Buying a New Home Doesn’t Need to Cost More than an Apartment 

Are you thinking about buying your own home? If so, there are several great benefits in doing so. If you’re someone that is settled and doesn’t plan on moving anytime soon, here are three ways you can benefit in becoming a home owner.

Three Benefits to Owning Your Own Home

  1. No wasted money: When you rent from someone, whether it be an apartment or a home, you’re giving them money to pay off their mortgage. What this means is, when you move out, you don’t have anything. When you get a home of your own, you don’t have to spend a ton of money, but instead get one within your price range and one that’s in your name and you’re paying off.
  2. Design your own home: It’s a great feeling to be able to come back to your home and be able to design what your whole house looks like. From being able to paint the walls your favorite color, to being able to pick out your appliances, it’s only what you want.
  3. Do your own landscaping: Another great perk of owning a home instead of renting something such as an apartment is the fact that you have a yard and you’re able to landscape it yourself.

As you can see, there are some great benefits to becoming a home owner. Between putting your hard earned money toward your own mortgage instead of someone else’s and being able to customize your home the way you want it, it’s worth it in the long run.

Buying a New Home Doesn’t Need to Cost More than an Apartment 

Are you thinking about buying your own home? If so, there are several great benefits in doing so. If you’re someone that is settled and doesn’t plan on moving anytime soon, here are three ways you can benefit in becoming a home owner.

<h3>Three Benefits to Owning Your Own Home</h3>

No wasted money: When you rent from someone, whether it be an apartment or a home, you’re giving them money to pay off their mortgage. What this means is, when you move out, you don’t have anything. When you get a home of your own, you don’t have to spend a ton of money, but instead get one within your price range and one that’s in your name and you’re paying off.

Design your own home: It’s a great feeling to be able to come back to your home and be able to design what your whole house looks like. From being able to paint the walls your favorite color, to being able to pick out your appliances, it’s only what you want.

Do your own landscaping: Another great perk of owning a home instead of renting something such as an apartment is the fact that you have a yard and you’re able to landscape it yourself.

As you can see, there are some great benefits to becoming a home owner. Between putting your hard earned money toward your own mortgage instead of someone else’s and being able to customize your home the way you want it, it’s worth it in the long run.

Being “Open” for Open Houses

While it may take some work to prepare for your open house, allowing interested buyers into their potential future home will make them feel at ease instantly and visualize this home as their own as they walk through and picture their belongings there.
Remember to de-clutter every area to accent the spaciousness of the home and it’s square footage. This will make the buyer even more interested when they see all the advantages of the space available and show the home at its best.

Photos & Clutter

Keeping personal photos or other mementos out of sight will make the home more attractive to a potential buyer. This means they can picture their own belongings in these spaces.

Ambiance

One of the most important factors when having an open house is to create an inviting atmosphere by adding scented candles to the home with vanilla, or a light scent. This will “greet” the visitors, invite them in and make them want to see more of the home. A welcome mat is also another way to greet those who are shopping and give them a sense of coming home when approaching the front entrance.

Welcome Home

Anything you can do to invite the buyer(s) in and make them feel at home instantly will mean the difference between a sale and having them walk away. A successful open house allows you to show-off your home in a way that is inviting and attractive to potential buyers.

Being “Open” for Open Houses

While it may take some work to prepare for your open house, allowing interested buyers into their potential future home will make them feel at ease instantly and visualize this home as their own as they walk through and picture their belongings there.
Remember to de-clutter every area to accent the spaciousness of the home and it’s square footage. This will make the buyer even more interested when they see all the advantages of the space available and show the home at its best.

Photos & Clutter

Keeping personal photos or other mementos out of sight will make the home more attractive to a potential buyer. This means they can picture their own belongings in these spaces.

Ambiance

One of the most important factors when having an open house is to create an inviting atmosphere by adding scented candles to the home with vanilla, or a light scent. This will “greet” the visitors, invite them in and make them want to see more of the home. A welcome mat is also another way to greet those who are shopping and give them a sense of coming home when approaching the front entrance.

Welcome Home

Anything you can do to invite the buyer(s) in and make them feel at home instantly will mean the difference between a sale and having them walk away. A successful open house allows you to show-off your home in a way that is inviting and attractive to potential buyers.

2015 Projections for the Real Estate Market

Each year at this time several industry leaders publish their projections for real estate in the coming year. Most look at driving economic factors, others ask leading real estate brokers what they are seeing, and some ask consumers directly their thoughts. So let’s take a look at some of the projections that are being made for real estate in 2015.

2015_market_forecast_Trulia_pdf 2First and foremost, for us here in Utah, Trulia has named us a “Top 10 Market to Watch in 2015″. With a strong economy and job market in our state, this certainly isn’t surprising. Our population is growing both organically and via relocation from surrounding states.

Trulia also projects that price gains will continue to slow as they did in 2014. While 2103 saw a large correction, 2014 appreciation was only approximately 4%, and many anticipate that to be similar in 2015. Prices nationally are 3% undervalued compared to fundamentals.

Trulia also projects that housing starts and new home sales will be down. However, several disagree with that assessment, including Moody’s and NAR. Both project that new home sales will lead the market to a higher level of recovery. Other projections from NAR include; mortgage rates to increase (although we have seen them dip slightly as of late), drop in oil prices will boost housing, foreclosures recede to pre-recession levels, rent rises to outpace home-value growth, and a stronger economy will lead to greater confidence.

thoughtLeaderSurveyFall2014FinalResults_pdf 6Imprev, a real estate marketing company, interviewed several leading brokers, asking them their thoughts on 2015 and the real estate market. While the survey broke their responses into four categories, overall, most saw the market improving or staying the same. There was a decrease in those who saw it deteriorating from 2014 to 2015.

While all of these projections are nationally driven, you can always meet with one of our professional agents to get an understanding of what is happening in your area. It’s important to understand that real estate is very local. Trusting a local professional to give you an assessment is always the best way to go.

 

 

2015 Projections for the Real Estate Market

Each year at this time several industry leaders publish their projections for real estate in the coming year. Most look at driving economic factors, others ask leading real estate brokers what they are seeing, and some ask consumers directly their thoughts. So let’s take a look at some of the projections that are being made for real estate in 2015.

2015_market_forecast_Trulia_pdf 2First and foremost, for us here in Utah, Trulia has named us a “Top 10 Market to Watch in 2015″. With a strong economy and job market in our state, this certainly isn’t surprising. Our population is growing both organically and via relocation from surrounding states.

Trulia also projects that price gains will continue to slow as they did in 2014. While 2103 saw a large correction, 2014 appreciation was only approximately 4%, and many anticipate that to be similar in 2015. Prices nationally are 3% undervalued compared to fundamentals.

Trulia also projects that housing starts and new home sales will be down. However, several disagree with that assessment, including Moody’s and NAR. Both project that new home sales will lead the market to a higher level of recovery. Other projections from NAR include; mortgage rates to increase (although we have seen them dip slightly as of late), drop in oil prices will boost housing, foreclosures recede to pre-recession levels, rent rises to outpace home-value growth, and a stronger economy will lead to greater confidence.

thoughtLeaderSurveyFall2014FinalResults_pdf 6Imprev, a real estate marketing company, interviewed several leading brokers, asking them their thoughts on 2015 and the real estate market. While the survey broke their responses into four categories, overall, most saw the market improving or staying the same. There was a decrease in those who saw it deteriorating from 2014 to 2015.

While all of these projections are nationally driven, you can always meet with one of our professional agents to get an understanding of what is happening in your area. It’s important to understand that real estate is very local. Trusting a local professional to give you an assessment is always the best way to go.

 

 

November 2014 Fine Homes Magazine

We are pleased to release our November 2014 issue of our Fine Homes Magazine.

Prudential Utah Elite Real Estate is the leader in fine homes in Utah County. We sell over 89% of the luxury homes in this market. If you’re thinking of buying or selling, talk to us first and find out how our marketing program can make your home stand out.

5 Tips to Improve Your Credit Score

Credit ScoreA credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. A higher credit score means you are more likely to be approved and pay lower interest rates on new credit. So, when you are looking to buy a home the higher your credit score is the better. It becomes easier to qualify for specific loan programs and with lower interest rates it can help lower your monthly payment and the amount you pay back over the life of the loan. Are you thinking about buying, but worried your credit isn’t good enough?
Here are 5 essential tips for improving your credit score:
Tip 1 – Check Your Score
     Don’t let your credit report surprise you. Check it often, at least once per year to make sure things you aren’t expecting or may have forgotten about aren’t bringing your score down.
Tip 2 – Use Your Credit Cards
     It’s important to use your credit cards that you have, but don’t have too many. It’s even more important to consistently pay your credit card bill to show you are responsible with credit. Using your credit cards often is a good thing, but don’t carry a balance on them if can help it.
Tip 3 – Contact a Credit Counselor
     A counselor can assess your credit situation and help you get back on track. They are trained to look for specific ways to help you improve your credit in various ways and will help tailer solutions to you.
Tip 4 – Build Credit History
     Build a good credit history, both length and payment history. This is the biggest factor to determine your credit score. Your credit history will consist of things like what type of credit you had, such as a credit card or a loan. It will also show things such as late payments being made on time or late, delinquency if any, number of payment accounts you have open and other factors to determine your score. The length of time you have a line of credit can work in your favor. For example, having the same credit card for several years with consistent use and not carrying a balance will look very good on your history. But bouncing around from card to card in a short period of time will hurt you.
Tip 5 – Consistency Consistency
     Be consistent in all things involving credit. Make payments on time. Set reminders for yourself to avoid being late. If you can, diversify the types of credit you have, and stick with them to show a good history. Being consistent (in the good ways) will show that you are a good candidate to borrow and will improve your score.
Having credit is essential to buying a home, but just like any good structure it has to be built and it will take time. Building your credit score is building a lender’s confidence in you that you will pay back what you have borrowed. It can take time to obtain a good score, but doesn’t take much to ruin it if you’re not careful.
If you’d like to understand more about your credit score and how it affects your ability to buy, meet with our preferred lender today.

Great News On Mortgages This Week

We’ve talked in the past about the effect mortgage rate can have on your buying power. The good news is that rates have come down and are below 4.0% for the first time since June 2013, according to USA Today. Just that drop in rate alone, has improved your buying power almost 10%. Where you might have qualified for $180,000, you now might be able to buy at $200,000 for the same monthly payment, as illustrated in the graph below. With home prices remaining relatively flat as of late and the mortgage rate dropping, this could be the time for you to check with a lender and see how your buying picture looks now.  There’s even more great news on mortgages this week below the graph about changes in regulations.

BuyersPurchasingPower2

 

At the Mortgage Bankers Association Conference this week, Federal Housing Finance Agency Director Melvin Watt said his agency had reached an agreement in principle with Fannie and Freddie that would develop “sensible and responsible” guidelines for mortgage borrowers with as little as 3% to use as a down-payment.

And more good news for the lending indsutry came as the National Association of REALTORS® announced their success as they’ve been fighting the detrimental impacts of the Qualified Residential Mortgage (QRM) rule contained in Dodd-Frank.

Provo, Utah Ranked #2 For Greatest Place To Live

The_Best_Towns_Ever__2014___Best_Towns___OutsideOnline_comOutside Magazine’s September 2014 issue took a look at “The Best Towns Ever” and our very own Provo was ranked as the second greatest place to live in America. While that might not be surprising to those of us who live here and enjoy all that this area offers, some might not be aware of all of the amazing things we have to offer.

According to Outside Magazine – access to trails, rivers, mountains, and lakes, healthy eating, bike lanes, and green space are some of the main factors. Provo has all of these factors and more.

The article highlights Provo’s:

  • Active community – full of cyclists and runners
  • Businesses and Start-ups including – Google Fiber, Adobe, Duncan Aviation, Qualtrics and NuSkin
  • Access to outdoor recreation – climbing at Rock Canyon, skiing at Sundance Resort, fishing the Provo River, paddle boarding Utah lake
  • Transportation – with the addition of the FrontRunner, Provo is now connected to Salt Lake City with a 60 minute ride
  • Thriving independent food scene
  • Vibrate music scene and community events – Rooftop Concert Series, Summer Cinema Series, etc.

Read the article for yourself and see why living here is great!

Outside-Magazine-1