Emily Merkley, association executive, Cache Rich Association of REALTORS®
The old adage ‘there’s no time like the present’ rings true for both buyers and sellers in the Cache Valley real estate market. A high demand for housing and a low inventory has created a strong housing market, and regardless of rising home prices, low interest rates allow monthly home costs to remain affordable, making it possible for more and more buyers to become homeowners.
The competition for home buyers can be fierce with a shortage of homes on market, and few offers close without encountering multiple bids. This high demand has created an increase in home prices, but low mortgage rates make the dream of home ownership a reality, as explained by Lawrence Yun, Chief Economist with the National Association of Realtors®:
“Even though home prices are climbing far above people’s income, exceptionally low mortgage rates have permitted people to buy a home without overstretching their budget. For someone making a 20 percent down payment, the monthly mortgage payment at today’s mortgage rates would take up 15 percent of a person’s gross income. Therefore, a middle-income household does not need to overstretch their budget much, if at all, to buy a typical home.”
This type of market has truly put sellers in the driver’s seat. If you have been thinking of selling your home, now is the time to take full advantage of the market and negotiate the most for your investment. Market type depends on area, price range and the type of home, and in the Cache Valley region, these factors all point to a seller’s market. Current inventory of homes for sale is well below historic norms, and the demand for homes, or the amount of buyers, is skyrocketing. These home sales are accompanied by multiple aspects of the real estate transaction that include inspection, appraisal, pricing and financing contingencies, and sellers are poised to hold major negotiating advantages. For buyers, it can feel like being thrown into the ring.
“While so much of the country is experiencing a strong seller’s market, Cache Valley is still transitioning in that direction,” said Jette Youngblood, owner of Youngblood Real Estate, LLC. “Market values are appreciating, inventory is down, and closed transactions are up, and this is all wonderful news, but we are not completely a seller’s market. Offers are still contingent upon financing, appraisals and due diligence. We are experiencing a very healthy market for both buyers and sellers.”
It’s vital for both sellers and buyers to take into account these variances and information. But regardless of your position, it would be beneficial to sit down with a local REALTOR® to discuss arising opportunities. This year is going to be a big one.
8 Home Maintenance Tips for Spring and Summer
- Examine roof shingles to see if any were lost or damaged during winter.
- Check for loose or leaky gutters. Improper drainage can lead to water in the basement or crawl space. Make sure downspouts drain away from the foundation and are clear and free of debris.
- Use compacted soil. Low areas in the yard or next to the foundation should be filled with compacted soil. Spring rains can cause yard flooding, which can lead to foundation flooding and damage.
- Examine the exterior of the chimney for damage. Have the flue cleaned and inspected by a certified chimney sweep.
- Inspect concrete slabs for signs of cracks or movement. Fill cracks with a concrete crack filler or silicone caulk. When weather permits, power-wash and seal the concrete.
- Check outside hose faucets for freeze damage. Turn the water on and place your thumb or finger over the opening. If you can stop the flow of water, it is likely the pipe inside the home is damaged.
- Have a qualified heating and cooling contractor clean and service the outside unit of the air conditioning system.
- Check your gas and battery-powered lawn equipment to make sure it’s ready for summer use. Clean equipment and sharp cutting blades will make yard work easier.