A Terrible Time to Buy a Home?

CNN recently published an article titled, “It’s a terrible time to buy a house….”

In the opinion of LDSAgents.com, this is true because interest rates are much higher now than even a year ago, and home prices are still relatively high. The reason for the lingering high prices is that sellers still want to get the higher prices they have become accustomed to hearing about in the recent past. Thus, they are holding on to their properties until they simply must sell.

However, prices have been dropping dramatically in some areas. In the Intermountain West, homes in the $700K range have dropped, in some case around $100K. That’s a lot in a year and, in our opinion, there is more price dropping to come.

Recent reports have shown that homes in the Boise/Meridian, Idaho area were a year ago selling up to 173% of their true market value. In the St. George area, homes that were being built for $186/sq. ft. a couple of years have been selling for well over $400/sq. ft. more recently. But the feeding frenzy is now over and there is great potential for a “crash” in prices in these areas as the recession deepens.

The message here is: if you can wait to buy, do it! Things are moving in the buyer’s favor now and the odds are small that home values will go up in most parts of the country. In fact, the Producer Price Index published today has gone up again, thus, showing that inflation is still increasing. This, in turn, ensures that interest rates will continue to rise for some time and prices will continue to drop.

Having said all that, people still need a place to live and there are things that can be done to take the sting out of buying sooner rather than later. Cash buyers, as always, have more leverage in negotiating a better deal and don’t have to worry so much about interest rates.

Whether you are buying or selling, contact LDSAgents.com and we will connect you with an agent who will help you achieve your best price!

Ready, Set, Sell!

3 Strategies for Getting Your Home Off the Market Fast

Home For Sale Sign in Front of Beautiful New Home
It’s possible to expedite your home’s sale …
if you’re prepared to face the risks involved.

Most sellers have a specific goal when it comes to their transaction: a quick sale and top dollar. But sometimes fast action doesn’t align with achieving the highest and best value.

There are multiple schools of thought on this subject, and the perspective varies not only with where you are in the country, but also by price point, neighborhood and even down to the block. When it comes to pricing and the search for a quick sale, it’s always best to get help from a local agent. LDSAgents.com has over 3,000 realtors in the US and Canada.

Here are some strategies you can use to get offers fast. Read more

It’s Smart To Buy A Home During The Holidays

Spring is the start of the hot real estate season for a few obvious reasons, nice weather and the desire to move during the summer when kids are out of school at the top of the list. But embarking on a home search during the holidays can be advantageous to buyers.

Thinking about taking the plunge? Here are a few reasons you should be looking for a new home now. Read more

Housing Demand to Surge Over the Next Decade

housing-demandKnowing who will lead the demand will guide agents where to focus their business efforts in the future.

We all know the population will grow and age in the future. The Mortgage Bankers Association (MBA) believes that between 13.9 and 15.9 million additional households will be formed by 2024, making the next decade one of the strongest in US housing history.

At the upper end, this results in a growth rate of 1.6 million households per year. Boosted by the aging of the population, the aggregate homeownership rate will rebound to between 65 and 66%.

In their new research paper, Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households, the MBA’s researchers conclude that the housing demand surge will be driven by Hispanics, Baby Boomers, and Millennials. Read more

What is a Short Sale?


A Short Sale may be an alternative when you can’t pay your mortgage.

It is called a short sale because you do put your home up for sale, but the mortgage bank agrees to accept a buyer that will not be paying the full loan amount, an amount “short” of what is owed on the loan. The bank is “shorted” After the sale the Seller is usually able to walk away from the home without owing the bank the difference.

There are occasions where the bank will seek a deficiency judgment against the former owner, so be sure to have this discussion with your agent and work to include language in your closing that protects you against deficiency judgments.

Why would you opt for a “Short Sale” versus a “Foreclosure”?
Read more