Spring Home Buyers Guide for 2022 is Here!

[pdf-embedder url=”https://utahrealtyplace.com/wp-content/uploads/2022/03/BuyingaHomeSpring2022.pdf.pdf”]

Things-To-Avoid-After-Applying-for-a-Mortgage

It’s essential to avoid mishaps after applying for a mortgage. Let’s connect so you know what to avoid during this part of the homebuying process.

The #1 Reason To Sell Your House Today

Why Acting Strategically as a Seller Is Your Best Play

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.

Marty does an incredible job with buyers to find them the best home for their money. He then negotiates the Real Estate transaction to make sure their rights are protected throughout the buying process. I highly recommend Marty Gale and his team for your next Real Estate Purchase!

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!

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!

4 Simple Graphs Showing Why This Is Not a Housing Bubble

A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time.

1. Houses Are Not Unaffordable Like They Were During the Housing Boom

The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should not spend more than 28% of their gross income on their mortgage payment.

Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well below 6%. That means the average purchaser today pays less of their monthly income toward their mortgage payment than they did back then.

In the latest Affordability Report by ATTOM Data, Chief Product Officer Todd Teta addresses that exact point:

“The average wage earner can still afford the typical home across the U.S., but the financial comfort zone continues shrinking as home prices keep soaring and mortgage rates tick upward.”

Affordability isn’t as strong as it was last year, but it’s much better than it was during the boom. Here’s a chart showing that difference:

If costs were so prohibitive, how did so many homes sell during the housing boom?

2. Mortgage Standards Were Much More Relaxed During the Boom

During the housing bubble, it was much easier to get a mortgage than it is today. As an example, let’s review the number of mortgages granted to purchasers with credit scores under 620. According to credit.org, a credit score between 550-619 is considered poor. In defining those with a score below 620, they explain:

“Credit agencies consider consumers with credit delinquencies, account rejections, and little credit history as subprime borrowers due to their high credit risk.”

Buyers can still qualify for a mortgage with a credit score that low, but they’re considered riskier borrowers. Here’s a graph showing the mortgage volume issued to purchasers with a credit score less than 620 during the housing boom, and the subsequent volume in the 14 years since.

Mortgage standards are nothing like they were the last time. Purchasers that acquired a mortgage over the last decade are much more qualified. Let’s take a look at what that means going forward.

3. The Foreclosure Situation Is Nothing Like It Was During the Crash

The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. The Federal Reserve issues a report showing the number of consumers with a new foreclosure notice. Here are the numbers during the crash compared to today:

There’s no doubt the 2020 and 2021 numbers are impacted by the forbearance program, which was created to help homeowners facing uncertainty during the pandemic. However, there are fewer than 800,000 homeowners left in the program today, and most of those will be able to work out a repayment plan with their banks.

Rick Sharga, Executive Vice President of RealtyTrac, explains:

“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging. It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect.”

Why are there so few foreclosures now? Today, homeowners are equity rich, not tapped out.

In the run-up to the housing bubble, some homeowners were using their homes as personal ATM machines. Many immediately withdrew their equity once it built up. When home values began to fall, some homeowners found themselves in a negative equity situation where the amount they owed on their mortgage was greater than the value of their home. Some of those households decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area.

Homeowners, however, have learned their lessons. Prices have risen nicely over the last few years, leading to over 40% of homes in the country having more than 50% equity. But owners have not been tapping into it like the last time, as evidenced by the fact that national tappable equity has increased to a record $9.9 trillion. With the average home equity now standing at $300,000, what happened last time won’t happen today.

As the latest Homeowner Equity Insights report from CoreLogic explains:

“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”

There will be nowhere near the same number of foreclosures as we saw during the crash. So, what does that mean for the housing market?

4. We Don’t Have a Surplus of Homes on the Market – We Have a Shortage

The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation. As the next graph shows, there were too many homes for sale from 2007 to 2010 (many of which were short sales and foreclosures), and that caused prices to tumble. Today, there’s a shortage of inventory, which is causing the acceleration in home values to continue.

Inventory is nothing like the last time. Prices are rising because there’s a healthy demand for homeownership at the same time there’s a shortage of homes for sale.

Bottom Line

If you’re worried that we’re making the same mistakes that led to the housing crash, the graphs above show data and insights to help alleviate your concerns.

What Every Seller Needs To Know About Renovating This Year

If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things you should consider when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year.

1. The Number of Homes for Sale Is Very Low

Housing inventory sits far below what is normally considered a balanced market. In fact, according to the National Association of Realtors (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process.

But you want to do so while buyers are still scooping homes up as fast as they’re being listed. Spending time and money on renovations before you sell could mean you’ll miss your key window of opportunity. Of course, certain repairs may be important or even necessary. The best way to determine where to spend your time – and your money – is to work with a real estate advisor to confirm which improvements are truly needed and which ones aren’t likely to be deal-breakers for buyers.

2. Buyers May Be Willing To Take on Projects When They Purchase Your House

Today, many buyers are more willing to take on home improvement projects themselves to get the house they’re after, even if it means putting in a little extra work. A recent survey from Freddie Mac finds that:

“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.”

If more buyers are willing to tackle repairs on their own, it may be wise to let the future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. Depending on the structural condition of your house, your efforts may be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior to make sure the home stands out. Instead of over-investing in upgrades, the buyer may change anyway, work with a real estate professional to determine the key projects to tackle that will give you the greatest return on your investment.

3. Your Agent Will Help You Spotlight the Upgrades You’ve Made

Over the past year, many people made a significant number of updates to their homes. The most recent State of Home Spending report finds:

“Home improvement spending rose 25% year-over-year to $10,341. Homeowners who invested in home improvement did an average of 3.7 projects, up from 2.7 in 2020, . . .”

With more homeowners taking on more projects in the past 12 months, there’s a good chance you’ve already made updates to your home that could appeal to buyers. If that’s the case, your real estate advisor will find ways to highlight those upgrades in your listing.

The same is true for any projects you invest in moving forward. No matter what, before you renovate, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.

Bottom Line

In a sellers’ market like today’s, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect today so you can find out where to target your efforts before you list.

Marty Gale

Buy or Sell with Marty Gale