FREE HOME EVALUATION….$495 VALUE

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From: Paula Higman

Engel & Völkers

890 Main Street 5-101

Park City, UT 84060

FREE HOME EVALUATION….$495 VALUE

Market Expert

From: Paula Higman

Engel & Völkers

890 Main Street 5-101

435-602-8228

Free Home Evaluation

MARKET CONDITIONS IN THE LAST 10 MONTHS AND FOR THE NEXT 12-18 MONTHS:

·        Silver Star was sold in August of 2017 and I believe that market conditions have deteriorated in Park City since August of 2017.

·        Furthermore, the PC market is very seasonal, and with the following changes in the economy, I believe PC will have a very slow 2018 Summer/Fall/Winter carrying right through till Spring of 2019

CLASSIC ECONOMIC INDICATORS FOR A DOWNTURN:

·        Ending of quantitative easing

·        Massive selling of US Bonds, taking liquidity out of the market

·        Short and Long Term Yields Increasing

·        Flattening of the debt yield curve

·        Consumer Debt at Historic High

·        Consumer Confidence at 18 Year High

·        Unemployment Rate at 49 Year Low

DETAIL ON THE INDICATORS:

·    Long Term Yields are up nearly 0.70% in the last 10 months, since Silver Star #501 sold, and mortgage rates are up an average of 1.22%

·        Short Term Debt Yields are rising quickly compressing the Yield Curve. This has a huge strain on Short Term Corporate Debt and Consumer Debt

·        Consumer Debt hit a new high of $13 trillion last year, surpassing the previous record set in 2008 by $280 billion.

·        2 year Treasury ended the week at 2.47%.

·        2 year Treasury was at 1.33% when Silver Star sold on 8/31/2017

·        30 Day LIBOR just hit 2.00%, the first reset at 2.00% since November 4, 2008.

·        The next Fed meeting is June 13th and markets have a 100% probability of a hike. 

·        LIBOR should be roughly 2.10% - 2.15% by mid-June.

·        A hike in September would put it around 2.35%.

·        A hike in December would put it around 2.60%.

·        Consumer confidence hit 18 year high in February of 2018. Since 1966 when the US Consumer Confidence hits a new multi-year high, we have seen down turn in the real estate market. (1968, 1978, 1989, 1999, 2007, and now February of 2018)

·        The Unemployment Rate ‘UR’ hit an 18 year low at 3.8%.  In fact, the precise print was 3.755%.  The last time the UR was at 3.7% - 1969.

FREE HOME EVALUATION…$495 VALUE

FREE HOME EVALUATION…$495 VALUE 

Credit Myths and Misconceptions

Make sure you’re on track with Credit Monitoring.

Credit myths and credit misconceptions are plentiful.
Don't let incorrect information influence your 
credit behavior.

1. One widespread credit misconception fools a lot of people, but viewing your own report and score is counted as a "soft inquiry" and doesn’t change the score one way or another. “Hard inquiries" by a lender or creditor, such as those resulting from your applying for credit, can slightly lower your credit score. If you’re shopping for a loan and concerned about harm to your score, know that multiple loan inquiries within a period of a few weeks are usually treated as a single inquiry to minimize impact.

2.  Credit myth advocates closing old and inactive accounts to hike up your score. However, this might inadvertently have the opposite affect and lower your credit score because now the credit history appears shorter. If you don’t trust yourself to put a card away in a safe place and not use it, then consider canceling newer accounts.

3.  Negative records, such as collection accounts and late payments, will remain on your credit reports for up to seven years from the date of first delinquency. Paying off the account sooner doesn't mean it’s deleted from your credit report; instead it’s listed as “paid.” Of course, it’s smart to pay your debts, both to reduce the total amount of debt you owe and to show your willingness to repay your obligations, but expect the negative record to have some effect until it is purged from your report.

4. If you open an account jointly or co-sign a loan, you will be held legally responsible for the account. Activity on the joint account is displayed on the credit reports of both account holders. If you co-sign for a friend's auto loan and that person doesn’t make the payments, your credit profile will be hurt and vice versa. The only way to end the dual liability is to have one party refinance the loan, or persuade the creditor to formally take you off the account.

5. Credit reporting agencies companies determine your credit score via a complex algorithm that uses hundreds of factors and values to calculate it. It’s almost impossible to calculate the difference in points changing one factor might make. It’s wise to pay your bills on time, work to lower your debts and ask that any inaccuracies be corrected. A proven record of sound financial behavior and time will have the most significant impact on your score.

The spring market is in full swing

 The Higman  are ready to work on fast pre-approvals, answer any questions, thoughtfully consider all options and communicate every step of the way to the closing table.

Do you have any friends or family in need of real estate to buy or sell their home?  If so most of my business comes from referrals. I would be grateful for a referral from you.

In today’s competitive buyer’s market, standing out from the crowd with a home offer letter may be the difference when it comes to my customers purchasing the home of their dreams. While the best possible offer for the home is crucial, writing a personal letter to accompany that offer is an excellent idea. shot me an email or give me a call and I will be happy to give you some great tips about writing a personal letter to accompany your home offer.

My team is ready to help you become homeowners today. Text or call me at (435) 602.8228 with your referrals, and I will call them promptly! Have a fantastic June!

Thank you
Paula Higman- Lead agent
Engel & Völkers

FREE HOME EVALUATION…$495 VALUE

FREE HOME EVALUATION…$495VALUE

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FREE HOME EVALUATION...$495 VALUE

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How to Build a Home Renovation Team You Can Trust in Park City, Utah

Create a list of candidates

To start your search, ask friends and family members who they’ve worked with on their home renovations. If you have any friends or colleagues in the real estate business, be sure to ask them which renovation experts they recommend. If you don’t get a lot of suggestions, go ahead and do a search online for the kind of work you want done.

Before you call anyone on the list, search for customer reviews of their services. Look at review sites to see what real customers have said about them; you want service providers with an overall positive review trend.

Don’t worry if you see one or two disgruntled reviews, but if you see more than that, you might want to cross that candidate off your list.

Call your best candidates

Once you’ve narrowed your list using friends’ recommendations and online reviews, it’s time to get on the phone. Call each of your candidates and ask them a few questions about their work and experience.

At the very least, you want to make sure they’re licensed and insured, how long they’ve been in business, and how much experience they have with the kinds of renovations you want. You should also ask for references and then follow up on them to make sure your candidates were being honest with you.

If a contractor, designer, or other renovation pro gives you a list of references and most of them don’t check out, then they’re either working with phone numbers so old that they don’t belong to their customers anymore, or they’re lying to you. Either way, move on.

Set up in-person interviews

After you talk with your candidates on the phone and follow up on their references, you should have a pretty good idea of which ones you would prefer to work with. Don’t just hire someone based on a gut feeling, though. Set up in-person interviews so you can meet face to face and they can see the property and what it needs.

This step is important for a couple of reasons. First, you want to make sure you can actually work with the people you hire, and sometimes things just don’t work out that way. Meeting in person gives you the chance to confirm that the two of you will be able to see eye to eye on the project and communicate well.

Second, when service providers see your house firsthand, they’ll get a better idea of everything that will go into the project, and give you a more accurate estimate.

Carefully select your general contractor

I follow the tips above whenever I’m hiring anyone for a home renovation, but I pay especially close attention when hiring a general contractor or project manager because they’re going to have more responsibilities and freedom to take care of the job.

I hire guys that I really like working with because I know that they’ll hire quality subcontractors and take a load off of me while I continue to work on designing new renovations and finding new leads on flip houses.

And while you might not be flipping houses, I’m willing to bet that you have better things to do than figure out how to be your own general contractor and hire every single person who’s going to work on your home.

If you start by hiring a couple of key people (like your architect and general contractor), you can save yourself a lot of time and energy later on because they’ll take care of hiring subcontractors for you.

Be present, but don’t micromanage

Once you’ve hired your team, you don’t want to completely disappear from your home renovation project. Be present and make sure that your workers know how to get in touch with you when you’re at work or can’t be home.

Be available to give permission on purchases and design decisions, but don’t loom over your workers. Micromanaging them will only slow things down and make everyone miserable.