All Forum Posts by: Blake Bratcher

 Sure thing! I'd also see if you could list on websites that cater to traveling Nurses/Doctors. I've never used it myself, but Furnished Finder may be a good place to start, as well as calling local hospitals if they may have a housing list you can hop on.

 Hi Mi Malachi. First of all, your listing looks great! Professional photography, appropriate staging.

When we were searching for tenants for a rental back in the colder months last year, one thing that brought a lot of activity was offering out the first month rent as free. This helps combat the slower rental season that we see annually right now and helps people with moving expenses. We also covered the initial pet fee, as our now tenants had 2 dogs.

If you can swing it financially to do so, it doesn't hurt. Good luck!

Hi @Amy Frisella! Congrats on looking into an exciting move - hope you like the cold and snow!

Relocating myself in 2016 from Arkansas, the midwest is a totally difference landscape than SLC/Provo. I highly, highly advise on renting when you get here, at least for 6 months. Each neighborhood and area of the valley are going to have a different feel, different personality. I'm a licensed Realtor and often work with relo clients and it is about a 50/50 mix between them renting to start out, or doing multiple virtual showings in different areas. I lived in 3 different neighborhoods, purchasing my first investment property in one and now permanently residing in another on the other side of town.

Like others have mentioned (and in my own opinion), SLC and Provo will feel distinctly different and be unique in their own ways. Both have solid markets, despite the slow down in the recent months. Multi-family inventory is significantly lower than SFH, though with both areas having close proximity to large universities, you cannot go wrong with LTRs. You will also have a big pool of traveling nurses and doctors for the local hospitals that will be prime candidates for rentals.

If on the search for STRs (30 days or less), Salt Lake County and Utah County (Provo) are becoming more strict on those. And for long-term rentals, Salt Lake has a restriction that no more than 3 unrelated individuals can live at the same address. Always have to do it by the book, though!

If I had to do it over again as a first-time homebuyer (which are a ton of fun to work for) I'd look at duplexes with the intent to live in one side and rent the other. There IS a house out there for you and a small condo of some sort would be a great building block. If you need any help at all, or a good restaurant recommendation, please don't hesitate!  

 Hey Antonio! SLC local here. Wise decision to explore wealth building via real estate. With SLC's continually rising rental rates, paired with our strong economy attracting people for employment opportunities, multifamily rentals are a genius way to gain passive income. We have also seen an increase in multigenerational housing - parents living with kids and vice versa to combat high housing costs and to save once they are ready to purchase.

Inventory for multifamily is on the lower side, especially in SL county. Is there a particular area you're wanting to start investing in, or perhaps another county? Multifamily properties near our universities or city centers is never a bad choice. Or if you're starting out, maybe even buying your first home, buying a duplex and living in one side while renting out the other would be genius. Working with your Mortgage Lender, you can often count that rental income towards your DTI (debt to income) up to 75%. This will factor into your borrowing power, as long as you have an executed lease before closing.

Any questions at all, I'll be here! Don't hesitate to reach out and let's connect soon.

I really appreciate you taking the time to share a very detailed and thoughtful response. There is power in numbers - and statistics don't lie. I turned into Brian Buffini's 2023 Bold Predictions webinar this morning and he shared the same sentiments. Below is a brief recap of the numbers from him, coinciding with Dr. Lawrence Yun with NAR:

- 10-year treasury yield is usually 2% lower than prime 30-year mortgage rates; the current spread is abnormally high between the two

- Inventory is slightly over 1M nationwide which is historically low

- First-time homebuyers, on average, need an annual income of $85K to comfortably afford a starter home; median home price will be 10% higher in 2023

- 15% decrease in home sales in 2022 compared to 2023

- 1 out of every 5 transactions are being cancelled; 60-64K transactions cancelled a month between July and now

- 200,000 less agents in 2023 compared to now; 70% of agents and 80% of mortgage lenders have not worked in a "normal" market

2023 Predictions:

* -7% Unit Sales

* +1% Home Values (various areas may see a decrease)

2024 Predictions:

* +10% Unit Sales

* +5% Home Values

I agree with your leading point - definite shift in the market, yet real estate is cyclical, so this should not come as a shock to the majority of people working in the industry. It is about educating clients how to navigate it, while not taking the doomsday approach. Thank you for sharing!

I like the mention of absorption rate! One thing I fail to mention too often. I'd be curious if there are any buyers markets within the rural midwest or hidden pockets. We're hovering around 3-4 months of inventory here, 5-6 is healthy. Very interesting!  

 Pricing correctly is vital in this market. If clients ask to list at June/July prices, I advise them that will produce an automatic stale listing. Likewise, if a house is renovated nicely, good neighborhood, and priced accordingly, multiple offers is still the case. 

Remember last year when homes were toured on a lunch break and under contract by dinner? This market shift has been fun to navigate with clients and the stabilization is welcomed, in certain areas. I wanted to start the conversation of what everyone is seeing out there in terms of their listings. Average DOM has increased, sellers lenient on concessions, investors popping back up, etc. - what are you actually seeing in terms of offers, though?

Currently have a fixer upper in Murray. Not a total rehab, but interior needs extensive updating. 4 cash offers $100K+ below list from investors within the first 2 weeks. Too low for my client to entertain. I see this trend continuing into the spring, pending rates. What do we think?

Hi Brad! It has been a mix bag on buyers taking advantage of the rate buy downs, heavily driven by price point. On one of my client's listings at the $660K price point, I've had a handful of agents ask about a rate buy down during the initial call after they've toured the property. One agent said that their client's lender requires a $15K minimum to do a buy down, which I thought was interesting. With the multiple questions, my client decided to do a combination between a minimal price reduction and a concession to use at the buyer's discretion, however we highlighted a buyer rate down in the public remarks. After doing so, we saw an uptick in traffic after being active for just over 2 weeks.

Seller Financing is also interesting. While I am seeing more listings offering seller financing pop up, one investor I just spoke to said they didn't want to put more than 5-10% down (me and you both). So while they are becoming more prevalent, I don't think we're going to see a huge increase in these type of purchases in the next 2 months - I do think the spring will look differently, though. I feel the same way about Assuambles. Seeing them pop up more on the MLS, yet not sure how practical they are in the buyer's eyes with having to come up with a big chunk of change (and if a Lender will loan the gap).

Great question for the group!

 Second for Stringham! Not only were their online courses and webinars very detailed, they offered live in-person or virtual study sessions - these were imperative to me passing the math section. Their printed supplemental materials were also top notch. Highly recomment!