Logan, UT

Original Source: How To Pick The Right Logan Utah Home To Buy

During our office meeting today, one thing became clear as we were discussing statistics. There are more homes on the MLS (907 active properties) than any other time in the history of our area.

This doesn’t even include for sell by owner homes. What does this mean to you as a home buyer trying to find the right house?

It means you have a lot of homes to choose from, and at times it can be overwhelming. When I work with home buyers that are having a hard time deciding on the right property, I use these exercises to help them make the decision easier, and now you can too.

Start With Location

The first step to picking the right home is the location. Once you know what neighborhoods you want to be in, you can start to narrow down the specifics characteristics of homes you may want to buy.

Neighborhood Checklist:

• Quality Of Schools
• Property Values: Declining or Increasing?
• Traffic
• Crime Rate
• Future/Planned Developments
• Proximity To Local Amenities: Schools, Work, Hospitals, Shopping etc.

If you find a neighborhood or an area that meet these personal requirements of yours, you’re on the right track. Next you’ll want to get the statistics from your Realtor on home prices in the area. Are homes selling close to asking price? Is there a lot of inventory? Is the neighborhood full of foreclosures and short sales?

If the neighborhood you want to purchase has negative features like foreclosures, poorly maintained homes, or lots of stale inventory be wary. You don’t want to purchase a home that will decline in value because of a declining neighborhood.

Even though the neighborhood might be perfect for your needs, these negative features could drastically affect your pocket book over the next couple years as we slowly recover from the recession.

What Type Of Home Do You Want?

There are many types of homes out there which include single family, condos & town homes, and multi family properties. Here are some advantages and disadvantages of each:

Single Family: Advantages of owning a single family home is you own the property out right. You can also choose how close you want your neighbors. A disadvantage would be the maintenance. All repairs would have to be done by you.

Town Home: Advantages of owning a town home less exterior maintenance as your home is attached to one or more homes. Town homes usually have community amenities, and you can usually get more house for the money. Disadvantages include the proximity of neighbors, home owner association fees, and a small parcel of land.

Multi Family Properties: Advantages of multi family properties include paying less in mortgage payments by renting out part of the home, help with maintenance if you get a descent renter, and can later become an investment property. Disadvantages are dealing with renters, property damage caused by unsavory renters, and the noise of sharing a home with someone else.

Define Needs And Wants Than Compromise

Now that you have an idea of the neighborhood you want, the type of home you’re comfortable living in, it’s time to determine what your needs and wants are. You also have to realize what a need is and what a want is. Most home buyers will have to compromise their wants in order to meet all their needs.

For example:

Needs Include –

• # of Bedrooms
• # of Bathrooms
• Square Footage
• Garage

Wants Include –

• Updates such as granite counter tops, wood floors, new cabinets etc.
• Views
• Fenced yard
• Location near prime amenities, golf courses, on the river etc.

Once you identify your absolute must haves (your needs), you can narrow down the homes that have the most of your wants. Your list should be getting smaller.

Check Price And Condition

With your smaller list in hand, which homes are priced the best and in the best condition? These two options should be your last consideration before buying your Logan Utah home. The reason they should be last is, the price of a home doesn’t really matter until you know you can live it and be happy.

The condition doesn’t matter until you know the home meets your needs. You can determine the best priced homes via the amount of square footage, the location, and the year the home was built. Newer homes will be more expensive, but may require less work.

Older homes may require more work, but you can get more house for your money. The only way to determine proper condition is to view the homes in person.

This should be your last step, and once you’re at the condition stage of your property search, you know you’re ready to go look at homes in person. You now have the tools to wade through excess inventory and if you follow these steps, you can make the home buying process less stressful. Have fun shopping!

Original Source: 5 Things You Must Know Before Selling FSBO In Logan Utah

Are you thinking about selling your Logan home on your own? If so, you need to be aware of what’s going on in the Logan real estate market, and what you need to do to get your home sold fast and for more money. Here are 5 tips you can use to put yourself in the best position to get your home sold:

Price It Right:

As of today, there are over 900 homes on the market in Cache Valley surpassing any other inventory level in our history. Our market is flooded with inventory and if you want to sell your home, you have to price it competitively. Home buyers are few and far between, and they know their in the drivers seat when it comes to purchasing.

If your home is over priced, home buyers won’t even bother setting up a showing. There are to many homes for them to choose from to waste their time on an unrealistic seller. How do you price your home right? Since you’re selling your home on your own, it will be difficult to get the right price.

I would recommend putting your home on the market, and see what type of activity you receive. If you’re not getting any activity on your property after a few weeks, you’re likely over priced and need to reduce it. You can also ask a real estate agent to do a market analysis for you, as most agents would be happy to provide this service. They have access to sold data from the MLS, and can usually provide you a pretty good ball park of your homes value.

Prepare Your Home For Showings

If you want to sell your home for the most money in the shortest amount of time, your home has to look sexy. Putting a sign in the yard and not taking care of the cosmetics will not cut it. Home buyers are picky. They like updated homes that are clean, de-cluttered, well manicured, and fresh.

Staging your home for home buyers is like going to a party at the white house. Your home has to look it’s best to impress, and if you don’t take care of the cosmetics, you’re home isn’t getting through the white house gates. Wow potential home buyers by taking care of the little things from curb to curb.

Clean gutters, wash off sidewalks, mow the lawn, remove weeds, plant some flowers, open up your front porch with some inviting potted plants, and freshen up the paint on the front door.

Remove any personal clutter, pictures, shoes, coats, and unsightly furniture to give buyers a canvas to paint their own pictures. Remove wall paper and paint all rooms with some neutral colors. And don’t forget to remove pets, and get your carpets cleaned!

Market Your Home Aggressively

Many FSBO sellers put a sign in their yard and leave it at that. Give yourself a better shot at selling by doing a few extra things. You never know who might buy your home, and you never know who knows someone looking for a home like yours. So anyone you talk to, let them know you’re selling your home.

Also, there are many websites that will let you advertise your home is for sale. You can check out sites such as KSL.com, CacheValleyDaily.com, and Craigslist.org. These websites get a descent amount of traffic here in Utah, and should help you get your home some fresh eyeballs.

There are also some real estate brokerages who offer a fee service allowing you to list your home in the MLS. They usually cost between $300-$500.

Keep your marketing updated. Many FSBO signs, after a month or so, start to fade. Make sure people can see your phone number clearly. You will also need to re-post your online ad’s about once every two weeks. If anything changes with your price or selling conditions, be sure to update your advertising to show it.

Get Creative With Your Selling Options

What can you do to entice a buyer to pick your home over another home? Adding extras such as closing costs for buyers, furniture, or new appliances can be the difference in getting an offer or not. If you can carry seller financing, you open yourself up to more buyers.

Also, consider doing a lease option if you feel desperate. The rental market here in Cache Valley is extremely competitive right now. There are many people with descent incomes that want to buy but can’t quite qualify. A lease option could be a good way to pay your mortgage and have a chance to sell the home later on down the road.

According to the National Association of Realtors, only 13% of homes sold in 2008 were FSBO’s. Offering these extra incentives will give you a greater shot at selling your home. Be prepared to make the pot sweet enough to entice a potential buyer.

Who Are You Kidding? Hire An Agent

Did you see that last statistic? Only 13% of sold homes are FSBO. If you’ve been on the market for a long time and your time is running out.

Hire a Realtor to get your home sold. Yes, Realtor fees are high, but we provide a valuable service, and statistically will bring you more money than if you sell on your own.

Hate real estate agents? So did I before I became one. The reason I became an agent was the frustration I had with working with them. If you had a bad experience with a Realtor, don’t judge everyone by that experience.

Since becoming an agent, I have found most agents are respectable business people with high integrity. Sure, just like all professions, we have our bad apples. But you can avoid them by doing a little homework and talking to friends.

I admire anyone willing to take on the challenge of selling a home in today’s tough market. Be sure to get all the information you can and speak to agents about pricing your home correctly. I would also recommend you keep an open mind on paying a commission to a buyers agent for a potential sale, and have plenty of patience. Good Luck!

Original Source: Smart Moves For Logan Utah Home Buyers

Buying a Logan Utah home is a huge step no matter what period of your life you’re in. Being smart about your purchase is essential to protecting the financial future of you and your family. Take these steps to ensure your investment goes as planned.

Save A Large Down Payment

Gone are the days of buying a home with 100% financing, no job history, and low credit. Some loans, such as Utah housing and rural housing(USDA), will still allow you to buy without a down payment, but they are more difficult to qualify for, have higher interest rates, and are only for low income families.

Other than those loans, you will have to put some money down on your purchase. A larger down payment (10-20%) will allow you to qualify for more options when loan shopping, and will allow you to get a lower interest rate.

Even half a percentage point lower on your interest rate can save you thousands of dollars over the life of your mortgage. Besides, the payments will be lower, and you will have a little equity stored up in-case you need to sell your home sooner than you’d like.

One of the reasons so many home owners are currently underwater on their homes right now is because they put no money down. Their homes lost value causing them to owe more than the homes worth.

Also, many people bought homes using adjustable rate mortgages, and as the rates adjusted, their payments went up more than they could afford. Your money down will allow you to stay away from those types of loans.

Don’t Buy A Home You Can’t Afford

As a general rule of thumb, your house payment shouldn’t be more than 33% of your monthly income. I usually tell my buyers payments under 33% of their incomes allows them to save the money they need to keep their homes full of the things they need to live. It’s no fun to be house broke.

Besides, if you buy the cheaper home and pay a little extra on every payment, you can pay it off much sooner. After which, you can sell it and buy that bigger home when your family grows, and use the equity you built up for a larger down payment, allowing you to get a better monthly payment.

One thing many home buyers don’t think about when purchasing a Logan UT home is the cost of maintenance. If you’re home payment is so large that you can’t afford to take care of a bad furnace a couple years down the road, you shouldn’t buy that home.

As a homeowner, if you don’t maintain your home, you will lose value, and reselling it will be a much more difficult process. Can you imagine what a poorly maintained home would look like after 10 years?

To see, go over to my Logan UT homes for sale website and search homes priced under $130,000. You’ll notice the vast difference of price to square footage between the homes that have been well maintained vs. homes that need a lot of work. Repairing a home is a lot of money, and keeping it maintained will keep your costs down.

Get Pre-Qualified Before You Go Home Searching

Knowing exactly how much you can afford and knowing how much you qualify for are two different things. First, talk to a Logan UT mortgage professional to find out what you qualify for. Many times, my buyers are surprised by what they can or can’t qualify for, especially today, as lenders and loan programs are changing the qualification specifications on a daily basis.

Once you know the amount you qualify for, figure out how much you actually want to borrow. You may qualify for a $200,000 home, but the payment might make you uncomfortable. You don’t have to buy a $200,000 home just because you qualify for it.

Tell your Realtor what you feel comfortable paying and they should show you homes in that price range. The last thing you want to do is go house shopping, fall in love with a home, and later on figure out you can’t afford it.

After seeing a home you love but can’t afford, every other house you see won’t stack up, which will leave you frustrated. Getting your financing in order before you even look at a home will save you, and your Realtor, time and money.

Being A Smart Home Buyer

Being a smart home buyer will make your home search a whole lot more fun, and when the time comes, you will have the confidence and ability to put an offer on the Logan Utah home you always wanted.

We all know a home’s value may not always go up. By taking these steps to secure a great home, with a nice down payment, and great financing. You can be one of the few who bought a home in a great buyer’s market on your own terms. It’s a great feeling to know you bought smart and can sell smart when you need to. Happy home buying!

Original Source: What To Do Before Writing An Offer On A Logan UT Home

Yesterday, I wrote a post on how to write an offer on a Logan UT home, and today I wanted to give you some more input on what to do before you write an offer. Here are the things I would recommend you do before writing your offer:

You’ll Need Market Information

Knowing the local market is essential to writing an offer. Using a professional Realtor to help you gather this information will give you an advantage over going it alone. Realtors have access to MLS data that you can’t find anywhere else. Sure, you can use sites like Trulia or Zillow, but their stats are way off compared to what’s really going on in the market.

Use the local trends to gauge if the market is going up or down, if the market is a buyers market or sellers market, and what the absorption rates are. Knowing what neighborhoods are “hot or not” should be taken into consideration. You don’t want to purchase a home where home values are declining due to an influx in foreclosures.

Having access to the MLS statistics for a community gives real estate agents negotiating power when they submit offers on your behalf. Without this data you could end up paying to much and the seller will be laughing all the way to the bank. Get the facts before you submit an offer.

Find RECENTLY SOLD Comparables

If you plan on using an FHA loan, when you get an appraisal, the appraiser will use market comparables that have sold within the last three months. Why only three months? Because real estate markets today are changing faster than ever.

One month we’re up, the next month we’re down, and the next month we’re up again. Also, as you try to gauge a descent neighborhood to purchase in, don’t put your faith in listing prices. A homes listing price is usually higher than a home sells for.

In fact, average list-to-sale price here in Cache County is currently at 92%. Which means, homes are selling 8% less than their listing prices. There are a lot of home sellers who still have their homes priced to high in today’s market. Sorry sellers, I do understand you’re reasoning, but the stats don’t lie.

How’s The Neighborhood?

As a real estate agent, I must follow rules, and due to fair housing laws, I can not answer many questions buyer’s have.

For example, many home buyers like to ask, “what are the demographics of a neighborhood?”I can’t answer this question. You will have to find out yourself by scoping the neighborhood in person or researching online.

Buyer’s like to know crime rates, I can’t answer that question either. You must talk to the local police departments or reseaerch their websites for that data. What we can divulge, as Realtors, are housing statistics, foreclosure rates, and absorption rates. Or anything else related to factual housing data.

You can’t get MLS information from anywhere, and even some Realtors drop the ball when educating their buyers on market trends. Seek out a couple opinions from agents on how they view the market.

If you ask a Realtor how the market is and all they tell you is the market is great, they may not be a great agent for you. Look for agents that answer your questions with specifics, or agents that would rather give you research over blanket statements. Those are the agents you want to be working with.

Sleep On It

Everyone has buyer’s remorse, it’s normal, and it usually passes. Before you decide to write an offer, I recommend you sleep on it if possible. Sometimes you have to act quickly and I understand those situations.

Getting ready to write an offer will bring on a lot of emotions, and taking a night to let them settle should give you more confidence in your decisions; whether you decide to move forward or not. Buying a home is an emotional experience. Trust me I know.

After 10 years of selling real estate, I have seen buyers cry in sadness, jump for joy, and look like they wanted to kill someone. You don’t want your emotions getting in the way of your negotiations. If you get angry with a seller you may lose the house. If you get too excited you might over pay.

Before writing an offer, consult with a third party you trust, whether it’s your buddy, lawyer, or a real estate agent. They can provide level headed advice that will keep you grounded. Now that you know what to do before writing an offer, I hope you do your homework. After all, this is only the biggest purchase you will make in your lifetime! Happy buying!!

Original Source: Writing An Offer On A Logan Utah Home

The first step to buying a Logan UT home is to write an offer. It’s a scary thought to write an offer on a home, especially in a down economy, but many people are still buying homes and getting great deals. Here are some steps you can take to make your offer more powerful on a Logan home:

Gather Pricing Data

Nobody wants to overpay on a home, especially in a strong buyer’s market like we’re in today. You need to get information on market activity and what similar homes are selling for over the last three months.

This information can be obtained from any competent real estate agent, and if you aren’t working with an agent, you can check out sites like Trulia or Zillow. However, be wary of the data gathered from those sites, they are usually way off since they don’t have access to the MLS.

You’ll also want to talk to the seller or seller’s agent to get some more information. Knowing how long the homes been on the market and what terms the seller is looking for will help you write a stronger offer. If the seller sounds desperate and has been on the market for a long period of time, you can usually get a better deal.

Ask Your Agent What You Should Offer

For those working with a real estate agent, use their advice. They should know the market and give you a price point to start at. Of course, your real estate agent provides the advice, but you ultimately make the decision.

Using a real estate agent as a buyer can save you from getting sued, will get you a better price, and their services are paid for by the seller. If you’re not using an agent to buy a home, know that their are many legal issues that can arise from a real estate transaction. You should at least use the services of an attorney to save your butt from a lawsuit later on.

Get A Pre-Qualification Letter Or A Bank Statement If You’re Paying Cash

A seller won’t take your offer seriously if you don’t have proof you can purchase the home. A pre-qualification letter from a lender lets the home owner know you’re serious about purchasing the property. In order to get a pre-qual, a lender will have to run a preliminary credit report.

If you’re one of the few with the cash to buy a home, submitting a proof of funds sheet should suffice. Just print off a recent bank statement showing the cash in your account. Using cash to buy a home gives you a little extra bargaining power if you can close faster, so keep that in mind when writing an offer on your Logan UT home.

Remember Your Contingencies

As a home buyer, you have a few contingencies that will allow you to walk away from the deal. In the Utah real estate purchase contract we use, the standard contingencies are an appraisal, an inspection, and a financing contingency. If the home doesn’t appraise at your offer price, you don’t have to buy it; although most sellers now a days will lower their price to conform to the appraisal.

When buying a home, you should always get a home inspection, even on a new home. Home builders make mistakes, and older homes, a lot of times, have something lurking under the skin. If your inspection shows problems with the home, you can walk away, request the seller to fix the issue, or reduce your offer price to suit the repair costs.

Obtaining financing today is a beast of it’s own. A financing contingency allows you to walk away if something happens during the loan approval process. You can’t buy a home if you can’t get the money, this is an obvious inclusion in any contract.

Earnest Money

An earnest money deposit is a security deposit for the seller to take their home off the market while you go through your due diligence period. If your offer is accepted, the seller’s agent will deposit your money in a trust account.

It will be held until you close on the home and put towards the purchase price when you close. You will lose your earnest money only if you lapse on your due diligence period and still want to get out of the contract.

It’s pretty difficult to lose your earnest money as a home buyer. As long as you stay on top of your contract dates, you should be fine.

Sumbit Your Offer

Writing an offer can be a scary ordeal, and I would recommend you sleep on it before you submit. With every client of mine, before we submit the offer, I tell them to sleep on it. If they still want to submit the offer the next day, I give it to the seller’s agent. Of course, some of my clients are ready to go and I submit it right away.

Once you feel comfortable with the market statistics, you have your financing ready, and you’re dates are set. Submit your offer with your earnest money check, your pre-qualification letter, and head into the negotiations. Best of luck on your home purchase!