July 2010

Questions Every Buyer Should Ask Their Logan Utah Real Estate Agent

by Lisa Udy on July 30, 2010

Wacky Real Estate AgentsIn Cache county, there are over 300 active real estate agents, which means you have a whole lotta choice when it comes to deciding on an agent to represent you.  Yes I know lotta isn’t a word, but that’s beside the point.

Since you’re going to be making a huge purchase, you should probably get the best representation you can when buying a home. Use these interview questions to find the best Logan UT buyers agent to suit your needs:

  • Are They Full Time Or Part Time?

Part time agents usually work other jobs, and may be difficult to get a hold of at times. Although, some part time agents have very  flexible second jobs. Full time agents can usually give you more attention and I would recommend going with full time over part time.

  • How Familiar With The Area Are They?

Every local market is local, and within each local market, there are hyper local markets. Agents that know the area you are interested in can inform you of prices, demand, and what neighborhoods are up and coming.

Using agents from Salt Lake City to purchase a home in Cache County would not be a smart choice. If you have an agent you like in other areas, ask the agent in Cache County to pay them a referral fee, and use the expertise of an agent familiar with the local market.

  • How Busy Are They?

When choosing an agent, you want to make sure they have the time to take care of your needs thoroughly. Some say that you don’t want to work with busy agents because slower agents have more time to work with you. I don’t think this is true.

Busier agents seem to be more time sensitive and use their time wisely. Busy agents are more efficient and have great systems to give their clients great service. That’s why their busy. They provide a great service, and their clients are happy with what they receive.

  • Will They Handle All Aspects Of Your Transaction Or Do They Have Assistants?

Many agents have assistants they delegate tasks to. Here at our office, I have two full time licensed assistants to help me make sure my clients needs are met quickly and sufficiently. Knowledgeable assistants are invaluable to a real estate agents business.

If you can’t reach your agent, you can usually get a hold of the assistant.  Be sure that your agent doesn’t put all of their work in their assistants hands, you still need to be able to connect with them.

  • Will They Provide You With Sufficient Community Information?

Information on things such as schools, job growth, real estate statistics, their company etc. should be a high priority. Knowing how to sell real estate isn’t all about selling a home. Knowing the communities and market data  they work in is part of a real estate agents job.

  • Is Their Real Estate License In Good Standing And Do They Have Any Complaints?

You can find out if your Utah real estate agent’s license is valid, on probation, or in-active by going to https://secure.utah.gov/rer/relv. Just type in the agents name and press send.  Here is what my record looks like: Lisa Udy’s Real Estate License.

My license says it was issued in 2009, which was when I acquired my brokers license. (I’ve had an agents license since 2001.)  Follow this link to find out the differences between a real estate broker and an agent. Also, you can see I have never had a disciplinary action filed against me.

  • How Much Education And Experience Do They Have?

Education and experience are two different things. An agent could have all of the designations in the world, but if they only sell 1 or 2 homes a year, how experienced are they working with problems that arise in a real estate deal?

Can they handle re-negotiating a repair? Do they know how to win a negotiation to get you the best deal? Just like any school, you can’t teach experience, it has to be learned.

Agents have access to the knowledge of their real estate broker for these situations. Make sure if you’re working with a newer agent, they have the support necessary to keep your deal together. If they have a broker who is unavailable, you might need to find another agent.

Put Together This Agent Interview Checklist:

  • Contact Availability: Email/Phone/Facebook?
  • Office Location?
  • Number Of Homes Sold This Year? Last Year? Career?
  • Number Of Buyers Represented This Year? Month? Working With Right Now?
  • Knowledgeable About Neighborhood?
  • Work Days? Evenings? Weekends? Holidays?
  • Available On Your Time?
  • Require Exclusive Buyers Representation Agreement To Look At Homes?
  • References?
  • And Anything Else You Want To Add….

Pick The Best Agent – You Shouldn’t Expect Anything Less

Buying a home is a huge commitment. Don’t assume any Logan UT real estate agent can get you through to the closing table with the best price, the best conditions, in the least amount of time, and minimal stress.

There’s a reason 7% of real estate agents do 93% of the business. They work harder, have more experience, are easy to communicate with, and can negotiate the best deals for their clients.

You should pick a real estate agent the same way you would pick a new employee. Ask them qualifying questions, check their background, talk to references, and don’t go easy. You deserve the best.


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How To Pick The Right Logan Utah Home To Buy

by Lisa Udy on July 30, 2010

Woman Holding Shopping BasketDuring our office meeting today, one thing became clear as we were discussing statistics. There are more homes on the MLS (907 active properties) than any other time in the history of our area.

This doesn’t even include for sell by owner homes. What does this mean to you as a home buyer trying to find the right house?

It means you have a lot of homes to choose from, and at times it can be overwhelming.  When I work with home buyers that are having a hard time deciding on the right property, I use these exercises to help them make the decision easier, and now you can too.

Start With Location

The first step to picking the right home is the location. Once you know what neighborhoods you want to be in, you can start to narrow down the specifics characteristics of homes you may want to buy. Using A Checklist

Neighborhood Checklist:

  • Quality Of Schools
  • Property Values: Declining or Increasing?
  • Traffic
  • Crime Rate
  • Future/Planned Developments
  • Proximity To Local Amenities: Schools, Work, Hospitals, Shopping etc.

If you find a neighborhood or an area that meet these personal requirements of yours, you’re on the right track. Next you’ll want to get the statistics from your Realtor on home prices in the area. Are homes selling close to asking price? Is there a lot of inventory? Is the neighborhood full of foreclosures and short sales?

If the neighborhood you want to purchase has negative features like foreclosures, poorly maintained homes, or lots of stale inventory be wary. You don’t want to purchase a home that will decline in value because of a declining neighborhood.

Even though the neighborhood might be perfect for your needs, these negative features could drastically affect your pocket book over the next couple years as we slowly recover from the recession.

What Type Of Home Do You Want?

Lots Of HousesThere are many types of homes out there which include single family, condos & town homes, and multi family properties. Here are some advantages and disadvantages of each:

Single Family: Advantages of owning a single family home is you own the property out right.  You can also choose how close you want your neighbors. A disadvantage would be the maintenance. All repairs would have to be done by you.

Town Home: Advantages of owning a town home less exterior maintenance as your home is attached to one or more homes.  Town homes usually have community amenities, and you can usually get more house for the money. Disadvantages include the proximity of neighbors, home owner association fees, and a small parcel of land.

Multi Family Properties: Advantages of multi family properties include paying less in mortgage payments by renting out part of the home, help with maintenance if you get a descent renter, and can later become an investment property. Disadvantages are dealing with renters, property damage caused by unsavory renters, and the noise of sharing a home with someone else.

Define Needs And Wants Than Compromise

Now that you have an idea of the neighborhood you want, the type of home you’re comfortable living in, it’s time to determine what your needs and wants are.  You also have to realize what a need is and what a want is. Most home buyers will have to compromise their wants in order to meet all their needs.

For example: Frog Chillin On A Question Mark

Needs Include –

  • # of Bedrooms
  • # of Bathrooms
  • Square Footage
  • Garage

Wants Include –

  • Updates such as granite counter tops, wood floors, new cabinets etc.
  • Views
  • Fenced yard
  • Location near prime amenities, golf courses, on the river etc.

Once you identify your absolute must haves (your needs), you can narrow down the homes that have the most of your wants. Your list should be getting smaller.

Check Price And Condition

Clean HouseWith your smaller list in hand, which homes are priced the best and in the best condition? These two options should be your last consideration before buying your Logan Utah home. The reason they should be last is, the price of a home doesn’t really matter until you know you can live it and be happy.

The condition doesn’t matter until you know the home meets your needs. You can determine the best priced homes via the amount of square footage, the location, and the year the home was built. Newer homes will be more expensive, but may require less work.

Older homes may require more work, but you can get more house for your money. The only way to determine proper condition is to view the homes in person.

This should be your last step, and once you’re at the condition stage of your property search, you know you’re ready to go look at homes in person. You now have the tools to wade through excess inventory and if you follow these steps, you can make the home buying process less stressful.  Have fun shopping!

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5 Things You Must Know Before Selling FSBO In Logan Utah

by Lisa Udy on July 28, 2010

Are you thinking about selling your Logan home on your own? If so, you need to be aware of what’s going on in the Logan real estate market, and what you need to do to get your home sold fast and for more money.  Here are 5 tips you can use to put yourself in the best position to get your home sold:

Price It Right:

1000 Dolla Bylls Ya'all! As of today, there are over 900 homes on the market in Cache Valley surpassing any other inventory level in our history. Our market is flooded with inventory and if you want to sell your home, you have to price it competitively. Home buyers are few and far between, and they know their in the drivers seat when it comes to purchasing.

If your home is over priced, home buyers won’t even bother setting up a showing. There are to many homes for them to choose from to waste their time on an unrealistic seller. How do you price your home right? Since you’re selling your home on your own, it will be difficult to get the right price.

I would recommend putting your home on the market, and see what type of activity you receive.  If you’re not getting any activity on your property after a few weeks, you’re likely over priced and need to reduce it.  You can also ask a real estate agent to do a market analysis for you, as most agents would be happy to provide this service. They have access to sold data from the MLS, and can usually provide you a pretty good ball park of your homes value.

Prepare Your Home For Showings

Home improvement woman.If you want to sell your home for the most money in the shortest amount of time, your home has to look sexy. Putting a sign in the yard and not taking care of the cosmetics will not cut it. Home buyers are picky. They like updated homes that are clean, de-cluttered, well manicured, and fresh.

Staging your home for home buyers is like going to a party at the white house. Your home has to look it’s best to impress, and if you don’t take care of the cosmetics, you’re home isn’t getting through the white house gates. Wow potential home buyers by taking care of the little things from curb to curb.

Clean gutters, wash off sidewalks, mow the lawn, remove weeds, plant some flowers, open up your front porch with some inviting potted plants, and freshen up the paint on the front door.

Remove any personal clutter, pictures, shoes, coats, and unsightly furniture to give buyers a canvas to paint their own pictures. Remove wall paper and paint all rooms with some neutral colors. And don’t forget to remove pets, and get your carpets cleaned!

Market Your Home Aggressively

Pig Selling homesMany FSBO sellers put a sign in their yard and leave it at that. Give yourself a better shot at selling by doing a few extra things. You never know who might buy your home, and you never know who knows someone looking for a home like yours. So anyone you talk to, let them know you’re selling your home.

Also, there are many websites that will let you advertise your home is for sale. You can check out sites such as KSL.com, CacheValleyDaily.com, and Craigslist.org. These websites get a descent amount of traffic here in Utah, and should help you get your home some fresh eyeballs.

There are also some real estate brokerages who offer a fee service allowing you to list your home in the MLS. They usually cost between $300-$500.

Keep your marketing updated. Many FSBO signs, after a month or so, start to fade. Make sure people can see your phone number clearly. You will also need to re-post your online ad’s about once every two weeks. If anything changes with your price or selling conditions, be sure to update your advertising to show it.

Get Creative With Your Selling Options

Great View!What can you do to entice a buyer to pick your home over another home? Adding extras such as closing costs for buyers, furniture, or new appliances can be the difference in getting an offer or not. If you can carry seller financing, you open yourself up to more buyers.

Also, consider doing a lease option if you feel desperate. The rental market here in Cache Valley is extremely competitive right now. There are many people with descent incomes that want to buy but can’t quite qualify. A lease option could be a good way to pay your mortgage and have a chance to sell the home later on down the road.

According to the National Association of Realtors, only 13% of homes sold in 2008 were FSBO’s. Offering these extra incentives will give you a greater shot at selling your home.  Be prepared to make the pot sweet enough to entice a potential buyer.

Who Are You Kidding? Hire An Agent

Help wanted.Did you see that last statistic? Only 13% of sold homes are FSBO. If you’ve been on the market for a long time and your time is running out.

Hire a Realtor to get your home sold. Yes, Realtor fees are high, but we provide a valuable service, and statistically will bring you more money than if you sell on your own.

Hate real estate agents? So did I before I became one. The reason I became an agent was the frustration I had with working with them. If you had a bad experience with a Realtor, don’t judge everyone by that experience.

Since becoming an agent, I have found most agents are respectable business people with high integrity. Sure, just like all professions, we have our bad apples. But you can avoid them by doing a little homework and talking to friends.

I admire anyone willing to take on the challenge of selling a home in today’s tough market. Be sure to get all the information you can and speak to agents about pricing your home correctly. I would also recommend you keep an open mind on paying a commission to a buyers agent for a potential sale, and have plenty of patience. Good Luck!

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Smart Moves For Logan Utah Home Buyers

by Lisa Udy on July 23, 2010

Buying a Logan Utah home is a huge step no matter what period of your life you’re in. Being smart about your purchase is essential to protecting the financial future of you and your family. Take these steps to ensure your investment goes as planned.

Save A Large Down Payment

Gone are the days of buying a home with 100% financing, no job history, and low credit. Some loans, such as Utah housing and rural housing (USDA), will still allow you to buy without a down payment, but they are more difficult to qualify for, have higher interest rates, and are only for low income families.

Other than those loans, you will have to put some money down on your purchase. A larger down payment (10-20%) will allow you to qualify for more options when loan shopping, and will allow you to get a lower interest rate.

Even half a percentage point lower on your interest rate can save you thousands of dollars over the life of your mortgage. Besides, the payments will be lower, and you will have a little equity stored up in-case you need to sell your home sooner than you’d like.

One of the reasons so many home owners are currently underwater on their homes right now is because they put no money down. Their homes lost value causing them to owe more than the homes worth.

Also, many people bought homes using adjustable rate mortgages, and as the rates adjusted, their payments went up more than they could afford. Your money down will allow you to stay away from those types of loans.

Don’t Buy A Home You Can’t Afford

Ain't Got No Money! :)As a general rule of thumb, your house payment shouldn’t be more than 33% of your monthly income. I usually tell my buyers payments under 33% of their incomes allows them to save the money they need to keep their homes full of the things they need to live. It’s no fun to be house broke.

Besides, if you buy the cheaper home and pay a little extra on every payment, you can pay it off much sooner. After which, you can sell it and buy that bigger home when your family grows, and use the equity you built up for a larger down payment, allowing you to get a better monthly payment.

One thing many home buyers don’t think about when purchasing a Logan UT home is the cost of maintenance.  If you’re home payment is so large that you can’t afford to take care of a bad furnace a couple years down the road, you shouldn’t buy that home.

As a homeowner, if you don’t maintain your home, you will lose value, and reselling it will be a much more difficult process. Can you imagine what a poorly maintained home would look like after 10 years?

To see, go over to my Logan UT homes for sale website and search homes priced under $130,000. You’ll notice the vast difference of price to square footage between the homes that have been well maintained vs. homes that need a lot of work. Repairing a home is a lot of money, and keeping it maintained will keep your costs down.

Get Pre-Qualified Before You Go Home Searching

Smart Little Girl with good grades. Knowing exactly how much you can afford and knowing how much you qualify for are two different things. First, talk to a Logan UT mortgage professional to find out what you qualify for.  Many times, my buyers are surprised by what they can or can’t qualify for, especially today, as lenders and loan programs are changing the qualification specifications on a daily basis.

Once you know amount you can qualify for, figure out how much you actually want to borrow. You may qualify for a $200,000 home, but the payment might make you uncomfortable. You don’t have to buy a $200,000 home just because you qualify for it.

Tell your Realtor what you feel comfortable paying and they should show you homes in that price range. The last thing you want to do is go house shopping, fall in love with a home, and later on figure out you can’t afford it.

After seeing a home you love but can’t afford, every other house you see won’t stack up, which will leave you frustrated. Getting your financing in order before you even look at a home will save you, and your Realtor, time and money.

Being A Smart Home Buyer

Smart Little boy holding homework.Being a smart home buyer will make your home search a whole lot more fun, and when the time comes, you will have the confidence and ability to put an  offer on the Logan Utah home you always wanted.

We all know a home’s value may not always go up. So by taking these steps to secure a great home, with a nice down payment, and  great financing. You can be one of the few who bought a home in a great buyer’s market on your own terms. It’s a great feeling to know you bought smart and can sell smart when you need to. Happy home buying!

Related Posts:

The Complete Guide To Buying A Home

5 Reasons To Buy And Not To Buy A Home In 2010

Key Market Indicators Help Time Real Estate Markets

How Much Home Can You Afford Without Being House Broke?

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What To Do Before Writing An Offer On A Logan UT Home

July 21, 2010

Yesterday, I wrote a post on how to write an offer on a Logan UT home, and today I wanted to give you some more input on what to do before you write an offer. Here are the things I would recommend you do before writing your offer: You’ll Need Market Information Knowing the local [...]

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How To Make An Offer On A Logan Utah Home

July 20, 2010

The first step to buying a Logan UT home is to write an offer. It’s a scary thought to write an offer on a home, especially in a down economy, but many people are still buying homes and getting great deals. Here are some steps you can take to make your offer more powerful on [...]

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What To Expect When Closing On A Logan Utah Home

July 19, 2010

After days, months, or even years, the time has finally come to close on your Logan home purchase. Here is what you need to know about the closing process: Final Walk Through First, before you actually close, you will want to do a final walk through on the home. When you went through the negotiations on your [...]

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Sellers Can Be A Royal Pain In A Buyer’s Market

July 16, 2010

I was reading a blog the other day, and what I read caught me off guard. It said “Sellers can be a royal pain in a buyer’s market, especially in this slower market after the tax credit.” This got me thinking, and I wanted to share a different thought with those home sellers struggling to [...]

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Buyer’s Market? I Don’t Think So…It’s A Bankers Market

July 14, 2010

Have you heard the phrase, “it’s a buyer’s market and a great time to buy”? It was a buyer’s market, around 2008 and early 2009. Today? Not so much. Sure prices are great, inventory levels are high, interest rates are at ridiculously low levels, but you still have to qualify for a loan. See, buyer’s [...]

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Key Market Indicators Help Time Real Estate Markets

July 9, 2010

How do you time the real estate market where you live? Wouldn’t it be nice if someone could show you a timeline of bottoms and peaks of future real estate markets? You could make millions!!! *cough* Okay, so no one can time real estate markets just right. Not even the government big wigs saw this [...]

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