New Negotiating Strategies for Buyers

Two negotiation tactics buyers can use to gain an edge in this market.

Our market is changing, and negotiations are changing along with it. Sellers no longer have a huge advantage over buyers, so old strategies that have been dormant for a while are starting to come back. Today I’ll share two negotiating tactics that are becoming more common as our market shifts:

1. Asking for closing cost concessions. It has been years since buyers could realistically ask sellers to help with closing costs. Now, we’re seeing more requests for sellers to pay 1%, 2%, or the max 3% of the buyer’s closing costs. Usually, buyers use these funds to buy down their interest rates and lock in a more affordable one, which allows them to pay full price for the property.

2. Taking time to make a good decision. When the market was hot, buyers had almost no time to negotiate. If they waited too long, another offer would come within a matter of hours. Now, buyers can take a step back from the negotiating table for a few days or even a week. If no new offers come in, sellers are usually more open to making concessions when the buyer comes back to the table.

If you have questions about either of these strategies or anything else related to real estate, please call or email me. I am always willing to help!


What You Can Do About Property Taxes

How you can check and appeal your property taxes this season.

It’s tax season, so it’s time to take a closer look at your home valuation. Your taxes might’ve changed this year, and if they did, there are a few things you should check to make sure you’re not paying more than you need to be. Of course, if this stresses you out, don’t worry! We’re more than happy to do it all for you, but if you’re up to it, you could contest your taxes yourself. If you find an error, you might be able to appeal your taxes and get them lowered.

To learn what you should check on your tax form, watch the video above or navigate using the timestamps below:

0:00 — Introducing today’s topic

0:55 — The main items you should check first

3:08 — The appeal process

5:35 — The timing

6:57 — Your other options for appealing property values

8:57 — Appealing based on comps can be fairly simple

10:25 — Wrapping up

If any of this is confusing or frustrating, don’t hesitate to call or email us with your questions. We want to make sure you know your rights as a citizen. If you need help with the process or have any other real estate questions, we would love to hear from you.


Don’t Worry: We Aren’t in a Housing Bubble

Three factors that mean we don’t have to worry about a housing bubble.

Are we heading into another housing crash like in 2007? Every month, there are thousands of Google searches for terms relating to “housing bubble”. It’s clearly on people’s minds. This market may feel similar to the one back in 2007 due to all the high prices, but there’s no reason to panic. We’re not in a housing bubble, and here are three reasons why we’re not:

1. We have a healthy inventory level. In Salt Lake county, we have less than three months’ supply of inventory in the market. It may be increasing daily, but we still currently have a healthy supply of properties on the market which is good news for buyers.

We’re in a healthy real estate market.

2. Stricter lending practices. During the 2007 market crash, the riskiest mortgages required nearly no proof that buyers could truly afford their properties. Today, homeowner equity is at an all-time high, and lending practices are much stricter. Plenty of buyers now have good credit, are putting a significant amount down, and are extremely qualified for their home loans.

3. A low number of distressed properties. We have less than 5% distressed properties nationwide, and the number is even lower in Utah. I don’t predict this to change any time soon.

These three factors are indicators that we’re in a healthy real estate market. Plus, it’s a good time for buyers to purchase a home because of the rising inventory. Take advantage of this opportunity to make a good deal. If you need help with your buying or selling plans, call or email me. I’m here to help!

Don’t Buy in Salt Lake Before Seeing This

Inventory is growing in Salt Lake County—is now a good time to bu

Is now a good time to buy residential real estate? If you want to know the answer to this question, you have to know your assets and understand some key statistics and indicators of your specific market. Today I’ll share a few details about the residential housing in Salt Lake City, Utah, to help us arrive at a conclusion.

Feel free to watch the full explanation or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction

0:51 — Sales per month report in Salt Lake County

2:38 — Inventory is growing slightly, but sales are down

3:08 — There are more options now, but fewer homes are under contract compared to last year

3:54 — The market is not going to crash

4:29 — We’re shifting into a more balanced market

5:00 — Should you buy or rent?

5:45 — Home prices in Salt Lake County are unlikely to drop

5:58 — Wrapping up

If you still can’t decide whether to buy now or continue renting, we’ll be happy to analyze your situation with no strings and costs attached. We’ll educate you so you can make an informed decision regarding your real estate. Don’t hesitate to call or email us. We hope to hear from you soon!

How You Can Prepare for Our Changing Market

Our opinion on what’s happening in our shifting housing market.

What’s going on in our market? A lot of you are asking us this question, and we’re sure you’ve heard that we’re likely going into a recession on the news. How does this affect real estate, and what can you do? Today we want to give you some answers, but first, you have to keep in mind that none of us have a crystal ball. Every agent and broker has a different opinion, and while we can’t predict the future, we can share our market outlook and back it up with some facts.

You can watch the full video above or skip to each section using the timestamps provided:

0:00 — Introducing today’s topic

1:00 — Are we in a housing bubble?

2:21 — Why we probably won’t see a flood of foreclosures

4:00 — We’ll still have lots of demand

4:49 — What should you do in a market like this

5:42 — How you can take advantage of this market

6:24 — We can help you get prepared

6:50 — Wrapping up

Call or email us if you have any questions or want to take advantage of this shifting market. We’d love to help.

How We Can Help You as Experts

Data can be twisted to make any story, but we’re here to give you context.

I have a bit of a pet peeve about real estate articles that don’t tell the whole truth. One article, for example, talks about how Utah County home prices are higher than Salt Lake County prices. In reality, there’s a lot more to the story. Often, you can take data and make it tell any type of narrative you want. We at Utah Cribs aren’t trying to push you to do anything, but we are experts at analyzing the market, so we can give you more context on what’s actually happening.

You can watch the full video above or skip to each section using the timestamps provided:

0:00 — Introducing today’s topic

0:57 — There’s a lot more to the story

2:02 — How we get our numbers

3:42 — The point is to give you more context

4:35 — We are experienced experts

5:16 — We’re here to answer questions, even if it doesn’t result in a sale

5:49 — Wrapping up

We are here to answer any questions you have and educate you so you can make an informed decision. Just call or email us anytime. We look forward to hearing from you.

Why Do Home Prices Keep Climbing?

Here’s a look at what you can expect from the SLC housing market this year.

The two most common questions we’re hearing these days are, “Why do home prices keep climbing?” and, “Why isn’t the supply catching up to demand?” Although people are pretty in tune with the market and how it’s been progressing over the last few years, we forget that there are different factors that cause supply and demand to fluctuate. There are a lot of microeconomic and macroeconomic factors to consider.

Feel free to watch the full video or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction

1:15 — Info about our Facebook live event that explores this topic further

1:42 — A chart that shows how home values in Salt Lake County have changed over the years

2:38 — Examining the number of listings and how that plays a role in price appreciation

3:33 — The role that sales numbers play in determining the market’s health

4:05 — Why you can’t just look at one of these charts and come to a conclusion

5:35 — The future of supply and demand in Salt Lake County

6:50 — Final thoughts

Our market is still competitive, but we are starting to see a bit more breathing room. If you have questions or need help navigating this tough market, call or email me. I would love to help you.

What Do Record-High Prices Mean for the Market?

Here’s my breakdown of the recent headlines about our median sale price.

It’s the end of April, and another article has come out that gives a lot of us heartburn. The headline reads, “Median Home Prices Exceed $600,000 for the First Time in Salt Lake County.”

Essentially, the article explains that in the last 12 months, we’ve seen our median home price rise almost 26%. A home that was $500,000 last year is worth over $600,000 right now. Today I wanted to offer some context for the data.

Feel free to watch the full video or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction to today’s topic

1:28 — What are the numbers really telling us about this market?

2:30 — How migration, employment, and microdata play a role in the SLC market’s health

3:14 — What the data I’m tracking has been telling me lately

4:12 — My market predictions for 2022 and beyond

5:35 — Final thoughts for buyers and sellers

If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.

4 Tips To Improve Your Work-Life Balance

Use these four tips to better balance your work and personal life.

Most of us know how hard it can be to create the perfect work-life balance, especially for those of us who have children at home. Today I’m here to share that it is possible, and I’m providing four tips I’ve used to help you find the balance between your work life and your personal life:

1. Work out in the morning. If you force yourself to get up in the morning to do some sort of physical activity, you can work off some of the energy that leaves you feeling antsy at your desk. Then, you can focus more on your work instead of watching the clock until you can get out of there.

“Enjoy the life you have, and try not to become hyperfocused on your work all day.”

2. Take a break during the day. If you get a lunch break, that’s great! If you don’t, or if you have a meeting during lunch, take five minutes when you get back to sit quietly and relax. Don’t sit on your phone, either—just take some time to focus on your breathing and look around at the beautiful world you live in. Enjoy the life you have, and try not to become hyperfocused on your work all day.

3. Give your family the best of you. When you get home from work, actively try to separate your thoughts about work so you can be fully present and engaged with your family. Once you turn down for the night (put the kids to bed, wash the dishes, etc.), you can check in on work again. However….

4. Don’t stay “on” for too long. Remember to turn yourself off at a decent hour so you can get the sleep you need. Don’t waste time scrolling through social media before bed; it’s recommended that you turn off your screens at least an hour before bed so you can get the optimal amount of restful sleep.

If you’re looking to find a better balance between your work and personal life, try incorporating these tips into your routine to see how they work for you. If you have any questions about this or other topics, don’t hesitate to reach out to us by phone or email. We’d love to hear from you.

Is Now the Time to Finally Sell?

A recent listing of ours proves that now is the time to sell your home.

What’s happening in our real estate market? Today we’re sharing one of our recent transactions that illustrates where our market currently stands.

About a month ago, we listed a home in Sugar House for $900,000. We did all our marketing and had an open house on Saturday and Sunday. That weekend, we already had multiple offers on the property. We told all the potential buyers to have everything in by Monday at 5 p.m. After reviewing everything with our seller, we accepted an offer for $915,000.

So this was a wonderful success story, right? Unfortunately, anything can happen in this market, and the buyer canceled their contract two weeks into the process. This was extremely stressful for our sellers, but we got everything ready and put the home back on the market for $900,000 again. That’s where things got interesting.

“We don’t know what the future holds, but you can get a fantastic deal for your home right now.”

Even though we listed the home at the same price as before, the bidding war was even more intense. This time, we accepted a contract for $980,000. This was an excellent situation for our client, and it speaks to how crazy our current market truly is.

If you are thinking about selling your home, now might be the time. We’ve heard from many clients that they want to wait until the summer or fall to move, but we can’t recommend it. We don’t know what the future holds, but you can get a fantastic deal for your home right now. With interest rates rising, some buyers may be priced out of the market soon. That means there will be fewer buyers driving up the price of your house.

Reach out to us via phone or email if you’re ready to get top dollar for your home or have any questions. We are always willing to help!

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