Mortgage Rates Are Still Low

The real estate market has never been better.  Although rates have crept up slightly, rates are still low and FABULOUS!

That being said, when you are ready to look for another house and it's time to get pre-approved.... be aware that some of the great new commercials you are seeing on TV or you hear on the radio will take your information and farm it out to numerous mortgage companies.   These services will claim to get the best deal for you but remember that each company that receives your information will pull your credit and no matter what ANYONE tells you, those inquiries will affect your credit score.  That being said, it is necessary to have your credit pulled so make sure it is with an institution you trust and are ready to commit to doing your loan with.

To be really honest, most institutions are going to be able to get you about the same rate and hopefully charge you reasonable fees.  The mortgage industry is now HIGHLY regulated and the consumer is well protected by these regulations so you don't have to worry about secret fees and things like that anymore (the industry truly needed these regulations, thank you!).

I have some great partners that I work with in this industry (been doing it for 20 years, I know a few peeps) and I would be happy to guide you through your questions on credit, down payment, refinance, home improvement loans or whatever other mortgage related questions you might have.  Feel free to reach out via a phone call or text 503.380.1156 or pass this information along to someone who might need it.

Best wishes for a great year
of real estate!

The Housing Market Just Keeps Getting Better

According to the new president of the Salt Lake Board of Realtors, Troy C. Peterson, things are just going to get better in 2017 for real estate.  Even though mortgage interest rates increased slightly, it has not deterred home sales.  Utah has been named the “Fastest Growing State” by the U.S. Census Bureau which means things are going to keep getting better for 2017.  We have many big companies moving in which means steady job growth.  This in turn means the demand for housing will continue to grow.  

Other great news was announced by Fannie Mae and Freddie Mac in raising the maximum conforming loan limits.  In most areas of the country a one-unit property will go up from $417,000 to $424,100.  There hasn’t been an increase in conforming loan limits since 2006 so this is a sign of more good things to come.  Higher conforming loan limits allows buyers to purchase a slightly higher priced house at conforming rates rather than the slightly higher jumbo loan rates.  

Even though we have seen an increase in the home prices in the Salt Lake City area, the majority of all homes that sold in the third quarter were easily affordable to families earning the area’s median income of $74k.  

With all the current events happening, it is exciting to see the economy coming back and being in excellent shape as well as the housing market boasting the highest sales since February of 2007 (pre-crash era).  Lawrence Yun, NAR chief economist, assures us this last quarter has been the healthiest housing market as well as job market since the Great Recession, with nothing but good to predict in the future.  

We know it’s only January but if buying or selling your house….. Or just doing some renovating is one of your New Year’s resolutions, we’d love to sit down with you and help you put a plan together.  Last year we sat down with a new home buying client at the end of July to formulate a plan and by Thanksgiving they were celebrating in their new home.  We’d love to be a part of your dreams for home ownership or remodeling this year.  Feel free to reach out via email, private message or text.  

Cheers to an amazing start to a FANTASTIC year!