Category Archives: Investor

Top Tips for Winterizing a Vacant Home

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For a home to remain in good shape throughout the winter it needs regular care and attention. When a home is occupied, many of the things that are necessary to keep it in good working order happen by default. But when the home is vacant, it is up to the owner or the property manager to prepare it for freezing temperatures and other winter risks.

The worst risk comes from bursting pipes, which can lead to water damage that can significantly impact the value of the home. Left alone, water can ruin everything it touches – walls, floors, electrical systems, etc. It can even damage the foundation. Other risks exist as well, such as pest infiltration, that can leave nasty surprises for the homeowner.

Taken together, the dangers of failing to winterize a home are too severe to ignore. Any real estate agent who has been involved with selling bank owned properties or vacant short sales can certainly tell you the necessity of knowing how to winterize a vacant home!

When readying a vacant home for winter weather, there are several things you can do to prepare before freezing temperatures and other winter risks arrive. These include:

Check and Replace Worn Weather Stripping

Weather stripping around doors and windows plays a key role in reducing the amount of cold air that enters your home. Check for cracked or worn stripping, and replace with new, more efficient stripping. If caulking is looking worn and ragged, remove it and re-caulk with an efficient, moisture-resistant product. This will help keep the cold from entering your home, which in turn helps to reduce your heating bill.

Bring in a plumber.

Hiring a professional plumber to winterize the pipes and water system in the home is extremely important if you want to avoid the incredibly expensive water damage that can occur from freezing pipes. The plumber can examine the entire system, inside and out, and then prepare it for freezing temperatures. The plumber will drain all areas where water is stored, like water heaters and hot tubs, and will use an air compressor to expel water from the pipes throughout the house. With the water removed, you do not have to keep the house heated to prevent freezing. The pipes are protected and you save money in utility costs.

Drain outdoor garden hoses.

Water hoses must be disconnected from the home and drained of water to prevent damage to both the hoses and the spigots where they attach to the house. Left undrained, the water inside will freeze and burst not only the hose, but often the spigot as well. If winter watering must be done to keep landscape plants alive, make sure the person who does the watering drains the hoses and disconnects them from the house after each use.

Store your Patio Furniture away.

Whether you decide to store patio furniture away for the winter or simply cover it for the season, take the time to do a bit of cleaning and maintenance on your patio seating and tables. First, remove any cushions from the furniture; next, give all pieces a good scrub using mild dish soap, a bucket of water, and a soft bristled brush. Get all the cracks and crevices as clean as possible. then hose off any soapy residue and let the furniture dry in the sun.

You’ll also want to give the cushions a thorough cleaning, too. Use the same mild soap, water, and scrub brush to clean all cushions. Let them air dry in the sun, as well. Check the furniture for any loose or missing screws and tighten or replace them. If the furniture will remain outside, purchase some heavy-duty covers to protect everything from the elements. Cushions should be stored in the garage or basement, if possible. I like to store them in a large covered plastic storage bin; this helps protect the cushions from critters, moisture, and dirt.

Close up all openings to the house.

Take a close look around the exterior of your home and cover any and all gaps you find. Use caulk to seal small gaps near the foundation of your home, or around windows. A heavy-duty screen or hardware cloth works well to cover exterior vents, allowing air to escape but preventing critters from seeking warmth in your home.

Stock Up on Firewood.

Now is the time to purchase firewood and store it in an easily accessible location. Whether you use wood in your fireplace or in a fire pit during the early fall, you’ll want to have plenty of wood to get you through the fall and winter months.

Clean and Cover the Grill

Now is the perfect time to clean your outdoor grill before stowing it away for the winter.  If you will be storing your grill outdoors, purchase a durable grill cover and if possible, store the grill in a covered area to protect it as best as possible from the elements.

Change the Direction of Ceiling Fans

By doing this, you create an upward draft that redistributes warm air from the ceiling. Directing the warm air back down towards the main portion of a room helps eliminate the temptation to up the thermostat on those extra chilly days.

Have the gutters cleaned and repaired if necessary.

Gutters must be free of debris and attached properly to the house to funnel water away from the roof, siding and foundation. When debris accumulates, the gutter may stop working properly. If enough water collects and a freeze hits, the weight of the ice can pull the gutter away from the home, damaging the siding and leading to potential ice hazards where water collects at the base of the house. If you live in a cold weather climate then you understand just how bad ice damning was last year. Knowing how to prevent ice dams is something every homeowner should have a grasp of. Ice dams can cause serious damage to a home including mold behind ceilings and walls that you may not be able to detect! Have the gutters cleaned periodically until all leaves have dropped from the trees, and make sure they are in good repair.

Remove anything touching the side of the house, such as leaves and firewood.

Water and insects can accumulate in firewood and debris, causing damage to the siding and leading to potential infestations. Keeping everything away from the house creates a safe barrier and prevents water damage. This includes shrubbery and other landscaping. Keep a minimum of a couple of feet to allow the home to breath.

Have trees trimmed over the home.                                         

Remove any tree branches that may touch the house or hang too closely. Tree branches increase the leaves that accumulate in the gutter and can also break and fall on the house in a snow or ice storm. If you are negligent about keeping branches over your home it could lead to insurance denying your claim.

Use moth balls to keep insects out of the house.

Moth balls may smell unpleasant, but they are effective at keeping insects away. Use them anywhere you think insects may be a problem.

Talk to the gas company about disconnecting the gas supply.

A gas explosion can cause even more damage than frozen pipes. Let the gas company know the home is vacant and ask them to disconnect the gas supply to the home. Obviously if you are not living in the home this becomes important because if a gas leak were to form it would be too late for you to do anything about it. This is one of the major reasons why nearly all bank owned properties get winterized.

Make the home appear occupied at a glance.

It is better for potential buyers and discouraging to unwanted visitors if the home appears occupied. You can setup lights on timers and have the landscaping tended to periodically to keep things looking nice. If snow is an issue you can also have the driveway cleared. This advice applies to both occupied and non-occupied homes. Keep in mind that if your home is on the market you are going to need to get it un-winterized with fairly short notice when the buyer schedules a home inspection. Buyers will want to be able to check the heating and plumbing systems and will not be able to do so if the home is winterized.

Hire a landscaper to perform a fall cleanup.

As the weather gets colder, plants will die and you will be left with a disheveled looking yard and landscape. It is beneficial for the sales process if you have someone come in and cleanup around the home after the first freeze or two, when most of the vegetation has died off. The landscaper can cut back any dead growth, rake up leaves and prepare plants for the winter.

Check on the home periodically.

An unoccupied home, even when the lights come on and the driveway is plowed, can be appealing to burglars and to squatters. It can also be a destination for kids in the neighborhood to come hang out for fun. The only people you want visiting are potential buyers, so you should maintain a schedule of visiting the home periodically to make sure it is being left alone and to discourage unwanted visitors.

Use of all these tips and your experience with winterizing a home should be a breeze!

Tips to Keep your Rental Property Full This Ski Season

Tourist from all over the world have fallen in love with Park City for its world-class skiing, charming Main Street and gourmet dining. It can be easy to keep a vacation rental in Park City full for the entire season by providing guests a home away from home, exceptional service and amenities. Check out these tips to making it easy to keep your vacation property full this ski season.

Advertise yourself well. You, or your property management company, should create quality content informing potential renters of all the amenities your property offers. Emphasize the benefits of the location and the property. Include photos that present the property in a favorable light. Make sure the rooms look clean and big in the photo. Hiring a professional real estate photographer to take photos of the property will add polish to the photo gallery.

Go with weekly rates. The longer vacationers stay, the less you pay in other expenses like cleaning and restocking. Offer weekly rates to those travelers looking to stay for an extended period of time. Also, list nightly rates so you don’t miss out on the 2-6 day trips.

Cut a deal. Give discounts to long-term renters, repeat guests and referrals. Don’t be afraid to promote your property on social media, which is great for promotions geared at filling vacancies quickly.

Shop around. Look at other properties in the area to ensure yours is comparable in condition, price and amenities. Be open to hearing where you’ve missed the mark. Read and respond to online reviews of your property and adjust accordingly. Include a “How Was Your Stay” card in the rental to get additional feedback.

Take advantage of your property management company. Choose one that will professionally handle cleaning, repairs, tenant complaints and payments. Some will even offer concierge services, making your property even more competitive.

If you don’t choose to go with a property management company, make maintaining your rental and the happiness of your customers a priority. Owners suggest checking in with tenants on their first night and providing an information booklet about the best bars, dining and ski/ snowboard rentals in the area. Also, if you’re handling payment, create a rental contract that makes both parties feel protected.

What do surrounding hotels provide? Offer amenities like bath products, a sewing kit, and a stock of towels and linens. In the kitchen provide coffee, sugar and an assortment of tea. Oh, and don’t forget free Wi-Fi which is commonplace in most hotels and lodges.

Deliver on the benefits of a home. Make sure your ski rental property is well decorated and has a few personal touches. Provide games, movies and a sound system. Stock the kitchen and laundry with the necessary tools and appliances.

Be confident in your property. If you love your property then the potential renters will see that in the online posts and in person. Take pride in your investment and it will offer returns for years to come.

Interested in purchasing a Park City rental property? Read our blog on the Must Have Amenities of a Luxury Ski Property for our tips on choosing a ski property with competitive assets.

Be Prepared to Buy With These 5 Simple Suggestions

Putting an offer on a new place is possibly the most exciting or excruciating part of buying a home– second to getting the keys. But buyers beware, eagerly rushing towards the finish line can leave you stressed and disappointed. Start putting proper principles in place today, to ensure you can own a home in 1-2 years.

1) Start saving. Having money in the bank makes you look great to lenders and when it comes time to make a down payment, you wont feel the pinch. Additionally, experts suggest having three to six months worth of living expense saved before you buy.

2) Get your credit score. Your credit score can seriously impact your ability to get a loan and interest rates. Clear up inaccuracies on your credit report even if it means meeting with a credit repair specialist.  Review the last 5 years and follow up on any inaccuracies. You’d be surprised how many large companies make mistakes.

3) Calculate your home budget. Create a layout of your monthly expenses at a standard of living you can sustain. Experts suggest spending no more than 36 percent of your monthly income on mortgage payments, which could shrink your price range.

4) Find a lender. A lender is your ally in home buying. They can help you understand how much of a home loan your will really qualify for and what kind of mortgage is right for you. Lenders can also help you get preapproved, solidifying your price range and potentially locking in an interest rate.

5) Look w/out the pressure to buy. Looking at potential homes can be motivating and fun but most importantly educational. Make it a productive exercise by noting what you like and don’t like. Visit homes within your price range to build a realistic checklist your wants and needs. Narrow down what you’re looking for by balancing the two elements – What you need now, and What you’ll need long term

Finding and financing the home of your dreams will be easier than ever after implementing the five steps we just discussed. If you are further along in the home buying process, check out the current market conditions in Park City and Salt Lake City. View our properties in Park City or Salt Lake City or contact an agent specialized in the neighborhood you are interested in.

Nine Mortgage Terms You Must Know

Purchasing a home comes with a varying set of stressors, for both the first time home buyer to even the vetted real estate shopper. An always perplexing component to buying a home is the terminology that comes with it; however, becoming familiar with said terminology puts the home buyer in a position to best negotiate their way through the home buying process, and ensures the best possible home loan and long term financial outcome.

Adjustable Rate Mortgage (ARM): an Adjustable Rate Mortgage indicates that the interest rate you are paying on a home can vary depending on the treasury bill rates; these can be low or high depending on current economic standings. ARMs can be beneficial in the short term, however if you are looking for stable and long term lending, fixed rate mortgages could be a better option.

Annual Percentage Rate (APR): the Annual Percentage Rate is the annual rate that is charged when you take out a loan to purchase a home. APR is also dependent on your credit history and score. Ensure your credit score is in tip-top shape before buying a home by utilizing multiple credit score reports to make sure you receive the best APR possible. Giving yourself adequate time to fix any errors on your credit report before applying for a loan will also secure a better loan option.

Closing Costs: as implied by the name, closing costs are the fees and charges paid at closing of the purchasing of a new home. Common closing costs include credit reports, survey fees, various processing fees, pre-paid interest, etc. In the current market, closing costs can likely be negotiated down; talk to your realtor to see what your options are.

Escrow: an escrow is a contractual arrangement in which a third party, typically a mortgage company, is in charge of payments and documents by those involved with the home buying transactions.

Fixed Rate Mortgage (FRM): a Fixed Rate Mortgage is a mortgage loan in which the interest rate on the loan remains the same throughout the entirety of the home owning process. However, with the interest rate remaining the same, the length of the loan is typically longer on FRMs.

Good Faith Estimate (GFE): legally required to be prepared by the mortgage lender involved with the loan, as required by the Real Estate Settlement Procedures Act, a Good Faith Estimate is a list of every cost affiliated with the loan you are pursuing.

Lock-In: a lock-in guarantees that, for a specific amount of time (generally 30-60 days), the borrower is promised a certain interest rate on a loan by the mortgage lender.

Private Mortgage Insurance (PMI): if your down payment is less than 20 percent of the sale price of the home, banks will require the home buyer to have Private Mortgage Insurance. PMI protects the bank if the buyer fails to make payments.

Title Insurance: Title Insurance is used to protect both the lender and the home buyer if there is a property ownership dispute, and is required by most lenders. Title Insurance is seen almost exclusively in the United States, because the majority of the U.S. does not have a land registration system in place.

When buying a home, having knowledge of the world of real estate is critical to looking out for your best interest financially. Familiarity with terminology, as well as research throughout the home buying process, positions you to be well versed in the necessary language that comes with buying a home.

The job of a professional real estate agent is to help and improve your overall home buying experience. Contact Summit Sotheby’s International Realty today for answers to any of your real estate questions!

Investing in Utah

The rental market is competitive and can be financially rewarding. Protecting one’s investment, keeping your rental full and providing an exceptional living experience for tenants, comes much easier with a firm understanding of the rental market.

1) Average rent for a 2 bedroom is nearly $900/month and is trickling up– Research the average rent price in the area of your rental. Compare your property to others. You can charge extra if your property is updated or well maintained, or offers proximity to shopping areas or green spaces.

2) Neighborhoods dominated by renters have higher crime rates than owner dominated neighborhoods – Statistically good schools walk hand-in-hand with low crime rates. Additionally, properties in good school districts hold value better long term and in the rental market. Moreover, it never hurts to run a background check on potential renters, if you have multiple units, this could also be used as a selling point.

3) Nearly 11 percent of Utah’s residents are in the 20-24 age bracket, and 93 percent of them are employed – Take advantage of this ready market by embracing ease and technology. Buy a property with multiple bedrooms, rethink lawns or lawn care, make getting things fixed quick and stress-free and make it easy for tenants to pay their rent online. However experts do warn: Stay away from college towns, where vacancies will ebb and flow with the semesters.

4) Rental Vacancy Rates are at historic lows in Utah – Don’t be the exception. Keep your tenants longer by maintaining the property and being grateful for good long-time renters by thinking twice about raising their rent, which may drive them away. If your property does become vacant, act fast by advertising immediately and offering incentives such as a discount on the first month’s rent to get it filled quick.

5) Salt Lake is consistently ranked among the top U.S. cities for its promise of good returns on rental investments – Avoid losing money to repairs by having a clear list of what the tenant is responsible for and maintaining your side of the deal. The best way to lose money on your rental is by letting it fall into disrepair. Maintain it: re-caulk bathroom tiles, fix leaks, clean gutters, get temperature systems checked, repaint inside and out and don’t dodge making reasonable updates. 

6) Landlords are eligible for more tax breaks than almost any other group – If you can, get a professional for the job. If that’s not an option, reduce your amount of taxable rental income by keeping a meticulous list of rental expenses. Local and long distance travel, depreciation, interest on your mortgage and loans used to improve the rental property, repairs, utilities, insurance premiums, legal services and theft are all expenses that can be subtracted from your income – ultimately saving you loads of money come tax time.

8 Essentials for a Profitable Park City Vacation Rental

Artsy, historical, gastronomical and adventurous—Park City has many draws for locals and visitors alike, which is what makes it such a fantastic and often lucrative place for vacation rentals. Nevertheless, the vacation market is fickle so we’ve consulted our own Mary Ciminelli, a Summit Sotheby’s International REALTOR® in Park City. She is an expert in income properties, and has supplemented her real estate expertise by studying investment analysis for rental income properties. Mary also owns and operates a nightly vacation rental property management company, which gives her an intimate understanding of the rental market in Park City and Deer Valley.

So, what are the essentials for a profitable vacation rental?

Bank on the nearby slopes.

When in Park City, Mary suggests starting with the slopes. Start out by choosing a property very close to at least one of the three ski resorts in Park City, and if you can find a ski-in ski-out property, even better.

Choose a property close to downtown.

A property both close to downtown and the resorts provides an assortment of activities that will likely lengthen the stay of your renters. Proximity to downtown and Main Street is even more important in the off-season – when the powder is no longer a draw. Walking distance is ideal. However, the next best thing is nearness to Park City’s free bus system.

Choose something modern and spacious.

Park City hotels effortlessly merge luxury with sport. A vacation rental must be updated and include similar amenities in order to compete with these powerhouses. Features such as a great view, hot tub, pool, fireplace and a large number of bedrooms will set you apart from the rest and allow you to increase your rental price.

Compare apples to apples before you buy.

Find out past rental income figures if you can. If this isn’t an option compare your potential property to others in the area with a similar number of beds/baths, finish level and proximity to the slopes and Main Street. Don’t forget to factor in the hot tub.

Know your HOA.

Some HOA properties are not renter friendly, do your research and make sure there are no rental restrictions. HOA fees will vary, so find out exactly what exactly is covered.

Choose a property management company wisely.

Compare the price of different property management companies before you buy because this number will affect your net rental income. Focus on a company that has a small amount of properties to manage, one-on-one personal service with both owners and guests and will market your property well, which a vital element to maintaining profitability.

Figure out your true rental Income.

Once you know what your maintenance fee covers, factor in utilities, insurance, taxes and HOA fees. Consult with your accountant about the advantages of depreciation and eligibility for a 1031 exchange. Having an idea of your potential rental income is a vital when negotiating a purchase price.

Realize your rental income will vary.

The income of your Park City vacation rental is subject to all kinds of things, from the season, to ski conditions, to the current economy and flight costs just to name a few. Your budget when buying should allow for that flexibility.

If you are interested in purchasing an income property in Park City you can start by contacting our Park City real estate office. Or, browse our current listings. Summit Sotheby’s International Realty is the exclusive Sotheby’s International Realty Company for the state of Utah. We have 7 offices and over 100 brokers and support staff associates serving some of Utah’s best-known luxury markets including; Park City, Deer Valley, Heber, Midway, St. George and metropolitan Salt Lake City.   

About Mary Ciminelli

Mary Ciminelli is a top-ranked real estate agent at Summit Sotheby’s International Realty in Park City. Mary’s primary focus is investment and rental properties in the areas close to the Deer Valley and Park City ski resorts. She also has extensive knowledge of the Park City single-family home, vacant land and ranch markets. 

Tips for Buying and Selling a Home in a Seller’s Market

Whether you are buying or selling a home in today’s market, there are important considerations to make the process go smoothly.

First, if you are planning on buying home in 2014 it is important that you make yourself as desirable as possible by following these tips:

Find a reputable Agent. In a seller’s market, the quality and wording of your offers can be make-it-or-break-it. It’s best to have someone by your side that is knowledgeable in the art of negotiation.

Be quick. Sometimes making an offer at or above the asking price is required to compete for the best properties. You should expect a counter offer in a seller’s market, and your reply should be just as quick.

Negotiate. In a seller’s market you will be competing with other buyers and multiple offers. Offer to dismiss financing, inspection and attorney contingencies to get an edge on the competition. If a home has been on the market for a while, try to figure out why. Sometimes price is not the only factor, and that’s why buyers have to…

Prepare to make concessions. To get your desired home, seduce sellers by extending their move out date and offering to pay their expenses. Allow the seller to take anything, even fixtures from the house – now is not the time to ask to keep the swing set.

Stand out by being an ideal buyer – one who is preapproved and flexible towards the owner’s desires. Do something memorable; include a personal note detailing what you love so much about the home with your best offer. In addition, never fails to offer a lot of earnest money on a home you are serious about, it makes you look committed and financially sound.

Tips for Selling your Home in a Seller’s Market

If you are thinking of selling your home while the market is heating up, be aware that homebuyers are much savvier following the recent economic downturn. Here are a few bits of advice to ensure you get the most out of your home:

Get while the getting is good. Don’t wait for a peak in a seller’s market; such markets can be short lived. If you’re thinking about selling, start the process as soon as possible. Begin by getting your home inspected because some things may take more time to fix than anticipated. Next, prepare your home for photos by giving it a deep cleaning and removing clutter. Then, search for a great agent.

Choose your agent wisely.  Because of fierce competition for homes, you will be juggling multiple offers from multiple people, interview several local agents and make sure your agent has a passion for negotiation and the patience to walk you through the financial aspects of every deal. It’s also important to have an agent who will actively market your home for about a week before entertaining any offers. This creates a following of people who are serious about buying.

Negotiate. As a seller, this is your market, which means you should expect to get more than you asked for your home. Make the most of it by allowing time to send and receive multiple offers. Experts recommend issuing a counteroffer to all prospective buyers, giving them 24 hours to come back with their best offer. The result is usually a sweet deal, even if one offer was originally lower than the other.

Safeguard yourself.  Beware that 10 percent of deals will never close due to insufficient funding to an unqualified buyer. Make sure the offers you take seriously are from preapproved buyers.

Summit Sotheby’s International Realty offers exemplary service to real estate buyers and sellers in Utah, with a specialized focus on Park City real estate and Dear Valley real estate. Its more than 100 real estate brokers and agents are locals with in-depth knowledge Utah’s unique real estate market. Clients can expect personal attention from the most knowledgeable agents along the Wasatch Front and Wasatch Back. For more information or to view our current listings, visit summitsothebysrealty.com.

Is Park City Still a Good Place to Buy Real Estate?

Although many celebrities live in Park City, like Will Smith, Katherine Heigl, and Jeffrey Katzenberg (of Dream Works), the resort town still manages to retain its low-key charm and mysterious appeal. Park City still has the appeal of a smaller town, but also boasts the night-life, variety, and intrigue of a large, cosmopolitan city.

Out-of-towners like Park City and Deer Valley because the area offers the best of both worlds: the charm and appeal of a small town coupled with the night life and vibrancy of a major city. The locals like Park City because it’s still one of the best kept secrets in the country. Celebrities like Park City because it gives them a chance to get away from the bright lights of Hollywood.

As recently as January 2014, the folks at RealtyTrac came up with some interesting numbers that actually prove that Park City is a pretty great place for investing in real estate. RealtyTrac is a company that researches trends in real estate (for example, foreclosures, real estate owned properties, rental properties, and more). This is type of the data that real estate investors like to look at when buying properties.

RealtyTrac came up with some data for some of the nation’s top ski resorts, including Park City, Aspen, Telluride, Vail, and Steamboat Springs, to name a few. All in all, the company drummed up some data on 19 different resorts, and gave Park City a No. 9 ranking. Some of the criteria considered were things like foreclosure rates, median list prices, rental vacancy rates, unemployment rates, and closeness to the airport.

Since Park City is located about 30 minutes from Salt Lake International Airport, it ranked very high in that category. The median price for homes in Park City is $897,129, while the median price in Aspen is approximately $2,316,250, and the median price in Vail $626,142. So, you’re seeing some pretty major differences in home prices in the major resorts. Compared with homes selling for nearly $2.5 million in Aspen, home prices in Park City are much cheaper.

Interesting, the company also looked at unemployment rates in each town that they studied. The unemployment rate in Utah is 3.80; it’s 6.50 in Vail, and 7.60 in Aspen, as unemployment has some bearing on peoples’ ability to buy homes in the area.

Although the statistics provide some good supporting evidence, the fact still remains that Park City still provides and exciting and vibrant place to live for people looking for a place to get away from it all.

With everything that Park City has to offer, you won’t really find a better place in the U.S. Whether you’re a celebrity, local, or non-local, Park City offers something for everyone. To top it all off, Outside Magazine recently named Park City the best place to live in America. The readers of Ski Magazine have also given Park City high rankings for several years in a row. Local residents reacted with much glee, and the realtors are pretty happy about the news too. Whether you’re looking for a rental property, vacation home, or a permanent place to live, Park City offers some great options.

Places like Aspen Colorado are still considered the place for Hollywood actors, where people go to “see and be seen,” while Park City is a place where people in the limelight can remain anonymous, kick back, relax, and avoid the monotony of the Hollywood lifestyle.

The answer to the question of whether or not Park City is a great place to buy real estate is a resounding, “Yes,” as real estate in the area continues to rise, and people are still buying homes in an effort to keep up with the economy.

is an agent with Summit Sotheby’s International Realty and is an expert in the Deer Valley and Park City real estate markets.

Is it time to make your move?

Utah Homes for Sale are More Affordable than Ever!

Did you know buying a home for sale in Utah today is more affordable than any time in the last two decades? Homes are actually at a record level of affordability thanks to lower sale prices and historically low mortgage rates. If you’ve been putting off buying a home of your own, now is the time to do it!

2013 is the Year of Home Affordability

According to the NAHB/Wells Fargo Housing Opportunity Index, nearly 76% of homes sold during the end of 2011 could have been comfortably affordable for households making the national median income of $64,200. This is the highest recorded home affordability in 20 years. What does this mean for you? Chances are good that you can easily afford most Utah real estate for sale today.

Record-Low Mortgage Rates

While Utah real estate prices are still relatively low, you’re also more likely to afford a home thanks to record-low mortgage rates. The national average mortgage rate for a 30-year fixed loan is only 3.57%, although Utah mortgage rates are slightly lower. To give you a reference point, twenty years ago these rates were as high as 9.03%!

Renting? Buy Utah Real Estate and Save Money

If you’re currently renting your home, did you know that buying a home is actually cheaper than renting in many areas? After buying a home, you also gain a wealth of tax advantages and begin putting your money to work for you through property value increases and equity you can use.

Consider this: in 1981, the average family spent 36% of their budget to purchase a home. Today, buying a home in Utah can cost you less than 15%. If you’re ready to have a home you can call your own, now is the best time to take advantage of the market.

To learn more about home affordability in Utah and get help finding the home of your dreams, contact us today!

Mortage Rates vs Housing Prices