A First-Time Homebuyer's Story and Why You're My Favorite Clients

 

As a newly promoted 23-year old soldier stationed at Ft Belvoir, Virginia, I was excited to take advantage of two amazing military benefits: BAH: Basic Allowance for Housing allowing me to move out of the barracks and off-post (yay!), and 100% VA Loan, no down payment required, to buy my own house (yay! again).

I had already spent a year or so exploring the area and knew exactly where I wanted to live. Kismet showed up on cue with a For Sale sign on the cutest one-bedroom cottage, with a white picket fence, in my price range, located in a quaint little town - literally over the river and through the woods. Yes, it really looked like this photo! I contacted the listing agent, who wrote and presented my offer, which the Seller accepted. Yay! #3. 

While under contract, the Northern Virginia real estate market took a hard left and prices went through the roof. Kismet krashed when I received a call from "my/not my" agent notifying me that the Seller was cancelling our contract and selling the home to someone else for much more. I was heartbroken. It wasn't until I shared my story with JAG that I realized just how naïve, and unrepresented, I was. 

It took another year to get over the sting of losing out on my dream home. I committed to being more prepared the next time and decided that the best way to be an educated homebuyer was to go to real estate school myself - not for the license, but for the knowledge. Which I did and subsequently purchased my first home.

Fast forward ten years ... 

A series of post-military corporate moves brought me to Utah, and soon afterward I took advantage of the opportunity to become a REALTOR®. Most agents will tell you that their favorite clients are sellers. Because of my first real estate experience, mine will forever be first-time homebuyers. I will always honor their trust in me.

Kim Novak, Broker/Owner, Novak Advantage Real Estate (801) 726-1443

ABR: Accredited Buyer Representative, RENE: Real Estate Negotiation Expert

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.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~

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

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.

2020 Housing Forecast: Sunny Days for New Construction

"Home sellers will remain on the sidelines, but millenials are on the move."

I love this infographic. They say a picture says a thousand words and this one represents both a business plan and a marketing strategy for 2020.

Mortgage Rates by end of 2020 increase to 3.88%

(still crazy low)

Average Median Home Price up by 0.8% 

(median home prices predicted to increase 3.6% according to NAR's Forecast)

Homeownership Rate 64.6% 

(troubling: essentially no growth 2014-2019 resulting in less home equity wealth-building)

Source: NAR Real Estate Summit Forecast

Single Family Housing Starts up 6%

(new construction continues to position itself as a viable inventory shortage solution)

Existing Home Sales Down 1.8%

(existing homeowners are staying in place, plus purchases shifting to new construction)

Take Aways for 2020

• Low mortgage interest rates, minimal down-payment requirements, home equity wealth-building opportunity and the IRS mortgage interest tax deduction offer a winning scenario for Buyers in 2020.
• There will be more new-home inventory for Buyers to choose from, replacing the void created by the lack of existing-home inventory. New construction is the housing shortage solution for Buyers.
• For Sellers, the heyday of listing as-is and selling day-one with multiple offers is drawing to a close for this market cycle. New construction will continue to be the primary competition for existing-home sales into the foreseeable future. See Related Blog Post: Selling? Think Like a Buyer

Kim Novak is a CSP: Certified New Home Sales Professional and a CRS: Certified Residential Specialist. She can be reached at (801) 726-1443 or by email to kim@novakadvantage.com

Selling? Think Like a Buyer

Link to Report

Selling a home for highest & best takes strategy, even in today's strong Seller's Market.

When I meet with potential Sellers to present my Marketing Plan, I explain that although I represent the Seller as my client, I must market to the Buyer in order to successfully sell the home.

The recently released 2019 Profile of Home Buyers and Sellers compiled by the National Association of REALTORS® provides valuable insight in to both sides of the real estate transaction. While home buyers may find the information interesting (reinforcing what they already know), the target audience for this report is home sellers. It is a "how-to" guide to attract the best qualified, most motivated buyers.

The biggest competition that existing home sales face is that of new construction. The good news is that move-in ready new homes are scarce, so the opportunity for your existing home to sell at top-of-market pricing is in making it look and feel similar to the new construction found in your community and price range. A REALTOR® can help their clients prioritize which improvements will give them the greatest return on investment with a focus on maximizing the Seller's bottom line.

If you've been thinking about moving, or are just curious about what homes are selling for in your neighborhood, click HERE to find out how much your home is worth in today's market! #findinghomeinutah

Kim Novak is an SRS: Seller Representative Specialist and has been her Client's guide to successful selling throughout her 24-year career. She can be reached at (801) 726-1443 or email to kim@novakadvantage.com

Winter Is the Best Time for Home Buyers - And December 26th is the Best Day!

Winter Is the Best Time for Home Buyers: Buyers savvy enough to close on these dates may find themselves coming out ahead financially. ATTOM researchers pegged Dec. 26, Dec. 31, and Dec. 4, in that order, as the best days for home buyers to grab the biggest discounts on their home purchase.

84 more days for Buyers to take advantage of Sellers' wintertime motivation. Stay ahead of the game and keep track of the Spring Equinox Count-Down Clock HERE.

Perfect house-hunting weather to take us in to the New Year, too! If you've been wondering if the time is right to start looking for a new home, all indications are, well, Yes!

Kim Novak is the Broker/Owner of Novak Advantage Real Estate. She also loves snow.

Call, Text or Email to schedule an appointment!
(801) 726-1443   kim@novakadvantage.com

Home Warranties: Are They Worth It?

Home Warranties aren't just for Home Buyers.

Are they worth it? Absolutely. It's important to set your expectations, though. Home Warranties are not the same as Homeowner's Insurance. They offer protection "walls-in" for appliances, electrical, plumbing, heating & air conditioning. Some offer options for pool and spa coverage. They do not cover roof and foundation repairs, nor flooding from a misdirected sprinkler head or leaf-clogged drain at the bottom of a basement entry. And if you've just bought your first home, remember that they are not a replacement for a landlord, nor is the coverage limitless. One of the joys of home ownership is developing mad home maintenance skills!

Typical Coverage Includes:
Air Conditioning
Heating
Plumbing
Electrical
Water Heater
Washer & Dryer
Kitchen Refrigerator & Ice Maker
Built-in Microwave Oven
Dishwasher
Garbage Disposal
Range/Oven/Cooktop
Ceiling Fan
Garage Door Opener
Instant H/C Water Dispenser
Built-in Exhaust, Attic, Whole House Fans

Need a last minute holiday gift? Consider one that gives all year long. Typically priced between $350 and $500, Home Warranties are a great option when you're looking for a present that you can all chip in on to give Mom & Dad or Grandma & Grandpa or that one friend who always seems to dealing with a home maintenance emergency at midnight (and texts for your help). Or splurge and Secret-Santa yourself. Home Warranties are easy to order online and if you need a recommendation for the best one to choose, just call your favorite Realtor!

Kim Novak is a CRS: Certified Residential Specialist who has been her Clients' guide to Finding Home in Utah for the past 24-years.

It's Friday! Time to Plan Your Weekend Open House Tour

'Twas the Saturday before Christmas when through the open house, REALTORS® were guiding both you and your spouse.

The Flyers were hung by the chimney with care, in hopes that Offers soon would be there.

Buyers were counting up how many beds, while visions of Homeownership danced in their heads.

With me in my finest and phone in my hand, just in case a text was in order for a home sale to land.

When out of my mobile there arose such a clatter, I sprang from my duties to take care of the matter.

Away to my laptop I flew like a flash, tore open cover and looked down with a gasp.

When what to my wondering eyes should appear but an email saying an Offer was near.

And in an instant the Offer was accepted so quick, I knew in a moment it must be St. Nick.

More rapid than fiber-optic the questions they came, and I whistled and shouted and called the parties by name.

Now, Buyer and Agent! Now, Seller and Me! Now Lender and Escrow! Can this really be?

Then I spoke a few words and went straight to my work. My Clients count on me. That's one of the perks!

With accepted Contract in process We gave a great shout. We’re going to closing! Over and Moving Out!

Account of a Visit from St Nicholas by Major Henry Livingston Jr (1748-1828)
Creative license by Yours Truly

Search This Weekend's Open Houses HERE!

Kim Novak is an SRS: Seller Representative Specialist and ABR: Accredited Buyer Representative. She has hosted and toured Open Houses representing her Seller and Buyer Clients helping them Finding Home in Utah.

50+ Not-So-Baby Boomers: Think Right-Size, Not Down-Size

Rightsize verb: to reduce to an optimal size

Marie Kondo taught me to organize what I have and then donate or gift, with intention, all that is left over.

Joshua Becker taught me to not buy the stuff in the first place.

The first step to a successful Rightsize is to Downsize-in-Place. Not only will this give you perspective on the size and space configuration that you envision for living perfectly in your new home, but you'll be simultaneously preparing your current home to sell for highest & best when it's time to put it on the market.

In my experience helping my 50+ clients Rightsize, I've learned that it is never really about moving to a smaller house. It's about moving to a home that is meant just for them. Not for the kids. Not for out-of-town family visitors. Not for the commute. Just.For.Them.

It's your time. You've worked for this. The She Shed in the backyard for your painting, pottery or writing your first novel. The third bay in the heated garage for your workshop, complete with cable TV and chaise lounge chair. Ready? Let's Make It Happen!

Kim Novak is an SRES: Seniors Real Estate Specialist and RENE: Real Estate Negotiating Expert, by experience and industry certification. She has made it her mission to help her clients Finding Home in Utah.