Salt Lake City Real Estate and Community News

Salt Lake City is a vibrant and beautiful place, known for its stunning natural surroundings, outdoor recreational opportunities, and vibrant cultural scene. Whether you're interested in exploring the nearby mountains, enjoying the thriving arts and music scene, or experiencing the local cuisine, there's always something exciting to discover in Salt Lake City. If you have any specific questions about the area or need recommendations for things to do, feel free to ask!

May 17, 2024

Smith's Grocery Offers Freebie: Free Bees Tickets

Last chance! Utah's local grocer is once again offering free tickets to the Utah Bees baseball games.

The Smith's Receipt Program is Valid for Sunday - Thursday Bees Home Games in April and May.

Receipts with a total of $75.00-$149.99 may qualify for 2 free tickets. Receipts with a total of $150.00+ may qualify for 4 free tickets. See their official page for details.

Smith's Ballpark is hosting Bees vs. Albuquerque games May 21 - 26. Shopping at Smith's for your Memorial Day groceries may get you some extra bang for your buck and an extra activity for the family!

 

Posted in Community News
May 16, 2024

South Jordan Celebrates with SoJo Music Festival

SoJo Music Festival

Summer is here! SoJo Summerfest kicks off summer with its FREE SoJo music festival May 31st and June 1st. Experience two nights of fantastic music at South Jordan City Park! Friday night features Ripcord Revival, a group of young, dynamic artists with infectious energy. Then Runaway Fire will mesmerize you with its vocals and killer guitar solos. Saturday night rocks it out with FUNdeMENTALS and ends with Like a Material Girl - a tribute to Madonna and other 80s divas. It’s all free and followed by a spectacular fireworks show at 10 pm. More info at sjcsummerfest.com.

South Jordan City Park
10878 S Redwood Rd, South Jordan, UT 84095-8201, United States

f you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, West Jordan, Herriman, Daybreak, Riverton, Lehi, Saratoga Springs, or anywhere in northern Utah, Salt Lake Home Pros are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 858-617-9449. www.saltlakehomepros.com

 

 

 

 

 

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Posted in Community News
May 14, 2024

Reasons Not to Sell Your Home For Sale By Owner

Reasons Not to Sell Your Home For Sale By Owner

A lot of people assume that selling their homes themselves, that is, without the services of a real estate agent, can be a good idea. The common notion among these homeowners is that not having to pay sale commissions to their listing agents can save them some money. 

However, selling a home without professional guidance or assistance comes with many hidden pitfalls. Also, less than a third of people who try to sell their home on their own are actually successful. 

Here are 6 Good Reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible (and is looking at FSBOs to save the same money you want to save)
  • The buyer’s agent who solely represents the best interest of the buyer
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value
  • Plus, an agent knows all the right people around town. They have their finger on the market and talk to other agents. So they know who is looking for homes and which clients are looking for a home just like yours.

2. Marketing Plan

Selling a home does not happen overnight and it certainly doesn’t happen without a plan. Luckily, for sellers with an agent, they don’t have to worry about the marketing plan. Agents already know which emails to send and to whom, all the best websites to list homes on, and social media accounts with a local following. They also know the right professionals to take photos of your house and create a 3D tour.

Also, anyone doing a FSBO doesn’t have the built-in audience an agent already has on all of their social media channels. Agents have a social media presence where people have come to expect real estate posts and their audience is more likely to be looking to them to buy a home.

3. Time

Life can get very busy. Between your job, kids, marriage, pets, cooking, and cleaning, sometimes there is hardly enough time in the day for yourself! Becoming your own agent on top of that can be overwhelming at best. On the other hand, selling homes is an agent’s job. They spend at least 8 hours a day (usually many more) with houses on their mind.

4. Legal Liabilities

When listing a “For Sale By Owner” property, it is vital to understand that the homeowner is liable for everything and anything listed. This means that if a seller gives wrong information on the house, that seller will be held accountable by law. And while some homeowners provide inaccurate information on purpose, others do it out of sheer ignorance.

If you are uncertain about specific details of your home, it is advisable to work with a real estate agent. This way, you can be sure that all details about your property will be professionally researched and accurately listed. 

This would eliminate the possibility of your clients being disappointed during inspections and any legal problems arising further down the line.

5. Falling Victim to Scams

When selling a property as an FSBO, homeowners either market their property or utilize the services of online listing companies rather than the conventional Multi Listing Service (MLS). 

Since these sellers have complete control over the home listing and are not made to follow the MLS rules and guidelines, it is not unusual to find the information provided on “For Sale By Owner” homes wrong and misleading. This is one of the biggest issues buyers come across regarding FSBOs.

Although there are quite a number of legitimate sellers out there, many people still regard all FSBO listings as scams. This is a problem that hinders the success of most FSBO sales. 

Without an agent, there are huge chances that someone may try to sell a property they don't own. Buyers don't want to go through the stress of having to fix issues like this, so they’d rather just avoid them

6. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at for sale by owners is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

According to the National Association of Realtors’, 35% of homeowners who decided who sold their own home last year did so to avoid paying a commission fee. However, this may have been counterintuitive. In fact, homes sold with an agent net 6% more than those sold by owner according to Collateral Analytics. The fact is, real estate agents know how to negotiate price more than the average person.

If you’re searching for homes in Sandy, Salt Lake City, Cottonwood Heights, Millcreek, Draper, South Jordan, West Jordan, Herriman, Daybreak, Riverton, Lehi, Saratoga Springs, or anywhere in northern Utah, Salt Lake Home Pros are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 858-617-9449. 

 

 

 

#utahhomesforsale #openhouse #homebuying #utahluxuryhomes #buyahome #homebuyer #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome  #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUT #homesforsaleinsaratogaspringsut #homesforsaleinsouthjordanut #homeforsaleinherrimanut #homesforsaleinriverton #homesforsaleinwestjordan #homesforsaleinlehi  #searchutahhomes #slcvacations #slcdestinations #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #isellsaltlake 

Posted in Selling Your Home
May 14, 2024

Pricing A Home to Sell

Pricing a Home to Sell

Experienced REALTORS® make it look so easy (at times to our detriment.. but that's a different blog post). We confidently recommend an optimal list price range that sometimes falls right in line with estimates you saw online, and other times it's more or less (by a lot). It's also pretty obvious to us when a house is overpriced, perhaps not at first glance but close enough. It's the years we spent honing our craft, the hours spent touring homes, the research, keeping up with market trends and neighborhood developments, and the networking with other agents and appraisers that all contributed to developing and fine-tuning that skill. Yes, pricing homes for sale correctly is a skill because it takes more than aggregating some data.

So how do we come up with the list price we recommend? I can't speak for all Real Estate agents, of course, but here's my approach.

Let's start with what I don't do:

1. Look up AVMs (automated value models) on other websites. Don't check with the "Zestimates". Did you know that this website uses an algorithm of the homes sold in the zip code. It actually says this right on their site. In fact, the CEO of this company said that his own home's zestimate was not correct.  These models provide a ballpark at best and a completely misleading guesstimate at worst. Why is that? The comparable used are not always actually similar. They can be a different type (townhomes vs. detached or colonials compared with ramblers), or in a not comparable neighborhood. 

2. Establishing a price range and then adding on our negotiated commission. Recent news coverage may lead you to believe that this is how it's done but it is completely false. The value of your home is always based on the most comparable sales, that is closed listings that have ideally settled within the last 90 days (or longer if the market dictates). Appraisers will also not subtract the commission from the contract price to arrive at fair market value. That is just not how it works. They may, however, include one or two active listings to support the value. 

3. Pricing your home based on what your neighbor sold for, or how much money you've invested in the property. Regardless of differences or the time that has passed since they sold. Most comparable is really key here! If your neighbor's home is a 3,000 square foot rambler with a basement apartment, but your home is a 2,000 square foot rambler with an unfinished basement, then it is not a relevant comp. Time also matters - especially in a declining or hot market. Improvements do increase the value of your home (updated kitchen & baths, or new hardwood floors for example). However, some items are considered maintenance that do not necessarily add value to your home. These can contribute to the overall condition, and are attractive to buyers, but you won't see a value adjustment for a new water heater for example or a non-permitted bathroom that needs work.  

What does matter when pricing your home correctly? 

1. The most recent sales that are most comparable to your home. Recent, however, can vary based on location and market activity. While you can't predict which recently sold homes end up in your home's appraisal, I do approach pulling comps with the appraisal in mind. It is my business practice to always try to meet with the appraiser and provide a package to them with all relevant information, including the comps we considered with adjustments made.  

2. Improvements and unique features, or deficiencies and obsolescence. Does your home have a recently remodeled kitchen while the most recent comps had an outdated one? That matters. Did you build a permitted addition? That matters. On the other hand, it also matters if your home is fronting a busy street while the comps nearby are backing up to park or open space. It's important to note that in Utah, basements are included in the square footage whether the basement is completed or not. If the basement has a walk out, mother in law apartment with a kitchen or nice features, then in Utah it could add bonus points to the price. 

3. Neighborhood knowledge and - if possible - a visit to listings that could become comps. When I start working with a seller, I keep a close eye on all sales activity and make an effort to look at new listings in their neighborhood that could be relevant to their sale. While an appraiser does not set foot in the most recent homes sold, we can - and should - while they are on the market. Floors don't creak in pictures, and deficiencies are not always obvious in professional photography. 

Skills of a listing agent: pricing homes, correctly. Pricing your home is not a matter of checking what Zillow and Co. have to say, but preparing a comparative market analysis, adjusting for any differences, and having knowledge of your neighborhood, its appeal, and current market trends. Are you looking to list to sell or looking to list to sit? 

When you interview agents to list your home, don't just ask how much, but listen to their explanation. How do they justify the recommended price? Going with the highest may be tempting, but it may not be the price a buyer is willing to pay, or an appraiser will support. Overpricing your home will cost you valuable time on the market, it may stigmatize your property and have buyers wondering what's wrong with it. In the end, it may cost you more than pricing in the correct ballpark to begin with. 

 

Skills of an experienced listing agent, pricing homes for sale, correctly. This skill also includes knowing when to recommend, or facilitate, a pre-listing appraisal. Some homes are just so unique with comps few and far between. While it cannot be used by any buyer, it does help establish a list price and a copy can be made available to interested parties. 

 

If you’re searching for homes in Sandy, Salt Lake City, Cottonwood Heights, Millcreek, Draper, South Jordan, West Jordan, Herriman, Daybreak, Riverton, Lehi, Saratoga Springs, or anywhere in northern Utah, Salt Lake Home Pros are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 858-617-9449. 

 

 

 

#utahhomesforsale #openhouse #homebuying #utahluxuryhomes #buyahome #homebuyer #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome  #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUT #homesforsaleinsaratogaspringsut #homesforsaleinsouthjordanut #homeforsaleinherrimanut #homesforsaleinriverton #homesforsaleinwestjordan #homesforsaleinlehi  #searchutahhomes #slcvacations #slcdestinations #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #isellsaltlake 

Posted in Selling Your Home
May 7, 2024

America's Top Economically Competitive States

America's Top Economically Competitive States

This is from the Salt Lake Board of Realtors. I thought it was an interesting article to share....

Americans are fleeing high-tax, high-regulation states like California, New York, and Illinois for pro-growth, pro-employment havens such as Utah, Idaho, and Arizona, according to a report by the American Legislative Exchange Council (ALEC). The report highlights that Utah is the top-ranked state in the nation for economic outlook. Completing the top five are Idaho, Arizona, North Carolina, and Indiana, while the bottom five include New Jersey, California, Illinois, Vermont, and New York. Utah State Senate President J. Stuart Adams commented that Utahns continue to emulate their pioneer ancestors' industrious nature, which has made Utah the economic powerhouse it is today. “This past year marked the fourth consecutive tax cut, allowing Utahns to keep a cumulative $1.3 billion of their hard-earned money,” Adams stated. “This has provided them with more financial freedom and has directed more funds back into Utah businesses.” The report examined 15 economic policy variables to rank the economic outlook of each state.

May be an image of map and text that says 'Leading the Pack: America's Top Economically Competitive States #10 BЮOTA #2 IDAHO #7 BAMOTA WJOMING #1 υTAH #5 INDIAHA #3 ARIZONA #9 OELAHOMA 1. #4 M. .CAROLINA 2. 3. #6 TEXAS Utah Idaho Arizona 4. North Carolina 5. Indiana 6. Texas 7. South Dakota 8. Wyoming Oklahoma 10. North Dakota SALT SALTLAKE LAKE REALTORS Source: American Legislative Exchange Council'

If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, West Jordan, Herriman, Daybreak, Riverton, Lehi, Saratoga Springs, or anywhere in northern Utah, Salt Lake Home Pros are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 858-617-9449. 

 

 

 

 

 

#utahhomesforsale  #homebuying #utahluxuryhomes #buyahome #homebuyer #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome  #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUT #homesforsaleinsaratogaspringsut #homesforsaleinsouthjordanut #homeforsaleinherrimanut #homesforsaleinriverton #homesforsaleinwestjordan #homesforsaleinlehi  #searchutahhomes #slcvacations #slcdestinations #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #movingtosaltlakecity #movingtoutah

Posted in Market Updates
April 30, 2024

Open House in Saratoga Springs, Utah

Celebrate Cinco De Mayo

146 W. Thistle Dr. Saratoga Springs, Utah 84045                                    Saturday, May 4th 12-3p  Listed at $645,000

Check out this pristine corner-lot in Family Haven with a fenced yard and  unmatched mountain views.  Embrace modern living in this exquisite 2-year-old home, perfectly situated on a spacious corner lot in the sought-after Saratoga Springs neighborhood. With 3 bedrooms, 2 bathrooms, a capacious 3-car garage, and RV parking, this property is a blend of elegance, convenience, and natural beauty. The full, unfinished basement offers endless possibilities for customization, while the fenced yard ensures privacy and security and your own private escape, perfect for pets, play, and hosting gatherings, with nature's splendor as your backdrop. Set against the awe-inspiring backdrop of Utah's mountains, this home is a sanctuary of peace and beauty. Energy-efficient HVAC system, an open floor plan that connects living spaces with the great outdoors. Come check it out as Nancy Bergman will hold it open on Saturday, May 4th from 12-3p. For more information about this property go to https://www.saltlakehomepros.com/search/details/1ap/0/

Courtesy of Listing Agent- Jeff Jex  - Fathom Realty

 

If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, West Jordan, Herriman, Daybreak, Riverton, Lehi, Saratoga Springs, or anywhere in northern Utah, Salt Lake Home Pros are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 858-617-9449. 

 

 

 

 

 

#utahhomesforsale #openhouse #homebuying #utahluxuryhomes #buyahome #homebuyer #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome  #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUT #homesforsaleinsaratogaspringsut #homesforsaleinsouthjordanut #homeforsaleinherrimanut #homesforsaleinriverton #homesforsaleinwestjordan #homesforsaleinlehi  #searchutahhomes #slcvacations #slcdestinations #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation 

Posted in Buying a Home
April 29, 2024

Foreclosure Numbers Are Nothing Like the 2008 Crash

Foreclosure Numbers in Are Nothing Like the 2008 Crash

This past week, I received an email request from someone who is looking for a property in Millcreek for under $350,000. She claims that prices are too high and greed is taking over. She also thinks homes are going to back to 2008 prices and foreclosures will rise again. 

Yes, foreclosures are out there, but nothing like 2008. I know. I lived in the hardest hit area with Short Sales and Foreclosures, Sacramento. You can find a house less than a car back then. However, those were different times. 

I thought this was a great article to share from Keeping Current Matters:

"If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008.

The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

Here’s the latest information stacked against the historical data to put your mind at ease.

The Headlines Make the Increase Sound Dramatic – But It’s Not

The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is.

Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions of homeowners avoid foreclosure during challenging times. That’s why numbers for just a few years ago were so low.

 

Now that the moratorium has come to an end, foreclosures are resuming and that means numbers are rising. But it’s an expected increase, not a surprise, and not a cause for alarm. Just because foreclosure filings are up doesn’t mean the housing market is in trouble.

 

To prove that to you, let’s expand the comparison out a bit more. Specifically, we’ll go all the way back to the housing crash in 2008 – since that’s what people worry may happen again.

 

The graph below uses research from ATTOM, a property data provider, to show foreclosure activity has been consistently lower since the crash in 2008:

No Caption Received

 What the data shows is that things now aren’t anything like they were surrounding the housing crash. The bars in red are when there were over 1 million foreclosure filings a year. In 2023, there were roughly 357,000. That’s a big difference.

A recent article from Bankrate explains one of the reasons things aren’t like they were back then:

“In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.”

Basically, foreclosure activity is nothing like it was during the crash. That’s because most homeowners today have enough equity to keep them from going into foreclosure. And that’s a really good thing for homeowners and for the market.

The reality is, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.

Bottom Line

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices."

If you are looking for a good deal, there are a few short sales and foreclosures in Salt Lake City area. We can set up a search if you wish at www.saltlakehomepros.com

Nancy Bergman

Salt Lake Home Pros / Fathom Realty 

Salt Lake City, Utah

Posted in Market Updates
April 26, 2024

What is a 1031 - Do's and Don'ts of a 1031 Exchange

What is a 1031 - Do's and Don'ts of a 1031 Exchange

As the springtime approaches, more and more homes come on the market. For some, people who want to become investors or who are already investors may want to buy or sell properties.  Some investors use a 1031 exchange. a 1031 exchange can be a great way to buy or sell an investment property. 

I am a local Salt Lake City here to assist you. I have personal experience working with 1031 exchanges. 

What is a 1031 property exchange?

The term 1031 exchange comes from the section of the IRS tax code that deals with like-kind exchanges. A 1031 exchange can also be known as a like-kind exchange, as referred to in the tax code, or a Starker exchange, based on the name of the lawsuit that first identified the exchanges as legal. A like-kind exchange means that you are exchanging business or investment property for business or investment property. You can no longer exchange valuables like art or jewelry. The properties you are exchanging do not have to be the same types of property, but they do have to be properties used for investment or commercial purposes.

You cannot apply the 1031 exchange to personal property, like your primary residence. You can, however, exchange a large real estate holding like a farm, apartment complex, or luxury rental home for several smaller properties if the combined cost of the new properties is the same or greater as the cost of your original property. Other details of a like-kind exchange are listed below. Many investors may use an exchange to swap properties from one state to another because they can move up or get more smaller properties. For example, some investors, will sell their property in California and buy either a multi-unit property, an Airbnb, or a few single-family homes.

1031 exchange has a set of rules the buyer must follow:

It is recommended to use a qualified intermediary to handle the transactions. If you choose to work with a 1031 Exchange Company, be sure they are insured to protect your money from disappearing in escrow. I have one particular that I have worked with for years, so I trust them. I think you can also use a title company. I would check. The intermediary company acts as a second escrow company. So, it is best to set up the information as the client is in escrow with one property and starts the hunt with the next one.

The buyer has 45 days after the sale of one property to identify a minimum of 3 properties the next property you will be purchasing. You may present 3 different properties, but you must end up closing on one of them.

You must close on one of those property within 180 days No extensions will be granted.

I have heard the property cannot be sold for two years, but I would double check with a CPA. Realtors ARE NOT allowed to give any tax advice. You as the buyer, needs to check and satisfy all that Information yourself.  

Why do a 1031 exchange?

So why do people engage in 1031 property exchanges? According to Realty Mogul, there are several reasons as to why people use a 1031 Property Exchange. The number one reason is to defer taxes. After all, who isn’t looking for a way to reduce their tax bill? People also use the 1031 in estate planning, so their heirs don’t get hit with a huge tax bill. Sometimes real estate investors want to exchange a property that has maxed out its depreciation for a property with additional depreciation. Perhaps the property isn’t producing as much revenue or appreciating as quickly as the owner would like.

Real estate is all about location. With an eye toward the future, an investor might exchange a property in an area that is losing property value for a property in an area where property values are increasing. If investors move a distance away from their investment properties, it makes sense for them to use a 1031 Exchange to purchase new properties closer to home. Sometimes the reason for the exchange is simply that the investor finds a property he/she likes better. I can tell you that I have done at least 6 personal exchanges. Most recently a few years ago, one of my investment properties had a lot of plumbing issues and with it being a short-term rental in the midst of COVID in an resort area, I was afraid of losing money.

 What can a 1031 exchange be used for?

1031 property exchanges are only valid for investment and commercial properties. An investor may be looking to diversify his/her investments, for example, selling a strip mall and buying an apartment building, a rental condo, and a small business location. Other real estate investors want to consolidate their investments, so they trade several small properties for one large property. A 1031 property exchange is also used to maximize the multiplication and leverage potential for an investor. And some folks are just ready to trade co-ownership for single ownership. Whatever the reason, many real estate investors are finding 1031 exchanges help them maximize their return on investment.

 Using a like-kind exchange can help investors grow their investments tax-deferred for as long as they like. Let’s say you decide to invest in a rental condo when you are fresh out of college. If you continue to exchange up – one condo turns into two turns into a single-family home, etc. – by the time you reach retirement, you will have built up a revenue stream that can help support you in retirement. If you hire others to manage your properties, you’ll have that income without having to do much work.

 There is no limit to the number of exchanges you can make. If you decide to sell your investment properties at some point, you will be taxed at the long-term capital gain rate, which is about 15%-20%. If your investment property becomes part of your estate, it is adjusted to its current value upon your demise, so your investors will not have to pay the long-term capital gains tax. However, if your off-spring are following in your shoes as property investors, they can keep delaying the capital gains taxes as long as they keep selling and purchasing property.

Can you use a 1031 exchange property for personal use?

What if you want to use a like-kind exchange for a ski Airbnb that they rent out?  Heck – we are in Utah. You’ll probably want to enjoy it as well. You can make this work, but I strongly recommend talking with your CPA again, because you will need to be very careful about following the rules. I think it’s personal use of the property cannot exceed 14 days or 10% of fair rental days, whichever is less.

You also must rent the home for at least 6 months out of the year in an official capacity, meaning you are charging a fair rental fee, and you have renters. You also must show proof on your taxes.

If you are buying from a seller that is doing a 1031 exchange, please understand that it does not affect your buyers at all. There is no cost involved at all with the buyers. However, the buyers do need to understand and acknowledge that the sellers are doing a 1031 exchange.

In summary, real estate is known to be a good investment because people are always going to need a place to live. Utah has a strong rental market because people are moving here and need a place to live. It is a great place to invest because our outdoor lifestyle. So, if you have any other questions about 1031s, please reach out to me, Nancy Bergman at Salt Lake Home Pros / Fathom Realty  or your tax advisor.

  

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Posted in Buying a Home
April 24, 2024

Food Trucks Are Back in South Jordan

Food Trucks are Back in South Jordan

This past week, I was picking up my son late from Herriman High. I was so tired from a long week already, I was happy to see that the Food Trucks are back in South Jordan, Daybreak @ Highland Park. For me, that means NO COOKING. Yay. 

So many to choose from... So many people... The weather was gorgeous... What a beautiful way to wind down the week. My son and I couldn't decide what to eat. Finally, he decided on the Jamaican food truck. There was a pizza truck, ice cream, drinks, tacos, etc. 

Every week, the Utah Food Truck League has a variety of food trucks located all over the Salt Lake valley. Check out your favorite cuisine and location at https://thefoodtruckleague.com/food-trucks/events/

If you are in the Daybreak area, check out the trucks on Thursdays @ Highland Park - 11288 Kitty Hawk Rd., South Jordan from 5:00p - 8:00p. Oh, and bring a chair or blanket to hang out. 

Also, if you fall in the love with the neighborhood, I am an area specialist. Give me a call, Nancy Bergman 858-617-9449. Salt Lake Home Pros / Fathom Realty

www.SaltLakeHomePros.com

South Jordan Food Trucks

South Jordan Food Trucks in Daybreak

Posted in Community News
April 19, 2024

Salt Lake City Housing Stats for March 2024

Salt Lake City Housing Stats For March 2024

It's that time... The Salt Lake City housing market is starting to heat up. Prices are starting to heat up. There is more homes on the market but they are going faster than a few months ago. I can still get many sellers to give closing cost credits or help with buying down the interest rates. 

Sellers - The buyers are coming out. Are you ready to sell? 

Questions about the market, let's chat. 

Nancy Bergman - Fathom Realty 

Salt Lake Home Pros 

Posted in Market Updates