Salt Lake City UT Real Estate Highlights

salt lake city UT real estateSimilar to larger-than-life Dallas, Texas, and sunny Riverside, California, the real estate market in Salt Lake City is heating up. Sellers might not be able to keep up with demand.

According to the Salt Lake Board of Realtors, single-family home prices in Salt Lake County shot up 19 percent to $228,750 in the first quarter of 2013. The median price during the same period last year was $192,500.

The number of new and existing homes sold was basically the same as previous quarters, though, underscoring the shortage of homes for sale even as home buyer demand rises and the economy picks up. There were 2,190 homes sold from January through March this year – just 7 fewer than how many were sold during the same time period last year.

Salt Lake City, often called simply Salt Lake or even SLC, is the capital of Utah. With a population of about 189,899 people, it is also the most populous city in Utah. Salt Lake City UT real estate covers a total area of 110.4 square miles in the northeast corner of the Salt Lake Valley, just southeast of Great Salt Lake. SLC is the heart of the Salt Lake City metropolitan area.

There are jobs available in Salt Lake City. The unemployment rate was just 4.8 percent, according to the U.S. Bureau of Labor Statistics. The economy of Salt Lake City is service-oriented, with major industries that include trade, transportation, utilities, government, and professional, health and business services. Some of the biggest employers in Salt Lake City include Intermountain Health Care, University of Utah, Sinclair Oil Corporation, and the North America Delta Air Lines hub at Salt Lake City International Airport. Salt Lake City is the location for one Fortune 500 company, Huntsman Corporation, and two Fortune 1000 companies, Zions Bancorporation and Questar Corporation. The Salt Palace convention center attracts many conferences, tradeshows and conventions.

There are many Salt Lake City homes for sale. Salt Lake City UT real estate comes in many shapes, sizes and prices to suit most styles and budgets, including condos, town homes and single-family houses. Prices on homes for sale in Salt Lake City start as low as $60,000 for single-family house to beautiful multi-million dollar estates with all the deluxe features.

Searching for a home in Salt Lake City or another major community? Our MLS listing search can help you find your Utah utopia.

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6 Mortgage Misconceptions Home Buyers Should Know

home buyers - mortgage resourcesMortgages are complicated. Their intricacies can make it hard for many people to understand. Unfortunately, not having enough knowledge about mortgages can cost home buyers both money and heartache.

Prospective home buyers could do themselves a favor by investing time in learning about mortgages and the mortgage process. Zillow has compiled a list of common mortgage misconceptions based off the results of its 2013 Mortgage IQ Survey. With the real estate market picking up and mortgage rates still at historic lows, there will most likely be some competition for homes, so the more you know, the better.

Take a look at the list below to clear up some misconceptions you may have about mortgages.

Your interest rate reflects the real cost of your mortgage. The annual percentage rate, or APR, is actually the figure that represents the true cost of a mortgage. The APR is typically higher than your interest rate because it also incorporates fees, points and mortgage insurance, when applicable. When shopping for a mortgage, it is best to compare loans based on APR instead of simply the interest rate because it will offer a better sense of the total of the loan.

All lenders charge the same fee amounts for appraisals and credit reports. Lenders are free to set the fees for services such as appraisals or credit reports. Some lenders may charge higher fees for these services, so it’s important to shop around and get multiple mortgage quotes. You may even find lenders that forgo charges for such services altogether in order to make their loan quotes more competitive.

You must get a mortgage through the same lender that pre-approved you. You are under no obligation to proceed with the lender that gave you a pre-approval. A pre-approval is basically an estimate of the size of the home mortgage a lender would fund for you. The process typically involves income verification and a credit check. Far from just you, you should get at least three pre-approved loan quotes before proceeding with a mortgage to get the best rate.

The best mortgage interest rates are at the bank where you have a checking account. It’s purely the luck of the draw whether your bank will offer the best interest rate. Sometimes banks do give customers a discount, though, so it’s at least worth checking out when buying a home. To get truly competitive mortgage rate and terms, get quotes from multiple lenders, then pick the one that works best for you.

Lenders will look at credit reports equally when determining the interest rate for joint mortgages. When spouses apply jointly for a mortgage to buy a house, lenders will pull the credit scores from each of the three major credit reporting agencies. Then they’ll take the middle score of each set and use the lower of the two to help define the mortgage interest rate. This means that the least creditworthy borrower will have the greatest impact on the monthly payment.

Home loans won’t be approved with less than a 20 percent down payment. It is a common misunderstanding that home buyers need to put down 20 percent on a home, especially in light of the recent housing crash. With as little as with as little as 3.5 percent down, home buyers can often obtain a mortgage through the Federal Housing Administration (FHA). FHA loans have become a popular loan option for those who may not have a large down payment or have blemishes in their credit history.

Head on over to our mortgage resources page to learn more about mortgages.

Want to take the Mortgage IQ Quiz for yourself? Take a look at it over at Zillow.

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Dallas TX Real Estate Highlights

Dallas is already pretty hot. It is in Texas, after all. But if you though the weather was sizzling, you haven’t seen the Dallas real estate market.

People are snatching up houses as fast as they can show up on the market. A shortage of homes for sale in Dallas TX has home buyers ready to pounce. The result is that prices are heating up, too.

Homes for sale in Dallas TX

The number of pre-owned single-family homes for sale in Dallas is the lowest in more than 20 years. At the end of the first quarter, there was an average of just 2.6-months’ worth of real estate supply on the market in the area.

So what’s going on? Dallas is big right now, and not just because everything is bigger in Texas. With a population of 1,197,816 people, Dallas is the third most populous city in Texas and the ninth most populous city in the entire United States. The entire Dallas-Fort Worth metropolitan area, which includes a population of about 6,871,773, is the largest metro in the South and the sixth largest economy in the U.S.

That’s a lot of people, and people need jobs – and Dallas TX has that, too. With a 2010 gross metropolitan product of $374 billion, Dallas is also has the 14th largest GDP in the world. Part of this is because Dallas TX is home to the third largest concentration of Fortune 500 companies in the nation and one of the largest, busiest airports in the world. The city’s economy is primarily based on banking, commerce, telecommunications, computer technology, energy, healthcare and medical research, transportation and logistics, though manufacturing is also an important industry to Dallas TX.

That’s a lot of economic pull and it shows.

It’s also a lot of opportunity. The unemployment rate, which escalated like other cities during the economic downturn, is lower in Dallas than the national rate and even lower than the unemployment rate throughout the state. Combine this with a healthy real estate market, and it’s easy to understand why Dallas TX real estate is a hot commodity.

MLS Listings of homes for sale in Dallas TX show that real estate there comes in a variety of shapes and sizes, including condos, town homes and single-family houses. There are also homes here to suit any budget, from as low as $15,000 for fixer-uppers to this $19.6 million dollar home that just hit the MLS listings last week.

Don’t take my work for it. Take a look at our Dallas TX real estate community page, and then click the link to search for homes in Dallas TX. You may just find the place you’ve been seeking to call home.

Searching for a home in Dallas TX or another major U.S. city? Our MLS listing search can help you find what you’re looking for.

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5 Costly Bathroom Remodeling Mistakes to Avoid

white small bathroom remodelSometimes adding a bathroom to a home or remodeling an existing bathroom has to happen. Maybe your family has grown and a new bathroom is a must if your morning routine is ever going to be peaceful again. Perhaps you’re trying to sell a home and nothing you put in your MLS listing is going to make up for your singular, tiny, outdated bathroom.

Well, the good news is that adding a bathroom to your home or remodeling an existing bathroom is worth the money and effort. According to Remodeling Magazine, an average bathroom remodel will cost about $15,782, of which at least $10,295 can be recouped upon selling the home. The average cost of a new bathroom will run you about $37,501, of which about $20,569 or more can be recouped at sale.

If you decide to follow through with a bathroom remodel or bathroom addition project, there are a lot of things to consider to ensure you get the most bang for your buck. When you decide to remodel, the absolute first order of business is determining if this project is something you should do yourself or if hiring the services of a professional are in order. Bathrooms are tricky because they involve a lot of wiring and plumbing that has to be up to code to be safe.  If you have professional skills in these areas and want to invest in the time it’ll take to complete the task, doing it yourself may be a good choice, but if not, you should hire a contractor.

Whether you decide to do it yourself or hire a contractor, there are some common (and costly) bathroom remodeling mistakes that you can avoid if you’re aware of them.

Failing to obtain necessary permits. If the changes you’re making to an existing bathroom are cosmetic, you likely won’t need a permit. However, if you are adding a new bathroom or making major renovations to a bathroom, such as installing new plumbing fixtures or increasing the size of the room, obtaining the appropriate permits is imperative. Permits not only help increase the likelihood of the safety of the structure due to requirements and inspections, it can also help ease the mind of a buyer.

improve MLS listing with bathroom remodelingBudgeting too little. You saw the costs of adding a bathroom or remodeling a bathroom. Though as you read, adding a bathroom is a hefty investment and you likely had a moment of sticker shock. That’s okay, look on the bright side: At least you know now before starting your project what the costs could run. So many others dive into these projects expecting everything to go smoothly, while also having unrealistic ideas of how much can be safely and attractively accomplished with their budget. If I were you, I’d budget more than what Remodeling Magazine indicated because you never know if you’ll encounter water damage, rot and even mold. Then if you come in under budget, you can throw a little party that your project is done.

Valuing price over quality. You don’t want to go over budget, but you shouldn’t cheap out, either. Not everything you put in the bathroom needs to be top shelf, but invest a little more money in the areas of the project that could use some extra attention. Be sure to include high-quality sink and shower fixtures so you don’t have to replace them again in just a few years. Using inferior underlayment on your subfloor can result in water damage. Importantly, if you hire a contractor, don’t skimp there, either: The cheapest option isn’t necessarily the best.

improve MLS listing by adding a bathroomFollowing the latest trend. Remodeling or adding a bathroom isn’t the same as painting a wall or putting down new carpeting. Tile and counter tops take a lot more effort and expense to replace. Bathtubs, sinks and toilets are permanent fixtures.  Today’s chandelier in the bathroom trend will likely be the ugly – I mean – olive green sink of the ’70s or the mauve toilet of the ‘90s. Consider designs and pallets with a more classic, timeless look. Neutral colors or even off-shade whites can never go wrong. And with a somewhat blank canvas like this, you can add all the character you want through decoration and towel choices.

Failing to hire a good contractor. This mistake can creep up on you whether you hire a contractor or not. If you don’t hire a good contractor, do it yourself, and botch the job, it’s going to be twice as expensive to have a professional fix it. If you do hire a contractor, and don’t do your homework to find out how good they are, once again, your project could end up being twice as expensive to have another remodeler fix it. Some research up front can help you make the right decision and save you time and money.

Remodeling a home is a big project. But it’s worth the investment, especially if your family bathroom is experiencing growing pains or your MLS listing isn’t quite stacking up to other properties in your neighborhood. Making some bad choices about a bathroom remodel project can result in heartache and higher construction costs. But if you do your homework, this improvement to your house can improve your life, grow your home value, and/or increase the likelihood of selling a home.

Do you know what your home is worth? Check out how calculate home value to see how much a new bathroom or remodeled bathroom may help.

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Sunny Riverside CA Real Estate Highlights

Riverside CA home for saleSouthern California real estate is a hot commodity right now. One community in particular that is seeing an increase in home sales and community growth is Riverside CA.

Named for its position alongside the Santa Ana River, Riverside is an exciting, large city in the Inland Empire area. Riverside CA real estate covers approximately 81 square miles and it is located about 60 miles east of Los Angeles. As of the 2010 Census, Riverside had a population of 303,871.

Riverside has a lot going for it. It is the birthplace of the California citrus industry and home to one of the few surviving Parent Navel Orange Trees, from which all American West Coast navel orange trees are derived. Riverside is also home to four nationally recognized higher education institutions, including a University of California campus. Other attractions in Riverside include the Riverside Metropolitan Museum, Fox Performing Arts Center, and the California Citrus State Historic Park.

Riverside CA real estate options are abundant and available in a variety of shapes, sizes and price ranges. Architectural styles of the homes for sale in Riverside CA vary from classic California bungalows to newly constructed modern homes. Prices for Riverside CA real estate start from around $70,000 for a condo or single-family home to beautiful estates worth millions.

A home in Riverside CA is a coveted address. And why not? It’s a great place to live. But if you’re thinking about buying  a home in Riverside, you may want to move fast. According to DataQuick, the median price of homes sold in Riverside County rose 22.5 percent to $245,000 from $200,000. With all the snowstorms hitting the Midwest this late into the spring, real estate in sunny Riverside CA may just become a little bit more enticing this year.

Searching for a home in Riverside? Our MLS listing search can help you find your California dream.

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15 Unusual Home Features That Are Popular in Some US Cities

There was a great article at CNN Money that highlighted what unusual amenities home sellers in different parts of the country are highlighting in their MLS listings to try to spark interest from buyers. According to data compiled by Trulia, these uncommon features are appearing in MLS listings up to 10 times more often in some parts of the country as compared to others.

Take a look at this list of 15 communities and the more unusual features that are appearing in their local MLS listings. You never know, if you’re a seller you discover you have something to highlight in your MLS listing or if you’re a buyer, you could find a new feature that you’ll want to include in your home search!

Hawaii real estate - lanaiLanai – Hawaii. A lanai is an open-sided porch that might be called a veranda or portico in other parts of the country. A lanai is a big selling point for those seeking Hawaii real estate that invites the Pacific wind inside the house.

Stone Walls – Fairfield County CT. This region is well-known for its stone bedrock and its stone walls. The stone walls are a holdover from the old farms that helped to establish the local communities. Modern and original stone walls are a great selling point for homes in Norwalk CT and surrounding communities.

Mirrored Closet Doors – Ventura and Orange Counties in California. Are people seeking homes for sale in Huntington Beach CA particularly narcissistic? The popularity of mirrored closet doors in southwest California probably has more to do with a big demand for homes that were built during a time when that was a widespread feature.

Whole Foods – San Francisco CA. Close to a third of people with homes in San Francisco don’t have cars, which means many residents grocery shop on foot or via public transportation. That would make it a big advantage to be close to a favorite market.

Coffered Ceiling – Houston TX. A coffer is a sunken panel that is used as a decoration. This sort of dropped ceiling can serve as a convenient place to route an air conditioning duct. It can also add a touch of luxury to a Houston TX home without spending an arm and a leg.

Phoenix MLS listings - kitchen islandKitchen Island – Phoenix AZ. What’s with the kitchen island, Phoenix? This term appears in so many Phoenix MLS listings. It is believed that this became a hot feature during the housing boom, when many of the local housing stock was built.

Storm Shutters – Palm Bay FL. Storm shutters are popular term for Florida MLS listings for both buyers and sellers, and who could blame them? This area of Florida is visited by frequent hurricanes, making storm shutters a huge advantage to home owners.

Steel Siding – Omaha NE. People with homes in Omaha NE have their own natural disasters to dodge. In this tornado-prone community, steel siding is the treasured feature for buyers and sellers.

Heated Garage – Milwaukee WI. It’s not exactly a natural disaster, but cold has a noticeable effect on home buyers and sellers in the northland. For Milwaukee WI MLS listings, heated garages are a must-have.

Glass Block Windows – Buffalo NY. Glass block windows are known for both their insulation and security, while still letting in light. And they aren’t unattractive, either. That must be why glass block windows appear in so many Buffalo NY MLS listings.

Memphis TN MLS listings - hearth roomHearth Room – Memphis TN. A hearth room is simply a room that has a fireplace in it, whether it is a kitchen, a living room or a dining room. It’s popular in Memphis TN MLS listings, but really, who wouldn’t want a hearth room?

Roman Tub – West Palm Beach FL. Roman tubs are a little, well, slippery. The definition may vary, depending on who is looking. Generally, these tubs are designed for soaking, and tend to be larger than a standard tub. Roman tubs are a popular feature appearing in West Palm Beach FL MLS listings.

Solar Screen – Fort Worth TX. If Texas is anything, it is sunny. So of course it makes sense that solar screens are incredibly popular in Fort Worth TX MLS listings. Seems like an easy enough home improvement to make before listing a home on the market in Fort Worth.

Mother-in-Law Apartment – Salt Lake City UT. Mother-in-law apartments are more popular in Salt Lake City MLS listings than anywhere else in the United States. It’s not hard to believe when you consider that the state has the largest average family size in the nation, according to the Census Bureau. Having a mother-in-law nearby to help with the kids probably sounds like a great idea!

Though not all homes in these areas have these features, it’s important for real estate agents and homes sellers alike to know what features buyers are focused on. That way when they create the MLS listing for the property, they know what types of keywords to include in order to increase the chances of selling the property.

What sorts of features are you looking for when you buy your next home? What features are you highlighting as you try to sell your home? Share your answers in the comments below.

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