Month: October 2023

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How to Start the Process of Selling Your Home

Before you begin to sell your home, it’s important to understand that there are a number of factors you can control to make the home-selling process easier. There are many factors to consider when you are thinking about selling your home. The housing market has undergone some major shifts in the last year so it’s important to consider your options and use the tips we have listed below to aid you in your home-selling process. We go over setting a timeline, home inspections, advising with an agent, and finally listing your home.

Set A Timeline For Selling Your Home

Before beginning the process of selling your home, you need to consider when you want it to be sold and how long it may typically take. There are a variety of websites that offer advice on the best times to sell your home but oftentimes it can be contradictory. Real estate market agencies and companies such as Zillow, Utah Real Estate, and UpNest, offer advice based on the analysis of the home sales around Utah.

Realtor.com offers a home-selling timeline taking 10 steps:

1. Make renovations/repairs

2. Find a listing agent

3. Figure out how much your house is worth

4. Declutter/stage your space

5. Put together your listing with a description, photos, and video

6. Hold home showings/ open houses

7. Wait for an offer (or offers) to roll in and negotiate the best deal

8. Accept an offer, and wait for the home inspection/appraisal

9. Close the deal

10. Move out

While this may not be an exhaustive list- it gives opportunity to consider the factors that play a role in selling your home.

Home Inspections

When it comes to getting your home ready to sell/list on the market there are a few things you want to make sure you have done first, as this is a key part in winner over your buyers.

  1. Start with getting a deep clean of your house.
  2. Get an inspector to check the electrical, plumbing, and physical integrity of the home.
  3. Consider contracting for repairs and replacements that may need to be done by professionals after inspection.
  4. Get an handyman to to check all the locks, squeaky doors, running toilets, and other small fixes that can turn a buyer off.
  5. Repaint the walls if necessary, make sure the home is looking new and nice so buyers are attracted to it.
  6. Stage your home with furniture looking nice, nothing lying around and outside landscaped, bushes, grass, trees, etc…
  7. Finally, get a good photographer to take nice professional pictures of the home to make buyers want to come out and schedule a viewing. 

This is the make or break for selling a home. No one want’s to buy a home that looks like it has not been taken care of properly. First impressions are everything and you want your buyer to have love at first sight when viewing your home.

Advising with an Agent

Many people either choose the route of selling on their own or going through an agent. Before getting ready to list your home on the market, consider advising with an agent to make all the preparations and gather all the details you need. Advising with an agent and having them assist in the home selling process can position your home on the market for the best possible sale.

It’s important to research agents’ profiles and consider their time in the industry, sales, and how they are marketing their listings-note the quality of their photo listings and where they post their listings is an important factor to consider as well.

Advising with an agent who understands the current market is a key factor in having a smooth and successful sale.

Listing Your Home

When it comes to listing your home on the market one of the best practices is to take professional photos and clean the home to make it appealing. You might want to have the home without furniture (staging the home), or you might want to give the home buyers a picture of what the home looks like with everything in it. Either way, you want the home to be appealing to potential home buyers.

Another great thing that helps when listing your home for sale is to focus on an online appeal. Experts say that nearly all homebuyers look at online listings; meaning that your home’s first showing is online (Bankrate, 2023). So, taking good photos, adding a detailed description, and adding an open/time-slotted showing can help you sell your home quickly.

Summary

Selling your home can be a hassle, but doing all the topics mentioned above can help one sell their home in no time. We have covered most of what it takes to sell a home in order, starting with planning a timeline for the whole process of selling your home. We have also gone over what it takes to make the home look appealing. Whether that is renovating it, decorating it, staging it, or taking professional photos so that it catches one’s attention. However, if you are a first-time home buyer, selling a home is much different than buying a home. If you are interested in buying a home, check out our site on how to buy a home.

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Why You Need a Money Market Account

symbolizing Utah home interest rates and mortgage financing. The image illustrates the process of using current mortgage rates in Utah to secure a home loan

A money market account (MMA) is an interest-bearing savings account that enables banks to pay customers on a yearly interest rate in exchange for account owners to store money in their bank. Money Market Accounts allow customers to deposit money and earn interest similar to a savings account while simultaneously reaping the benefits of a checking account. These benefits include debit cards, the ability to write checks, and ATM withdrawals. MMAs are unique from other interest-bearing accounts because these accounts pay a tiered variable interest rate (different rates) determined by how much money an account holder has in the account. These rates will vary depending on the current interest rate within the money markets. The interest rate offered is usually more than a typical savings account but can fluctuate depending on market conditions.

First-time home buying? Refinancing? Wanting painless mortgage payments? This article is for YOU!

Why Create a Money Market Account?

There are a variety of options that provide similar solutions to money market accounts. Savings accounts, certificates of deposit (CDs), and mutual funds are all available alternatives to MMAs. So, what’s the difference between these, and why go with an MMA over the others? Money market accounts are similar to savings accounts, but they offer more flexibility with varying ways to use and move funds. Savings accounts also typically offer lower interest rates. Similar to MMAs, certificates of deposit offer competitive interest rates. The primary difference is that MMAs make it easier and faster to access your funds, and CDs often have penalties for early withdrawal. Finally, the main distinction between MMAs and mutual funds is that mutual funds are not insured like MMAs, which we will discuss more in-depth later.

MMA Benefits (Refinancing, Down Payments, and Mortgages)

Who doesn’t want to save money? Money market accounts provide a very safe method of storing finances while simultaneously earning interest. Many banks and credit unions offer these accounts along with interest rates as high as 5%, and they often place characteristics of both savings and checking accounts. We know how hard it is to save up for an initial down payment on a home, and money market accounts help take some of that unwanted stress off your hands. To explore more of the pros and cons of putting your funds in a money market account, look at this educational article by Forbes.

To remind people that saving money can be easy.

Is a Money Market Account Right For You?

To know whether a money market account is right for you, reach out to one of our experts here. One of the main must-know advantages of a money market account is being able to use checks or a debit card linked to the account WHILE you earn interest. Another great thing to know is that $250,000 is insured for each individual owning an account, and up to a maximum of $500,000 is federally insured for joint accounts.

Best Market Conditions to Open an MMA

Whether you’re preparing to save money for a down payment, to refinance your home, or to pay a monthly mortgage, MMAs have minimal downsides. The require down payments slightly more than your average savings account, typically around $1,000. To do additional research, you can read this article that gives an overview on regulations regarding transfers and withdrawals. Right now in today’s market, some of the best MMAs include UFB Direct, Vio Bank, and CFG Community Bank. Take a look at some of the other top MMAs and what they have to offer to get a better understanding of current market conditions and which specific MMA is the best for you. At the end of the day, money market accounts are worth considering, especially when preparing to make mortgage payments, take out a home loan, refinance your home, or even increase your home equity.

Say Yes to an MMA Because There Are No Reasons to Say No

Deciding whether or not a money market account is a good fit for you is based on what it is you are looking to get out of an interest-bearing account as well as what things you will be using it for, such as mortgage payments, saving up for a down payment, and maybe even preparing to take out a home loan. To figure out what account type is right for you, there are many different articles, such as an article called “What is an Interest Baring Account,” which has a lot of great information, as well as our site, which provides more information on what a money market account would mean to you.