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Salt Lake City is the most populous municipality city in Utah. It was ranked 24th on U.S News & World Report’s 2019 list of best places to live in America. Through our research findings, we have concluded that home values have been on the rise for the past several years. This ongoing trend is expected to continue through the end of 2020. 

Zillow.com has posted median home value in Salt Lake City at $407,370. The leading American online real estate database reported that home values have increased by 5.9% over the past year, and it is expected to continue to climb another 2.1% by the end of the year. 

Through Zillow search results, we have found that there are currently 78 foreclosure listings in Salt Lake City. Also, the homes from the cities on this list typically stay on Zillow for anywhere from 50 to 60 days. While there are not a ton of foreclosures listed for sale in Salt Lake City, it is in large part due to the fact they don’t stay on the market for very long. 

Salt Lake (Northeast and Northwest)

Two major cities in the northern region of Salt Lake County include Midvale and Magna. There has been a spike in home values in both of these cities (Midvale 5.6% increase and Magna 6.6 increase). There are currently three foreclosure listings on USAHUD.com in Salt Lake Northeast and Northwest regions combined.

Salt Lake (Southeast and Southwest)

A few examples of cities in the southeast and southwest region of the Salt Lake region include Draper, Sandy, Riverton, South Jordan, West Jordan, and Herriman. The home values in these cities have increased from anywhere from approximately 4% to 6% in just the last year alone. There are currently 2 foreclosure listings on USAHUD.com in Salt Lake Southeast and Northwest regions combined.

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Are you looking to purchase real estate in 2020? There are several aspects a buyer should take into consideration when they browse a home listing online or in-person. With this, continue reading and discover a few important considerations when purchasing real estate today. 

Signs of water damage 

Homebuyers need to appreciate the dangers that water damage presents to a home. Signs of weathering and mold can mean insufficient ventilation, leaks in the plumbing system, or even past flooding. This is just one reason why buyers do not want to ever skip the home inspection. A thorough inspection by a trained professional can shed light on hidden signs of water damage within a home. 

Energy efficiency 

Lack of insulation can dramatically affect your utility costs. You will end up paying a lot of money in the long run if you purchase a home that is not appropriately insulated. If a home listing is several decades old, you should closely consider the condition of the insulation because it will come into play down the line. 

The condition of the roof 

Traditional shingle roofs do not last forever. Did you know that it can cost upwards of $10,000 to replace a roof? With this, you want to pay close attention to the condition of the roof on each home listing that appeals to you. You do not want to put yourself in a position where you were unaware that the home you just bought needs an entirely new roof. Be sure that you consider the condition of the roof because it may end up being a deal-breaker on a home that interests you.

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Home prep and staging your home are essential steps in the home selling process. The ultimate goal is to make your home more favorable to buyers. First impressions go a long way in the real estate industry, and a poorly staged property will turn away many homebuyers. The same is true for a home that is need of significant repairs. If you are preparing your home for sale, here are three crucial steps of the home prep process. 

Don’t overspend on staging

Staging is an investment. In most cases, a home seller will need to spend some money to stage their home. However, as stated before, you don’t want to go overboard when prepping your home for sale. While staging is important, you do not want to obsess over minutia details that going to cost you to lose money. 

Only make unnecessary repairs

There is no reason to break the bank on unnecessary repairs. This is where many home sellers go wrong. They think they will recoup all investments made on repairs; however, this is not always the case. A good rule to follow is to repair any known mechanical or structural issues with the home. This will make the home significantly more favorable to buyers and should help your home sell faster. 

Declutter every room of the house

One of the first steps home sellers should be to remove clutter inside of the home. Clutter not only will make your home look messy, but it makes rooms appear smaller in pictures. When it comes to home staging, it is in your best interest to limit the amount of clutter and stick to the essentials. For example, a bedroom should feature a few pieces of furniture (bed, nightstand, bureau) and only a few decorative pieces, like a vase of flowers or a picture or two.

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We are in the thick of the winter season. While it may be a tricky time of the year to sell real estate, there is no reason why real estate agents should halt their marketing efforts during the coldest months of the year. There are a variety of marketing strategies that real estate agents can use to reach more clients throughout the winter season. With this, keep reading and discover a few reasons why winter is an ideal season for real estate marketing. 

Chance to stand out 

Many people are afraid to list their home for sale during the winter. However, this does not mean that real estate professionals should kick back and wait until spring arrives to hone in on their marketing strategies. Because real estate is typically slower during the winter, it is a great time of the year for real estate agents to at least plan out their marketing plans for when their markets heat back up again. This can be a great way to gain a leg up on the competition. 

There are untapped leads during winter

Real estate leads come throughout the entire year. This is why you should never stop marketing and connect with clients. The winter season can be an excellent time of the year to touch base with former clients. A quick phone call or personalized greeting card can go a long way in reminding former clients who you are in the industry. Even if they have no plans of buying or selling, they may refer you to their friends or family members.

Strengthens brand image

One of the best ways to create strong brand awareness is to maintain an active digital marketing presence. People will remember who you are if they see you on social media, advertisements, videos, and other platforms.

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Are you planning to purchase a home next year? The process of buying a home has many steps along the way. If you are new to purchasing real estate, it is easy to make mistakes throughout your home search because it can be a tricky process. If you are planning on buying a home in 2020, here are a few examples of common home-buying mistakes you will want to avoid. 

Choosing the wrong agent 

In many cases, it is in your best interest to hire a real estate agent to represent you throughout your home buying search. However, it is important that you hire the right agent and not just the first one you come into contact with. This is where many buyers go wrong. Understand that some agents are more qualified than others. Be sure that you thoroughly interview each agent to be sure that they are knowledgable, reputable, and are committed to helping you with your home search.

Not having any cash reserves

There are several factors that you need to take into consideration when determining your home budget. Many buyers do not factor in future maintenance and repairs after they close on a home. This is why it is important to give yourself a cushion by having enough cash in reserves. 

Skipping home inspections 

A home inspection provides the buyer peace of mind that they are making a wise investment. While many cosmetic issues can easily be spotted, many problems are tucked behind walls. This is why home inspections can save you from making a poor decision. They will tell you if there are problems with systems or appliances. With this knowledge, you may realize that a home is a bad buy or factor your home inspection information when calculating your offering price.

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Buying your first home is an exciting yet daunting task. There are many steps throughout the homebuying process, and several important decisions need to be made by the buyer. Continue reading and discover three decisions you will need need to make before you can purchase your first home.

What is your budget?

This arguably the most important consideration when a person goes to purchase a home. Because your budget is going to dictate several aspects of your home purchase, you need to set a clear budget before you dive into your home search. Many financial experts believe that your entire mortgage payment should not exceed more than a quarter of your gross income. 

How long to do you plan to stay?

Most people do not stay in their first home for the rest of their lives. While it can be challenging to predict the future, you want to have some idea of how long you intend to stay in the home. Many financial experts recommend staying in your first home for at least three years before you move again. This is because it usually takes homeowners a few years before they can pay off a chunk of their mortgage. 

Do you have the right real estate agent working for you? 

If you want the home buying process to go as smooth as possible, take the time to choose the right agent. They can make a considerable difference in the amount of time it takes to pair you with the right home. Be sure that the agent understands the local market and appreciates what you are looking for in a home. Don’t be afraid to speak with multiple agents before you decide which one is right for you.

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