU.

In conclusion, it is essential to challenge misconceptions surrounding manufactured double wide mobile homes as ADUs. Today’s modern mobile homes are not the stereotypical structures of the past, but rather quality, affordable, customizable, durable, and energy-efficient housing solutions. By overcoming these misconceptions, homeowners have the opportunity to unlock the full potential of double wide mobile homes as a perfect accessory dwelling unit.

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?

This time every year, homeowners who are planning to move have a decision to make: sell now or wait until after the holidays? Some sellers with homes already on the market may even remove their listing until the new year.

But the truth is, many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. As an article from Fortune Builders explains:

“ . . . while a majority of people take a step back from the real estate market during the holiday months, you may find when the temperature drops, your potential for a great real estate deal starts to rise.”

To help prove that point, here are four reasons you shouldn’t wait to sell your house.

1. The desire to own a home doesn’t stop during the holidays. While a few buyers might opt to delay their moving plans until January, others may need to move now because something in their life has changed. The buyers who look for homes at this time of year are usually motivated to make their move happen and are eager to buy. A recent article from Investopedia says:

“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”

2. While the supply of homes for sale has increased a little bit lately, overall inventory is still lower than it was before the pandemic. What does that mean for you? If you work with an agent to price your house at market value, it could still sell quickly because today’s buyers are craving more options – and your home may be exactly what they’re searching for.

3. You can determine the days and times that are most convenient for you for home showings. That can help you minimize disruptions to your own schedule, which can be especially important during this busy time of year. Plus, you may find buyers are more flexible on when they’ll tour a house this time of year because they have more time off from work around the holidays.

4. And finally, homes decorated for the holidays appeal to many buyers. For those buyers, it’s easy to picture gathering with their loved ones in the home and making memories of their own. An article on selling at this time of year offers this advice:

“If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.”

Bottom Line

There are plenty of good reasons to put your house on the market during the holiday season. Let’s chat and see if it’s the right time for you to sell.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Selling Property to Family Creates Tax Complications

Selling Property to Family Creates Tax Complications

Our Friend Karl from K.A.N. Accounting & Tax, Inc. Sent us this and we thought we should share! 

Selling property to a family member or loved one is deemed a related party transaction by the IRS. If contemplating a transaction like this, you need to review the tax consequences of your decision BEFORE you act. As you might imagine, related party transactions covers relatives like your children, grandchildren and siblings, but it also applies to business entities you own. Here are four common situations you may encounter, and tips to help you avoid tax trouble:

1. Installment sales. When selling your property over two or more years, your transaction is deemed an installment sale. With an installment sale you can defer tax on your gain until the tax years in which payments are actually received. However, if you sell the property to a related party who disposes of it within two years, the remaining tax is due immediately!

Tip: To solve this problem, insert language in the legal agreement with your related party that does not allow the disposition of the property within two years.

2. Selling at a discount. If you’re selling a house to a related party, you may wish to give that person a sweetheart deal. Unfortunately, the IRS may reclassify the transaction as a gift if the property is sold at considerably less than its fair market value (FMV). Fortunately, you have some wiggle room. If you discount the sale by less than 25 percent, you should be OK.

Tip: Err on the side of safety by having an appraisal of the property before the transfer date OR build documentation that justifies the FMV.

3. Transferring remainder interests. In some cases, a homeowner may transfer an interest in a home to his or her estate while continuing to live there. Although this may meet certain objectives, the estate can’t take advantage of the $250,000 home sale exclusion ($500,000 for joint filers). However, if the heirs subsequently meet the two-out-of-five-year ownership and use requirements, the exclusion becomes available.

Tip: Prior to transferring interest in your home to anyone (including a trust or an estate), understand the impact of this action on the tax-free home gain exclusion.

4. Like-kind exchanges. Often, instead of selling business or investment property, an owner may trade for another, similar property hoping to either defer or avoid taxable gains. Under recent legislation, tax-free exchanges of like-kind properties are eliminated, except for qualified real estate transactions. Tax is generally deferred until the replacement property is sold, but the tax law imposes a two-year holding requirement on the parties to the deal. Alternatively, you may qualify under a special exception, such as proving tax avoidance wasn’t the purpose of the sale.

Tip: Related property transactions of this type can get complicated. Ask for a review of your situation before trading any property.

Transferring assets, including property, to family gets the attention of the IRS. Should you be contemplating this, reach out for assistance before making the move.

502 So 1040 E H 143 American Fork Utah 84003

502 So 1040 E H 143 American Fork Utah 84003

502 So 1040 E  H 143 American Fork Utah 84003

Mt Timpanogos Village

 

Comparative Market Analysis and Broker Opinion of Value

502 So 1040 E  H 143 American Fork Utah 84003

Sold   $317,578

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502 So 1040 W H 143 American Fork Utah 84003

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Second Source Broker Value Report

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Welcome to our blog article about the exquisite Mount Timpanogos Village, located in the charming city of American Fork, Utah. This exceptional over 55 adult community offers a one-of-a-kind living experience with an abundance of desirable amenities. Whether you’re a nature enthusiast seeking scenic views or a social butterfly who enjoys clubhouse activities, Mount Timpanogos Village has something for everyone. Plus, with its perfect Walk Score, exploring the neighborhood and nearby attractions couldn’t be easier. Join us as we embark on a virtual tour, highlighting the exceptional features and qualities that make this community a true gem.

 

Exploring Mount Timpanogos Village: A Premier Over 55 Adult Community In American Fork, Utah

 

Nestled in the picturesque American Fork, Utah, sits an exclusive and sought-after over 55 adult community – Mount Timpanogos Village age. This premier community offers an exceptional living experience tailored to the needs and desires of its residents. From its prime location to its remarkable amenities, Mount Timpanogos Village is an idyllic haven for those seeking an active and enriching lifestyle in their golden years.

 

One of the most attractive features of Mount Timpanogos Villas is its proximity to the natural wonders of American Fork. The community is situated near the majestic Mount Timpanogos, providing residents with breathtaking views and ample opportunities for outdoor recreation. Residents can indulge in scenic hikes, leisurely walks, or simply basking in the serenity of nature. The surrounding area also boasts numerous parks, trails, and lakes, allowing residents to immerse themselves in Utah’s remarkable natural beauty.

 

In addition to its natural surroundings, Mount Timpanogos Village offers a myriad of amenities aimed at enhancing residents’ quality of life. At the heart of the community is a state-of-the-art clubhouse, which serves as a gathering place for socializing, fitness, and entertainment. Residents can engage in a variety of activities, from yoga and aerobics classes to card games and book clubs. The clubhouse also features a well-stocked library, a billiards room, and a theater, ensuring that there is never a dull moment.

 

For those who value an active lifestyle, Mount Timpanogos Villas provides an array of recreational amenities. The community boasts a fitness center equipped with the latest exercise machines and a swimming pool perfect for taking a refreshing dip or organizing water aerobics classes. Outdoor enthusiasts can indulge in tennis matches on well-maintained courts or enjoy a round of golf at nearby courses. With dedicated walking paths and bike lanes, residents can effortlessly practice healthy habits and stay active.

 

One of the standout features of Mount Timpanogos Villas is its outstanding Walk Score, reflecting its excellent location and accessibility to essential amenities. Within a short distance from the community, residents can find an abundance of shopping centers, restaurants, healthcare facilities, and pharmacies. The convenience of having everything within reach allows residents to effortlessly fulfill their day-to-day needs and enhances their overall sense of well-being.

 

Moreover, Mount Timpanogos Village fosters a strong sense of community through its various social events and clubs. Residents can engage with like-minded individuals by participating in organized activities such as art classes, cooking demonstrations, and wine tastings. These events not only facilitate social connections but also provide opportunities to discover new interests and passions.

 

The real estate options at Mount Timpanogos Villas are designed with comfort and functionality in mind. The community offers a range of spacious and well-appointed villas, providing residents with customizable living spaces to suit their preferences. Featuring open floor plans, modern appliances, and upscale finishes, these villas exude elegance and are tailored to meet the needs of today’s discerning adults.

 

When it comes to retirement living, Mount Timpanogos Village in American Fork, Utah, offers an unparalleled experience. Residents can revel in the tranquility of the surrounding natural beauty, enjoy a host of exceptional amenities, and embrace an active, social lifestyle. With its prime location, excellent Walk Score, and highly desirable villa options, this over 55 community truly encapsulates the essence of comfortable, fulfilling retirement living.

 

Discover The Benefits: Why Mount Timpanogos Villas Is A Perfect Choice For Active Adults

 

Mount Timpanogos Villas in American Fork, Utah, is a highly sought-after over 55 adult community that offers a plethora of amenities and a fabulous location. The community not only provides a serene and peaceful environment but also ensures a vibrant and active lifestyle for its residents. From the numerous benefits it offers, it’s no surprise that Mount Timpanogos Villas is considered a perfect choice for active adults.

 

One of the key advantages of choosing Mount Timpanogos Villas as a place to call home is its prime location. American Fork, Utah, is a picturesque city nestled at the base of the stunning Wasatch Mountains. The area is renowned for its natural beauty, with Mount Timpanogos serving as a majestic backdrop. This fantastic location provides residents with unparalleled access to outdoor activities and recreational opportunities.

 

For those who enjoy an active lifestyle, Mount os Villas is a dream come true. The community is designed to promote physical activity and social engagement, offering a variety of amenities that cater to the interests and needs of active adults. Residents can take advantage of the well-maintained walking paths, which make it easy to stay fit while enjoying the breathtaking views of the mountains and surrounding landscapes.

 

Moreover, Mount Timpanogos Village residents have access to a clubhouse that serves as the epicenter of socialization and community engagement. The clubhouse is a hub of activity, hosting various events, parties, and gatherings throughout the year. This vibrant social scene allows residents to meet like-minded individuals and cultivate meaningful friendships. From game nights to fitness classes, the clubhouse offers a range of activities that cater to diverse interests and ensure that there is never a dull moment for the residents.

 

In addition to its prime location and social opportunities, Mount Timpanogos Village also excels in providing top-notch amenities that enhance the overall living experience for its residents. The community features a fitness center, where residents can work out and stay active at their convenience. This onsite fitness facility eliminates the need for external gym memberships and makes staying fit a hassle-free experience.

 

For those who enjoy spending time outdoors, Mount Timpanogos Village boasts beautifully landscaped grounds and a community garden. Residents can indulge in gardening, soak in the natural beauty, or simply relax in the peaceful atmosphere. The community also features a swimming pool, allowing residents to enjoy a refreshing dip during hot summer days.

 

Safety and security are also a top priority at Mount Timpanogos Village. The community is equipped with state-of-the-art security systems and provides a secure living environment for its residents. With peace of mind, residents can fully enjoy their active and vibrant lifestyle without any worries.

 

Furthermore, Mount Timpanogos Village is in close proximity to various amenities and conveniences. From shopping centers to medical facilities, residents have easy access to all their daily needs. The nearby American Fork Hospital ensures exceptional healthcare services, providing an added level of comfort and convenience for residents.

 

In conclusion, Mount Timpanogos Village offers a wide array of benefits that make it an ideal choice for active adults. The prime location, abundant recreational opportunities, vibrant social scene, and impressive amenities make this over 55 adult community a haven for those who seek an active and fulfilling lifestyle. Discover the distinct advantages of Mount Timpanogos Village and embrace a new chapter of life in this exceptional community.

 

Unveiling The Walk Score: Embracing The Convenience And Accessibility In The Surrounding Area

 

Mount Timpanogos Villas, located in the charming city of American Fork, Utah, is an over 55 adult community that offers a unique blend of natural beauty, convenient amenities, and a welcoming atmosphere. One of the standout features of this community is its exceptional Walk Score, which allows residents to embrace a lifestyle of convenience and accessibility.

 

A Walk Score is a measure of how walkable an area is, with higher scores indicating that most daily errands can be accomplished on foot. This rating takes into account various factors, including the availability of essential services, proximity to shopping and dining establishments, access to public transportation, and the overall pedestrian-friendliness of the surroundings. For those seeking a vibrant and active lifestyle, a high Walk Score can make all the difference.

 

In the case of Mount Timpanogos Villas, residents enjoy a fantastic Walk Score due to the community’s strategic location in American Fork. Nestled near the base of the beautiful Mount Timpanogos, this community offers residents the opportunity to explore the surrounding area on foot and make the most of their everyday routines.

 

With a Walk Score of over 80 out of 100, Mount Timpanogos Villas boasts the convenience of having an array of amenities within easy reach. Imagine taking a leisurely stroll to the nearby grocery store to pick up fresh ingredients for a delicious home-cooked meal. Need to run some errands or do some shopping? The community’s proximity to various retail outlets ensures that residents can easily access everything they need without having to rely solely on driving.

 

Not only does this high Walk Score make daily errands more convenient, but it also promotes an active and healthy lifestyle. Residents can enjoy a brisk walk or bike ride along the scenic trails surrounding the community or take a serene evening stroll through the neighborhood. This not only benefits physical health but also fosters a sense of community as residents have more opportunities for interaction and social engagement.

 

One of the highlights of Mount Timpanogos Villas is its clubhouse amenities, which are within walking distance from the residences. The clubhouse serves as a central hub for social activities, events, and gatherings, providing residents with the perfect opportunity to meet their neighbors and establish lasting friendships. From fitness classes to game nights, the clubhouse offers a wide range of activities tailored to the needs and interests of the community’s residents.

 

In addition to the clubhouse, residents of Mount Timpanogos Villas can also take advantage of the beautiful outdoor spaces and recreational facilities nearby. Parks, golf courses, and hiking trails are all easily accessible, allowing residents to enjoy the natural beauty of the area while maintaining an active and fulfilling lifestyle.

 

Living in an adult community with a high Walk Score not only enhances convenience and accessibility but also promotes a sense of connection and community. Mount Timpanogos Villas provides its residents with a unique opportunity to enjoy a vibrant and fulfilling lifestyle, surrounded by the breathtaking natural landscapes of American Fork, Utah.

 

As the residents of Mount Timpanogos Villas embrace the convenience and accessibility offered by the community’s impressive Walk Score, they find themselves living in a place that truly feels like home. With every activity, errand, and social interaction just a short walk away, residents can make the most of their golden years and truly experience the joy of living in this exceptional adult community in American Fork.

 

Indulging In Clubhouse Amenities: Enhancing The Mount Timpanogos Village Experience For Residents

 

Nestled in the beautiful city of American Fork, Utah, Mount Timpanogos Village stands as an exceptional over 55 adult community that offers its residents an elevated living experience. Surrounded by stunning natural beauty and picturesque landscapes, this retirement haven is known for providing a peaceful and tranquil environment, perfect for those seeking to enjoy their golden years to the fullest. However, the allure of this community doesn’t stop at its breathtaking surroundings and spacious villas; it extends to the plethora of clubhouse amenities that have been designed to enhance the residents’ experience.

 

One of the standout features of Mount Timpanogos Village is its state-of-the-art clubhouse, where residents can come together, socialize, and engage in various activities. This vibrant hub serves as the centerpiece of the community, fostering a strong sense of camaraderie among neighbors and promoting an active and vibrant lifestyle.

 

Upon entering the clubhouse, residents are greeted by an elegant and welcoming interior, tastefully decorated to create a warm and inviting atmosphere. The clubhouse is thoughtfully designed to cater to a wide range of interests and preferences, ensuring there is something for everyone within the community.

 

For those who enjoy staying active, Mount Timpanogos Village boasts a well-equipped fitness center. This modern facility offers an array of exercise machines, free weights, and fitness classes, allowing residents to engage in their favorite workouts at their own pace. Whether it’s a cardio session, strength training, or a relaxing yoga class, the fitness center ensures residents have everything they need to maintain their health and wellness.

 

Beyond fitness, the clubhouse provides ample opportunities for leisure and recreation. The community features a billiards room, where residents can enjoy friendly games and engage in light-hearted competition with their neighbors. This space encourages a sense of friendly rivalry while fostering connections and new friendships among the residents.

 

For those who have a passion for arts and culture, Mount Timpanogos Village offers a designated arts and crafts room. This space provides a creative outlet for residents to explore their artistic talents, whether it be painting, pottery, or any other craft they might be interested in. The arts and crafts room is a sanctuary for self-expression and allows residents to tap into their creativity and expand their horizons.

 

To cater to residents’ intellectual pursuits, the clubhouse also features a well-stocked library and a cozy reading nook. This tranquil corner provides a peaceful retreat for book lovers, who can immerse themselves in a good novel or engage in stimulating conversations with fellow residents about their favorite literary works. The library serves as a hub for uncovering new knowledge, expanding horizons, and engaging in intellectual discussions.

 

In addition to these amenities, the clubhouse at Mount Timpanogos Village also offers a spacious lounge area, perfect for socializing and connecting with neighbors. This welcoming space is an ideal gathering spot for residents to catch up, share stories, and foster a true sense of community. Whether it’s a morning coffee, an evening game night, or a lively discussion, the lounge area facilitates memorable moments and lifelong friendships.

 

Furthermore, the clubhouse at Mount Timpanogos Village also hosts various community events and activities throughout the year. From holiday celebrations and parties to educational seminars and guest speakers, there is always something happening to keep residents engaged and entertained. These events offer residents the opportunity to socialize, learn, and create lasting memories with their neighbors in a vibrant and inclusive environment.

 

With its array of clubhouse amenities, Mount Timpanogos Village goes above and beyond to provide its residents with an exceptional living experience. From fostering social connections to promoting physical and intellectual wellness, the clubhouse serves as the heart of the community, enhancing the overall quality of life for its residents. Indulging in these amenities not only adds value to the experience at Mount Timpanogos Village but also creates a sense of fulfillment and joy for those who call this place home.

 

How we will Market your Property

 

Each Property Has a Single Site Web Page

We Carefully Advise You On Staging Your Home to Sell at Top Price and Attract Multiple Offers!

Strategic Timing Of Open House

Drone Footage of Home and Neighborhood Amenities

Professional Interior Photo Shoot Including Video

Full-Color Flyers

Tracking Of All Showings

Social Media Marketing

Experienced Veteran Broker with Proven Negotiating Skills, (Master Certified Negotiation Expert)

 

 

Your Checklist To Get Ready To Sell

Your Checklist To Get Ready To Sell [INFOGRAPHIC] | MyKCM

Some Highlights

  • When it comes to selling your house, you want it to look its best inside and out.
  • It’s important to focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal for prospective buyers.
  • Let’s connect to make sure your house shows well and catches a buyer’s eye.

 

Selling your Home in the Greater Wasatch Front

When you make the decision to sell your home, you, as a seller, find that their are three basic choices:  FSBO or For sale by owner. You may find or hear of a friend/neighbor/relative to possibly list with. Or, Better yet hire a thirty year proven real estate veteran team. The Gale Team are highly rated, top producing Realtors®.  We specialize in representing sellers. I would hope you would give our team a close look. “As a native Utahan I know about the Greater Wasatch Front market, areas, schools, and recreation”

Why Hire Us?

Representing Sellers is what we do best at Utah Realty.  Our past clients return to us because of our exceptional service.  Should you choose to list your home with us, you are guaranteed to have a professional exceptional experience.  You can count of us to get the job done!  Here is what you can come to expect on when we represent you in the sale of your home.

2024 Housing Market Forecast

2024 Housing Market Forecast

2024 Housing Market Forecast

Some Highlights

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

People Are Still Moving, Even with Today’s Affordability Challenges

People Are Still Moving, Even with Today’s Affordability Challenges

People Are Still Moving, Even with Today’s Affordability Challenges

If you’re thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.

The National Association of Realtors (NAR) explains how to read the values on the graph:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”

The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.

According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:

  • 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
  • 10,849 divided by 24 hours in a day = 452 houses sell per hour
  • 452 divided by 60 minutes in an hour = about 8 houses sell each minute

So, on average, over 10,000 homes sell each day in this country. Whether you’re a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.

An Agent Can Help You Make Your Move a Reality

You may be wondering how other homebuyers and sellers are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable right now.

True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the affordability challenges today.

Bottom Line

You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.

 

If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

The Latest 2024 Housing Market Forecast – Utah Realty

The Latest 2024 Housing Market Forecast – Utah Realty

The Latest 2024 Housing Market Forecast

The new year is right around the corner, and you might be wondering if 2024 will be the right time to buy or sell a home. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what’s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.

Experts Forecast Ongoing Home Price Appreciation

Take a look at the latest home price forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):

 

As you can see in the orange bars on the left, on average, experts forecast prices will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices would crash this year. The truth is, prices didn’t come tumbling way down in 2023, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.

Looking forward, experts project home prices will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn’t as big as in 2023, it’s important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home’s value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why owning a home can be a smart decision in the long run.

Projections Show Sales Should Increase Slightly Next Year

While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph below):

 

While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for buyers and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.

So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.

Bottom Line

If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the future of the housing market. When you’re in the know about what’s ahead, you can make the most informed decision possible. Let’s chat about the latest forecasts together, and craft a plan for your next move.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

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

Certified Divorce Specialist CDS

 

Contact me! 

 

 

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