C mcmullin pages

WINDERMERE NEWS

OCT/NOV 2014

Salt Lake City Foothills, Tank and Dudley

Buying A Home? You Don’t Need To Do It Alone.

Note: It’s important that we give credit to a valuable resource who has provided us with our information. KeepingCurrentMatters.com (*KCM)

Discover Home Loans conducted an interesting survey that revealed how prepared homebuyers are for the actual mortgage process.

The survey reported that 94% of prospective buyers believe they are making a good investment decision if they buy a home. The survey also explained that 66% of buyers reach out to real estate agents to help determine whether buying a certain home would be a good investment.

UPDATE SALT LAKE COUNTY REAL ESTATE SEPTEMBER STATISTICS (9.1.14–9.30.14) 3,121 New Listings Median Listing Price $219,900

However, there is less certainty regarding the mortgage process.

Median Sold Price $210,000

Most Buyers Are Overwhelmed

Median Days On Market: 45

The majority of potential buyers are actually overwhelmed with the plethora of information available about the home financing process. Here are some interesting highlights from the report: (See Stats on Following Page 2) Article continued on following page

*Provided by the Wasatch Front Multiple Listing Service

Continued from previous Page

Most Buyers Overwhelmed

• Nearly 66% feel overwhelmed with the amount of information available • 76% of those under the age of 30 feel overwhelmed • 76% of first time buyers feel the same way • 54% of those buyers who have previously owned also were overwhelmed • 59% of buyers turn to mortgage bankers to help evaluate mortgage terms and comparing offers • 49% of buyers turn to real estate agents to help evaluate mortgage terms and comparing offers the process

There is help available…use it!

Cameron Findlay, chief economist at Discover Home Loans, gives great advice: “The industry is becoming more transparent in an effort to help homebuyers become informed about changes that may affect their process. The sheer amount of information can lead to confusion and stress. Those looking to purchase should work closely with their lender and realtor to make sure they are comfortable with mortgage terms and understand the impact a loan will have on their finances.”

Bottom Line Purchasing a home can put great pressure on a family. Reach out to the best mortgage and real estate professionals in your market for assistance throughout the process.

A Home’s Cost vs.

Price Explained We have often talked about the difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned about price but instead about the ‘long term cost’ of the home.

Let Us Explain.

Recently, we reported that a nationwide panel of over one hundred economists, real estate experts and investment & market strategists projected that home values would appreciate by approximately 4% from now to the end of 2015.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will be 5.0% by the end of next year.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

The Amount a Buyer Can Afford Goes Down as Rates Increase

E VE NT DATES

RATE

$180,000 - $200,000 Buyer’s Purchasing Power 6.00 $

1,199

$

1,169

$

1,139

$

1,109

$

1,079

5.75 $

1,167

$

1,138

$

1,109

$

1,080

$

1,050

5.50 $

1,136

$

1,107

$

1,079

$

1,050

$

1,022

5.25 $

1,104

$

1,077

$

1,049

$

1,022

$

994

5.00 $

1,074

$

1,047

$

1,020

$

993

$

966

4.75 $

1,043

$

1,017

$

991

$

965

$

939

4.50 $

1,013

$

988

$

963

$

937

$

912

$ 200,000

$ 195,000

$ 190,000

-2.5%

$ 185,000

-5%

$ 180,000

-7.5%

-10%

Principal and Interest Payments rounded to the nearest dollar amount.

RATE

$380,000 - $400,000 Buyer’s Purchasing Power 6.00 $

2,398

$

2,338

$

2,278

$

2,218

$

2,158

5.75 $

2,334

$

2,276

$

2,218

$

2,160

$

2,100

5.50 $

2,272

$

2,214

$

2,158

$

2,100

$

2,044

5.25 $

2,208

$

2,154

$

2,098

$

2,044

$

1,988

5.00 $

2,148

$

2,094

$

2,040

$

1,986

$

1,932

4.75 $

2,086

$

2,034

$

1,982

$

1,930

$

1,878

4.50 $

2,026

$

1,976

$

1,926

$

1,874

$

1,824

$ 400,000

$ 390,000

$ 380,000

-2.5%

$ 370,000

-5%

$ 360,000

-7.5%

-10%

Principal and Interest Payments rounded to the nearest dollar amount.

RATE

$450,000 - $500,000 Buyer’s Purchasing Power 6.00 $

2,998

$

2,923

$

2,848

$

2,773

$

2,698

5.75 $

2,917

$

2,845

$

2,772

$

2,699

$

2,626

5.50 $

2,838

$

2,768

$

2,697

$

2,626

$

2,555

5.25 $

2,761

$

2,692

$

2,623

$

2,554

$

2,485

5.00 $

2,684

$

2,617

$

2,550

$

2,483

$

2,415

4.75 $

2,608

$

2,543

$

2,478

$

2,412

$

2,347

4.50 $

2,533

$

2,470

$

2,407

$

2,343

$

2,280

$ 500,000

$ 487,500

$ 475,000

-2.5%

$ 462,500

-5%

$ 450,000

-7.5%

-10%

Principal and Interest Payments rounded to the nearest dollar amount.

RATE

$630,000 - $700,000 Buyer’s Purchasing Power 6.00 $

4,197

$

4,092

$

3,987

$

3,882

$

3,777

5.75 $

4,085

$

3,982

$

3,881

$

3,779

$

3,676

5.50 $

3,975

$

3,875

$

3,776

$

3,676

$

3,577

5.25 $

3,865

$

3,768

$

3,672

$

3,575

$

3,478

5.00 $

3,757

$

3,663

$

3,570

$

3,476

$

3,381

4.75 $

3,651

$

3,560

$

3,469

$

3,378

$

3,286

4.50 $

3,547

$

3,458

$

3,370

$

3,281

$

3,192

$ 700,000

$ 682,500 -2.5%

$ 665,000 -5%

$ 647,500 -7.5%

SKI RESORT EXPECTED OPENING DATES ALTA SKI AREA

Saturday, November 22nd

BEAVER MOUNTAIN RESORT

TBD www.skithebeav.com

BRIAN HEAD RESORT

Saturday, November 22nd

BRIGHTON SKI RESORT

Saturday, November 22nd

CANYONS RESORT

Friday, November 28th

CHERRY PEAK

Saturday, December 13th

DEER VALLEY RESORT

Saturday, December 6th

EAGLE POINT Friday, December 5th NORDIC VALLEY

Friday, November 28th

PARK CITY MOUNTAIN RESORT

Saturday, November 22nd

SNOW BASIN Wednesday, November 26th SNOWBIRD SKI RESORT

Saturday, November 22nd

SOLITUDE MOUNTAIN

Saturday, November 22nd

SUNDANCE

Saturday, December 6th

*Information gathered through www.SkiUtah.com

UTAH JAZZ 2014-2015 Regular Season Utah Jazz Games Begin October 29th, 2014 HOUSTON ROCKETS

Wednesday, OCT, 29th

DALLAS MAVERICKS

Thursday, OCT, 30th

PHOENIX SUNS

Saturday, NOV 1st

LOS ANGLES CLIPPERS

Monday, NOV 3rd

CLEVLAND CAVALIERS

Wednesday, NOV 5th

For additional Games go to : www.nba.com/jazz/schedule

$ 630,000 -10%

Principal and Interest Payments rounded to the nearest dollar amount.

*Information gathered through resort and event websites.

CHRISTIAN MCMULLIN REALTOR® 801.953.6179 christian@wincre.com

1240 East 2100 South Suite 600 Salt Lake City, UT 84106

It’s that time of year again. The leaves have

begun to fall, you’re getting up earlier to defrost your car, and for some of us, that even means starting up the furnace. With winter just around the corner, it is time to starting thinking about ways to winterize your home in order to cut costs and save on energy. From larger things like turning off your sprinklers and cleaning your gutters, to lesser known tips like making sure your ceiling fans are turning clockwise in order to push the heat down to the floor. Call me today, I have plenty of tips like these that will improve your winter experience.

Please Consider Recycling Our Newsletter.

Fannie Mae Agrees: Hire a Pro to Sell Your House Do you really need an agent to sell your house in today’s market? Here’s what Fannie Mae suggests to sellers on the Know Your Options section of their website: (KnowYourOptions.com)

“Select how you’ll market and list the home (e.g., with a real estate agent or for sale by owner). There are pros and cons to each, but unless you are experienced at selling homes, it usually makes financial sense to get professional help—homes sold by agents typically sell at a higher price and spend less time on the market. An agent will also help you determine the best pricing for the house, they’ll market the home, and they’ll be your advocate throughout the process.”

Quick Tips to Remember If You’re Ready to List...

• Homes sold by agents typically sell at a higher price • Homes sold by agents typically spend less time on the market • An agent will help you determine the best pricing for the house • An agent will market the home • An agent will be your advocate throughout the process