FAQ: Are We in a Housing Bubble?

 

Following is just one of many economists' forecasts indicating that Utah is on a sustained path for significant homeownership growth: #9 in the country at 40.1% over the next 20 years. Add Utah's historical and long-term projected strong economy and my answer to clients is two-fold:

1. No, we are not in a housing bubble. Both primary residences and second-homes are selling to bona fide homeowners, either cash or as qualified buyers. Mortgage reform enacted in the last recession put the kibosh on the bad loan program nonsense that was one of the root causes.*

2.  Waiting for prices to come down is not a prudent home purchase strategy unless you're considering waiting until 2041 or later to buy.*

Data Source: Urban Institute https://urbn.is/3vqYw5y

If you're interested in gaining specific market insight as it relates to your unique homeownership goals, please contact me to schedule a virtual meeting. Kim Novak, Broker/Owner, Novak Advantage Real Estate call/text (801) 726-1443 or kim@novakadvantage.com

*These are professional opinions of the author and only in relation to the real estate market in Northern Utah*

#utahrealtor #utahrealestate #findinghomeinutah #housingbubble 

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

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

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

New Listing! 3524 S 5050 W, West Haven, UT 84401 - $429,900 - MLS 1645335

What better holiday gift than to start the New Year in an amazing new home! Eight months of full builder warranty coverage remaining and a 2-5 year transferable extended warranty for the new homeowner. West facing rambler in the Meadow Green Estates community in West Haven (no HOA!). 3 bedrooms, 2 baths, 3872 sf, 4-car garage, .31 acres partly fenced with secondary water connection.

The kitchen features quartz countertops, a 5-burner gas range, stainless appliances, island with overhang for barstools and a corner pantry. Main level laundry room and bench, hooks and cubbies as you come in from the garage. The family room features a gas log fireplace and an extra outlet in the floor for table lamps. High-end laminate flooring throughout the main level with plush carpet in the bedrooms and tile in the bathrooms. The master bedroom accommodates a king-sized suite of furniture and features a huge walk-in with enough closet space for everyone. The master bathroom features a comfort-height vanity with quartz countertops and double sinks, private toilet and an oversized dual head shower with bench seat. Custom solar shades & blinds.

Make sure to check out the MATTERPORT virtual floor plan and walk through link along with the photo tour of this beautiful home!

MLS 1645335 $429,900