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Expert Tips for Home Buyers & Sellers

Our mission at Justin Udy & Team Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Wednesday, November 15, 2017

Can Terms Be More Important Than Price?


Why should you be paying attention to the terms of the market? Actually, there are a couple of reasons.

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Why should you be paying attention to the terms of the market? Actually, there are a couple of reasons. Whether you’re buying an investment property, you’re buying a second property, or are moving into a single-family home, the terms of the market are just as valuable as the price. Let’s take the example of comparing a $1 million home at a 1% interest rate to a $100,000 home with a 10% interest rate. These payments would end up being very similar, but the real issue is the terms of the interest rate.


The terms of the market are just as valuable as the price.


There are a few quick statistics I’d like you to think about. The average rental rate in the market is constantly rising. And with all of the people currently moving into our area, this is expected to continue. My point is that: interest rates in the market allow us to purchase and own at a better price. This means you can typically own a home for less money than it would take to rent one. These interest rates will not last. And when they do rise, you won’t be able to match the kind of terms we’re seeing today. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Tuesday, October 31, 2017

How to Make Your Home Ready for Fall and Winter


Today, I want to go over a few essential maintenance tips for the fall and winter months.

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Today I want to go over a few fall maintenance tips. Fall and winter hit us very quickly here in Utah, so there are a few ways you should think about preparing before it’s too late in the year to do so. First, get an automatic change form if you have renters in your property. That way, the property is automatically transferred to your name if they leave. I have literally walked into properties where I’ve found ice hanging from the ceilings. Getting an automatic change form can avoid disasters like this. Secondly, make sure you seal everything. Water can cause mold and structural damage, so make sure your doors, windows, and other areas are all properly sealed.


You absolutely do not want your furnace to go out when it’s 10 degrees outside.


This brings me to my third tip, which is to seal your gutters. I’ve seen basements actually flood because of water coming down from the gutter and directly into the basement. Also, another tip I want you to think about is to check your furnace on an annual basis. You absolutely do not want your furnace to go out when it’s 10 degrees outside. Make sure you are checking and maintaining it as needed. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Monday, September 25, 2017

Don’t Make These 3 Common Homebuyer Mistakes


If you are using a loan to finance your home purchase, there are three mistakes you need to avoid if you want to close on the property.

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In this market, 90% of homebuyers get a loan, while 10% of buyers pay cash. If you are getting a loan, there are a few things you need to know.

It’s always crazy when we get to a closing table with a buyer who has an amazing income, great credit, and a good job only to find that they are denied from getting the loan.

The buyer then loses their earnest money and any money they spent on appraisals and inspections, not to mention the emotional investment they made in the home. If you want to get the keys to your next home, there are a few things you need to remember.

First of all, don’t make any large purchases. Don’t buy a car or any furniture. Big purchases put a balance on your credit card, which could be a red flag for lenders. Big purchases also push your ratios, which could impact your credit score. Avoid buying any big-ticket items. I would be very careful about spending over $100, and I would avoid spending over $500 altogether. You can always buy furniture once you have the keys to your home.

Also, let’s say you buy the furniture and something else happens to cause the deal to fall apart. Now, you’ve not only lost your home, but you’re also stuck with a couch you can’t return. Just wait until you actually close on the property until you buy any furniture.


Wait until you have the keys in your hand before you make any large purchases.


Secondly, make sure you stay at your job. I’ve seen buyers quit their job just two or three days before closing. In order to buy a home, you have to have income to pay the mortgage. The bank usually verifies your employment the day of closing or the day before, so don’t quit your job the same week you close.

Even going on sabbatical or medical leave can negatively affect your closing. If you are not actively working, getting a paycheck, and making money, you won’t be able to get into that home.

Finally, don’t start applying for additional credit. If you start applying for different credit cards, your credit score will be affected. Applying for more credit also raises a red flag for the lender. They may wonder if you are applying for credit because there is an issue with your income.

Ultimately, the best thing you can do is just sit tight until you close on your home. Don’t apply for credit, don’t make any major job changes, and don’t buy a boat or a car or furniture. Just hold on until you have the keys in your hand.

Here’s a little bonus tip as well: Make sure that the down payment can be refunded. Deadlines can be moved and closing can be delayed, so make sure you are flexible with those. If the deal does fall through, make sure you can get your money back.

If you have any other questions about buying a home in our current market, just give me a call or send me an email. I would be happy to help you!