Do you know your home's value?

An article in the April issue of the Salt Lake REALTOR magazine caught my eye, so I am sharing it with you.

The national average for home price appreciation from the end of 2017 to the end of 2018 was 5.73%. Utah's price increase was 9.8% for that same time frame, giving us the 3rd place slot in the nation for increased home prices. Idaho took 1st place with an 11.93% increase and North Dakota took last place with a .02% increase. 

Statistics for this information were taken from the last quarter of 2017 to the last quarter of 2018 and were calculated by the Federal Housing Finance Agency.

If you take this information and put it to practical application, you can speculate and theorize that if you purchased a home in Utah during the last quarter of 2017 for $300,000, it was worth $329,400 during the last quarter of 2018. That is a 9.8% price increase, and that is a significant increase in your home's appreciation.

If you would like to know what your home is worth, I can give you a free comparative market analysis on your home. Just give me a call and we can determine what your home's value is today.

801-631-3430

Brought to you by Heath @ HeathsHomes.com

Housing prices in the valley are on the rise

The home sales graph generated by the Wasatch Front MLS is out for the 2nd quarter of 2018.

The green line shows the homes listed.

The black line shows the homes sold.

The blue line shows the median sold price.

This graph shows the previous 5 years for Heber City, Charleston, and Midway.

There were 301 homes listed for sale in the 2nd quarter; April, May and June. There is usually a large jump in inventory every 2nd quarter and this year was no different.  

There were 185 homes sold in the 2nd quarter this year. The black line is following the usual shape. In the previous 5 years there have been more homes sold in the 3rd quarter than the 2nd. Hearing the housing forecasts and real estate market data, I think we can expect the same trend this year.

The median price of homes sold in the 2nd quarter this year was $469,000. This is down a little bit from the 1st quarter because there was more inventory available during the 2nd quarter so the prices were able to decrease a little. As the blue line keeps its general trend upwards as housing prices in the valley continue to climb, it is evident that many people are discovering the wonders of this community and the thriving economy in Utah and moving into the Heber Valley or upgrading their homes. We are experiencing a strong housing market and will probably continue to do so.

I find the statistics of the real estate market fascinating and there is so much information to glean from this graph. If you have any questions and would like to discuss this graph or if you have any other real estate concerns, I would love to talk with you. Give me a call. 801 631-3430

P.S. If you found this interesting, you might like Utah's Prosperity Scorecard stats here.

Brought to you by Heath @ HeathsHomes.com

Top 10 remodeling projects by costs recouped at resale

Recently quite a few people have asked me these questions as well as similar ones. You may have the same questions too. 
"What are the most important things I need to fix on my house before I put it up for sale?" 
"I am planning on selling my house in the next 4 or 5 months, what can I do now to get ready?"  
"What is the smartest remodeling project that will get me more money at resale time and make my home more desirable?"

In the most recent Salt Lake REALTOR Magazine there is a table in the corner of one page that answers most of these questions people are asking me. You may be interested as well.

This report says that a new garage door will recoup 98.3% of its costs and a new front entry door will get you 91.3% of the cost back at resale as well. A wooden deck addition claims an 82.8% return on investment and a minor kitchen remodel will get you 81.1% back on the cost of the remodel.

There are a handful of projects that you can do by yourself that can really help your home stand out from the others on the market and give you that extra edge. If you have any questions, call me or send a text. I'd be glad to offer my help and advice. 801-631-3430

Brought to you by Heath @ HeathsHomes.com

What is your home REALLY worth?

Did you know that the property value on your Wasatch County Tax Assessment statement isn't what your home is really worth?

Wasatch County sends you a tax assessment statement on your property every fall. If you own a home, this assessment usually gives you four numbers. 

1. A Market Land Value (the value of your land or lot)

2. A Market Improvement Value (the value of your home and/or other buildings on your land)

3. A Total Market Value (the land and buildings added together)

4. A Total Assessed Value (55% of your total market value if it's your primary home - this is the amount you are taxed on)

Usually, these numbers don't tell you what the CURRENT appraised value of your home is if you were to list it and sell it today. For the most part, it is quite a bit off actually. 
Here is one of the reasons. The county is required by the state to complete an appraisal for the assessment value on EVERY single home in the county every 5 years.
That means your appraisal by the county might not be up to date. We've seen the growth in the past 5 years and the prices of homes go up in the past 5 years. So, your recorded value could be 4 or 5 years old and off somewhat.
I talked to our county assessor and she was great to answer my questions. She did say that since home sales happen so often in Wasatch County, they do their appraisals more frequently than most counties in the state.
Even though our county officials are diligent in their efforts to keep up with the current economy, the real estate market has it's own mind.
I looked up my house and the Total Market Value recorded in 2016 is $15,000 lower than what I bought it for in 2015. If your assessment statement is similar to mine, then the real value of your home is higher than you think as well.

I don't want you too look at your tax assessment and think that is all your home is worth. If you were to order an appraisal on your home, chances are your numbers would come up very similar to mine - your appraised value (and therefore your sell-it-today-price) would be significantly higher than the Total Market Value recorded on your tax assessment statement. 
Thankfully our Wasatch County officials are pretty smart and strictly adhere to the state of Utah's policy of responding and adjusting our taxes according to the the local economy. There are some state that don't do this, like California, and in some places they are experiencing a crisis because the property taxes they collect will not cover their budget to run their municipalities. Their assessed values are decades old and can't keep up with economic changes.

Hopefully I've given you some helpful information. I may have also raised a few questions in your mind. My job is to keep you the most informed real estate buyer and seller in the area. I would be glad to answer any of your questions. 
Give me a call or text at 801 631-3430

Would you like to know how much your Wasatch County home is worth in 2018?
I would be happy to give you a free of charge, Comparative Market Analysis, specifically for your home.

Brought to you by Heath @ HeathsHomes.com