Tag - alv mortgage blog
25May

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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02Mar

2021 May Be a Dry Year for Utah

A recent article published in the Salt Lake Tribune outlines that with Utah’s snowpack being below normal levels, the state is heading for a dry year.  Reducing your water use can help ensure the state has enough water to meet everyone’s needs throughout the year. Here are some ideas for ways you can help conserve water this year.

How to Save Water at Home:

  • Repair leaky plumbing and faucets.
  • Reuse cooking water in the garden.
  • Scrape dishes into the trash and soak pots and pans before washing.
  • Thaw frozen foods in the refrigerator, not under running water.
  • Use the same glass all day for drinking water.
  • Cut shower time.
  • Replace an old washing machine with low-water models. It can pay for itself through energy savings, while using half as much water.
  • Turn off the faucet while brushing teeth.

How To Save Water Outdoors:

  • Mulch your plants.
  • Avoid overwatering.
  • Remove unwanted weeds.
  • Adjust the lawn mower’s blade height to a higher setting.
  • Select drought-tolerant plants that require less water to thrive.
For more info on way that you can help save water this year check out Utah’s Slow the Flow campaign and the Utah Division of Water Resources. Check out the full article here.
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16Feb

Pandemic Changed Homeowner Needs

As we look back over the past year, we have certainly lived through one of the most stressful periods in modern history. After spending so much more time at home throughout the pandemic it’s no surprise that the needs of homeowners are changing. The pandemic has become the biggest motivating factor causing real estate to transact that we have ever seen in our careers. It has caused all of your clients to re-evaluate where they want to live, what features they need in a house and helped them determine their “why” for what they need in their house. What used to be a place to return to after a long day now serves multiple purposes to people all day, every day. The home now serves as an office, school, restaurant, gym, playroom and for some as an escape from the stress of the outside world. We are seeing more people leaving the cities. As telecommuting and remote work are increasing among industries many realized they no longer need to live near their work. The increase in remote work has caused a fluctuation of people not only leaving the city but moving to another state. A recent client we helped purchase a home moved from California to Utah to be closer to their family now that their employer allows them to work remotely. We have also seen an increase in home improvement and remodeling projects. Research has found that 70% of American homeowners completed a home improvement project since the start of the pandemic. The most popular upgrades are a backyard makeover, addition of a home office, home gym, or entertainment space such as a deck or patio, swimming pool, or theater room. People are needing to make their house functional for daily life, but also a means of escape since traveling and other avenues of relaxation have been put on hold. We predict these changes in homeowner needs will last long after the pandemic is over with many people realizing the importance of having a space that is not only comfortable but also functional. As we look beyond the trials of the pandemic, many are hoping for a new beginning, and for some that could mean moving. If the pandemic has changed your needs or if you are looking to tap into your equity to finish a home improvement project of your own, reach out. We can help evaluate your current situation and create a plan to get you into the home that is perfect for your needs.
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26Jan

Don’t Let a Down Payment Hold You Back

A recent borrower I worked with was a past client that I helped purchase a condo 5 years ago and at the time it was the perfect pad for him and his girlfriend. A few years down the road they got married, each graduated from the University of Utah, and have progressed in their careers. As the years went on, they found their Condo was getting a little cramped. They have plans to start a family soon and really wanted a house where they could invite friends over to entertain (you know, as soon as the pandemic is behind us). They needed the equity from their condo to use as the down payment on the new house, (which by the way had appreciated $100,000 from when they bought it 5 years ago). However, the market is really tough right now and they did not want the stress of listing their condo, going under contract, and then having less than a week to find and go under contract on a new house. We were able to save the clients a lot of stress by buying their new house first and selling the condo later on. We were able to accomplish this timeline by opening a HELOC (home equity line of credit) on their condo. We accessed the equity from the HELOC and used that as the down payment for their new home. They were able to be patient and wait for the perfect house to pop up on the market. Once it did, they were able to get the house under contract quickly thanks to their pre-qualification. With the purchase complete they were able to list and sell their condo and pay off the HELOC. They are now extremely happy with their big beautiful new house and can’t wait for what the future will bring for them and their family. If you are feeling like you are stuck in your property due to lack of means for a down payment, there may be a direction like this one that we can take to help you get into a better housing situation.  
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29Dec

Pandemic Prompts Home Upgrades

Working from home have you feeling like the walls are closing in?

The pandemic has made many people realize their home no longer fits their lifestyle or family.

Now could be the time to upgrade your space – especially if you are in need of that home office you have always dreamed of!

Reach out today so we can explore your options for a home upgrade.

801.206.4343      NMLS # 888979

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22Dec

What to Expect from 2021 Housing Market

It’s safe to say there will not be a lot of people sad to say goodbye to 2020. With new vaccines being developed it seems the days of the pandemic will soon be behind us, while it seems the increasing home prices may be here to stay. The demand for housing and the housing market are expected to remain strong in 2021. Prices are expected to decrease through the spring and summer, and then gradually increase toward the end of the year. Sales of existing homes are projected to increase 7% in 2021. This increase is expected to come from younger millennials who are competing with older members of Generation Z for starter homes, baby boomers who are looking to downsize and many renters are seeking to buy their first home. The demand is being fueled by mortgage rates at record lows, and from the pandemic making many households realize they need more or different housing than what they have needed in years past. We just finished helping a family buy a new 4,400 sq. foot home who was in this same boat. Their previous home was 1,800 sq. feet which was perfect when they bought it 5 years ago. At the time they bought it, it was just them with a baby on the way. Now they have 2 kids and thinking that there could be one more. Prior to the pandemic they felt their house was cramped, but they were rarely in it and it did not bother them that bad. The husband worked days at an office and the wife is a nurse who works nights. The pandemic shifted their life. The husband is now working from home in a cramped corner of his bedroom and kids running around everywhere. Their weekends are spent at home stepping over each other all day instead of being out and about. They decided it was time to sell and buy a new house. They found a bigger house for sale in their neighborhood because they didn’t want to leave their neighbors. They went under contract and then listed their 1,800 sq. ft. house which sold in a couple of days. Their 1,800 sq. ft. house was the perfect starter home for them. They quickly outgrew it but continued living there due to convenience. The pandemic changed everything, and it was no longer convenient to stay in the cramped space. They love their new 4,400 sq. ft. home. They love that they were able to stay in the same neighborhood. They love that the kids have their own play area, and they are no longer stepping on toys throughout the entire house. They also feel with the extra space they can get more serious about having baby #3. If 2020 taught us anything it is that everything can change in an instant. There is only so much we can make predictions about for the new year. If you are in the same situation where your house used to fit your family and lifestyle but due to the pandemic you have quickly realized it does not due to not having a dedicated home office or enough space to stay sane with everyone being in the home, give us a call.
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08Dec

Warm up to Buying a Home this Winter

As winter makes itself more at home, buyers might notice that despite the cold and the holidays, they've got some company in the market. We are seeing more buyers stick around in the housing market much later than we usually do at this time of year. With low inventory and high prices bringing a lot of competition for buyers it is likely that this winter will continue to be a seller’s market. In fact, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), predicts, “It will be one of the best winter sales years ever.” With a lot of buyers still in the market this winter, sellers who want to close with the best possible terms shouldn’t wait until the spring to put their home on the market. Buyers may find the increased competition discouraging, but it doesn’t mean they should postpone your search! While today’s historically low mortgage rates are expected to remain low into the new year, they won’t be low for too much longer. This could be the last chance for homebuyers to secure a low rate. The winter market is shaping up to be bigger than ever. If you are looking to take advantage of the low rates, contact us today to get pre-approved and give you a leg up on the winter competition.
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