Colemere Realty and Associates Real Estate Podcast

Here is what you need to know about selling your home before you buy. Today we wanted to answer a question that we get all the time in this market: “Should I sell my home before you buy?” If you can qualify for both mortgages, you can own two homes at once. The lender will look at your debt-to-income ratio. If you don't have the income to support both properties, you'll have to either pay cash for your next house or sell your old home first. However, if you can afford to own both homes, that can be an advantage because you don't have to rush. “Everyone's situation is different.” If you need to sell your home to buy your next one, you'll likely need to use a home sale contingency. In today's market, that's difficult, especially if there are multiple offers on the new home. It's one more thing that could prevent you from closing, and that can be an issue. If you have to do a contingency, consult with your agent and discuss some strategies to deal with it. If you buy your new home first, your old house will be vacant. That means it will be easier to stage and show. You're all moved out, so showings will be much less of an inconvenience for your family. In today's market, we're seeing very competitive offers. People are eliminating their due diligence deadline, cutting their financing appraisal, and offering non-refundable earnest money. In this market, more than ever, it's important to consult with your Colemere Realty Associate. We discuss these topics and various strategies weekly to help you and your specific situation. However, everyone's situation is different, so talk with your agent about what works best for you. If you have any questions about this topic or real estate in general, feel free to call or email us. We would love to help.

A few things sellers should consider about pre-listing home inspections. A question we get often is, “Should I get an inspection on my home before I sell?” Simply put, the answer depends. If you want to discover potential issues in your home and relieve that stress, a pre-listing inspection could be very helpful in providing peace of mind. Maybe you've lived in your home a long time and are concerned about what might come up in a buyer's inspection. If so, this kind of inspection could save you money in the long run by identifying major issues upfront and allowing you to fix them instead of being at the mercy of the buyer's agent once you accept their client's offer. If you do a pre-listing inspection, the buyer who purchases your home will probably still want their own inspection. Two different inspectors will find two different sets of issues. A pre-listing inspection will uncover any major issues, but there will always be little nitpicky things that the buyer's inspector finds. The cost of this inspection is $400 to $500, and the decision to get one all depends on your home's condition and your specific situation. If you have questions about inspections, selling your home, or anything else related to real estate, don't hesitate to reach out via phone or email. We look forward to hearing from you soon.

How to determine what you need in a home before you begin your search. We receive this question almost daily: “How do I determine my housing needs before I start my home search?” Today we'll discuss the key things to consider. The first and most crucial step is to see if the current market conditions match what you need. How competitive is the market at the moment, and how much inventory is there? Are there homes available in the area and price range you want to be in? If that answer is no, then you may need to reevaluate what you want in a house and try to make something else work. If you're willing to make what's currently available work for you, then it's time to look at what your future payments will look like and what the taxes are in that area. “Making decisions based on facts and not emotions is essential.” The second step is to evaluate what your future needs may be. Is your family growing, or will you have children moving out of the house? Will you need a bigger home, a smaller home? Then see if your budget is going to support what you're looking for in a property. Something we mention all the time because it's so critical is discussing your situation with your trusted Colmere Realty agent. Having a professional opinion, facts, and what would be best suited to your circumstances will help you make the right decisions. Everyone's needs are different, and the market is constantly changing, so having someone on your side who knows the market can help make the process less emotional and stressful. Making decisions based on facts and not emotions is essential in real estate. Reach out to us via phone or email if you have questions about your housing needs or any other real estate matter. We'd love to help you.

Here are the details for our upcoming anniversary and pie giveaway. It's almost time for the 69th-annual Colemere Realty Founder's Day Celebration. We wouldn't be in business without you, and we're giving away delicious pies this year as a way to say thanks. Join us on March 23 from 12 p.m. to 6 p.m.Here's the link to register, where you can also reserve your pie and let us know when you'd like to pick it up. Be sure to register, or we won't have a pie for you. If you have any questions about the event or real estate in general, don't hesitate to reach out via phone or email. We look forward to hearing from you soon.

Here are four things to consider when deciding to renovate or move. Often, we receive questions from clients stuck at a crossroad—they don't know if they should renovate or just move. It's a tough decision, and there are many factors to consider. That's why we want to share four things to think about when deciding whether to renovate or move: 1. What need does each option fulfill? Each option can fix different problems, so consider what's important to you. For example, if you need more space, adding an addition to your home will be time-consuming and costly. However, finishing your basement might be a more realistic option. 2. What type of updates do you want? Look at what it would cost to update your kitchen or bathroom and compare it to the cost of buying a newly remodeled home. Usually, it's cheaper to make the renovation, but it's always a good idea to check. “You can't renovate your way out of your location.” 3. Can you maximize your return if you move after renovating? Often, we see someone happy with their renovation, but they're disappointed it didn't add much value to their home. Think about your return on investment if you decide to renovate. Your Realtor will have great advice about which renovations net you the best ROI. 4. How much do you like your area? You can't renovate your way out of your location, so consider how tied down you are to the local schools, neighborhood, and community features that change when you move. Fear of change causes a lot of people to renovate instead of move, but you might find a better location right around the corner. Whether you decide to renovate or move, please call or email us with any questions you may have. We are always happy to help!

Here's a quick overview of our market and how it's evolving. Today we'll give you a quick snapshot of what the market is doing right now and share some market statistics to help you make sound real estate decisions this year. In December 2020, we saw about 200 more units sell than we saw this December. This trend has been consistent for the past few years. The average sales price has also gone up dramatically. It's risen by about $40 per square foot, causing the total price to increase by about $100,000. “This high level of activity and demand is what's causing prices to increase so dramatically. ” Alongside this year over year increase of 25% to 28%, inventory levels have continued to decline every year. Compared to this time last year, the amount of active inventory in Salt Lake County is 30% less than what it was then. The number of under-contract homes is also 18% less than last year. 25% to 28% is not a sustainable level of appreciation, so this spring, we expect to see demand drop off as prices remain high. This should allow inventory levels to rise. We're currently absorbing more homes in sales than are coming onto the market. This high level of activity and demand is what's causing prices to increase so dramatically. We currently have 0.25 months of inventory, while a balanced market would have four to six months of inventory. We expect inventory levels to rise naturally as the year progresses. If you're an investor, you need to look at your goals and make a plan. We can help you with that. If you're looking to buy or sell right now, you'll want professional advice to position your offer or home. If you have any questions, reach out to us via phone or email. We look forward to hearing from you.

If you've even thought about selling your home, now is the time to do so. For all of you wondering about our current real estate market, it's still hot. We have such little inventory that we're desperate for sellers. If you've been considering listing your home, now is the time to do so. We have multiple buyers who are looking for options that aren't available right now. For example, today in Sandy, there is only one house listed for under $100,000. If you've even thought a little about selling, let's have a conversation. We can run the numbers for you and maybe even bring you an off-market buyer and save you some money. Interest rates are still very low, which will help you get into a new home.  We'd love to discuss things with you. Feel free to reach out via phone or email if you want to talk about selling or have any questions. We hope to hear from you soon.  

Here's how you can identify and avoid predatory mail offers. Today we want to talk about an issue we've been running into with clients more often: predatory home offers.  If you're looking to sell your home, you may have received letters or postcards in the mail offering to buy your house. We probably receive five texts, three postcards, and two phone calls every week like this. We've been in the business a long time, so we're used to it; however, a lot of our clients are understandably confused. Are these legitimate offers? Keep in mind that these offers are not made by licensed professionals. This means they don't have to follow any of the rules, regulations, or codes of ethics that real estate agents do. Their offers usually seem too good to be true: they'll pay in cash, close quickly, and buy your home as is. It sounds nice, but it comes at a price. **These buyers typically offer to buy your property for 30 to 40% below market value. ** “Our goal is to protect your equity, not set up a shady deal.” Not only that, but they don't even buy your home like they say they will. Instead, their offers say they will sell or assign the contract to someone else. This means they buy your home for cheap only to put it back on the market at full value. They get an assignment fee for this, and it's way more than a typical real estate commission. We've seen these people brag about what they've made of these deals, but you should ask yourself: What value are they bringing to the transaction?  Some people follow through with these shady deals because they're a little embarrassed by the condition of their home. If you are in this boat, please reach out to a real estate professional like us. Our goal is to protect your equity, not set up a shady deal. No matter what your situation is, we can help you figure out what path is right for you.  If you have any questions about today's topic, please give us a call or send us an email. We'd love to help you any way we can. 

Here are four misconceptions that you shouldn't believe about our market. Here are four things that people are saying about selling a home these days that just aren't true: Myth #1. You don't need to renovate your house to sell it. First of all, a home that has a fresh coat of paint is going to stand out in any market and sell for more money. Myth #2. You can price your home for a high price and sell it. You can't expect to get the top of the market price even in a market like this. The fundamentals of the market are still there. Unless you have an extremely rare piece of real estate, you should follow the same pricing principles that you would in any other market. “A great online presence is going to attract more buyers.” Myth #3. Sellers don't need to market their home. That's just not the case. Homes that are marketed professionally with high-quality photos, staging, and a great online presence are going to make a big splash and attract more buyers. Myth #4. You should always choose the highest offer in a bidding war. That's not always the case. There are so many other terms in a real estate purchase contract that you need to look at and evaluate with your agent to determine what is best for you and your situation.  Hopefully this gives you some idea of where our real estate market is right now. If you have any questions for us, don't hesitate to reach out via phone or email. We look forward to hearing from you soon.

Is the market experiencing a slowdown? Here's our latest market update. Are home sales slowing down in the Salt Lake area? To answer that question, we need to address a few statistics. On the surface, the statistics show that home sales have indeed dropped and that they're selling for less. Back in May and June, homes sold for 104% or more of their list prices, whereas now they're selling for 101% or 102%. However, we're still in a very strong seller's market; prices are not generally decreasing, and we're not seeing a slowdown. The median sale price in the Salt Lake area was $392,000 this January, and now the median sale price is $475,000. In terms of a “slowdown,” we've seen a $75,000 increase (nearly 20%) this year alone. That's pretty dramatic! We'll most likely see a slight drop off in activity as we move deeper into the fall, but prices shouldn't decrease anytime soon. “Since inventory is low and prices are continuing to rise, the best move for sellers is to jump into the market now.” Next, we need to address the absorption rate, or how quickly the given supply of homes tends to sell. In the past year, the absorption rate got larger and larger, meaning that we had fewer and fewer units available. We currently have about half a month of inventory; in other words, if we don't get any more homes on the market, we'd sell out of what is available in half a month. This shows that people are still buying homes, which is another indicator that the market isn't slowing. Many sellers wonder whether they should buy now or wait to sell, having heard rumors about an impending market crash. Waiting isn't the best choice, however. Since inventory is low and prices are continuing to rise, the best move is to jump in and participate instead of waiting on the sidelines. If you have any other questions about the market, don't hesitate to give us a call or send us an email. We'd love to help you.

Waiting to buy a home may not be the best idea in our current market. Waiting to buy a home is a large issue in our current real estate market. Housing prices have increased across the board, especially rent prices. According to Realtor.com, rents have risen 8.2% nationally. Speaking to our clients that own multi-housing, they're increasing rents because the demand is there. It's no secret that home prices have escalated in Utah in the last year; in fact, they've climbed 30% along the Wasatch Front. Interest rates have also been a driving factor in our market. They've been artificially low for so long that people expect them to stay low. However, that's not always the case. When economies are strong, interest rates tick up to help stave off inflation. We're seeing inflationary tendencies, and interest rates remain low for the time being, but don't expect that to last. “Rents have risen 8.2% nationally.” So if you're considering waiting to buy a home, that may not be your best bet. If you're a buyer, we don't want to dissuade you. Instead, we want to inform you so you can make beneficial decisions for yourself and your family. Reach out to us so we can come up with a specific game plan for the present market. Whether you're thinking about buying or not, if you have any questions about our market or real estate in general, call or email us. We would love to help you.

We'd like to invite all of you to come to our pumpkin carving event. We have an exciting announcement for you today. Now that Halloween is coming up, what's the worst part about carving a pumpkin? Cleaning it out, of course. It's sticky and gross, so we have a solution for you: We're going to have our Colemere Realty pumpkin carving event on Thursday, October 7 from 4:30 p.m. to 7 p.m. at the Lone Peak Park pavilion at 10140 South 700 East in Sandy. You get to carve a pumpkin without the hassle of cleaning it. We invite you to bring a non-perishable item for the Utah food bank to help fill their shelves. We'll have refreshments, plenty of games, and drawings for gift baskets as well. Check your email for the invitation, and be sure to RSVP. We'd love to see you there. If you have any questions, don't hesitate to reach out to us by phone or email. We'd love to hear from you.

You have multiple ways to appeal your taxes if they're too high. Everyone should've gotten their property tax statements in the mail by now. Some people were shocked by how much it had risen. We want to address how we can help you appeal if you feel like your taxes are a little too high. Along with your property taxes, there should be an appeal form. Look it over and fill it out; that form will ask you for a few things. You can't just appeal your property taxes if you feel that your condition is bad, your carpet is worn out, or you haven't mowed the lawn in a while. You need verifiable evidence, which is either an appraisal or comparable sales within the current tax year. Real estate professionals can provide you comparables. If you go to an appraiser, they'll charge you $600. Take that appraisal or those comparables and either mail or email them to the county. They'll look them over and either issue an approval of that tax appeal or a denial. If they issue a denial, you have another opportunity. You can appeal that denial and meet with the county representative in person to discuss what your values are and see if you can come to a reasonable agreement on where your taxes should be. “You need verifiable evidence to appeal your taxes.” If you have questions about this or you'd like to appeal your property taxes, don't delay. Reach out to us right away so we can provide you with comparables and answer any questions you may have.

These are the four forces driving our market right now. Here are four main things to keep in mind about where our real estate market is and where it might be heading: 1. Price increases. We've seen dramatic price increases over the last 12 months, with Utah becoming a leading state for price appreciation. Our northern neighbor Idaho is another with quite a bit of appreciation. Since the beginning of the year, we've seen about a $60,000 median price rise. In this case, waiting will cost you. 2. A slowing of price increases. Lawrence Yun, the chief economist for The National Association of Realtors, predicts a slowing of price increases. However, keep in mind that Utah and Idaho have been the No. 1 and 2 real estate markets in the U.S., so don't expect prices to slow too much here, if at all. We may see sellers getting too aggressive with their pricing, so their homes will sit on the market longer. We're starting to see some price corrections, but overall, we're still seeing price growth. “Since the beginning of the year, we've seen about a $60,000 median price rise.” 3. Interest rates. Keep an eye on interest rates; they control buyer's purchasing power when buying homes. If rates climb, buyers can afford less house, and that puts pressure on housing prices. The rates could change in light of the current uncertainty throughout the world due to recent events. Also, inflation is moving upward. We'll see whether or not the Federal Reserve decides to change short-term interest rates because of inflation. 4. Home building. Building has been a real challenge in this economy for the past year. Due to the difficulties they're seeing, builders are putting a cap on their inventory, meaning they're only committing to build so many houses because their costs are escalating, and they can't build an infinite number of homes at fixed prices. The cost of materials and labor have spiked and are out of builders' control. If you have more questions about our market or any other real estate topic, please reach out to us via phone or email. We would love to help you.

Take these considerations into account before buying a second home. The pandemic has changed the housing goals of many Americans. People are working from home and realizing that they need somewhere to go that's away from the hustle and bustle of their daily lives. As such, we're seeing a housing boom driven by people searching for second homes and vacation properties. If you've been thinking about buying a second home, however, there are a few things you'll want to consider first: 1. The type of lifestyle you want: Do you want a place you can escape to at a moment's notice, or do you want something far away that you can travel to? Do you want something drastically different from your current environment, or do you want a similar place in a new area? 2. Expenses that you'll need to budget for: You'll be paying for more than just the cost of your home when you buy a second home. You'll pay for utilities, taxes, landscaping, maintenance, and more. Second homes usually have more costs associated with them because you can't always be there to do things yourself. 3. How you'll pay for the property: Financing can be more expensive for second homes due to different down payment expectations, financing options, and taxes. 4. Renting out your home: Many resort destinations allow for nightly rentals or Airbnb use, which can help you save on costs when you aren't there. So, you need to think about whether you want your home available at a moment's notice or if you want to gain some extra income. Also, some areas do not allow Airbnb and similar rental services, so be aware of what you can and cannot do with your second home. If you have any questions about buying a second home, or if you'd like more information about our market, feel free to reach out to us. We look forward to hearing from you soon.

Our market isn't in danger of crashing, and there are four reasons why. A lot of people have been worried about a potential housing market crash; we hear questions about it nearly every day. To help put these fears to rest, today we'll be going over four reasons why a crash is simply impossible in our nationwide market: 1. Inventory: Our inventory levels are the lowest they've been in over 20 years, which is the main reason why prices are high. It's all a matter of supply and demand, and since there are few sellers but many eager buyers, prices have skyrocketed. 2. Economy: As we've transitioned into a post-pandemic period, we've seen a huge economic recovery. Unemployment rates are low, income and wages are increasing, and the economy is very strong. “After the last housing crash, a number of policies and guidelines were implemented to ensure lenders would be more responsible with mortgages.” 3. Demand: Again, we're still seeing large amounts of pent-up demand. This demand actually stems from the recession, when new home construction slowed down for several years. For a while, there weren't enough homes being built, and builders still haven't been able to keep up with the number of would-be buyers. 4. Lending practices: After the last housing crash, a number of policies and guidelines were implemented to ensure lenders would be more responsible with mortgages. Now, they'll verify income, check tax returns, and much more to ensure buyers are truly qualified. We hope we've given you a better understanding of why our market isn't in jeopardy of crashing. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.

Learn how to sell your current home and buy a new one simultaneously. Due to our hot seller's market, a lot of homeowners have been thinking about listing their properties. However, there's one issue stopping many of these potential sellers: They don't have another place to live. Fortunately, there are several ways you can buy a home while selling your current one at the same time. Here's what you can do: 1. Buy a new home first: If you're in the financial position to do so, you can use your current home's equity to buy a new house. This then gives you plenty of time to sell your old home. Many people are going this route because they find out their current home has far more equity in it than they thought. 2. Sell your current home first: It takes time and effort to fix up your home and put it on the market, but it's well worth the work. However, you'll still need to buy another home after your sale, and this gives most buyers a bit of anxiety. To avoid ending up without a place to live, sellers can negotiate a leaseback to stay in their home for a certain amount of time. This gives you enough time to find another home, and it also helps you avoid making contingent offers on your next house. 3. Buy and sell simultaneously: You can write an offer that's contingent on the sale of your current home. This isn't common in our current market because the risks are high for both the buyer and seller. If you're ready to start the buying and selling processes, feel free to reach out to us with any questions you may have. We'd be happy to help you with all of your real estate needs. We look forward to hearing from you soon.

Three tips to help you win in today’s competitive seller’s market. How can you as a buyer win in our competitive market? Each buyer and their financial circumstances are different. Each seller’s circumstances are different as well. The most obvious way to win as a buyer is to present the strongest offer to the seller. There are a few key elements that make an offer strong in today’s market: 1. Nonrefundable earnest money. Be sure that you’re ready to go all in with nonrefundable earnest money. When you do that, the property is typically newer or very well cared for. 2. Appraisal guarantees. This is a concept that’s new in our current market and what it means is this: If you offer, say, $110,000 on a $100,000 property, you guarantee to the seller that if the property only appraises for a price less than your offer, you’ll bring in the remainder of your contract price. They are another solid way to ensure that you have the strongest offer. “The most obvious way to win as a buyer in this current market is to present the strongest offer to the seller.” Keep in mind that the lender will only lend up to the appraised amount. There’s been a lot of demand, and we’re seeing that demand push prices up to the point that it’s hard for an appraisal to come in at a price that’s 5% to 10% over because the market’s moving so fast. This all assumes that this offer doesn’t have any other strange contingencies like subject to the sale of a home. 3. Hire a strong buyer’s agent. Our team’s agents are trained to ask the right questions to understand your scenario and what your levels of comfort are. We use that to your advantage in negotiating for you and asking the seller or the seller’s agent what’s most important to them and how you can get this offer accepted. We think this is one of the most underestimated aspects of a strong offer. Hopefully these points are helpful in getting your offer accepted and winning in this very competitive market. If you have questions about this or anything else, please reach out to your Colemere Realty specialist.

We’re sharing our five top tips for preparing your home for a spring sale. Here are the five steps for preparing your home for sale in the spring market: 1. Declutter and organize. No matter when you’re selling, this step is a must. If an item has been sitting in a box, you forgot you had it, or it’s in the way, put it in the garage or a storage unit. If you need boxes or storage space, reach out to us, we can help you with that. 2. Paint. Evaluate your walls to see what’s been nicked or damaged. Patch those up and apply a fresh coat of paint. This will make a world of difference; it makes rooms feel clean and refreshed. This step is more crucial than ever since we’ve been spending more time in our homes; you may have more wear and tear than usual. “Curb appeal is critical—it’s the first impression buyers get of your property.” 3. Deep clean your house. Deep clean the entire house, and pay special attention to the inside and outside of the windows. Then open the blinds and let the sun in—you’ll be impressed by how much more light your home gets when the windows are sparkling clean. 4. Clean the carpets. You may have noticed some stains or wear and tear around high-traffic areas, so get the carpets cleaned. Your house will not only be cleaner, but it will also look and feel that way too. 5. Improve your curb appeal. Curb appeal is critical—it’s the first impression buyers get of your property. Get out the rake, hose, lawnmower, and edger. Plant flowers, lay mulch, and ensure your home looks as sharp on the outside as possible. If you have any questions or are considering buying or selling, please reach out to us via phone or email. We’d be glad to help you.

Here’s why we already have a spring real estate market in full swing. Even though spring is just beginning, here are three reasons why the spring real estate market may have already sprung: 1. What we’re seeing from our listings. The first indicator comes from our home sales. We’re seeing huge demand from buyers that are coming into our market in flocks. Properties are selling almost immediately for top dollar. The data shows us that we’re down 70% in inventory from this time last year. 2. There’s a record number of buyers. They’re on the prowl, looking for anything and everything while interest rates are as low as we’ve ever seen them. With good weather out there right now, people want to get out and see homes. “Properties are selling almost immediately for top dollar.” 3. An increase in inventory. Here’s the catch: Since we have so much demand, you’ll fall behind if you think inventory is going up over time. The demand that’s out there right now will supersede any increase in inventory. If you’re out there in the market expecting to see a massive influx, you won’t because it will be hidden by the huge demand. If you have any questions for us about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon. 

Join us on March 25 or 26 to catch up over some delicious cinnamon buns. You’re all cordially invited to our upcoming event: “Sweet Buns With Sweet Clients.” Normally, we’d be preparing for our summer BBQ kickoff right now, but in light of the pandemic and following proper safety guidelines, we decided to hold this event instead so we can see you and thank you in person for your business, referrals, and loyalty. Join us on March 25 or March 26 from 2 p.m. to 6 p.m. at our office (9661 South 700 East Sandy, Utah 84070) for some delicious, homemade cinnamon buns. We need your reservations by March 15, so please let us know if you can make it! Register here to reserve your time to come in, say hi, and get your cinnamon buns! If you have any questions for us about the event or real estate in general, do not hesitate to reach out via phone or email. We look forward to hearing from you soon. Register Here!

The latest stats show our market is moving quickly. What’s going on with our Salt Lake City market in 2021? There are several key stats you need to know to answer that question. Let’s start with the absorption rate. In a normal market, we Realtors have about four to six months of inventory to deal with. We recently did a video focusing on the absorption rate, and it was low then, but it’s even lower now. Specifically, there’s less than two week’s worth of inventory available, which is extremely low. Essentially, if everybody stopped putting homes on the market, we’d run out of listings in two weeks. Next up is the average days on market. This indicates how fast the market is moving. In the last quarter of each year, things tend to slow down because it’s the holiday season and people usually put their home-buying plans on hold. In the fourth quarter of 2020, though, homes’ average days on market dropped to just eight days, which is lower than the nine- to 12-day range we saw in fall and summer. If you look at the Home Sales Per Quarter graph at 1:55 in the video, you can see that although inventory dropped significantly over the course of 2020, demand remained constant and even started to increase as the year continued. This has put even more pressure on buyers trying to find the right home. In the next graph at 2:16, you can see that active listings are down nearly 60% compared to where they were last year, while the number of homes under contract has increased by almost 13%. More buyers are buying even though there are fewer homes to buy. At this point, you might be asking yourself: What’s driving this market? The answer is low interest rates. Despite the pandemic, jobs are plentiful, wages are rising, and interest rates are low. The No. 1 factor that influences a buyer’s buying power isn’t their income or credit score—it’s interest rates. They’re what’s driving demand, so keep an eye on them. If they start increasing or more people start losing their jobs, that will slow down our housing market. We don’t see any sign of that happening, though. “More buyers are buying even though there are fewer homes to buy.” If you’re a seller in this market, congratulations. You will get top dollar or more for your home if you list it, but don’t discount the importance of having a Realtor on your side to help you navigate any bumps in the road. If you’re a buyer, the situation is tough, so it’s even more important to have a Realtor help you find a good deal. As always, if you have questions about our Salt Lake City market or there’s anything else we can assist you with, don’t hesitate to reach out to us. We’d love to hear from you.

Before you sell your home, make sure you have a pre-listing walkthrough. A pre-listing walkthrough is essentially an opportunity for you to look at your home in detail, point out the pros and cons of the property, and uncover any necessary repairs. A lot can be missed if you don’t schedule one, and that could affect your final sale price drastically. “Missing this step puts you at a disadvantage to sellers who don’t.” It’s like creating a game plan for your house. We’re setting the timelines, expectations, etc., for your home sale. The pre-listing walkthrough is also key in terms of staging. Walking through the home helps us get a much better understanding of the home. This step often gets missed in this market, and that’s a disadvantage to homeowners. When we are physically in a home and can analyze it this way, we can get a much better idea of the home’s value and what we can do to maximize the sale price. Agents who miss this step suffer in negotiations. If you have any questions about this topic or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

How much of a difference can listing videos make? A lot. Can videos really help sell your home? The short answer is yes, and we have the statistics to back that up. In fact, 85% of clients want an agent who uses video tools as part of their marketing package. What’s more, homes presented with a video tend to receive 403% more attention. But making a real estate video isn’t as easy as using your cellphone camera—a high-quality video requires specialized equipment. We’ve invested in a very expensive camera that will allow the consumer to virtually walk through the home and look around almost as though they were there in person. To make a really effective real estate video, you’ll also need drone footage. It adds a wow factor to the presentation, showing the home itself and the surrounding areas. With the pandemic changing people’s habits so drastically, this kind of technology has really helped keep home sales moving along. It’s the next best thing to actually viewing a home in person. “Not all platforms can fully capture the richness that listing videos can create.” Apart from high-quality technology, you’ll also need a high-quality editing and production team to help put the video together. This might sound expensive, but at Colemere Realty, we’ve tailored the process down to capture listings of any price range to help them sell for more money in a shorter amount of time. However, you can’t have all this great equipment and editing technology without having the right platform to share the videos on. Not all platforms can fully capture the richness that listing videos can create; Zillow, for example, has specific requirements in terms of video resolution that don’t really work for the process. There are many options out there, so working with an experienced real estate marketer is key to helping you find the right ones so that you can get your listing in front of as many potential buyers as possible. If you have any questions about today’s topic or anything to do with real estate, don’t hesitate to reach out to us. We’d love to help you.

Here are the two statistics you need to know before entering the market. If you’ve been sitting on the fence, now is the time to make a move in the real estate market. There are two statistics, in particular, that you need to understand before making any real estate decision that will also prove why it’s such a great time to buy or sell right now. Our favorite stat in real estate is the absorption rate. When we discuss inventory, we talk about it in terms of time. When homes sell, they’re taken out of the inventory count, and this affects the number of houses for sale and how much time it would take to sell them. A balanced market has four to six months’ worth of inventory, meaning that if no other properties came onto the market, it would take four to six months to sell them all. Currently, the Salt Lake City market has only two weeks of inventory—well below that equilibrium of four to six months’ worth. If all listing activity ceased today, there would be no more homes to purchase after just two weeks. We’ve never seen inventory this low. Properties are selling very, very quickly. The second stat to know is the daily snapshot. This shows us a comparison of real estate activity today versus the same day last year. The numbers included in the snapshot are active listings, pending listings, properties under contract, and the number of properties sold. “Currently, the Salt Lake City market has only two weeks of inventory.” For example, there are a little over 1,200 active listings on the market right now, while that number was over 2,400 at the same time last year. Inventory has decreased by 50% in a year. Interestingly, the number of homes under contract has increased by 37%, which means demand has risen. This is the perfect storm, especially for sellers. This is why we love stats—they equip us as real estate professionals to help you position your offer well and succeed in this hyper-competitive market. We’re seeing multiple offers on every house, sometimes more than 10! If you’re well-positioned, you get the best shot of winning the property you want. Some would think that in this type of market a seller can price their home however they like, or just sell it themselves. However, buyers use professional real estate agents, so sellers who overprice will end up selling for less. Use a professional agent as a seller to help you maximize the value of your property and avoid mistakes, such as simply taking the highest-priced offer that may not be supported by an appraisal. An agent can help you make the best decisions. We would love to go to work for you. If you’re sitting on the fence and unsure what to do, reach out to us via phone or email. We’ll show you how we’ll add more value to your transaction and reach or exceed your real estate goals. We look forward to hearing from you.

These five tips will help you sell your home during the holidays. If you’re looking to sell your home during the holidays, which is actually a viable time to list (despite all the misconceptions to the contrary), here are five tips to help you find success: 1. Tastefully decorate your home for the holidays. What better time to accentuate the emotional appeal of your home to potential buyers than the holidays? 2. Deep clean before you decorate. Make sure that every nook and cranny is white-glove clean. 3. Keep the home warm. Don’t turn down the heat; in fact, turn it up a little bit. Turn on all your lights, and if you have a fireplace, light it or turn it on to help bring in some emotion. Another good idea is to light some holiday-scented candles to keep your home smelling fresh and cozy. 4. Price your house properly. Traditionally, real estate moves a bit slower during the holidays, so pricing your home correctly is critical. 5. Be patient during the process. Showings may come at inconvenient times, especially during the holidays, when you’ll likely have your own plans to contend with. Just try to be patient with the process. If the home doesn’t sell during the holiday season, it’ll sell eventually. “Light some holiday-scented candles to keep your home smelling fresh.” If you have further questions about real estate, don’t hesitate to reach out to your Colemere Realty specialists. We’d love to answer them.

Sellers: Be proactive and avoid these huge home seller mistakes! If you want to sell quickly and for top dollar, there are seven critical mistakes you must avoid: 1. Picking the wrong agent. Pick someone who’s experienced and has sold a lot of properties. If you need heart surgery, you’ll probably want to pick a heart surgeon who’s performed a lot of surgeries, right? Your agent needs to have their finger on the pulse of your specific market and offer a solid, customized marketing plan for your home. Make sure your agent actually walks through your home; believe it or not, some agents won’t even do this, and it should be a huge red flag for you. 2. Overpricing your property. Even though it’s a seller’s market, it’s all too possible to price yourself out of the market. Consumers are well-educated these days and can find out everything they need to know online—including the price at which a given property should be listed. Today’s homebuyers won’t even bother seeing your home in person if they believe it to be overpriced, and remember: The longer your property sits on the market, the staler it becomes. If you do get an offer on your overpriced listing, appraisal problems will more than likely come back to bite you. 3. Only considering the highest priced offer. There’s more to an offer than just price, so you’ll need the help of your agent to interpret the overall strength of each offer you receive. Obsessing over price alone will cause you to neglect other key elements, like the buyer’s financing (e.g., earnest money, down payment, lender credibility). Is money your only priority? Perhaps you’re like the many other sellers we’ve worked with who needed time to find their next property and move. If so, the strongest offer may actually be one where the buyer agrees to an ample rent-back period and throws in two additional weeks rent-free. That’s exactly the offer that one of our sellers recently accepted, and it worked out well. “Buyers can’t make an offer on a home they can’t see.” 4. Not preparing your home for the market. We understand the temptation to leave things as they are—we are in a hot seller’s market, right? Yes, there will be a lot of buyers walking through your home, but they’ll also be seeing a ton of different homes. Yours needs to stand out from the crowd. In a previous video, we explored all of the steps for getting your home market-ready and offered advice on how to prioritize repairs; we advise you to go back and check it out! 5. Not allowing showings.  Let’s say you go on the market on a Thursday but decline showings that following Saturday. That’s a colossal mistake! Those weekend showings are critical because that’s when most buyers are off work and viewing properties with their agents. Buyers can’t make an offer on a home they can’t see. Yes, it will be inconvenient and frustrating at times, but be proactive and designate a spot where you can go at a moment’s notice should a buyer request a showing. 6. Getting too emotional. Stressed and tired sellers are more likely to decline showings, which is never in their interest. Sometimes, buyers love to come in with their guns blazing and tell you everything they think is wrong with your house to get a better deal on it. It’s easy to get offended by that, but let cooler heads prevail; the better offer may come from a buyer who is quite particular. Try to remember that, at the end of the day, your home sale is just a business transaction—the calmer and more focused you are, the better your outcome will be. Listen to the advice of your agent because they are not nearly as emotionally involved as you are. 7. Not decluttering. You’re moving anyway, so why not begin boxing up your belongings now? A clutter-free home helps buyers to better envision themselves living in that space. In a cluttered home, all buyers see is your stuff. Your agent has seen countless homes, and they will be a fresh pair of eyes for yours; listen to their feedback. If you have further questions on how to sell your home quickly and for top dollar, or want more personalized solutions for your selling situation, don’t hesitate to reach out to us via phone or email. We’re more than happy to help!

Here are tips to help sellers prime for a swift and profitable home sale. What goes into preparing a home for the market? First things first, you need to create a home selling plan with an emphasis on properly staging your house. Staging simply refers to the work that goes into transforming your home as you know it (comfortable, highly personalized, reflective of your specific lifestyle) into a property that’s show-ready (depersonalized, clutter-free, minimally furnished). It’s all about removing unnecessary items, finding the most aesthetically pleasing arrangement for furnishings, and maximizing your home’s space. Statistics have shown that a staged home will sell faster and for more money than its unstaged competition. If you don’t have a professional stager on speed dial, reach out to us and we’d be glad to help you with that. You should also start decluttering your home as soon as possible. Whether you’ve been in the home for three, five, or 30 years, you’ve likely accumulated stuff that you don’t need or seldom use. Pack up seasonal items, donate usable stuff you no longer need, and throw away junk. Again, the goal is to make your home look as clean and open as possible. Perhaps what’s even more pressing than clearing the inside of your home is updating its curb appeal. The exterior of the home is obviously what buyers will see first, and if that first impression doesn’t reel them in, your home selling journey will be a rough one. Make sure your lawn is mowed, the flower beds are weeded (and there’s actually flowers in there), and the shrubbery is trimmed. “If you can repair something in the home yourself before you list it, always do so.” After you’ve cleaned your home’s siding and improved your landscaping, head back inside, roll up your sleeves, and do a deep clean of every room. This would include getting the carpets cleaned, wiping down the baseboards, tackling dust in every nook and cranny, clearing out the filter vents, and addressing any small stains or spots on walls. Make sure you also clean out the grout between your tiles, too! If your carpet is in pretty rough shape, either have it professionally cleaned or replace it altogether. Noticing way too many little stains on the walls? The best way to make them vanish is to add a fresh coat of paint! Painting is something you should be doing anyway if your walls aren’t already neutrally colored (e.g., whites, off-whites, beiges, grays, etc.). Lastly, it’s time to finally tackle that ever-growing to-do list that we all keep as homeowners—fixes or replacements around the house we’ve been meaning to do. If you can repair something in the home yourself before you list it, always do so; it will save you some headaches down the road when your property undergoes an inspection. Hopefully, these tips provided a good roadmap for you to get started on your home selling journey. If you have questions about anything mentioned in this blog or other real estate topics, please feel free to reach out to us via phone or email. We’re always happy to help in any way we can!

Writing a buyer “love letter” will help get your offer accepted. When submitting an offer on a home, a great way to get an edge over any competition is to write a buyer “love letter.” There are a few reasons why. First, it allows you to thank the seller for letting you into their home and considering your offer. It also gives you the chance to ask them to take a closer look at why you’re making an offer. Additionally, it shows genuine sincerity and enthusiasm for their home. Everyone loves to hear how great their home is, and you can tell them what you love about it. On top of that, it allows you to personally connect with the seller. If the seller is receiving multiple offers, this connection can make all the difference because they’ll be able to see the person behind the offer. Lastly, writing a letter lets you tell your story and talk about your family. You can elaborate on how you’ll love the home as much as they did. Everyone has a story to tell, and everyone’s situation is different. Many of our clients have entered into multiple-offer situations without being able to submit the highest offer and still won because of writing this letter. “If the seller is receiving multiple offers, this connection can make all the difference.” As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to us. We’d love to help you.

Here are a few tips to help get your offer accepted in our competitive real estate market. To have any chance of being a competitive homebuyer in our market, there are some key tips you should follow: 1. Write a strong offer with tight deadlines and few (if any) contingencies. One of those contingencies is the inspection contingency, which gives the buyer the right to cancel the transaction if they don’t like what they see during the inspection. We encourage you to communicate with the inspector through your agent before writing your offer so that you can have the inspection take place in a timely manner. This will give the seller peace of mind knowing that you’re not going to waste their time. 2. Communicate well with the listing agent. An open line of communication with the listing agent about the offer will show the seller that your agent is knowledgeable and experienced, as well as demonstrate that they can make the transaction move forward smoothly. 3. Ensure that all the financial aspects of your offer are strong. Your sales price, earnest money, and deposit need to be strong to entice the seller. 4. Be straightforward and don’t play games. Don’t write unrealistic offers that the home couldn’t appraise for. Unfortunately, many agents like to play games by going under contract at a high price and then trying to get a bunch of concessions from the seller later. This tactic just muddies the water and has the potential to cause the seller to pass over your offer. 5. Make sure your lender is ready to contact the seller’s agent early so they can present the pre-qualification letter with the offer before it’s accepted. If the lender contacts the seller’s agent as you submit the offer, that will make your offer stronger, since it will tell the seller that you’re ready to go and willing to move the transaction along without hassle. If you have questions about this or any other topic, reach out to your Colemere Realty associate. We’d be happy to help.

If you’re thinking of buying new construction, you need to hire an agent. When buying a new construction home, you absolutely need an agent on your side representing your interests. There are a few key reasons why. First, while the builder’s agent may be friendly and helpful, they still represent the builder. They have a fiduciary responsibility to represent their interests, and if you enter into the transaction and give them more information about yourself, they can use it against you. Their incentive is to get you to pay more for the property so they make more money. This leads us to our next point: Without representation, the builder’s agent will be the one helping you pick out all of your upgrades, and they’ll inevitably suggest making every upgrade possible. Having an agent working for you provides a voice of temperament when it comes to choosing upgrades. They’ll help you be smarter about where to spend your hard-earned money and avoid expensive, unnecessary upgrades. “Having representation when building a new home doesn’t cost you anything.” Also, having representation means having a second set of eyes to look over the builder’s purchase agreement. Most builders have their own purchase agreement, and these are usually lengthy documents. Your agent can identify any mistakes, keep the builder honest, and make sure all contractual items are in order. Lastly, having representation when building a new home doesn’t cost you anything. Contrary to what some may think, in this market, builders usually won’t give you a discount if you don’t have your own representative. If you’d like to know more about how an agent can help you when buying new construction or have any other real estate questions, don’t hesitate to reach out to us. We’d love to help.

For home sellers, there’s a new normal in the market. Here’s what it looks like. As a home seller, it’s wise to minimize the physical contact that potential buyers have with the stuff in your home as they walk through to view it. Leave the doors and drawers open so that buyers can visually access your home without having to touch anything. Another thing you can do is leave hand sanitizer along with instructions at your home’s entrance. Visitors should be instructed to use the hand sanitizer before coming in and after walking through your home. We also encourage you to discuss your comfort levels with your Colemere Realty associate regarding how many showings you want to have, how many people you want to enter your house, etc. If you’d rather keep your home’s exposure to others to a minimum, you can always pursue virtual showings and open houses instead. Once showings are over, be sure to turn all the lights off and take disinfectant wipes to all the surfaces in your house that people are likely to touch, like light switches and doorknobs. “If you’d rather keep your home’s exposure to others to a minimum, you can always pursue virtual showings and open houses instead.” Finally, we’ll let buyers know that they need to stay home if they’re not feeling well to reduce the risk of spread. If you, the seller, feel like you’re coming down with something, don’t be afraid to put showings on hold. There are plenty of virtual options out there for you. If you have any questions about what safety precautions are being implemented to keep buyers and sellers safe during the pandemic, don’t hesitate to reach out to us. We’d love to provide you with more information.

Here’s what the new normal looks like for homebuyers. COVID-19 clearly hasn’t gone anywhere, so how are we continuing to help buyers get into new homes safely?  The first step that we advise is to limit the number of people in your group when you’re out searching for homes. For families, the easiest way to do this is to find a babysitter for the kids, or have another family member watch them while you tour homes.  Common sense is our greatest weapon in times of uncertainty. Avoid touching anything while you tour a home. Most sellers and seller’s agents are preparing their homes for showings such that you don’t have to even lift a finger for anything—lights will already be flipped on, and doors already opened. The adage of ‘look, but don’t touch’ has become more important than ever now.  Inside of the home, we’ll still be practicing social distancing, using hand sanitizer upon entry and exit, and wearing masks. We feel its best to err on the side of caution and to mitigate risks whenever possible for our clients. “Common sense is our greatest weapon in times of uncertainty.” The market is moving very fast, and there are a lot of buyers out there; it’s important to act quickly to compete, but it’s twice as important to act safely and smartly.  If you have questions about what we discussed in this video, or if you’re interested in buying or selling a home soon, reach out to us by phone or email anytime. We’re here to be a resource for you, and we look forward to hearing from you.

Coverage of our market can be confusing sometimes; here are the facts. From a local standpoint, we are in an extremely strong seller’s market. Sales are down, but this metric can be deceiving without proper context. They’re down—not because of COVID-19 or the real estate market taking a dive—but because we simply don’t have enough inventory for all of the buyers who are interested in purchasing today. Recently, we had a listing go live on the market, and within two days, it had over 25 showings and generated 11 offers. As you can imagine, the price on that home did get bid up. Another listing of ours went on the market for $629,000 and received three offers in three days, all above list price. Ours is a healthy market, it’s just bound by low inventory. COVID-19 has certainly impacted the market, but it’s done so in a way that only served to create more demand. Our average days on market is only 14 days now, and it’s still trending downward as we head further into summer. “We had a listing go live on the market, and within two days, it had over 25 showings and generated 11 offers.” A typical market, or what’s known as an equilibrium market, has four to six months’ worth of inventory; we have a 0.65-month supply, meaning that if no new homes came onto the market, it would take just around 20 days to sell all of the existing supply. Properties are moving quickly, and we’re seeing tons of multiple-offer scenarios. The question is not whether the market’s hot, it’s about how we can ensure safety for buyers and sellers. We conduct business in our new normal very carefully. In our upcoming videos, we’ll explain exactly how we’re helping clients in the new normal, and what they can expect from a transaction today. If you have questions about any of the stats we mentioned in this video, or if you’re thinking of buying or selling soon and don’t know where to start, give us a call or send an email. We’d love to hear from you and help in any way we can.

These technologies will keep your home and family safer. We hope you and your family are staying safe during this pandemic. We wanted to share some information about technology you can add to your home that will make your family safer and help you avoid future damage. These technologies are easy to set up, and many can be ordered online.

Find out what Utah moving from orange to yellow status means for real estate. How has the market been doing since the outbreak of COVID-19? How does the governor’s decision to change our state’s outbreak status from orange to yellow affect real estate and how we perform our business? In terms of the market, the big picture is that we’ve had a lot of pent-up demand in Utah, specifically in the Wasatch Front. We still have very little inventory. Due to COVID-19, we had about 700 fewer listings this April compared to April 2019, which in turn lowered the average days on market for our area.

How has the coronavirus impacted the real estate market? Obviously, everyone’s lives have been changed because of the coronavirus, and I’m getting a lot of questions about what kind of impact its had on the real estate market. Today I’ll fill you in on the latest developments and share how we’ve adapted our business practices to continue helping buyers and sellers. The good news is, since real estate has been deemed an essential service, the market is still moving.

Here’s what you need to know about our new home buying program. There’s a huge gap in the market for people facing two types of scenarios: 1. They’re new to an area and aren’t quite ready to buy a home but don’t want to fully commit to a lease (and aren’t even sure where to lease). 2. They’re a first-time homebuyer who’s nervous about the entire process. Perhaps because the market is moving fast, or they’re dealing with the fact that buying a home is a big-time commitment, or they may have credit challenges. “A key benefit of this program is that someone else isn’t telling you which home you’ll move into.” Well, we did our homework, and if you find yourself in this situation, we have a hybrid home buying program to introduce you to. Here are the requirements to qualify: You must have a job You must have an annual household income of at least $45,000 (the higher your income, the more you can qualify for) You must have no pending bankruptcies You can’t have a criminal history You must respect the 45-day move-in period A key benefit of this program is that someone else isn’t telling you which home you’ll move into. You have your choice of where you’ll move and what you’ll move into. Essentially, you still get to shop for a home. If you work with our team, you’ll go out and search for homes with one of our agents. If you find one you like, we’ll move forward with the program. If you have any questions about this program and what it can do for you, don’t hesitate to reach out to us. We’d love to speak with you.

You don’t need a massive down payment to afford a home. Here are a few of the different options you have. Regardless of what you may have heard, you do not need 20% down to buy a home. There are a ton of different loan programs out there that offer a variety of down payment options and can cater to your needs as a homebuyer. In the Salt Lake Valley, there are over 13 cities. Each of these cities may have a different grant or loan program in addition to those available through private lenders. There are so many options available besides the traditional 20% down. The point is that you don’t need a fortune to buy a home. In fact, there are some options that don’t even require a down payment. “Our buyer consultation will get you started on the right foot.” Our goal is to set you up for success through our buyer consultation. If you or someone you know is thinking about buying anytime soon, we’d love to sit down with you and get you pointed in the right direction. We have trained specialists standing by to help you find the right solution. If you have any questions for us, feel free to reach out via phone or email. We look forward to hearing from you soon.

What does 2020 hold for our real estate market? Here’s our market forecast for the year. Now that we’re a month into the new decade, it’s time for us to share our predictions about what this year’s real estate market holds. Inventory will likely remain low throughout the year. We saw low inventory last year as well, and this will continue — especially in the lower price ranges. Demand is still incredibly high, and competition will be fierce among first-time homebuyers. As we head into the spring season, we anticipate that homes will spend fewer days on the market before they’re sold. In fact, the number of days on market may be as low as 10 to 15. “Since 2020 is an election year, we’ll likely experience some hesitancy in the real estate market.” Interest rates may rise a bit, ending up somewhere around 4%. Appreciation has been rising as well, but we believe the rate is going to slow down before the end of the year. This will likely occur because some homebuyers will be priced out of the market. Since 2020 is an election year, we’ll likely experience some hesitancy in the real estate market. During election time, there’s bound to be a slowdown in home sales. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.

As we head into the new year, let’s quickly recap our 2019 real estate market to see where we are in 2020. As we begin the new year, let’s take a look back at the end of 2019 and where our market stands now. The first thing to know is that interest rates remained low. They went up for a bit earlier in the year but dropped back down soon after. We’ve been hearing for years now that they are going to go up and stay there, but it just hasn’t happened yet. Next, the number of units sold in the last year was down, just like in 2018. However, this drop isn’t due to a lack of demand—it’s due to a lack of supply. There aren’t enough homes and too many buyers looking to lock in a low rate. “Our median price rose by $28,000 in 2019.” One metric that we use to measure our inventory is the absorption rate. It lets us know how long it would take all the homes on the market to sell if we didn’t have any new homes listed. In 2019, the absorption rate for our market was 0.69 months. This number increases to about two as we jump into the higher price points around $500,000. Finally, home prices have continued to increase across all housing types. Our median sale price rose from $321,000 to $349,000. If you’re considering buying a home and you’re not saving at least what homes are increasing by on average, you need to consider looking to buy sooner rather than later. If you have any questions for us about the market or real estate in general, don’t hesitate to reach out via phone or email. We’d be happy to help.

We have five successful tips to help you sell your home during the holiday season. To successfully sell your home during the cold and often busy holiday season, here are five tips you need to keep in mind: 1. Embrace the season. Home sellers often ask if they should decorate their homes for the holidays if they plan to sell, and the answer is yes—but do it tastefully! What better time to evoke the buyer’s emotions and cause them to imagine their own family celebrating the holidays in your home when it becomes theirs? 2. Deep clean before you decorate. Make sure you get every nook and cranny so that your property is, as our stager calls it, “white-glove clean.” 3. Keep the home warm. Don’t turn down the heat, but rather turn it up a little bit. Turn on all the lights, and if you have a fireplace, be sure to light it. The light and warmth helps to bring in more emotion and opens up your spaces. Also, bring in the scent of the holidays with a nice candle; this will help the buyer get into the holiday spirit. “Home sellers often ask if they should decorate their homes for the holidays if they plan to sell, and the answer is yes—but do it tastefully!” 4. Price your home correctly. Traditionally, real estate moves a little bit slower during the holidays, so it’s critical to correctly price your home. You don’t want your home to sit stagnant on the market because it’s overpriced! 5. Be patient. Showings may be requested at inconvenient times, and with everything else going on during the holidays, it can be a little stressful. Just be patient with the process; if the home doesn’t sell during the holidays, it will when the spring market comes. If that happens, we can always change your listing photos to match the season. If you have any questions about real estate, please feel free to reach out to Colemere Realty Specialists. We’d love to hear from you. In the meantime, have a wonderful holiday season.

Get ready to sit by the fire and meet Santa! Please join us at the Lone Peak Park Pavilion on December 5th from 5:30 p.m. - 8:30 p.m. to meet and take your pictures with Santa! Skip the lines at the mall, sit by the fire, and enjoy some hot cocoa on us. We hope to see you there.

Is a recession coming? Maybe, but that might not mean what you think it does.   There’s a question looming in a lot of people’s minds these days: “Is a recession coming? What can we do about it?” A key thing to remember is that a recession isn’t always a bad thing. A recession is defined as two consecutive quarters of negative growth, and it’s a necessary part of the market cycle. Markets expand and contract over time. During the last five recessions of our country, we’ve seen periods of expansion that lasted several quarters prior to each one. Many people ask, “What happens to home values during a recession?” Interestingly enough, out of the last five recessions, three of those recessions saw increases in home values. That shows that a recession doesn’t always mean that your home will lose value.   “A recession isn’t always a bad thing.” Another thing to remember is that we could be going through a recession in some segments of the national market, but not in others. Real estate is always hyper-local—we could have a slowdown in one area, but other areas could stay strong. The recession rule of thumb is that if an area is experiencing growth in terms of jobs, wages, and population, then that area will typically remain economically healthy. And fortunately, we’ve had a great local economy here in Utah along the Wasatch Front. If you have questions about the recession, your market area, or about real estate in general, please reach out to your Colemere Realty Associate. They’d be happy to answer your questions. If you’re thinking of making real estate plans in the next few years, it’s never too early to start a discussion with us.

Here are four reasons why the fall season might be your best opportunity in quite some time to buy a home.   Fall is just a few days away now, which is exciting for a number of reasons. Apart from the crisp autumn weather and football season, it’s also a great time to buy a home! Here are four reasons why: 1. Home prices are increasing. Price growth is showing no sign of slowing down as we get closer and closer to fall. If you plan on purchasing a home anytime soon, it’s better to make your move in our fall market rather than in the future, when it’ll be less affordable. 2. Interest rates will continue to rise. Rates have been unbelievably low for an unbelievably long time. Nevertheless, they won’t remain that way forever. And given that your interest rate will directly affect how much your mortgage payment will be, you don’t want to wait for rates to start trending upward. 3. You’re paying someone’s mortgage regardless. If you’re a renter, look at it this way: You can start paying your own mortgage while conditions are on your side or you can continue paying your landlord’s mortgage. Now, if you’re living in your parents’ basement rent-free, it’s probably safe to assume they’ll want you out sooner rather than later. 4. Now might be the time to realize your goals. A common sentiment among would-be buyers is, “We’ll just hold off until next spring or next fall.” But it’s a good idea to give deeper consideration to your reasons for wanting to buy a home. Perhaps it’s because you’d like to put down roots and have a foundation upon which you can grow with your family. Or maybe you’d like to move up and improve your circumstances and lifestyle. “Give deeper consideration to your reasons for wanting to buy a home.” While decisions like this can be hard to make, it’s important to get an outside opinion sometimes. One of the many resources we provide is a consultation where we help you with that very thing. So if you have any questions or would like to set up a no-obligation consultation with us, please reach out to us. We’d be happy to help!

If you feel that your property taxes are too high, you can always appeal them. Here’s how to do it.   Recently, most of you have received your property tax assessment in the mail. That’s always a fun experience—finding out how much you owe the government. But in all seriousness, if you feel that your property has been overvalued, you can protest your assessment and get it lowered. In Salt Lake County, the main thing you’ll need is a proper evaluation of the current tax year in the form of an appraisal, a closing statement, or comparable sold properties (which we can help you with). From there, you start your appeal. The first step of the appeal is usually an online or written form that you’ll have to fill out. You’ll send in your evaluation with it, it will be reviewed, and they’ll send back a decision. “If you don’t like their initial response, you can appeal the process again.” If you don’t like their initial response, you can appeal the process again. That second appeal is usually done in person. If you still aren’t happy, the final step would be to meet with a state-appointed mediator to make a final judgment on whether you or the county has the better argument of where your property should be valued. Here’s the most important thing to know: You only have until September 15 to file your appeal. If you need any help appealing your property’s value, don’t hesitate to give us a call or send us an email today. We look forward to hearing from you soon.

How many homes should you look at before buying one? Find out today.   “How many homes should I look at before I buy?” Before you even start counting how many homes you ought to be looking at, you should first make sure that your home search is done properly. Today, most home searches begin online. For example, visit ColemereRealty.com, where you can set up your own personalized account and start your own list of homes that you like. From there, you can reach out to your Colemere Realty specialist to have them set you up with a customized home search. Next, be sure to consult with your agent. Tell them what areas you like and dislike, what features you need to have in a home, and what features you’d like to have in a home. Also consider whether you have a home to sell before you buy a new one and whether you’ve met with a mortgage lender. These steps need to be met before you physically observe homes you’re interested in. “The average buyer tends to look at around five to 10 homes in person before making a decision to buy one.” Once you’ve accomplished all that, now you can go out to look at homes. Based on our statistics, we’ve seen that the average buyer tends to look at around five to 10 homes in person before making a decision to buy one. But don’t let that stop you—if you find the perfect home on your first outing, refer to your specialist and go through the process to determine if that home is right for you, and then proceed. There’s a lot of pressure in this market to make decisions quickly, so it’s great to have a professional in your corner. If you have any questions about today’s topic or real estate in general, reach out to us. We’re happy to serve you.

It doesn’t often make sense to hire an appraiser before selling, but there are a few times when it does. Here are three prime examples.   Hiring an appraiser before you sell your home is usually a waste of money. However, there are a few exceptions, and we’ll go over each of the most common today: 1. During a divorce or bankruptcy. Generally, a judge involved in either of these scenarios will require that some type of value be established before the case can proceed. 2. During an estate sale. This is especially true if the sale is a complicated one. If different parties involved in the estate sale live far apart from one another, for example, ordering an appraisal before you sell may be a good idea. 3. When you’re using a relocation company. These companies will often require you to order an appraisal. “Unless you’re faced with one of the circumstances we discussed today, you’ll generally be better off speaking to a Realtor about your home value as you prepare to sell.” Agents have all the same information at their disposal as appraisers, so unless you’re faced with one of the circumstances we discussed today, you’ll generally be better off speaking to a Realtor about your home value as you prepare to sell. 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.

Be sure to avoid these three pitfalls created when you overprice your home.   Why is it a bad idea to overprice your home when you put it on the market? First, remember that people who browse for homes online can see how long a home has been on the market. When a home is overpriced, it tends to stagnate on the market, and when buyers see that, they’ll probably think that something’s wrong with it. Another danger of overpricing your home is getting burnt out. The longer your home is on the market, the more worn down you’ll get having to clean your house at a moment’s notice to prepare for a showing—especially if you have kids and/or pets. Your hopes may get high that each buyer who visits will be the last, but if they’re aware that your home is overpriced, you might be in for a disappointment. “Chances are you won’t be able to fool the buyer about the value of your home.” Lastly, it’s worth noting that buyers today have more information at their fingertips than they ever have before. They’re both astute and diligent about comparing homes to others they’ve seen in the market.  Even if they don’t have the exact data on your home, they do think about the general cleanliness of the home, what upgrades it has, and what features it has compared to homes that are priced lower than yours. Chances are you won’t be able to fool the buyer about the value of your home. If you have any questions about this topic or real estate in general, reach out to your Colemere Realty specialists. We’d love to help you.

On June 1st, we want you to join us at Lone Peak Park for our summer barbecue kickoff. Here are the details.   We’re here today at beautiful Lone Peak Park (10140 S. 700 E, Sandy, UT), the site of Colemere Realty’s upcoming Summer Barbecue Kickoff. Please join us on June 1st from 11 a.m. to 3 p.m. for great barbecue, lots of fun, and prizes galore. We appreciate your support so much, and this is just a way for us to thank you in person. Click here to RSVP! We can’t wait to see you there.

You aren’t doomed to pay 20% down. Here are some of the options you have.   We get this question a lot: Are there opportunities to buy a home with low or no money down? Various news outlets have claimed that you need a 20% down payment in order to purchase a home, but it’s not true—you can certainly buy a home with zero down. There are several loan programs out there, such as the Utah Housing Corporation loan or the USDA loan, that help you buy with either nothing down or a very low amount. However, each program does have requirements. These may include: Income Size of household Location Home condition “There are many factors that go into this, and a lot of them depend on your specific situation.” There are many factors that go into this, and a lot of them depend on your specific situation. Your best bet is to speak with a professional real estate agent, and we’d be more than happy to have a conversation and figure out what works best for you.  If you have any questions, would like more information, or are ready to talk about loan options, feel free to reach out to us. We look forward to hearing from you soon.