Update on Interest Rates, FREE stuff and much more
This is a MUST READ article overloaded with updates and information on interest rates and programs, free services, events and tickets that we will be providing! So if you are a homeowner and/or future home buyer/seller, you will want to read every word in this article!
Changes to FHA Financing
During the past several years, although FHA mortgage interest rates were lower than comparable Conventional mortgages, the high mortgage insurance rates of FHA loans made FHA financing the least attractive option for most borrowers. It was just announced, however, that the monthly mortgage insurance on FHA financing (MIP) is being significantly reduced, in addition to a few other positive changes to FHA lending, which will make FHA financing much more competitive and a more attractive home financing option.
This is great news for homebuyers, as these changes will increase competition in the mortgage industry and should drive down mortgage fees across the board. If you purchased/refinanced a home with FHA financing in the past couple of years, you may want to look at refinancing in the near future, especially if your home has appreciated in value combined with today’s historically low interest rates. It may also be a perfect time to upgrade and purchase the dream home!
For more information on these changes to FHA financing, be sure to check out our blog article: http://www.thefieldsteam.com/fine/real/estate/blog/18627
If you haven’t heard, mortgage interest rates have plummeted in the last few weeks. For most mortgage programs, rates are down a full 1% from where they were this time last year, .5% to .75% from where they were just 6 weeks ago and are currently sitting at all time historic lows!
As of the morning of Friday, January 16, 2015, rates were:
Fixed Rate Conventional Financing:
30 year -3.625% (was 3.5% earlier in the week)
15 year fixed-2.875%
FHA (now with lower MI rates):
30 year fixed-3.25%
15 year fixed-2.75%
For Buyers, these rates mean a HUGE increase in buying power. On a $250,000 mortgage, a 1% difference in interest rate is a difference of around $2,500 per year or $208/month in payment JUST IN INTEREST! The lower rate adds about $35,000 in buying power, or in other words, a $250,000 mortgage at 4.5% interest will have about the same monthly payment as a $285,000 mortgage at 3.5% interest. This increase in buying power will allow you to buy a much nicer/larger property for the same monthly payment, or the same home for a much lower monthly payment, or a little of both. THIS IS A HUGE DEAL! If you are considering buying in the next year or so, you may want to consider getting the ball rolling sooner rather than later!
For home owners/Sellers, these rates mean that there may not be a better time to upgrade and/or sell! There are lots of Buyers entering the market with very little inventory besides new construction. With these rates, Buyers don’t want to wait 6-8 months to build a home as they can’t lock their rate until 30 days prior to closing. The only way to lock these rates in is to find an existing home available for immediate purchase. With higher buyer demand and low inventory, buyers are making better offers and prices even be appreciating at a higher than normal rate and earlier in the year than normal. Right now we don’t advise waiting until the Spring/Summer to list when everyone else puts their home on the market. Strike now while the market is hot, rates are low and buyer demand is high!
If you were waiting for the perfect timing to upgrade to the dream home, buy the first home or even purchase an investment property, there is a very good possibility that the first quarter or two of 2015 is that time!
Discounts for Listings until February 13, 2015
As mentioned above, with interest rates dropping to historic lows, buyers are flooding the market and their just isn’t much active and available inventory on the market. In addition, we put our last two Active listings under contract this week and for the first time in years, have nothing to market/advertise. So we are offering this listing incentive in an effort to increase our listing inventory before the Spring rush, which is a reduction in total commissions of .5% of our regular rate (see below). Besides the lower rate, there is a good chance that your property will receive extra attention, efforts and funding for marketing by listing in the next month while our listing inventory is low. Be sure to mention this incentive if you contact us to explore listing your home.
List Price and Commissions:
$500,000+ = 4.5% (2% Listing Agent and 2.5% Buyers Agent)
$300,000 to $500,000 = 5% (2.5% Listing Agent and 2.5% Buyers Agent)
$200,000 to $300,000 = 5.25% (2.5% Listing Agent and 2.75% Buyers Agent)
Under $200,000+ = 5.5% (2.75% Listing Agent and 2.75% Buyers Agent)
Kim Goodwin is officially a Licensed Realtor
We want to congratulate Kim Goodwin, the best Transaction Coordinator and Administrative Assistant in Utah, for receiving and activating her real estate license! We are very blessed to have a licensed assistant, especially one with as much experience, knowledge and dedication as Kim!
DON’T MISS our FREE Home Buyer Seminar (Amazing once-per-year Opportunity)!!
The Jared Fields Team with RE/MAX Results and Lane Aldrich with First Colony Mortgage are putting on their third annual FREE Home Buyer Seminar on Thursday, February 26th at 5:30 p.m. and 7:00 p.m. at the Riverside Country Club in Provo!
For those strongly considering purchasing real estate in 2015, this is a CAN'T MISS event! But for all those who would just like to learn more about everything involved with buying real estate and the financing involved, this is an amazing opportunity! Dinner, dessert and some daycare will be provided.
Please share this event with everyone you know who would benefit from such a seminar, which we have designed according to what we would want to know if we were buying our first or second home. This really will be an incredible opportunity that could save attendees thousands of dollars if not more!
For more details and information, please visit:
Complimentary Comparative Market Analysis (CMA) Reports (Estimated Market Value) for our past clients and friends of the Team
As an additional service to our past clients and those who support us, The Jared Fields Team is performing CMA’s throughout January and February for our past Buyers to give them a more accurate estimated value to start off the New Year. We find that at the beginning of each year, many of our past clients would like to know the estimated value of their home/real estate and turn to websites for estimated values that are not very accurate. So if you would like an accurate value estimate for your property in Utah, please send us an email with your property address and we will email you the report within 72 hours.
New Construction – Building a new home in 2015
We are often asked if we can assist Buyers in building a home. The answer is a resounding YES, especially with the larger builders in Utah and especially for younger home-buyers who haven’t built or even purchased a home before!
The vast majority of builders in Utah want their buyers to bring their own buyer’s agents and offer to pay the full buyer’s agent commissions. The reason being is that a buyer’s agent can assist the buyer through the process and help the transaction and financing go smoothly so that the builder does not have to, and can instead focusing on building.
Our preferred Lender, Lane Aldrich, is with First Colony Mortgage, which happens to be the preferred lender for the vast majority of builders in Utah. Builders often include perks and free upgrades for using their preferred lender.
We also have several contacts and connections with these builders, which allows us to receive information faster and speed up the negotiation process, helping our clients have the best experience possible during the home building process.
In addition, if a buyer comes without their own agent in an attempt to get a lower price, the builders rarely if ever actually reduce the price as they don’t want to hurt future/current home values in the area and they want to encourage buyers to have a buyer’s agent of their own. Often the builder and the builder’s agent just make more money if a buyer comes without a buyer’s agent.
If you are considering building a new home this year, especially with a larger builder like Edge Homes, please contact us today to set up a time to discuss your interests, goals and criteria and let’s come up with a game plan on how we can best accomplish them!
The Team is hiring for a “Runner” Position
We are looking to hire a 'runner' for our real estate Team who passes out/delivers fliers, picks up signs and various other errands. Prefer older high school student or college student who can create and stick to a specific schedule. Needs to have own transportation, be able to drive to various locations within 30-45 minutes of Orem and be a hard, efficient, honest and self-motivated worker. Pay between $8-$12/hour for 10-15 hours per week on a set schedule (flexible on the time). 2-3 shifts per week of 4-6 hours each beginning each shift at the RE/MAX office in north Orem. Please email questions or inquiries/applications to Jared@TheFieldsTeam.com and Admin@TheFieldsTeam.com. Thanks!
FREE tickets to The Utah Valley Home & Garden Show
The Jared Fields Team has purchased 250 tickets to “The Utah Valley Home & Garden Show” for current/past/near future clients and all those who support the Team. The Show is taking place on February 27 & 28 and will be held at UVU:
“Utah Valley knows the best way to create your perfect home is to attend the Utah Valley Home and Garden Expo at the UCCU Center in Orem, Utah. It's packed with exhibits, experts and ideas on home improvement inside and out. See the latest decorating and remodeling trends in the industry. And enjoy many Home Show-only incentives to ready your home for not only a fantastic summer, but to be your pride and joy year round.The 2015 Home and Garden Expo is Friday and Saturday, February 27-28 and is celebrating 30 years in Utah Valley! Each year nearly 11,000 visitors enjoy this great show. Stop by for all the fun including good food, exhibits from over 200 top home-oriented businesses, giveaways, play areas and much, much more.” http://www.uvhomeshow.com/
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