The Top 3 Factors Affecting New Construction Homes in 2017

Are you thinking about building a home this year? If so, you need to keep these three factors in mind.

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There are three challenges you'll encounter if you want to build a home this year that I wanted to outline for you.

1. 87% of builders are concerned about labor shortages in the market. This is why prices have increased for both labor and materials. If you build a home this year, expect and understand that it will take longer, it may be harder to get subcontractors out there, and you might have to pay a little bit more because of market shortages.
2. The cost of land. Land prices have gone extremely high, and since there's a shortage of inventory on the market, builders aren't building at the mass rate we saw before because of the affordability of land. Be aware that if you find a good piece of land that seems realistic, it’s probably worth a second look if you think you'd like it.
3. Government zoning fees and regulations. Cities make money by charging these fees, so we're seeing them go up. These increases force builders to have to deal with them and it can bottleneck the home building process.

Keep these three things in mind if you want to build a house this year. If you'd like more details on these three factors or you need any help buying or selling any kind of home in the Salt Lake City area, give us a call or send us an email. We'd love to help you out.

What to Do to Increase Your Net Worth

If you’re a first-time homeowner, you may be thinking about some possible ways to make the most of your newfound capital.

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I think that buying real estate is one of the best ways to increase your net worth. If you’re a first-time home buyer, it’s important to have a strategy in place that will allow you to invest your money in areas where it will not only grow incrementally but where it will compound, as well. There are a few reasons why buying a property will increase your net worth:

1. Purchasing a home acts as a forced savings plan. A study done by MarketWatch stated that 62% of Americans did not have $1,000 in savings to cover potential unexpected expenses. In a world where many of us can easily become strapped for cash, it’s important to put money away wherever and whenever we can, and a home is a perfect way to do that. You may be paying money on your principal and interest each month, but consider how much you’ll be gaining in the long term. I know that a lot of people really love the idea of flipping houses, but your goal should not be to buy a home, fix it, flip it, then go buy a boat with the profits; those profits should go toward a long-term hold.
2. You’re utilizing the market and its advantages. We are seeing some of the highest rental growth rates yet, so if you’d like to buy, hold, and lease a property, now would be the time to take advantage of those rates.
3. You will have certain advantages as a homeowner. Talk to your CPA and find out which advantages you’ll have as a homeowner. In cases where there is an accelerated rate of depreciation, you may be able to make improvements on that property and not only reap the benefits of a strong market, but raise rental rates when the market declines as well.

The goal is put your money in places that will allow it to grow. This, in turn, will allow you to incrementally increase your net worth.

If you have any questions to increase your net worth through real estate, feel free to give me a call or shoot me an email. I look forward to hearing from you!

Come to Wheeler Historic Farm for a Great Time

Our annual client appreciation event is coming up. We are going to have waffles, pies, games, and more. We would love for you to join us.

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We wanted to take a quick second to invite you to our upcoming client appreciation event on November 19th from 10 a.m. to 2 p.m. Since we are in the heart of the fall season, we have rented out the Wheeler Historic Farm’s activity barn and pavilion, which is a great venue.

We will have food catered by Waffle Love for everyone to enjoy, as well as games, a coloring contest, giveaways, and more. This is our way of saying thank you to you and your family for your business and your referrals. If you’d like to bring a friend along with you, you are more than welcome to.

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We are very excited to see all of you.

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In addition to providing an afternoon of fun, food, and family, we want to tie this event into the giving season as well. We ask that you bring one non-perishable food item with you so we can donate those to the Utah Food Bank and other organizations that provide food to those in need around this time of year.

We are very excited to see all of you on November 19th, which is the Sunday before Thanksgiving. We’ll also be giving away free apple and pumpkin pies at this event, but we need to know how many to get. Click here to RSVP to our event and let us know which flavor of pie you would like. 

If you have any other questions for us, don’t hesitate to give us a call or send us an email. We look forward to seeing you at Wheeler Historic Farm on November 19th!

What Creates Buyer Fatigue?

We’ve been noticing some buyer fatigue in our market as of late. Home prices are teetering at a point where some buyers are content with sitting back and waiting out for a deal.

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When we look at a normal real estate cycle, we see a peak in the market, followed by a slowdown, then another rise. We see this repeat over and over.

We’ve been in such an amazing market over the last few years, but we’ve come to the point where buyers are starting to get fatigued. There is a much larger gap between where homes are priced at and the actual value that buyers receive. When this happens, we start to see fewer homes sell, more inventory, and higher prices.

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It’s our job to help increase your home’s value and condition.

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Prices are at a point now where some buyers are content just looking around and seeing what’s out there. It is our job to make sure that we give you ways to increase your home’s value, condition, and showability to make sure it’s just as good as the rest of the market while being unique at the same time.

When buyer fatigue happens, it’s because buyers aren’t seeing the value in homes. Let’s sit down and review specific steps you can take to make your property a property of value that will continue to draw qualified buyers. 

If you have any questions for us, please don’t hesitate to give us a call or send us an email. We look forward to hearing from you!

Why the End of Summer Is a Great Time for Real Estate

The end of summer and beginning of spring bring slight changes to the real estate market. As you approach the end of the year, you will find that there are a couple of unique opportunities in the market for both buyers and sellers.

August and September are crazy months; kids start going back to school and there are a lot of new things happening. As for the real estate market, inventory levels start going up a little bit and sales come down slightly. When inventory rises and there aren’t enough buyers in the market, prices are affected. However, right now we have a very strong market.

While people are wrapping up vacations and sending their kids back to school, sellers who haven’t sold their home yet think, “Well, the summer selling season is over.” These sellers often wind up taking their home off the market and waiting for next spring. This creates a couple of interesting opportunities for buyers and sellers.

First of all, with more inventory, buyers have the opportunity to look a bit more for their dream home. They don’t have to rush as much as they did when inventory was tight.

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Now is a great time to be in the real estate market.

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As a seller, you have the opportunity to raise the bar and differentiate your home from the competition. We can make your home look better, feel better, and even smell better than other homes on the market so that your property stands out.

If you have been frustrated by the real estate market this year, now is a great time to revisit buying or selling a home. Interest rates are as low as they have ever been, which only creates more opportunities for buyers and sellers.

If you have any questions about the real estate market, give me a call or send me an email. I would be happy to help you!

Salt Lake City Real Estate Trends in 2016

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Let’s look at the market today. First of all, we can expect continued growth this year. That’s because there are a ton of buyers looking right now, but there aren’t many homes on the market. Salt Lake City will also see continued job growth. Since more people are coming into our area, job growth will help the real estate market significantly.

Next, interest rates will affect home values. If rates go up, that will affect how much people can afford. Values have gone up faster than any type of wage increase. People do have a ceiling on what they can afford, which will affect the value on that property.

Now is a good time to make a lateral move. Now’s the time to move into a more long term property and tap into that low interest rate. If you’re still renting a home, there are three things you need to consider.

1. Rent rates are still rising. We can get you into a home now for less money than it would cost you to rent.
2. Stick to fundamentals. If you’re looking for a home, look in good areas for good homes. That way, if something does happen, we will know that we can rent those properties out and be okay. We don’t want to get caught in a negative cash flow situation.
3. Save some cash. Put money away for a rainy day. Things break down in homes. Plus, if there’s a good opportunity to move up, cash is always helpful.

If you have any questions about today’s video, give us a call or send us an email. We would be happy to help you!

How to Find Your Maximum Home Value

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Today, I want to go over an important issue. If you are looking at the value of your home, you really can't trust some of the websites that are available to get you the best information. These sites are great tools, but you don't want to rely on them when pricing your home.

Sites like Zillow, Trulia, and Homes.com provide great information, but the values these sites come up with are often not even close to the actual value of a property. That's because they use an Average Valuation Model when coming up with home prices.

Basically, the AVM tool takes an average of the market. I'm not a fan of market averages because the market average does not account for the features and benefits of your property. The AVM takes bank-owned properties, short sales, and high-end luxury properties and lumps them all together into that average. If you've renovated your kitchen to add value to your home, there is no way for these websites to know about that.

While these sites are great tools, you need a true pricing professional so you understand the maximum value of your home. Real estate professionals know that ultimately, the value of your home is what a buyer is willing to pay for it in today's market, and those websites have no way of tracking that information.

If you have any questions, please give me a call or send me an email. I would be happy to help you!

Homeownership Is Simpler than You Think

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If you have friends or family living with you who think they can’t afford to own a home, they are wrong. Today we are going to discuss how you can help them become homeowners and get them into a property.

If you have people you know that live with you, what I am finding a lot is this: People say they don’t make enough money, have a good enough job, or have enough of a down payment to buy a house. On the Justin Udy Team, we have begun to solve this, and are getting these people qualified to purchase and helping them buy a home.

The small box that homeowners had to operate inside of for so long is much bigger now. There are more incentives and more programs aimed at first-time buyers. If you know somebody like this, have them reach out to us, so we can get their info and see if it’s the right fit. If not, we put a game plan in place to get them there.

Right now, new homeowners have a lot going for them. Here are 4 of the best reasons why people are deciding to buy NOW:

1. Low interest rates, most below 4%.
2. Rental rates are increasing at a much faster rate than mortgage rates.
3. Buying a home is a forced savings plan, where a portion of your monthly payment is going towards paying your home off.
4. This year alone, we have seen a 4% increase in home values in some areas. If you have to live somewhere, why not lock in a low interest rate and use your savings on rent to buy a new home, instead of paying someone else’s mortgage off.

These are just a few of the reasons why buyers are flocking to our area to buy homes. If you have any questions about the market, or anything else real estate related, be sure to give us a call or send us an email. We are never too busy to respond!

How Can You Save Money on Your Energy Bill in Salt Lake City?

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Today, I cover how you can save money on a new home and be environmentally friendly while you're at it! 

Any time you buy a new home, there are always ways to save. Purchasing a high-efficiency shower head will decrease consumption and allow you to save more energy.

When upgrading appliances, look for the Energy Star sticker, which tells you that you can save 10-50% not only in energy, but in water costs. Keeping an eye on your thermostat and adjusting it as the temperature changes is also a good way to control your energy costs. Or, if you prefer, just get a fan to keep cool in the warmer months!

Rocky Mountain Power has plans available that will help you save big on energy costs. However, if you want to do some little things that are cheap and will add up to big savings down the road, insulating and sealing gaps around the house and ensuring windows are sealed will go a long way toward making your home more energy-efficient. Depending on the time of year and what grade you get, you may even be eligible for tax benefits. 

Finally, one last way to save some money is to replace your current bulbs with LED lights. It's more of an up-front cost, but it will save you money in the long term!

We hope you found this information helpful. As always, feel free to reach out to us with all of your real estate questions and concerns. We're always here to help! 

How to Win a Home in a Bidding War

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In a market like the one we're seeing in Salt Lake City right now, where buyers are seeing a lot of competition and not a lot of homes, it's important that your offers stand out to sellers. 

We have some advice to give you in order to win in these situations, and you have to have the right people, right price, and the right questions for the seller. 

Simply putting down the offer with the highest price doesn't always work, so you'll have to make your offer more appealing in various ways.

We know a lot of different vendors, such as inspectors and appraisers, that work with us and they work quickly and efficiently, which sellers enjoy. 

We can also help you out with the terms and price on the home, because we know when a home is priced well or not and can help you put down a fair offer where you're not paying too much. 

Writing an offer with the right dates and deadlines can also convince a seller that you're serious about moving in, and this can help you to win a home when you're moving more quickly than other buyers.

The most important thing you can do is to ask the seller the right questions when you are writing an offer. This will allow you to satisfy their unique demands, and this can often be the difference between winning a home and not getting one. 

So, please contact us if you're looking to buy or sell in Salt Lake City. The market is competitive right now, but we can help you buy or sell with the least amount of stress possible.

We Want to Celebrate YOU!

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Hello, and welcome back! Today, we're very excited to be announcing our latest Client Appreciation Event! 

The event will be on Saturday, May 2, from 11:00 am-2:00 pm. It will take place at Parley's Creek Pavilion in Sugar House Park. Our whole team and our families will be there celebrating in the great weather! We will have face painting, a bounce house and the event will be catered by one of our favorite taco shops here in Salt Lake City. 

We're very thankful that you chose to do business with us, so we thought we would throw this party in your honor! We love to do these events so much that we will have another one this fall, so keep an eye out for that. 

You can RSVP by email at Assistant@JustinUdy.com or by phone at (801) 449-3018. We truly hope you can make it! We'll be doing some giveaways and other fun things, so you won't want to miss it! We look forward to seeing you soon!

Why Are 15-Year Mortgages so Appealing Right Now?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

Today, I want to discuss something many homeowners and home buyers could benefit from, the 15-year mortgage. 

In any given market, there are 30-year mortgages and 15-year mortgages available for home buyers to purchase. Usually, the difference between the 30-year and 15-year mortgage is only about half a percent. Right now, we're seeing a difference of .75%! 

This doesn't sound like a lot, but if you understand the time value of money principle, this starts to look like a bigger deal. The time value of money principle is currently working for you - terms are as valuable as price, so make sure you're utilizing low interest rates if you have the ability to. 

Another thing to consider is how fantastic it would be to have your home paid off in only 15 years! This is a great way to pay more money toward your principal in a quicker amount of time and start saving for retirement sooner! 

If you want to take advantage of our fantastic market conditions, or if you have any questions about 15-year mortgages, don't hesitate to give us a call or shoot us a quick email. We would love to hear from you!

What Do Lower Down Payment Programs Mean for You?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

Today, we're going to share some quick information about a new loan program that we think could have a big effect on the Salt Lake City market. 

In December, Fannie Mae announced plans for a new 3% down program on conventional loans. This is huge - buyers can now get a conventional loan for cheaper than a FHA loan, which requires 3.5% down! On a $200,000 home, that's a difference of $1,000 down. While that doesn't seem like much, we've found that $1,000 can make a huge difference to buyers.

For sellers, this new program will make your home affordable to more buyers. With the spring real estate season just around the corner, this program came just in time!

If you have any questions about this new 3% down product, or if you would like real estate assistance of any kind, don't hesitate to give us a call or shoot us an email. We would love to hear from you! 

Why Did Your Home Fail to Sell?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

Today, we discuss the four things you need to do to sell your home after the holidays. Let's get right to it! 

1. Pack up and organize: Do you have anything in your home that's outdated or unnecessary? Get rid of it! If you have something you can take apart, make sure you're storing it somewhere it looks light, bright, and neat. People are going to be walking through your home - this is the first step to take when selling.
2. Take a look around: Look for issues with the property. Make sure there aren't any scuff marks on the walls, food stains on the ceiling or floor, and other things that may go unnoticed until certain things are moved around. We're finding that 25% of contracts are falling through due to maintenance and repair items, so make sure to take care of those items up front so you can get maximum value.
3. Check out the inside of your house: You may notice faulty gutters, or siding that has been damaged. Additionally, make sure your landscaping is looking good.
4. Consult a professional: A real estate agent knows things that will help your home sell quickly and for top dollar. We have a 75-point photography checklist, an inspector that will check out the home, and a stager that will make it look nice. Just keep in mind that there are a number of things you can do to get maximum value out of your property!

Thanks for visiting the blog, we hope you find this information helpful! If you have any questions, or would like real estate assistance of any kind, don't hesitate to give us a call or shoot us an email! We would love to help make your real estate experience a special one! 

How we helped Pepper sell her home by always being there

"Justin sold my home a week before it was even supposed to go to market! He was very nice and handled everything with the buyer. He was a great resource, and was able to communicate between myself and the buyer, especially when I didn't want to deal with them. Honestly, he was the real estate agent that everyone wishes they had. I feel like he was an older brother to me." 

What Do Recent Trends Mean for Home Values in Salt Lake City?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

Hello, and welcome! Today, we want to give you a quick market update for the Salt Lake City area.

Currently, there are 3,700 homes on the market, and just under 1,000 sold in the last month. This puts our inventory between 3.5 and 4 months, which means homes are selling quickly! 

This month alone, our team sold 15 homes, despite the common belief that homes don't sell during this time. We're finding that, when homes are priced well and in fantastic condition, they are flying off the shelves. On the other hand, there are homes that have been sitting on the market for a long time when the right steps aren't taken to get them sold. 

Our advice? If you see a home that you like, make sure you act quickly and that you're in the position to make a strong offer. The best homes are going fast - you don't want to miss out on the one you love! 

Currently, interest rates are hovering between 4% and 4.25%. Remember, a low rate is as valuable as a low home price. If we can get you into a home with a lower interest rate, it not only saves you money monthly, but helps you build equity faster.

If you have any questions about this topic, or would like to discuss anything related to real estate, give us a call or shoot us an email. We would love to assist you! 

How Can You Make 2015 Your Best Year Yet?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

 

The new year is finally in full swing, and many people have made many resolutions. There is no better time to set goals for the year, but what's the most effective way to do so? Today, we answer just that.

• Write down all of your financial goals for 2015. Make sure they are precise and that they strike an emotional chord with you. They should be something you want to do and that you'll do anything to accomplish. "Don't just think it, ink it!" 
• Create a budget. Fore-go some of the things you don't need - don't get as much Starbucks, or cancel the subscription to that magazine you never read, for example. Put a budget in place and follow it relentlessly.
• Consolidate your loans. If it's possible, try to get rid of that debt completely. If not, start chipping away at those high-interest loans. 
• Get into low interest. Interest rates are absolutely fantastic no matter where you look. If you're going to keep paying rates, you might as well try to obtain a lower one. 
• Save for retirement. The journey is always moving forward. As soon as you have a little extra money, be sure to sweep it off the table and put it into something that generates cash flow. 

Thanks for stopping by our blog once again, we hope these tips will help make 2015 your  best year yet! If you have any questions about this topic, or would like to discuss buying or selling real estate, give us a call or shoot us an email. We would love to hear from you!