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3.8 Million Homes Needed to Close the Affordable Housing Gap

A recent Freddie Mac study on the U.S. housing supply found that approximately 3.8 million additional homes are needed in order to close the affordable housing gap. The ongoing housing shortage is large and rising, due in part to the effects of the pandemic, as well as the high demand for homes coming from eager buyers rapidly entering into the purchasing market. Even before the COVID-19 pandemic and current recession, the housing market was facing a substantial supply shortage. In 2018, it was estimated that there was a housing supply shortage of approximately 2.5 million units, meaning that the U.S. economy was about 2.5 million units below what was needed to match long-term demand. Using the same methodology, it was estimated that the housing shortage increased to 3.8 million units by the beginning of 2021. The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes as builders struggle to meet exploding demand. In 2020, it was estimated that there were only 65,000 new entry-level homes completed—less than one-fifth of the entry-level homes constructed per year in the late 1970s and early 1980s. "The U.S. is currently experiencing an increase in housing demand that is well beyond what record low mortgage rates would typically yield as many people are spending more time at home. This high demand has driven the housing supply shortage even higher and has caused home prices to rise over 12% from a year ago." Freddie Mac experts do not expect housing demand to decrease any time soon.

*Source: Freddie Mac- Perspectives & Research*

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“Inspired a lot of confidence by being transparent and patient”

"ALV Mortgage was amazing to work with! They were very quick, inspired a lot of confidence by being transparent and patient in answering our questions! We felt that they cared about us and they would communicate very often to keep us updated on the status of things. Would definitely use with them again in the future!" -Tanner S.
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“5 stars because there is not an option for 10!”

"Anthony and his team are amazing. I would recommend them to anyone who is looking to buy a home or refinance. They did pretty much all the work and we didn’t have to stress about anything. 5 stars because there is not an option for 10!" -Cody H.
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Make a Wish UTAH

You may have heard that ALV Mortgage has partnered with Make-A-Wish Utah to help raise $100,000 this year for wish kids in Utah.  I'm happy to report we are now over halfway to our goal, with a total of $51,450 raised! 

However, we still need your help to reach our goal this year.

Much like everyone else, the Make-A-Wish foundation was greatly impacted by the travel and economic concerns caused by the COVID-19 pandemic. Their ability to grant wishes was cut almost in half.

These wishes are essential for critically ill children in Utah. A wish is meant to not only exceed their imagination, but build their spirits, give them courage to fight against their disease and, in most cases, survive it.

It is only through the generous support of donors like you that these life-changing wishes are able to be granted and provide these kids, their families, and our communities with much-needed hope for brighter days ahead.

If you would like to help us reach our goal and provide essential hope for children in Utahplease use this link to donate and ALV Mortgage will 100% match your donation.

"The only thing more powerful than fear is hope"

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“The AVL MORTGAGE TEAM is absolutely amazing”

"The AVL MORTGAGE TEAM is absolutely amazing. Carter Campbell and his team went over and above to make my Home buying experience smooth and easy. When I had questions they were there to answer my questions or concerns. I HIGHLY recommend them." -Luke S.
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Buy First, Sell Later

Buying a new home after your current home has gone under contract and only having less than a week to find a new home can be an extremely stressful situation. One way to make the process of buying a new home easier is to buy first and sell later. Meaning buy your new home, move into it at your leisure, then once your old home is empty, list and sell it. There are many benefits to this strategy. Firstly, this makes it so you only have to move one time and won't have to deal with expensive storage fees or doubled moving expenses. You’ll also have a cushion in case something goes wrong during the process of purchasing the new home. Like in the unfortunate case of a deal falling through, you’ll still have your old home to stay in. It also gives you time to make improvements or repairs on your old home before listing, which can help ensure you receive top dollar offers from interested buyers. To make this type of financing happen there are two major considerations to work out: your down payment AND qualifying for both mortgage payments. Qualifying for both payments can be tough. If you qualify for both payments right away, it’s smooth sailing. If by chance you don’t qualify for both, there is still an option for you. You can convert your existing home to a rental property and use 75 percent of the home to a rental property and use 75 percent of the rental income to offset the existing payment. This strategy works great if you are wanting to acquire rental properties and grow your real estate portfolio. Figuring out the best strategy to purchase and sell your home can be a bit complex and difficult at times. So, you never want to go at the process alone! It is always better to have a trusted mortgage professional on your side. There is never any harm in discussing your situation with a mortgage lender, like me, who will be able to tell you after running a few numbers whether you can make the buy first, sell later strategy work. If you think this is something you would like to look into, give me a call and let's discuss it further.
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Realtor Review

"As a Realtor I meet a lot of good lenders. What really impressed me about Anthony was the super fast service and amazing communication from him and his team. The turnaround time at ALV is about the fastest I have seen in the business. That makes a huge difference in this fast-paced, competitive market. They can get you solid loan approvals and close on time or early. I highly recommend Anthony and Barrett and their team at ALV!" -Rachel Benson
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