Utah Buyer Demand Will Be Strong for Years

Utah Buyer Demand Will Be Strong for Years

Home Buyer Demand Will Be Strong for Years to Come

Home Buyer Demand Will Be Strong for Years to Come | MyKCM

There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”.

And while this might be true for some millennials, more and more research has surfaced that shows for the vast majority, owning a home is a major part of their American Dream!

New research shows that 66% of millennials who currently rent are determined to buy a home! Seventy-three percent of those surveyed by Pulsenomics plan to buy a home in the next five years, with 40% planning to do so within the next two years!

Home Buyer Demand Will Be Strong for Years to Come | MyKCM

“Millennials want to own a home as much as prior generations,” Ali Wolf, Director of Economic Research at Meyers Research says. “We saw millennial shoppers scooping up homes in 2018—and 2019 will be no different.”

Bottom Line

Are you one of the millions of renters who are ready and willing to buy a home? Let’s get together to determine your ability to buy now!

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Pet-Friendly Homes Are in High Demand

Pet-Friendly Homes Are in High Demand

Why Pet-Friendly Homes Are in High Demand

Why Pet-Friendly Homes Are in High Demand | MyKCM

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers, rather than alienating the 68% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream home?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

study by the National Association of Realtors (NAR) revealed that there are many aspects of the home buying, selling and owning experience that have been greatly impacted by our love for our pets.

This should come as no surprise, as $72 billion was spent on pets in the U.S in 2018. NAR’s President William E. Brown shed some light on the impact of pet owners and their home search.

“It is important to understand the unique needs and wants of animal owners when it comes to homeownership. REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family.”

The Power of Pets When Choosing the Right Home

  • 89% of pet owners say they would not give up their pet due to a housing restriction
  • 81% of Americans say their pets play a role in their housing situation
  • 31% of animal owners have refused to put in an offer on a home because it wasn’t a good fit for their animals
  • 19% of Americans say they would consider moving for their pet
  • 12% percent have moved for their pet

New home builders have actually begun installing retractable pet gates that tuck away neatly inside door jams as a highly requested feature in new homes to attract pet-parents.

So, if you are a homeowner looking to sell in today’s pet-friendly environment, point out the features of your home that will attract pet owners:

  • Fully fenced in backyard – (91% of pet owners ranked this as the most important feature of a home to accommodate their pet)
  • Locations of dog parks/walking paths/pet-friendly beaches in the area (71% ranked this as the top feature of any neighborhood they would consider)
  • Proximity to veterinarians/groomers/pet supply stores (31%)

Bottom Line

Americans love their pets and will look for pet-friendly features in the home they wish to buy, so take advantage of this knowledge by pointing out your home’s ability to meet their needs.

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Selling Your Family Home is a Type of Loss

Selling Your Family Home is a Type of Loss

Selling Your Family Home is a Type of Loss

It’s easy to tell yourself that your house is just a building made of walls and ceilings and light fixtures and flooring, but when it comes time to sell, you may start to feel the sting of grief.

After all, you don’t know if the new owners will take care of the rows and rows of brilliant iris that line the fence in the spring or if they’ll cut down the crepe myrtle because they don’t realize it waits for the first kiss of summer heat to spring back to life.

Will they paint your son’s former bedroom and cover up the mural he spent so much time creating? Will they take out the built-in desk and bookcases you made for your daughter?

Maybe saying goodbye isn’t the easy process you thought it would be.

Selling Your Family Home is a Type of Loss

When you’re selling your family home, it’s not just a building that you’re saying goodbye to. It’s all the memories you made there, the familiariarity and, maybe most importantly, the security of that one place you could always fall back to if life started kicking you too hard. This goes for the house that you raised your kids in as well as the house where you were raised — both are genuine losses.

“You’re dismantling something that was once precious, and you have to go through grief and mourning when this happens.” psychologist Dr. Arthur Kovacs explained in an interview with the Chicago Times.

Of course, that’s only part of the story. Another element that makes it so hard to quit a family home is the link between memory and physical space. When your memories are tangled in with your home, it can be hard to let go.

“We have memories and associations that are connected to all of those things that make houses so heavily connected to ourselves,” Duke University’s department of psychology and neuroscience chair, Dr. Scott Huettel, goes on to explain the phenomenon to the New York Times.

Easing Into Selling Your Family Home

Much of the time when you’re looking to sell a family home, it’s due to a big change in life. Maybe your kids have all left home and you’re planning to downsize or maybe your parents have died and you’re having to liquidate their estate. No matter the reason, it’s one of the hardest things you can do, even if you think you’re totally prepared.

How do you get ready for such a big sacrifice? It’s all about your mindset. Start to detach from the house by taking down and packing anything that’s personal. This includes photos, crafted decorations, paintings and so forth. As you take these things off the walls, the space starts to become more generic, less personal and it gets easier to consider selling the house.

If you’re still feeling the pain at this point, work on other parts of the house. Remember that crack in the wall from four years ago when the game controller flew from your daughter’s hand and hit the drywall at full force? Patch that up. Your buyer probably won’t even notice it, but you will. Sterilize your home until you can bear to sign the papers

When the Offer Comes Through

The day will come that you get an offer. Resist the urge to flat out reject it, no matter the price. This is where the rubber meets the road — it’s now grossly apparent that you’re selling the house you poured so much of yourself into rather than just thinking about it.

It’s time for a wake.

Maybe you’d be better to call it a “remembrance party” or something a little cheerier, but the whole point is to say goodbye in a big way so you can get the closure you need. Some people go room by room to have one last good walk down memory lane, others celebrate by doing something they hadn’t gotten around to doing, like hosting a luau.

Your goodbye will be best if you do it in a way that’s meaningful to you and your family. There aren’t really any shortcuts when it comes to grief, unfortunately. Don’t beat yourself up, it’s not “just a house.” That’s the building that sheltered and protected you year after year. That’s the stuff that attachment is made of.

When You’re Ready to List…

The market’s heating up even as you’re reading this blog. If you’ve been thinking about downsizing, this is a great time to sell that big home and move into something more energy efficient and easier to care for. You’re not alone in your efforts, your HomeKeepr community has your back all the way. With the best real estate agents, movers, handymen, painters and other home pros at your disposal, your sale will go smoothly so that all you have to focus on is your last hurrah in your home.

Courtesy Homekeeper 

3 Graphs About Today’s Real Estate Market

3 Graphs About Today’s Real Estate Market

3 Graphs that Show What You Need to Know About Today’s Real Estate Market

3 Graphs that Show What You Need to Know About Today's Real Estate Market | MyKCM

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Income:

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Home Prices:

“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.

3 Graphs that Show What You Need to Know About Today's Real Estate Market | Keeping Current Matters

Bottom Line

These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!

 

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Now is the Time to Move-Up

Now is the Time to Move-Up

Looking to Upgrade Your Current Home? Now’s the Time to Move-Up!

Looking to Upgrade Your Current Home? Now’s the Time to Move-Up! | MyKCM

In every area of the country, homes that are priced at the top 25% of the price range for that area are considered to be Premium Homes. In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house and move-up to a premium home.

Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home, which means that many of the more expensive homes that have been listed for sale have not seen as much interest.

This mismatch in demand and inventory has created a Buyer’s Market in the luxury and premium home markets according to the ILHM’s latest Luxury Report. For the purpose of the report, a luxury home is defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that the current conditions at the higher end of the market are no cause for concern,

“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”

Luxury can mean different things to different people. It could mean a secluded home with a ton of property for privacy to one person, or a penthouse in the center of it all for someone else. Knowing what characteristics you are looking for in a premium home and what luxury means to you will help your agent find your dream home.

Bottom Line

If you are debating upgrading your current house to a premium or luxury home, now is the time!

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Selling Your Family Home is a Type of Loss

Utah Home Prices Top Three In the Country

Utah home prices increased 9.80 percent in the fourth quarter year-over-year, giving the state the third fastest growing home prices nationally, according to the Federal Housing Finance Agency. Idaho was No. 1, with prices there rising 11.93 percent. North Dakota was in last place with a 0.02 percent increase.

 

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