Know Your Real Estate With Harvest Park Group

With as big of an investment as real estate is, it’s important to have all the facts before purchasing so you can make sure you’re making a smart choice. Utah’s real estate has its ups and downs like any market but has become increasingly in demand in the last few years.

With that demand and the current housing market climate, is it smart to buy a house in Utah right now? Before we can answer that question, let’s tackle some of the common concerns homebuyers have when looking into Utah real estate.

How Much Money Do You Need To Buy a House in Utah?

As of May 2023, the average price of a home sold in Utah was close to $530,000. This means that after a down payment and closing costs, you could spend anywhere from $40,000 to $150,000 to initially buy a home, depending on how much money you put down and what sorts of loans and grants you may qualify for.

However, if you are a first-time home buyer and are looking to build a new home, you can check out Utah’s legislature’s new first-time home buyer assistance program. This program allows a loan of up to $20,000 that can be used to either add to your down payment, pay for closing costs, or buy down your mortgage rate. This loan comes without any interest and will only need to be paid back when you sell the home or refinance. If you think you’re eligible for this assistance, make sure to talk to your real estate agent about applying.

Why Are House Prices So High in Utah?

Housing prices anywhere are subject to supply and demand. If an area is highly sought after, prices will reflect that. Utah’s population is booming because of its strong and growing economy, low unemployment rates, family-friendly atmosphere, and low taxes. We not only see people from out of state flocking to Utah, but more Utahns not moving away as well. Although high demand can mean higher prices, this can also mean greater safety in your real estate investment. Because Utah is becoming so popular, and demand continues, your home’s value will increase, or at the very least, stay stable.

Is Utah Real Estate in a Bubble?

A lot of critics like to forecast a housing recession and attribute high prices to a housing bubble rather than the economics of supply and demand. Luckily for new home buyers, Utah’s housing prices have decreased a bit in the past few months, coming off from a high in the last few years. However, dips in the market are significantly different than a bubble bursting.

The factors that caused the housing market crash in 2008, such as unregulated markets and lenders loaning more money than homeowners could afford aren’t happening right now. What is more likely to happen is that housing prices will dip a little (as we see now) but continue their upward trend, as there is still a shortage of homes on the Utah market.

Is It Smart to Buy a House in Utah Right Now?

In reality, there is always going to be some sort of challenge when it comes to investing in real estate. Your personal financial standing is the greatest determinant of whether or not your home purchase is a smart choice to make. As far as the Utah housing market is concerned, our experts are confident that it is still a good time to invest in real estate. Housing prices are high, but they are expected to climb even higher, which not only will help your resale value but makes it dangerous to try to wait out the market—something that could cost you thousands of dollars later.

With the right agent, you can still find the right home for you for a competitive price that will be a smart investment now and in the future.

Contact Our Team of Experts at Harvest Park Group

Our Harvest Park Group team are resident experts in Utah’s real estate market and help make the home-buying process as smooth as possible. Contact us today to see if buying a home in Utah is right for you.

Interior decorators are more than just for your favorite HGTV show—they really can help you in both the home buying and selling process.

Although today’s technology allows designers to work with you remotely throughout the country, it’s always a good idea to look for someone local. If you meet them in person, they can often show you things like fabrics and tiles in person rather than relying on digital images, and some of them even have local showrooms to inspire your project if you’re not sure what you want yet. 

Why Do You Need an Interior Decorator?

Selling a Home

When it comes to selling a house, staging it correctly cannot be overstated. A well-decorated home can make or break a sale and has the potential to impact the offers you receive by thousands of dollars. First impressions matter and bad ones are hard to overcome. But decorating your home can be an overwhelming creative endeavor, and not everyone is up to that task. To make your home stand out above the crowd, turn to the seasoned professionals that the locals have learned to love and trust. 

Instead of scouring social media for ideas on how to decorate your house, try turning it over to the professionals!

Buying a Home

If you’re just bought a home, it may feel hard to get cozy in a new place with furniture and decor you previously purchased for a different space. Instead of spending months of your own time trying to figure out what layout will fit best and which furniture and accessories will work with your style, consider hiring an interior decorator who can make the process go a lot more smoothly. 

Not only can a decorator help you nail down exactly what your style is, but they can help you incorporate design functionally into your home. Now let’s look at the official top interior decorators in Utah County.

1. Osmond Designs

Osmond Designs is a well-known name throughout Utah County. Heather Osmond owns Osmond Designs. 

The company has two store locations, one in Lehi and one in Orem. They offer already-designed furniture as well as a design center that allows you to custom-make your own furniture. As a title sponsor of the Utah Valley Parade of Homes, they also boast of being the official design sponsor of the Salt Lake Parade of Homes. 

Heather is also one of the hosts of KSL’s radio Home Show, where she offers her expert advice on how to decorate like a pro. Their website also offers a Room Planner application where you can digitally decorate your intended room to make it just right before you purchase anything. 

Osmond Designs has won Best of State for Interior Design and Furniture Selection multiple years in a row and have also won two Best of Houzz awards in design and service.

Why we love Osmond Designs:

• Their Room Planner feature
• Homeowners can purchase furniture that fits their needs and taste
• High quality for a price customers love

2. Stage 7 Design

Stage 7 Design is where you should go if you are looking specifically to hire a team to stage your home or even design a remodel. 

If you are selling, Studio 7 Design can draw from its own collection of thousands of items to stage your home during the showing and selling process. After a consultation on what rooms you’d like staged, they can set up your home in one day and leave the staging as long as necessary for your home to sell. 

If you’re looking to create your dream home, set up a consultation with Studio 7 to discuss your goals and the aesthetic you’re hoping for. After creating 3D renderings, Studio 7 will make the purchases and take over the moving-in process so you can sit back and relax. 

Stage 7 Design has won first place in Interior Design in the Salt Lake Parade of Homes and has won seven Best of Houzz Design and Service awards over the years. 

Why we love Stage 7 Design:

• Home staging and interior design services for homes and businesses
• 3D renderings and mood boards
• Light and airy feel

3. Gatehouse

Gatehouse was founded in 1979. They own a 10,000 sq. ft. decor showroom and an interior design studio located in Orem.  Although you’re welcome to visit and get design inspo on your own, Gatehouse design services help you to define a room’s purpose and guide you through space planning. They help you choose details like fabric and nailhead finishes, and then they deliver and install your new furniture and decor. 

Design services start at $800, but that fee is credited toward your purchases of furniture and accessories, meaning that the design fees end up getting waived after your purchases. 

Gatehouse is now an icon among Utah interior designers and decor enthusiasts alike. They host exclusive live events and participate in Utah Valley’s Parade of Homes annually. 

Why we love Gatehouse:

• 10,000 sq. ft. showroom 
• Custom furniture
• Sells all household essentials 

4. Remedy

Remedy is a great choice for personalized consultations and design services. Remedy was founded in 2015 and offers a “white-glove” home-design experience. 

Although Remedy certainly helps you decorate your home, they primarily help with the actual design of your home, if you are looking to build. As a full-service design firm, they can handle a whole home design, from the foundation to the throw pillows, and take remodels on a case-by-case basis. 

If you’re looking for just decor, their store Elements by Remedy has trained home stylists to help you with furniture styling and layouts as well as styling accessories. 

Why we love Remedy:

• Modern, neutral style
• Full-service design firm (including architectural phase)
• Elements by Remedy

5. Glass House Collective

Glass House Collective is another full-service design firm that serves Utah County and the surrounding areas. While they can handle a whole home construction project, Glass House Collective also offers packages for remodeling, a two-hour in-home consultation to help guide you through a specific project, digital designing for those wanting to design things online, and a Designer For A Day package that gives you a six-hour time block to design your space with an expert as they guide you through the ins, outs, and specifics of your project. 

Glass House Collective is relatively affordable and accessible, with their in-home consultation priced only at $350. 

Whether it’s staging to sell, or decorating your new purchase, a well-decorated home can make a difference in the overall feeling of your house. Turning to professionals can help an otherwise overwhelming process be a smooth, stress-free, and high-quality experience. 

Why we love Glass House Collective:

• Eager and able to work with any budget
• In-depth consultation
• Designer For A Day Package

Sell or Buy With Harvest Park Group

Utah County is home to some of the most talented interior designers who have made a significant impact on the region's aesthetic landscape. From modern minimalism to classic elegance, these designers have an eye for creating stunning spaces that are both functional and beautiful. 

Whether you're looking to update your current home or purchase a new one, it's important to work with professionals who can help you achieve your goals. That's where Harvest Park Group comes in. Our team of experienced realtors has a deep understanding of the local market and can guide you through the buying or selling process with ease. Plus, with our unique design services, we can help you transform any property into the home of your dreams. 

So, why wait? Contact us today to learn more about how we can help you achieve your real estate goals.

If you’re planning on selling your home, whether in a few months or years from now, it’s worth knowing what home projects and upgrades will give you the best return on your investment. Although a fancy jacuzzi may seem nice to you, it may not be enough for a buyer to offer more for your house when you are eventually ready to sell. 

Here are some home upgrades that will actually increase your home’s value. 

Fresh Paint

Painting is relatively inexpensive, easy to do yourself, and it immediately makes your home feel fresher, newer, and more inviting. This simple improvement is enough to affect a buyer’s first impression. Stick with neutrals and light colors, as adding murals or bold colors may feel like extra work for a potential buyer to change.

Kitchen Remodel

While any kitchen remodel will yield a return, you don’t have to go all out to increase your home’s value. A minor remodel usually gets a higher ROI than a complete overhaul of your kitchen. Upgrading to fancy appliances probably won’t do much for your resale value, but if you spend a couple thousand replacing the countertops, your kitchen can feel years newer and more appealing. 

If you’d like to update more, you can also refinish or paint your cabinets rather than ripping them out to save money while still getting a good ROI.

Finish a Basement or Attic 

Finishing an unusable living space increases your home’s value dramatically. Not only is it increasing the livable square footage of your home, but buyers often see these upgrades as a blank canvas for their own custom needs. These remodels sometimes allow you to add an extra bedroom and/or bathroom, immediately increasing your home’s value and opening your home to more potential buyers who’d need the extra space.

Minor Bathroom Remodel 

A bathroom refresh may be just what your home needs to catch a buyer’s eye. Although you likely won’t make your money back on luxury upgrades, an updated vanity, neutral subway tile, paint, and a decent showerhead are sure to keep buyers interested. Stay away from overly trendy designs, and go for a clean look that could cater to multiple design styles.

 Replacing Windows

Replacing your windows might not seem as fun as some other home improvement projects, but when you and future owners can save money on their utility bills, buyers take notice. If you live in an older house, you should definitely consider this upgrade.

Landscaping

While lavish and expensive landscaping will just seem like extra maintenance to future buyers, simple landscaping can land the attention, and competition, of many buyers when you are looking to sell your home. Skip the water feature and the koi pond, and invest in some good shade trees and perennial plants that you and future owners can enjoy for years to come.

Outdoor Living Space

Building a deck or updating an existing patio can also be seen as extra livable space for future buyers. Installing new pavers, re-staining the wood, and adding some new plants or vines can liven up the extra space without costing much. While it may not technically add to your square footage, this extra entertaining/relaxing space can make a difference in the overall feel of a home. 

 Confidently Sell Your Home with Harvest Park Group

The costs of selling a home can add up and feel stressful when you’re spending your own hard-earned money to make updates you hope will make a difference. With these home-selling tips, we hope you can feel more confident as you choose what to update on your home. Want to know what your home is already worth? Get a free estimate today!

There seem to be a lot of resources for those hoping to buy a home, but what about people who are selling? When selling, you are often doing both: trying to sell and buy a home all at about the same time. Cue the stress.

To help you fully focus on finding the next home, here are some of our favorite resources to help make the selling process a breeze.

1. Home Valuation Tool

Finding out what your home’s real value is can be one of the most important things you do when selling your home. You can often get a free estimate to give you an idea of what your home could sell for or how to price your home. You can also hire a professional appraiser for your home to give you an official value, although this step will often be completed anyway during the due diligence period once your home is under contract. A home value estimate can start you off on the right foot with realistic expectations.

2. Market Reports

A market report can give you a snapshot of your local real estate market. It often includes new listings of homes in your area and their prices, as well as homes that have recently sold, how long they were on the market, and what they ultimately sold for. 

These reports give as much of a direct comparison as possible and help you set an expectation for what your home selling timeline may look like. These market reports will also help you in pricing your home in the sweet spot of not too little, but not too much to scare off potential buyers. These market reports are often shown to buyers who see your home, so they can see how your home compares to others in the neighborhood.

3. An Inspector

An inspector can come and look at the bones of your home. While we aren’t worried too much about the aesthetics that will help sell your home, an inspector can ensure everything is in working order and can disclose any renovations or fixes that need to be made.

You will need to make some of these fixes, but you can opt to let the new homeowners take care of other issues for a discount on your home’s price. Similar to a home appraisal, you or the ultimate homebuyer will handle this step at some point during the process. Who pays for it often depends on the market and what you have written in your contract.

4. A Home Consultation Professional

A home consultation can be a valuable tool in helping you get the best price for your home as possible. What usually happens is a realtor or other professional comes and can guide you on what to improve, update, or fix to increase your home’s value. They may also give you tips on how to present your home when the time comes for open houses and showings. These consultations can help you see which investments you would make your money back (and more) for, and which investments wouldn’t be worth it, which can potentially save or earn you thousands.

5. A Landscaper

A landscaper can go hand in hand with a home consultation. If you or your home consultant noticed any curb appeal that could be updated or improved upon, a landscaper may be someone you want to hire. 

Try to have fresh and clean landscaping with neatly manicured grass, shrubs, and mature colorful flowers to make a good first impression when buyers come. Although you could do this all yourself, sometimes hiring out is worth the cost during the chaos of moving and trying to sell a home. 

6. A Home Stager

Similar to a landscaper, a stager can come to help your home show its best side. A home stager can help arrange the furniture and decor in the home—or even redecorate altogether! They can suggest different paint colors, help arrange closets and storage spaces to look bigger, and they can even help with cleaning your home. 

Ultimately, they are there to put your home’s best foot forward and present it in the best possible way. This often leads to less time on the market and higher offers from buyers when they see a clean and aesthetically pleasing house.

7. An MLS 

An MLS (Multiple Listing Service) is a large database where realtors from all different companies and firms list their clients’ homes as well as look for future homes for their clients looking to buy. 

Getting your home’s listing to shine out above the others is what will help drive traffic to your home. All the previous resources culminate together to help your listing stand out, with a good market price, valuable upgrades, and clean fresh staging. Before buyers come to your home, this listing will be their first impression—so make it count!

8. A Real Estate Contract

The contract you write up with your real estate agent is what protects your interests and prevents major headaches further down the home-selling line. You can include contingencies, the terms of the sale, and your specific closing date and costs. Some of these options can be negotiable when a buyer makes an offer, but this is ultimately created to help keep you safe.

9. An Experienced Realtor

Speaking of writing up a contract, you will need a real estate professional to help you navigate writing one up and suggesting any sort of clauses or contingencies they think will be in your best interest. Not only can a realtor help you with your contract, but they can ultimately help you with all the resources mentioned above: finding your home’s value, analyzing market reports for you, finding professional stagers and inspectors, and listing your home once you’re ready.

Realtors are valuable as you get your home ready to sell, but they become an essential asset when you start receiving offers. They will help you navigate the negotiation process to ensure you are getting the best deal for you and your home. 

Although selling your home can still be a big process, using these resources and finding professionals can help you be confident and successful as you prepare to sell your home.

Selling your home is a big undertaking! Not only are you focused on the sale of your own home, but you’re likely actively looking for your next home at the same time. Finding the quickest way to sell your home while still getting top dollar for it is a hard balance to find. 

As experts in Utah’s real estate, we know the stress that comes with it. From our years of experience, here are our secrets to selling your home efficiently and for the best price.

Make a Selling Plan

If you are ready to sell, make sure you have everything in order first before you go right to listing your home. Are you financially ready this very day to cover any additional costs that come along with selling? Is your home ready for showings? 

Even the time of year you list your home can affect how much you are offered. A recent study from Redfin shows that homes in Utah sell the quickest between April and July, with April and May being the best months to list. However, in 2022, that time came earlier in the year, with sales picking up in March. 

Coming up with a selling strategy can help you with your timeline of selling your home. An experienced realtor can help walk you through the process and help you price your home in a way to maximize the ultimate sale price. 

Clean, Clean, Clean

Clean like your home depends on it—because it does! A dirty home feels unkept and leaves buyers wondering if more important aspects of the home haven’t been taken care of as well. Buyers will snoop, so make sure you are cleaning under and inside cabinets, your window tracks, the laundry room, your oven hood, baseboards, air vents, and the garage to name just a few. If needed, hire a professional cleaning company. Both the money and time you spend to clean your home will pay off immensely

Depersonalize and Declutter

Buyers need to be able to visualize themselves in the home, and that’s often difficult to do when pictures of your family are hanging on the walls surrounded by your own sentimental items. Remove those personalizations, and downsize the clutter as much as you can while still making the room feel comfy. One of our favorite tricks is leaving closets half empty so buyers can see how much storage your home actually has.

Use a Professional Photographer

Photos from a professional are necessary for making your listing stand out. These photos will give a buyer their first impression, and will even determine whether someone takes the time to visit your home. Allow your home to show its best side by taking down heavy curtains and letting in natural light as your photographer works their magic.

Upgrade Appropriately

Simple upgrades can make a world of difference in selling your home. In addition to making sure your home is in good repair, fresh coats of neutral paint and painting over scuffs on baseboards can make your home feel brand new. But, be careful not to over-upgrade certain areas of your home at risk of not making your money back. Getting new hardware for your cabinets, painting, and cleaning your grout will pay off while a luxurious bathroom makeover likely won’t. 

Don’t Forget The Yard

Aside from your listing photos, your curb appeal creates an initial impression for a buyer that can be hard to shake off. A whole makeover isn’t usually necessary, but choosing some bright flowers and shrubs to place around your entry is sure to help. You can easily make a good first impression with a clean front door and nicely swept porch.

Be Ready and Flexible

Keeping your home in tip-top shape for showings can be a stressful period, but it will be worth it. Try to be flexible about showing periods. If you only show your home for a couple of hours on the weekend, you’ll likely get fewer offers and your home may stay on the market a lot longer. Trying to allow for more home showings often means you’ll have to maintain a show-ready home for less time.

Find a Good Realtor

Our best tip is to find a knowledgeable realtor. They can offer advice on how to stage your home or make it more sellable. They also know how to price your home competitively and can handle negotiations when offers come in to get you the best price possible. Navigating the home selling process is already difficult, don’t make it more stressful without an expert to help guide and negotiate for you. At Harvest Park Group, we are experts in Utah’s local markets, which gives you the home advantage and helps your home-selling process go as smoothly as possible. 

Have you felt overwhelmed with your home space? Does most of your space go unused? Are you looking to move closer to family or get away from the city after retiring? 

Downsizing your home can be quite a task, but it can be very rewarding if it’s the right decision for you physically, mentally, and financially.

Is Downsizing Right For You?

Downsizing isn’t the right choice for everyone, but it can come with some major benefits if you are ready for it. Your current stage of life, how much you can afford, and how much effort you want to put into maintaining your home can all contribute to whether or not you’re ready to sell your home and prepare to downsize.

Lower Maintenance

When moving to a home with less square footage, there’s simply less to clean and maintain to keep your home running smoothly. When downsizing for retirement, it’s important to think about how much you can manage as you grow older. 

Another thing to consider is that downsizing can often lead you to a smaller home in a community setting, such as an apartment complex or a townhome where a Homeowner’s Association takes care of a lot of the maintenance work.

Lower Cost

A major factor that goes into deciding whether or not you want to downsize is the cost of living in a smaller home. If your current home is too much to afford, or if you’d like to start saving a bit more money, selling your larger home for a profit and buying something smaller could really help you put quite a bit into your savings. Smaller homes usually have lower property taxes, lower home insurance premiums, and use less in utilities, so you would be saving monthly on your mortgage and on all your other home-related bills.

A New Place For Your New Chapter

Another reason to downsize your home would be to also move locations at the same time. As you enter a new stage of life, your priorities, schedules, and home dynamics change. Where you’re living may not reflect where you want to be anymore. You may want to consider moving closer to family and closer (or further away) from city life when looking for a new home.

Preparing to Downsize

Once you’ve decided to downsize, you need to prepare your home and your finances and find an agent to help you sell your home and find you the perfect smaller house.

What Should I Do To Prepare?

When downsizing your home, you’ll need to downsize the amount of stuff you can fit in your home as well. To not overwhelm yourself, go room by room and try to declutter decor, closets, and anything else you can get away with. It may be good to get a feel for how much space you’ll need to fill in your new home by deciding how much space you’ll be looking for in your new purchase. Then trim down your furniture accordingly. To help declutter, you can donate or sell unwanted items, pass down sentimental items, and have a limit on the number of things you want to keep for yourself.

When Should I Sell My House?

Selling your home is one of the most important factors when downsizing. Selling at the right time will help you get into the new home you want, with potentially some leftover money for you to use how you need. Selling is tricky to time, so it’s best to work with your agent to know when is best for you. If you’re curious about what your home is worth right now, you can check out our home valuation tool to give you an estimate.

Buying and selling a home is a big process anytime you do it, especially when downsizing. However, the unexpected benefits of downsizing your home can make it all worth it, whether you are downsizing for retirement or just looking to have a more manageable space. Find what your current home is worth and talk with an experienced agent to have a smooth and stress-free experience from start to finish.

Behind the Scenes of the Housing Market

When pandemic-related conditions impacted the global economy in 2020-2021, home sales surged as homeowners sought to acquire additional space to accommodate remote work conditions and to take advantage of record-low interest rates and affordable home prices. 

As a result, according to the S&P CoreLogic Case-Shiller National Home Price Index, home prices skyrocketed by 45% between January 2020 and June 2022. Rents also rose as a result of a shift toward independent living among young people rather than living with roommates.

As The Federal Reserve seeks to manage inflation, interest rates have increased, which has made it more difficult than ever to buy a home.

Utah's Housing Market: An Example to Look to

The ongoing pandemic has not hindered the upward trajectory of Utah's housing market. There has been a notable influx of out-of-state buyers, particularly from California, New York, and Texas, who are drawn to the state's robust job market and desirable housing options. 

According to Norada Real Estate Investments, “Utah's employment landscape is also one of the most impressive in the country. It has had the most rapidly growing job market in the country for the past decade. Utah's population grew by 18.4% over the past decade, making it the fastest-growing state. It's now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data.” 

The Utah housing market has been experiencing significant demand for homes, however, the supply has been unable to keep pace. This has led to a shortage of available homes and a subsequent increase in home prices across a wide range of counties throughout the state. This trend is expected to continue as more and more people are attracted to the state's job opportunities, quality of life, and the natural beauty of the region. 

Other Real Estate Markets to Consider

According to Fortune Builders, other great real estate markets that found their way at the top in 2022 include:

• Austin, TX
• Nashville, TN
• Charlotte, NC
• Raleigh, NC
• Phoenix, AZ

If you are planning to engage in real estate transactions in 2023, researching and considering certain states as potential locations for buying or selling property may be beneficial for you. These states may offer attractive market conditions, such as strong economic growth, desirable housing options, and robust job opportunities, which could make them ideal places to invest in real estate. 

Additionally, it's also important to consider the current trends and market conditions of the location you are considering, such as supply and demand, median home prices, and growth prospects. 

By conducting thorough research and understanding the real estate market in the state you are considering, you can make an informed decision and potentially find a profitable opportunity in the real estate market in 2023.

What to Expect in the Future

2023 Predictions 

The Wall Street Journal has compiled an extensive array of predictions for the year 2023 from a diverse range of industry experts. These forecasts provide valuable insight into the potential future trajectory of the market, offering a glimpse into the potential opportunities and challenges that may lie ahead:

“KPMG LLP, an audit and consulting firm, is calling for prices to fall 20% next year, and Goldman Sachs Group Inc. forecasts a 7.5% drop. The National Association of Realtors, meanwhile, is forecasting a 1.2% increase in existing-home prices, and the Mortgage Bankers Association sees prices up 0.7% next year.”

Is 2023 a Good Time to BUY a Home?

Purchasing a home is a significant decision that requires careful consideration of various factors, including your budget, needs, and preferences. Instead of waiting for prices to drop, base your decision on your current needs and long-term plans, rather than solely on the price. When evaluating potential homes, it is important to consider whether the property aligns with your needs, is located in an area you are comfortable with and is within your budget. If all of these factors align, it could be considered a suitable option for you. 

However, according to Forbes, “If you make too many sacrifices to buy a home, you may end up with buyer's remorse,” and may eventually be forced to sell it. It's crucial to remember that buying a home is an investment in your future, so it's essential to choose a property that aligns with your lifestyle and financial goals. Moreover, considering the current market scenario, the supply of homes is limited and home prices are on the rise, it's important to act soon if you find a property that aligns with your needs.

Is 2023 a Good Time to SELL Your Home?

As a housing market crash could be on the horizon, it’s never been smarter to sell real estate. The most significant reason is the potential for a significant loss in the value of the house. In the event of a housing market crash, such as the one that occurred in 2008, property values can drop significantly. By selling before the crash, homeowners can avoid losing a large portion of their investment in the property. 

Additionally, if a homeowner needs to sell, selling before a market crash may be better. There will be fewer buyers during the crash and it will be harder to sell the property. In summary, selling a house before a housing market crash can help homeowners avoid significant financial losses and also help them sell the property before it becomes much harder to do so during a crash.

Final Thoughts

The current housing market downturn is complex and multifaceted, making it challenging to forecast its duration and severity. However, it is crucial to acknowledge that market fluctuations are a natural occurrence and that the present downturn may present opportunities for both buyers and renters. It is also important to note that now more than ever may be the best time to sell one’s home. 

When looking into purchasing real estate, there is no one-size-fits-all approach. That’s why we make it our job to be experts in all different types of real estate. We aim to find just what you’re looking for—from the perfect home to an investment property where you can make an income from renting. Here are some of the different types of real estate you can purchase:

Residential

Residential is the most common real estate to purchase and invest in. From buying the dream home for your own family to renting real estate to make a passive income, residential real estate is quite an active market, especially in Utah. However, there are a couple of different options when looking into buying residential real estate:

Single Family

Single-family homes are typically what you think of when you think of residential housing. A single-family home is classified as a single home on its own plot of land, physically disconnected from other homes. It’s possible for a single-family home to be home to multiple families—if it includes a mother-in-law suite or a basement apartment, for example—but the structure itself is designed to be owned by one owner with no shared walls. Single-family homes are highly sought after for their privacy and their separation from neighbors, while still allowing you to be in a neighborhood.

Condos

Condos, also known as apartments, are also a form of residential real estate. Most condos for sale in Salt Lake City are usually found in multistory buildings, with multiple apartments sharing one parcel of land. For example, if there are 12 apartments on 1 acre of land, you would technically own 1/12 of an acre, as all condo owners would share the land. Condos are typically less expensive than single-family homes and are perfect for families with fewer members living at home and those wanting more community amenities that a complex could offer.

Townhomes

Townhomes are a good happy medium between condos and single-family units. Townhomes are less expensive than single units, and they also share the land with those on their row. But they often offer a little more square footage than a condo. When looking for townhomes for sale in Utah, consider HOA amenities—just like condos—such as private parks, pools, or clubhouses. You will still be sharing a wall or two, but no one will live below or above you as you’d find in an apartment complex.

Extra Housing

As mentioned before, investing in extra housing can be beneficial as a passive income or as a benefit for your family. For example, many homeowners seek out cabins for sale in Utah to use as a vacation spot for their family and/or as a place they can rent out during other times of the year. Since any sort of extra housing would likely be a more specific request, it’s best to talk to a seasoned real estate agent to find exactly what you are looking for.

Raw Land

Raw land is another popular real estate investment. Raw land is a plot of land with nothing on it—a blank canvas just for you! Depending on zoning laws, you can use raw land to design and build the new house of your dreams! You can also use this as farmland or an industrial endeavor. Again, it merely depends on what the land is zoned for. Raw land is a great option if you aren’t finding what you want with an existing building or residential home and you want something customized to your needs and wants.

Commercial

Commercial real estate is meant for those venturing into a business endeavor—whether that means a brick-and-mortar location or multiple units and renting out the separate spaces as a passive income.

Find Your Dream Investment with Harvest Park Group

There are so many real estate options in Utah. Whether you’re ready to sell your home and look for something new or you’re looking for an additional property, make sure to not only work with a licensed real estate agent but one who knows the ins and outs of Utah’s local markets. Work with our team at Harvest Park Group!

Wondering how to buy a house in Utah? It’s no secret that the Utah real estate market can be tricky. If you’re looking to take that first step, check out our recommendations to help set you up for success in your home-buying process: 

1. Check Your Credit Score

Your credit score will determine how much money mortgage lenders are willing to loan you. Check your credit score as early as possible so you can work on improving your score if necessary. Although checking your credit score multiple times can hurt it, you can get a free credit report once a year!

2. Get Pre-Approved

Get pre-approved by a mortgage lender. Finding a lender before you find a house serves you in two ways: It allows you to have a better idea of what your budget can be, and it makes closing on a home a much smoother, quicker process. Most pre-approvals only last a few months, so make sure not to get pre-approved too early. 

3. Set Your Own Budget

Although your lender will tell you the amount of money they are willing to loan to you, you don’t always need to make that amount your budget. When you set a budget, make sure to account for things like home insurance, utility bills, property taxes, and other costs you may not have had while renting. If you’re not sure how much you can afford, take a few months to practice “paying” a mortgage by setting that extra money aside to go towards your down payment and closing costs. 

4. Choose a Good Agent

Finding a good, local agent is critical to your success in buying a home. A good realtor is an expert in Utah real estate and can help you search through listings, make the most competitive offers, and navigate through the closing process. However, not all agents are created equal. Find someone very familiar with the area you’re house hunting in and who understands the nuances of your local market.

5. Find a House

The most fun part of the process is actually finding the home you’ve been looking for! Your real estate agent has access to every listing and will help you find the best homes in your area in your price range. Because they are so familiar with Utah real estate, they can also identify and show you overpriced homes that will end up being sold within your budget.

6. Make a Competitive Offer

After you find your dream home, it’s time to make a competitive offer. Based on the market, your agent can help you know what sort of contingencies to include, how much earnest money to offer, and any other requirements to get you and the seller the best deal. This is another step where your realtor is an important asset in buying a home.

7. Get Under Contract

If the seller accepts your offer, you’re under contract! Congratulations! Before you can close, there will be a couple of steps you’ll need to take that your agent can help you coordinate. These steps often include an appraisal of the property, a home inspection, and any other contingencies in your offer.

8. Close on Your New Home!

Your realtor can now walk you through the paperwork you need to sign to close on your home to become an official homeowner! This is the last step and it’s when you get the keys to your new home. You’re now ready to move in!

How to Buy a House in Utah: Harvest Park Group

Understanding how to buy a house in Utah can be wonderful but also incredibly stressful. Having the right team behind you makes all the difference in how stress-free the process is and which home you’ll end up in.

Need to sell your house first? See what your home is worth to get started! 

When searching for homes to buy, coming across houses with mother-in-law suites in Utah is fairly common. While these types of home situations can offer many benefits, it’s important to understand the ins and outs of owning a mother-in-law suite before purchasing.

What Is a Mother-In-Law Suite?

Mother-in-law suites are also known as in-law apartments, granny flats, or accessory dwelling units (ADUs). Although the name implies housing for an aging parent, mother-in-law suites have many different purposes that can work with your unique situation. Not only can mother-in-law suites provide a safe and easy place for your in-laws or parents to live, but they can also house an adult child or serve as a guest unit, rental property, or home office. 

An ADU can be a basement apartment, an apartment constructed over a garage, or even a detached dwelling in the yard for a more private living situation. The size and specifics of a suite can be up to you (and city ordinances), but suites usually have a full bathroom, bedroom, small kitchen or kitchenette, and separate entrance. Most also include basic comforts such as a small living room and dining room.

History of the Mother-In-Law Suite

Mother-in-law suites became highly popular in the early 1900s when caring for aging parents was the societal expectation after a couple married. At the time, multigenerational housing was more common than it is now. 

After WWII and America’s exodus to the suburbs, many cities created zoning laws that banned in-law apartments. However, with housing prices rising, a large population of aging Americans to care for, and a high demand for passive income, ADUs are becoming quite popular again.

Advantages of the Mother-In-Law Suite

There are so many advantages to owning a mother-in-law suite that it’s difficult to make a comprehensive list. Here are some of the biggest advantages these in-law suites provide:

#1: Mother-In-Law Suites Offer a Place for Family

Having a separate space for parents or adult children allows for supportive multigenerational living, even if you don’t have plans to care for family members in the future.

#2: Mother-In-Law Suites Offer Additional Private Space

You can use your mother-in-law suite for personal uses like a gym space, a studio for a hobby, or an at-home office!

#3: Mother-In-Law Suites Increase Your Home’s Value

Because the demand for ADUs is rising, your home value increases immediately with the addition of an in-law suite. Your 5-bedroom house with a mother-in-law suite will easily sell for more than the 5-bedroom home down the street.

#4: Mother-In-Law Suites Provide Additional Income

If you don’t have in-laws living with you, you can easily rent out your ADU short or long-term to create a passive income.

Disadvantages of the Mother-In-Law Suite

Although there are great benefits to owning a new home with a mother-in-law suite, you should also be aware of some disadvantages.

#1: Mother-In-Law Suites Are Dependent on Local Ordinances

Your ADU will be subject to any city ordinances and zoning laws. Those could include the size of the in-law suite, how far away the detached suite can be from the primary residence, and how many people can live in the space.

#2: Mother-In-Law Suites Are Expensive to Build

If you didn’t buy a new home with a mother-in-law suite already built, it can be a pricey investment upfront. It’s best to get a good quote from multiple contractors before diving into the building.

#3: Mother-In-Law Suites Are Expensive to Upkeep

If you decide to rent out your mother-in-law suite, you will need to regularly maintain the apartment, just like any other home. With renting, this would include deep cleaning between renters and possibly fixing some damage.

Contact Harvest Park Group

Mother-in-law suites come with both pros and cons, but they can be a great addition if they work for your family! When searching for houses with mother-in-law suites in Utah, make sure to work with a professional at Harvest Park Group to find the perfect fit.