The Jared Zimmer REMAX Properties Blog

 

Nov. 7, 2019

First Time Buyers Are Set To Become An Even Bigger Influence In Real Estate

First Time Buyers Are Set To Become An Even Bigger Influence In Real Estate

First time home buyers have been making headlines recently.

Freddie Mac (The Federal Home Loan Mortgage Corporation) recently reported that, so far in 2019, 46% of the mortgages that it has purchased this year have been from first timers!

That is a staggering statistic and ample proof that the highly competitive mortgage rates we are continuing to see are really having a motivational effect for many people, who are finally breaking the ever more costly renting cycle and locking in an ultra low rate for the life of their home loan.

Inevitably, of course, there is a positive knock-on effect throughout the entire home selling chain. A lively entry level effectively causes a cascade effect through each property sector.

As if this weren't enough good news, the credit rating agency Transunion has produced a new report that says there will be around 8.3 million first time buyers looking to apply for a mortgage in the next three years! This compares with 6.6 million between 2013 and 2015 and 7.6 million between 2016 and 2018.

So it looks like we can look forward to a sustained period of new energy in the housing market!

This is another great reason why it's an excellent time to be selling, so why not contact us for an informal chat concerning your best options!

Oct. 23, 2019

How Continuing Low Mortgage Rates Will Boost The Fall Homes Market in Iron County

How Continuing Low Mortgage Rates  Will Boost The Fall Homes Market  in Iron County

We recently took a look at monthly average mortgage rates for 2019, provided by Freddie Mac, and noticed a significant trend in 30 year home loans:

January - 4.46%
February - 4.37%
March - 4.27%
April - 4.14%
May - 4.07%
June - 3.80%
July - 3.77%
August - 3.62%
September - 3.61%

As you can see, the average monthly rate has declined every month so far this year!

It's difficult to overstate the positive influence this has had on our real estate market during the year. Given that, other than the occasional brief upward spike, rates have continually fallen, month-on-month, means that positive buyer sentiment has significantly strengthened as the year has progressed.

Indeed, in a recent Forbes.com report, it was noted that first time buyers are really responding to this trend, with 46% of home loans purchased by Freddie Mac this year being for first timers - the highest figure for over 20 years!

A vibrant entry level sector has an enabling effect throughout the rest of the house purchasing chain, so this is fantastic news.

Of course there's no guarantee how long rates will continue to show monthly average falls, so we can confidently expect buyers to be out in force in the coming weeks, as they try to lock in an ultra-low rate while they know they still can.

This is an extra motivation this year, on top of the usual great reasons for buying in the fall, including the upcoming job relocation season, moving in before the holidays and closing the home purchase before year end for tax reasons.

Why not contact us today for an informal discussion of how best to capitalize on this great opportunity.

Oct. 9, 2019

Will Your Agent Maximize Your Chances Of A Home Sale This Fall?

Will Your Agent Maximize Your Chances  Of A Home Sale This Fall?

While some home sellers very incorrectly take the view that the fall/winter isn't a great time to sell, incredibly it would seem that some agents are of the same opinion...

Every year, at about this time, it's noticeable that some agents start to take their foot off the gas for their clients. They presumably feel that they've earned sufficient commission for the year and decide that a nice long holiday, or at least coasting with minimal effort, stretching right into the New Year, is preferable.

It's possible for an agent to get away with this if his/her clients unwittingly think that they unlikely to sell their home until the spring.

Nothing could be further from the truth, especially this year when we have very, very low mortgage rates, with absolutely no guarantee that they'll still be available in 2020. This means that buyers are highly motivated to close on a home and lock in a low rate while they still can. They are certainly not hanging around to see what happens...

Apart from that, this time of year sees other unique positive factors coming into play. Some buyers will be trying to move in before the holidays, so they can entertain and enjoy their new surroundings. Others will be keen to conclude their sale before the end of the year for tax reasons and we are also heading for peak job relocation as the year turns. Additionally, buyers tend to be in a very emotional and positive frame of mind, which means they are much more likely to make an offer.

But if your agent is effectively absent, then how can you take advantage of what has been a very busy last few months of the year in recent times!

A top producing agent, on the other hand, works tirelessly throughout the 12-month real estate cycle, making the same consistent efforts for clients that involve talking with potential buyers, buyers agents and other key influencers every single day and maintaining a high level marketing presence.

That's because seasoned and successful agents have worked this cycle many times and know that the period approaching the end of the year can yield fantastic results both for their clients and themselves.

Now is therefore the time to quiz your agent on what the actual plans are to get your home sold in the coming weeks. Please feel free to reach out to us and discover what we do all year round to average over 130 sold properties per year, compared with the average agent barely selling one home per month.

Sept. 26, 2019

Is Your Home Ready For Fall/Winter?

Is Your Home Ready For Fall/Winter?

Fall is already here, but there should still be a few weeks of pretty decent weather ahead of us, giving you time to prepare your home for the much colder months to come, if you haven't already done so.

We thought now would be a very good time to remind you of some of the maintenance tasks that need to be done as soon as possible.

Trees and shrubs - Pruning really helps to minimize the potential for broken branches in stormy weather. If you have dead branches or leaves that are changing color very early, or if you spot exceptionally thin or brown pines, then some form of treatment may be necessary.

Gutters and downpipes - Carry out appropriate checks of your home's rainwater management systems, ensuring that gutters and downpipes are free of debris that can cause blockages. It's important to continue to monitor the situation as leaves fall. Ensure that your downpipes aren't discharging water to your foundations and re-route as applicable.

Roofs/siding/brickwork - Check now for any signs of damage before water ingress becomes an issue. A pair of binoculars can be really useful when inspecting your roof or other elevated areas.

Seal gaps - Critters will also be keen to stay warm, so make sure you don't have unwanted guests by sealing up any holes where wildlife might enter the property.

Sprinklers - These should be winterized by draining water from pipes and using compressed air to blow air through them.

Railings, walkways, drives - Make sure these are all in good shape and capable of easy snow removal. And, as arrival of the first significant snow can often be quite sudden, make sure you have plenty of ice melt in stock.

External faucets - These are prone to freezing, which can in turn cause pipes to burst in the home. Polystyrene faucet covers are very inexpensive and offer excellent protection. Be sure to fit them before the first freeze. Hoses should also be drained and stored indoors.

External lighting - With more hours of darkness happening soon, effective external lighting becomes more important, both from a safety and security perspective. So make sure all bulbs are functioning and decide if some areas of your property could benefit from better lighting.

External paintwork - If paint is flaking outside, as it often can after many months of heat and sunshine, now is the time to touch it up for protection over the coming months.

Heating systems - Now is the time to get your annual service done. Prevention is so much better than cure.

Ceiling fans - As it gets significantly colder, don't forget to reverse the air direction to redirect rising heat back down into the room.

Windows and doors - Check now for any signs of air leakage, and use appropriate sealants, weatherstrips etc. You'll enjoy a more comfortable fall and winter and have better energy/cost efficiency.

Smart thermostats - The latest smart thermostat devices offer great all year round temperature control and can reduce your energy bills too! Some of them even allow you to change the temperature via your smartphone or by voice using systems such as Amazon Alexa.

We hope you find at least some of these tips useful. As always, please don't hesitate to contact us if you have any questions relating to real estate.

Sept. 11, 2019

As the weather cools...so does the local real estate market. Capitalize while it’s still hot...

As the weather cools...so does the local real estate market. Capitalize while it’s still hot...

While home buyers are active throughout the year, there's no question that, this year in particular, it could pay dividends to consider listing your home right now.

There are a number of important reasons for doing this.

Firstly, market conditions are extremely favorable, due to the continuation of strong buyer sentiment, thanks to a combination of falling mortgage rates and Federal Reserve interest rates.

Secondly, and critical in our wonderful part of the world, there is some talk that we could be heading for a cold winter with above normal snowfall levels. While long range forecasts are never completely reliable, of course, we do live in an area that is always susceptible to bad weather, which inevitably has a negative knock on effect with buyers, who may struggle to get to view homes and/or will want to see them when they aren't covered in snow. Very cold temperatures can also act as a major disincentive.

Therefore there are some compelling reasons right now why delaying your sale may be problematic. But there are other important considerations such as if the economy will sustain, plus the possible uncertainties of an election year.

As we write, buyers are very proactively looking for homes and to lock in those very attractive low mortgage rates while they still can (there are no guarantees how long that trend will last, after all).

Please contact us today and we'll discuss your individual situation with you and further explore why it pays to sell now and avoid the risk that the market changes significantly in the coming months.

Aug. 29, 2019

Why Delaying Your Home Sale Until 2020 Could Be A Mistake!

Why Delaying Your Home Sale Until 2020  Could Be A Mistake!

We're almost at the end of August and the conclusion of summer is now in sight. This is traditionally a moment when some people decide to delay their home sale until next year.

That is always a mistake, because the fall and winter homes market is always busy and, in fact, offers unique selling opportunities.

This year, however, there are other dynamics at play that make playing a waiting game an even more unwise move.

Mortgage rates continue to greatly influence the market, motivating buyers to act fast and lock in the lowest rates for some years. The recent Federal Reserve interest rate drop has only added to the excellent environment of buyer sentiment.

But there's absolutely no guarantees how long these trends will persist.

Low inventory of available homes right now also means that you'll have less competition, especially as we move away from the peak selling months. Your asking price will consequently be more robust too.

There has been much press talk of late about whether or not we're seeing signs pointing to a recession. Looking back in time, recessions have been notoriously difficult to predict, so while it's true to say that there are no certainties, listing now means you won't be taking the risk of selling in a difficult economic climate.

At the very least, therefore, it might be worth getting a rough estimate of what your home is currently worth. With prices continuing to rise across Iron County, you may be surprised if you haven't checked lately. Click here to go to our free instant valuation tool.

If you are already carefully considering when to list, please get in touch with us today for an informal chat about the best options in your own situation.

Aug. 8, 2019

Low Iron County Homes Inventory Continues to Create Opportunities for Sellers

Low Iron County Homes Inventory Continues  to Create Opportunities for Sellers

The latest stats for Iron County (for June) published by Utah Association of REALTORS® demonstrate an almost 9% fall in new listings compared with the same period last year, together with a 3.6% drop in actual inventory numbers since last June.

This means that there are just over four months of supply in the market, a 2.3% year-on-year decline.

This is great news for sellers at a time when the combination of the first Federal Reserve interest rate fall in eight years and continuing low mortgage rates has created excellent buyer sentiment.

With less choice for buyers, asking prices remain robust and sellers also benefit from less competition. It therefore isn't surprising that median sales price has risen by 6.9% over the past twelve months. The average sales price of a home in our area was $241,497 in June.

It's simply a great time to put your home on the market, if you have been contemplating doing so. The news on interest rates will help to make it a great end of summer/early fall market, so please don't hesitate to get in touch with us to discuss your best options.

July 26, 2019

Making The Most Of The Busy Summer Homes Market

Making The Most Of The  Busy Summer Homes Market

Earlier in the month we wrote about some very buoyant figures for the Iron County real estate market (click here to read our last blog if you missed it).

Right now is, indeed, a time to strike while the iron is still hot.

For buyers, mortgage rates have taken a further tumble this week. Although there is perhaps a temptation to play a waiting game, to see if there are yet further falls, wise purchasers have already recognized that there is a rare and golden opportunity to lock in a very low rate right now and that speculation on further rate drops is a high risk strategy, as the situation can dramatically change at any time, and it is usually unannounced...

So if you're thinking of selling, there is equal urgency, as you can list now and ride on the crest of the new wave of buyer sentiment. There are simply no guarantees that these fantastic rates, which compare favorably with any period in the past five decades, will continue into the fall and beyond. That, of course, has implications if you're planning to buy another home yourself.

And if you're contemplating either starting or growing a property investment portfolio that requires some borrowing, it really doesn't pay to gamble by waiting.

With just a few weeks left before the kids go back to school, many buyers are busy trying to make deals with that deadline in mind.

We're also heading into the "monsoon" season here with changeable weather, which of course makes viewing homes a bit easier, with somewhat cooler temperatures for a while.

There are so many reasons to seize this moment. Why not contact us today to discuss your best forward strategy.

July 10, 2019

Latest Iron County Real Estate Stats Confirm Excellent Market Conditions for Sellers

 Latest Iron County Real Estate Stats Confirm Excellent Market Conditions for Sellers

We've just taken a close look at the latest set of statistics for the Iron County real estate market (for May), published by the Utah Association of REALTORS®, and thought we should share some of the good news it contains with you.

Median and average sales prices have risen by 4.5% and 4.9% respectively so far this year and closed sales showed an impressive 21.9% year on year increase. Pending sales were 2.2% ahead of the same period last year.

We are also tracking an encouraging 10.1% increase in new listings compared with the corresponding month a year ago, but high demand is ensuring that the months' supply of inventory has actually fallen by 14% since May 2018. In terms of numbers of homes for sale, this translates to a 9.1% fall over the twelve months until May this year.

Median prices were actually 5.1% higher in May of last year, so with all the current evidence of excellent buyer demand, significantly driven by lower mortgage rates so far in 2019, we have arguably seen a very slight price correction in our market that is now resulting in an overall more healthy and sustainable activity level to build on.

Of course much depends on the continuation of historically very low mortgage rates as a key motivational force for buyers to lock in a low rate while they still can. It will therefore be interesting to share figures for the corresponding months with you, when they are available, as this set of statistics mainly reflects already brisk activity before rates went lower than the important psychological level of 4% in very late May.

It's clearly a great time to sell a home, so don't hesitate to contact us today on (435) 327-2090 to discuss your best current options.

June 28, 2019

STOP!!! READ THIS!!! - Mortgage Rates Have Just Fallen To A 31 Month Low!!!

STOP!!! READ THIS!!! - Mortgage Rates Have Just Fallen  To A 31 Month Low!!!

Yesterday, the average 30 year fixed rate fell to just 3.73%, while the 15-year fixed-rate average dropped to 3.16!

This is the seventh week out of the last nine where rates have fallen.

Just a year ago, the 30 year average was 4.55% and the 15 year average was 4.04%. Those were still historically very low rates, emphasizing what an incredible opportunity you currently have to move to a better home or to get on the home ownership ladder.

Remember that there are no guarantees that rates will go even lower. Seizing the moment right now will ensure you can lock in an ultra low rate for the life of your home loan.

And, if you're thinking of selling, this is an equally great opportunity to capitalize on fantastic current buyer sentiment.

Call us today on (435) 327-2090 to discuss your best current options. We can also put you in touch with the area's top mortgage professionals.