Northern Utah Is Seeing a Commercial Real Estate Boom

Perry Van Schelt and David Rindlisbach [CC BY-SA]

Click Here to Read the Article (it's really, really good) ➜ Northern Utah Is Seeing A Commercial Real Estate Boom

This headline could be "Weber & Davis Counties Relocate to be Closer to Salt Lake." Ok, ok, I kid. That's kind of an inside joke. You know, like it's a 30-minute drive from Ogden to Salt Lake, but 10-years from SLC to Ogden. So this article sums up what we Northerners have always known. Our long-game comes with a plan. And we're in it to win it.

PS We're bringing Box Elder with us.

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Kim Novak, Broker/Owner, Novak Advantage Real Estate

A Veteran-Owned, Woman-Owned Real Estate Brokerage

Call or Text: (801) 726-1443  Email: kim@novakadvantage.com

Your Guide to Finding Home in Utah * Start Your Home Search Here www.UtahHouseandHome.com

ABR, AHWD, CRS, CSP, e-PRO, Green, GRI, MRP, RENE, RSPS, SFR, SRES, SRS

RE/MAX Hall of Fame * RE/MAX Lifetime Achievement Award *  Salt Lake Board of Realtors® Hall of Fame

Northern Wasatch Association of Realtors® Lifetime SalesMaster * Link to Résumé

UT DRE Brokerage License# 8817929-CN00 * UT DRE Principal Broker License# 5459481-PB00

Understanding Reverse Mortgages

Reverse mortgage loans are like traditional mortgages that permits homeowners to borrow money using their home as collateral while retaining title to the property.  Reverse mortgage loans don't require monthly payments.

The loan is due and payable when the borrower no longer lives in the home or dies, whichever comes first.  Since no payments are made, interest and fees earned are added to the loan balance each month causing an increasing unpaid balance.  Homeowners are required to pay property taxes, insurance and maintain the home, as their principal residence, in good condition.

Reverse mortgages provide older Americans including Baby Boomers access to their home's equity. Borrowers can use their equity to renovate their homes, eliminate personal debt, pay medical expenses or supplement their income with reverse mortgage funds.

Homeowners are required to be 62 years and older and meet the following requirements:

• Own the home free and clear or owe very little on the current mortgage that can be paid off with the proceeds
• Live in the home as their primary residence
• Be current on all taxes, insurance, and association dues and all federal debt
• Prove they can keep up with the home's maintenance and repairs

Payouts are based on the age of the youngest spouse. The younger the age, the less money can be borrowed. Reverse mortgages offer two terms ... a fixed rate or variable rate. Fixed rate HECMs have one interest rate and one lump sum payment. Variable rate loans offer multiple payout options:

• Equal monthly payouts
• A line of credit with access until the funds are gone
• Combined line of credit and fixed monthly payments for a specified term
• Combined line of credit and fixed monthly payments for the life of the loan

Traditional reverse mortgages, also called Home Equity Conversion Mortgage, HECM, are insured by FHA. There are no income limitations or requirements and the loan funds may be used for any purpose. The borrower must attend a counseling session about the HECM, its risk, benefits, and how much can be borrowed. The final loan amount is based on borrower's age and home value. FHA HECMs require upfront and annual mortgage insurance premiums but can be wrapped into the loan.

Proprietary HECM loans are not federally insured. Lenders create their own terms, including allowing loan amounts higher than the FHA maximum. Proprietary HECMs don't require mortgage insurance (upfront or monthly), which may result in more funds available. Proprietary reverse mortgages typically have higher interest rates than FHA HECMs.

Advantages

• Create a steady stream of income during retirement
• The proceeds aren't taxed or risk borrower's Social Security payments
• Title and rights to the home are retained by the homeowner
• Monthly payments are not required

Disadvantages

• The loan balance increases over time rather than decreases as with an amortizing loan
• The loan balance may exceed the property value eliminating inheritance
• The fees may be higher than traditional mortgage loans
• Any absence of the home for longer than 6 months for non-medical or 12 months for medical reasons makes the loan due and payable

More information is available about reverse mortgages from the Consumer Financial Protection Bureau or Federal Trade Commission or HUD.gov.

Choosing the Right Agent: Is Your REALTOR® a Mentor or a Motivator (and which is right for you)?

men•tor mĕn′tôr″, -tər
noun. A wise and trusted counselor or teacher.

To serve as a trusted counselor or teacher, especially in occupational settings

A MENTOR is someone:
Who trusts your abilities to rise to the occasion
Who tells you what you NEED to hear
Who inspires confidence and pulls you along to become your best

mo•ti•vate mō′tə-vāt″
verb. To cause to be enthusiastic.

To provide with an incentive or a reason for doing something; impel.

A MOTIVATOR is someone:

You depend on to keep you "up"

Who tells you what you WANT to hear

Who needs to push you to action

I admit: I am a terrible motivator. 

Years of management experience, in and outside the field of real estate, has taught me that you truly cannot motivate another person. Motivation comes from within. You either are or aren't about whatever someone else is trying to motivate you to do or achieve. Most real estate agents are motivators, which is why the public often perceives those in my profession as pushy and self-serving.

I also admit: I am not for everyone.

"You didn't tell me that." This is a feeling I never want my clients to experience. I've built my service commitment on the foundation of helping my clients set achievable expectations, providing them with information about, well, everything, and being their step-by-step guide to a successful closing. Think of our relationship like learning a new language - Real Estate Immersion. 

Choosing the right agent is your prerogative. Don't leave it up to Yelp reviews or Zillow advertising. Interview your agent voice-to-voice and face-to-face(time). Ask for a résumé and references. Make sure that they are a "match." This initial step to achieving your homeownership goals, whether buying or selling, is on you.

So in closing, and kinda-sorta relevant because he attended the London School of Economics, I leave you with this profound insight from Mick Jagger and The Rolling Stones ...

You can't always get what you want

But if you try sometimes, well, you just might find

You get what you need

Kim Novak is the Broker/Owner of Novak Advantage Real Estate. 

(lucky) 13 industry Designations and Certifications and 4 industry Awards, but at the center of all that are her Clients.

Kim can be reached by call/text/FaceTime at (801) 726-1443 and by email to kim@novakadvantage.com.

Finding Home in Utah: Downsizing in 2020

Sometimes Moving Up Means Downsizing, Too.

Approximately 52 million or 16% of Americans are age 65 and over.  It is easy to understand that some of them are thinking of downsizing their home because they don't need the same space they did in the past.

It can be liberating to divest yourself of "things" that have been accumulated over the years but are no longer needed.  Moving to a less expensive home, could provide savings for unanticipated expenditures or cash that could be invested for additional income.

Savings can be realized in the lower premiums for insurance and lower property taxes, as well as,  the lower utility costs associated with a smaller home.

Typically, owners downsize to a home to 2/3 to 50% of their current home's size.  In some situations, it is not only economically beneficial, but their interests may have changed so that a different style of home, area or city might fit their lifestyle better.

The sale of a home with a lot of profit will not necessarily trigger a tax liability.  Homeowners are eligible for an exclusion of $250,000 of gain for single taxpayers and up to $500,000 for married taxpayers who have owned and used their home two out of the last five years and haven't taken the exclusion in the previous 24 months.

Homeowners should consult their tax professionals to see how this may apply to their individual situation.  For more information, you can download the Homeowners Tax Guide.

Call or text me at (801) 726-1443 to find out what your home is worth and what it would take to make the move to another home.

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Kim Novak, Broker/Owner, Novak Advantage Real Estate

A Veteran-Owned, Woman-Owned Real Estate Brokerage

Call or Text: (801) 726-1443  Email: kim@novakadvantage.com

Your Guide to Finding Home in Utah

Start Your Home Search Here www.UtahHouseandHome.com

ABR, AHWD, CRS, CSP, e-PRO, Green, GRI, MRP, RENE, RSPS, SFR, SRES, SRS

RE/MAX Hall of Fame * RE/MAX Lifetime Achievement Award *  Salt Lake Board of Realtors® Hall of Fame * Northern Wasatch Association of Realtors® Lifetime SalesMaster * Link to Résumé

UT DRE Brokerage License# 8817929-CN00 * UT DRE Principal Broker License# 5459481-PB00

New Listing! 5107 S 2125 W, Roy, UT 84067 - $265,000 - MLS 1647029

Searching for an affordable home with a huge garage and workshop, in an ideal location? Check this out! 3 bedrooms, 2 baths, 2088 sqft, 4-car garage, .23 acres in Roy, east of the tracks and just a few minutes from Hill AFB. Heated 24'x36' detached 4-car garage with 9' door, power & workbench plus a separate storage shed. Backup generator for the home is included. 

Remodeled kitchen with granite countertops, white appliance package, smooth top range, built-in microwave, refrigerator and laminate flooring. Hardwood floors under the carpet on main level. Updated bathrooms with tile floors. Newer vinyl windows. Central Air. Enclosed patio adds living space that's heated and cooled - window A/C unit stays. Extra room in the basement could be 4th bedroom, exercise room or office. Covered carport parking at the back door. Beautiful lawn & trees, almost completely fenced yard, automatic sprinkler system connected to secondary water.

MLS 1647029 Talk with your agent or call Kim today to schedule your showing appointment!

Kim Novak is the Broker/Owner of Novak Advantage Real Estate. She can be reached by call/text at (801) 726-1443 and by email to kim@novakadvantage.com.

2020: Joy and (more) Baby Yoda

(no spoilers)

Yes, I'm one of "them" (he's just so adorable!).

Happy New Year, too! But better than just any new year. A new year that starts a new decade. And a new decade that begins with a fortuitous LEAP 🐸 year.

My wish for 2020 is that we leave the high-anxiety real estate markets of 2018 and 2019 behind us in favor of a healthy balance beneficial for both Buyers and Sellers. I confess to my palpable, adverse reaction to every news report, including those published by my REALTOR® associations at the national, state, and local levels, proclaiming this one-sided awesomeness of the real estate market. If my 24+ years in real estate have taught me anything, it's that neither hyper-price-appreciation in strong Seller's markets, nor depressed-prices and distressed-sales of strong Buyer's markets, are good for our national psyche and overall economy. Buyers have reached burn-out critical mass and Sellers, who are the beneficiary of all that home-value appreciation, are experiencing the same painful reality when they become Buyers themselves after the sale. My wish for 2020 is Joy in Homeownership. Whether buying your first home or selling your current home so that you can build a new one, you deserve to love the experience.

2020 is also the Chinese Year of the Rat. Make of that what you will, but in Chinese culture it portends wealth and surplus. "Rats are clever, quick thinkers; successful, but content with living a quiet and peaceful life." Sounds pretty good to me.

Kim Novak is a long-time Trekkie who has found re-connection with the Star Wars universe in the form of a little green 50 year-old baby. She is very excited about the real-life US Space Force and loves spending time with clients in her Tesla named ⭐Star⭐. She can be reached by call/text at (801) 726-1443 or email to kim@novakadvantage.com.