Home Buying Today: What to Expect When Applying for a Mortgage

Home Buying Today: What to Expect When Applying for a Mortgage

Securing a mortgage is one of the biggest hurdles to buying a home. If you’ve been meaning to buy a home for some time, the biggest question on your mind might be “Will I get approved for a mortgage during this pandemic?”

Here’s what buyers can expect from the loan application process during COVID-19.

Near-historic-low rates during COVID-19

According to Bankrate, interest rates are at a near-historic-low during the pandemic, with some lenders offering 30-year amortization below 3% for owner-occupied properties. Moreover, the Federal Reserve has said that it will try to keep rate low until 2022. These low rates might make the idea of purchasing a home more appealing at this time.

Although the mortgage will still make up the bulk of your home buying costs, experts believe that low rates will continue to drive home purchases during COVID-19.

A potential downside is if mortgage rates do rise within the foreseeable future despite the Fed’s promises to keep them down, the hike could impact home prices and affordability.

But low rates do present an opportunity to buyers as they make homeownership more affordable at the present time – if rates do climb in the future, you can cross the bridge when you get there. Today’s low rates can help you get a foot through the door if homeownership makes sense for you at this time. 

How to qualify for a mortgage during COVID-19

  • Maintain your employment status – According to University Credit Union CEO David Tuyo, you may be in a good position to purchase a home if you have job security. If you’ve been fortunate enough to stay employed during the pandemic, then you may be eligible for a loan.

But if you’ve been stood down, you must keep your focus on getting back to work, finding another income source, or applying for other jobs.

  • Protect your credit score – Were you able to make timely bill and loan payments during COVID-19? If not, the Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief and protection from negative credit reporting during this difficult time.

Money Management International Business Development Director Kate Bulger says that if you think you might miss an important payment due to income reduction or unemployment, you must get in touch with your creditors, ideally before the due date.

  • Refinance an existing mortgage – Do you have an existing mortgage? Refinancing will help you pay it off and take out a new one, on new (and ideally, more favorable) terms. This allows you to take advantage of low interest rates or switch to a different mortgage type that might be more manageable during this time.

Click here to learn more about refinancing a mortgage.

Beware of predatory loans

Lenders in Utah are generally trustworthy professionals who will help you achieve your dreams of homeownership. But predatory lenders do exist, and during challenging times like these, buyers must be as vigilant as ever.

A predatory lender typically will try to:

  • Intentionally lend you more money than you can afford to pay back
  • Use false appraisals to try to sell properties for more than their value
  • Charge fees for hidden or non-existent products and services

Click here for more information on predatory loans and how to avoid them.

Ready to find the perfect Utah home? Team Schlopy Real Estate would be happy to assist you. You can message our agents here <insert Contact Us page link>. You can also get in touch with the team at 3859.991.640. We specialize in buying and selling real estate Park City and the surrounding communities. We can’t wait to work with you. 

The “New Normal” of Buying a Home

The “New Normal” of Buying a Home

As the economy reopens and buyers head back to the housing market to resume the property search, all parties will find themselves settling into a new normal in order to observe safety protocols while buying and selling Park City real estate.

Here’s what to expect as a homebuyer in Park City.

  • Online communication – As national and local officials try to curb the spread of COVID-19, real estate professionals will rely increasingly on digital communication to reach and assist their clients. You will most likely be talking to your agent via FaceTime, Zoom, and similar platforms. Video calls and conferences allow for face-to-face communication while helping agents and clients maintain social distance. Unlike voice calls, video lets people pick up on non-verbal cues like facial expressions and hand gestures.Moreover, being able to see the person you’re talking to, whether it’s an agent or seller, also helps build trustworthiness and a sense of connection. 
  • Virtual tours – Real estate companies and websites have begun investing heavily in technology to create better quality tours of the properties listed on their platform.

According to Globe News Wire, Realtor launched a new feature allowing agents to integrate 3D tours and videos from multiple services in April of this year. Since then, the real estate site has reported a 14% increase in traffic, while agents who advertise on the site say they’ve gotten 25% more inquiries.

These tours give buyers a better idea of how the property looks without having to attend open houses and risking their safety. They help create an immersive experience for buyers who want to explore their options in the market without leaving the safety of their homes.

  • Virtual staging – This online feature isn’t new by any means, it has definitely garnered more interest from both buyers and sellers during quarantine. Virtual staging incorporates graphic design, 3D modeling, and other techniques to help buyers and sellers imagine how a property might look with various furniture, color schemes, renovations, and lighting options.
  • Live streaming – If you want a more engaging way of viewing the property while staying at home, you can attend live streamed open houses in which an agent shows online viewers around the property using popular services like Facebook Live and Instagram Live. This option allows for more interaction. Ask the agent a question while they’re live and they’ll be happy to give answers or show you what’s behind the door.
  • Increased real estate photos and videos – Agents already knew the value of including multiple high quality photos in a listing even before the pandemic. This practice will continue today, and buyers can look forward to seeing more photos and videos attached to listings. Adding more images is one of the simplest things agents can do to drum up interest in a property during a pandemic.

Still looking for the perfect home in Utah? Team Schlopy Real Estate would be happy to assist you. You can message our agents here. You can also get in touch with the team at 385.999.1640. We specialize in buying and selling real estate Park City and the surrounding communities. We can’t wait to work with you.

Park City Real Estate Market Update

Park City Real Estate Market Update

The COVID-19 pandemic has been a remarkable time for realtors and home sales. Local real estate agents sold more properties in the Wasatch Back year-to-date than they did all of last year.

Local chatter about traffic jams, busy shopping centers, out of state license plates and over-crowded trails contribute to the speculation that the area is feeling the impacts of “refugees” who are coming here to wait out the pandemic. Park City Board of Realtors shared market data with KPCW and said that initially, the March shutdown orders caused concern for area realtors.

According to a Board of Realtors July 29 report, the market dipped quickly in April, then in mid-May a slight recovery, with June sales showing a full comeback, exceeding last year’s numbers.

There are a lot of people looking that aren’t able to buy but there are a lot of people who are pulling the trigger and buying. We usually average around 2,000 to 2,100 homes on the market at any given time and we’re down right now to about 1,500. But we’ve sold more properties on the Wasatch Back than all of 2019.

DIY Home Repairs Everyone Should Know How To Do in the Age of COVID-19

You’re no Bob Vila, but part of being a homeowner or renter is knowing how to tackle common home repair projects on your own. We’re talking about tasks that fall somewhere between changing a lightbulb and hardwiring a light fixture. These projects aren’t exactly no-brainers, but they also won’t put you at risk of electrocution.

But in the age of COVID-19, perhaps the biggest reason to improve your DIY skills is to reduce the number of folks who enter your home—and that includes repairmen and maintenance workers. So if you can master basic home repair skills, you can be self-reliant and stay safe.

“There is never a bad time to improve DIY skills, but keep in mind that projects can range in difficulty,” says Hunter Macfarlane, a project expert at Lowe’s. “Before starting any project, be sure to look through all of the instructions and ensure you have the tools you need.”

Don’t take a hammer to the wall just yet. Strap on your tool belt, and start out with these no-nonsense DIY home repairs.

Patch a hole with spackle

Hanging a picture can be an exercise in trial and error that often yields unwanted holes in your drywall. Clean up those holes by patching them with spackle.

“It can be completed within minutes—all you’ll need is spackle and a taping knife,” says Macfarlane. “Once you scrape away loose debris, cover the hole with fast-drying spackle and leave it to dry 24 hours.”

For holes larger than a typical nail hole, use a mesh patch to level the surface and evenly apply spackle. You can also use sanding sheets to smooth the area when you’re finished.

Replace a thermostat

“Every 10 to 15 years, old thermostats might need to be replaced with a more upgraded model, like a smart thermostat,” says Marla Mock, vice president of operations at Aire Serv. “A smart, programmable thermostat with Wi-Fi can allow you to create a schedule to adjust temperatures, saving you the expense of heating and cooling an empty home.”

Just how much can you expect to save? Mock says 10% to 20% annually on heating and cooling bills.

Installing a thermostat requires general tools such as a screwdriver, wood or drywall screws, masking tape, and power drill, as well as a basic knowledge of carpentry.

To begin, turn off the power to your heating, ventilating, and air-conditioning system, carefully remove the existing thermostat from the wall, disconnect the wires from the back of the thermostat, and carefully label which wire is which.

“Connect the new thermostat to the wires protruding from the wall. Mount the thermostat to the wall using the included hardware. Power on your new thermostat, and set accordingly,” Mock says.

Repair tile grout

Tile grout is porous and can allow dirt, moisture, and other particles to get trapped, causing discoloration or mold, says Macfarlane. Luckily, repairing tile grout is easy and inexpensive and can give bathroom or kitchen tile a fresh look.

“Start by cleaning the broken grout area with a 1:1 mixture of vinegar and water, then use a grout saw to remove loose or damaged grout,” says Macfarlane. “Remove any debris from between the lines, then dampen the tile and wipe up any excess water.”

Use a grout float, held at an angle, to fill the joints with new grout. Let the grout set firmly, and remove any excess with a damp sponge. After the grout dries completely, apply a sealant to protect it from future cracking and mold.

Paint A Wall

Ready to switch it up? If your walls are in dire need of a fresh coat of paint, this is a simple project that can be tackled in a weekend.

Macfarlane says prep work is needed to keep the space clean and the finishing looking fresh.

“Use a plastic dropcloth or an old sheet to protect furniture, and don’t forget to grab painter’s tape to cover door handles and electrical outlets,” says Macfarlane. “You’ll also need a few 5-gallon buckets for your paint, as well as rollers, trays, and angled brushes.”

Spot-treat your carpet

Being indoors so much means your carpet has seen better days, so a good DIY carpet clean is in order.

“Make a detergent solution by mixing one teaspoonful of a colorless, mild detergent or dishwashing liquid in a cup of lukewarm water,” says Jack White, director of special projects at Rainbow International Restoration.

Blot the mixture into the carpet, and avoid rubbing the stained area since it can drive the stain deeper and possibly damage your carpet. White cautions not to soak or overwet the area.

Rinse with water, and blot until dry with a white cotton towel. If the stain remains, you can attempt to remove it with a 3% hydrogen peroxide solution.

Replace a toilet flapper

A likely culprit for a toilet that won’t stop running is a faulty flapper—a small piece of rubber that acts as a stopper, separating the tank from the bowl, says Aaron Mulder, co-owner and operations manager for Mr. Rooter Plumbing of San Antonio, TX.

“A good way to test for a leaking flapper is to add a few drops of food coloring to the top of the tank where the flapper and flush valve are. Check to see if the water inside the bowl is turning the color of the food coloring you added. If it is, you know you have a leaking/passing flapper,” says Mulder.

He says replacing a toilet flapper is simple and inexpensive for a homeowner to do, and that flappers need to be replaced every two to three years.

First, turn off the water supply behind the toilet, remove the lid from the tank, and then flush the toilet to drain the tank. Remove the old flapper from inside the tank. Then, place the new flapper in the tank and attach the new flapper’s chain to the trip lever, making sure to leave enough slack so that the flapper can fully close, covering the flush valve seat. Turn the toilet’s water supply back on, and do a test flush. If it’s silent after the tank refills, that means it worked.

U.S. Workers Discovering Affinity for Remote Work

Though the coronavirus has disrupted many aspects of our work lives, it may end up accelerating some trends–like working remotely. Gallup polling of Americans conducted this spring found that 62 percent said they had worked remotely at some point by April, an increase from 31 percent in mid-March.

That big spike might seem temporary, but according to that same poll, in 2015, 3.9 million U.S. workers were working remotely. Today that number is at 4.7 million, or 3.4% of the population. Remote work is trending up, and as more workers get accustomed to the flexibility, it may end up being a trend that sticks around.

The challenges of selling a resort town during COVID-19 by Inman News

The challenges of selling a resort town during COVID-19 by Inman News

Left to right, Lana Harris, Erik Schlopy, Marny Schlopy, Kent Schlopy, Bobbi Jo Wilkerson, Kevin Crockett, and Mary Frances Rose of Team Schlopy

Team leader Marny Schlopy of Team Schlopy at Coldwell Banker in Park City, Utah, shares how her team and niche market have been impacted by the pandemic.

Having worked for nearly 30 years as a real estate professional in Park City, Utah, Marny Schlopy knows that resort towns like hers have particularities not see elsewhere, including a unique set of buyers and a market that operates totally differently from other non-resort markets.

“It’s a lifestyle choice,” says Schlopy, who started growing what would become her seven-member team in the 1990s. “It’s a totally different market — pandemic or not. It’s not a place where people are relocating to for businesses. You come here because you want to come here.”

Inman recently spoke with the team leader of Team Schlopy at Coldwell Banker about how she and her team have fared over the past few months and how her niche market has been impacted by the pandemic.

Inman News: When did you start your team, and why?

Schlopy: I started in real estate when we moved to Park City in 1992. And I started on a whole new career, had never done it and had really never knew anybody here, so it was nine months until I made my first sale. It was very hard work. You don’t know anybody and you come to an unfamiliar place, and you start a new thing where you’re commission only. I was working seven days a week — not much different from today, really — but then I was doing everything, carrying out the trash and all that.

As it progressed and I got successful, I didn’t have the time to do the paperwork. I’m a better salesperson than dotting the I’s and crossing the t’s, so I decided it was time to get a part-time assistant. That was in 1995. And then I rolled into a full-time assistant at the end of the ’90s as my business picked up and I was doing 50, 60 deals a year.

When Park City hosted the 2002 Olympics, I just couldn’t keep up with the buyer’s demands. Buyers take so much time because they come into town, they want to see everything, and if you have listings you can’t pay attention to them, so my husband joined me as a buyer’s agent. Then we wanted my son-in-law to move to Utah to be close to us, so he joined us. Then we got two assistants: one listing coordinator and one under-transaction coordinator. Then our son joined us in 2016, and then I have another full-time protégé that joined five years ago.

Growing this way has allowed us to specialize in the places where we’re really good and then also to be able to have somewhat of a life. When you’re solo, or even solo with an assistant, real estate is a 24/7 business and you can never getaway. So having a team really allows you to then totally detach, go away for a weekend and not even take your phone — the phone’s handed off to another team member.

Park City is obviously a big ski resort town. Do you think that being in a niche market has been a help, or on the other side, a hindrance, during the pandemic? Or neither?

Park City, because it’s a resort town, no one ever has to buy. It’s a lifestyle choice. People are successful here, so no one ever has to sell. It’s a totally different market — pandemic or not. It’s not a place where people are relocating to for businesses. You come here because you want to come here. And again, successful people feel like if they don’t get the price for their home, they don’t have to sell. And the price, of course, is real estate 101.

During the pandemic, I would say that being a resort town was a hindrance because again, no one was getting transferred, no one had to buy. Everyone hunkered down. So it was like a spigot turned off when the resort closed, which was March 15. But, when we opened back up, when we moved into the orange phase and people were able to get out and wear masks and feel safe, since then we’ve been non-stop. [Ed. note: Utah has followed a color-coded phased reopening plan. The orange phase signifies “moderate risk.” During this phase, restaurants could reopen for limited dine-in services, personal services and retail could operate with the use of face coverings.]

In the resort business, it takes an average of two years when a buyer comes in to locate a property. We’ve worked with buyers as long as 6, 7, 8 years where we put them [in] a database and eventually they come buy. Now, we’ve had droves of people who want to get out of the big cities — no surprise — out of LA, Texas, Florida, New York, and they’re coming here because they don’t want to be stuck again. They want to be in a resort town.

And they’re looking at everything, so it takes three times as long to locate a property. We personally meet and greet the buyer, meet and greet the buyer’s agent — we’re there to sell our listings. Of course we couldn’t do that during the pandemic because we weren’t allowed to. So when it opened back up, we had 144 showings from June 1 to July 7 where we were present, and we only put two things under contract in that time frame. Since then, we’ve put about 10 things under contract.

But, the point was, we would show a house that would be $2.2 million, 7,000-square-feet, [and] to that same buyer, a new construction, $3 million, 3,000-square-feet. And it’s like, you either want a huge house that’s a fixer or you want a new construction, but they’re looking at everything. At one house, we had 29 showings before we generated an offer, and then we had multiple offers.

It’s a very interesting, it’s a different market that we’ve never seen before.

That sounds very challenging. What would you say has been the toughest part of all of this for your team?

Because there’s so many buyers in town and so much activity, the perception is that the market is hot. Well, the market is robust, but it’s not hot in the sense of people just flocking in and putting contracts down and closing them.

It’s robust because they’re out there, but buyers are not settled — they are frenzied. They don’t want to take a risk of making a bad decision, they just don’t know what to do. As a real estate agent, you have to accommodate whatever they want to see, and you’ve got to educate them in a short amount of time.

But the public looks at it as it’s a hot market. So the sellers are going, “Why isn’t my property going under contract? You’ve had 29 showings.” And we’re like, “This is different, you’ve got to be patient.” It’s a challenge.

What do you think differentiates your team from other teams in your region?

We’re a family business and we really care about each other. We have different personalities that go well together, but we can also match up those personalities with our clients. And we have systems in place. Eighty percent of our business comes from repeat clients, so we really take care of our clients. We treat them like family, too. We bring them into the fold if we like them — and we like most of them!

How is your team getting ready for the upcoming weeks and months?

It’s hard to know what to prepare when you don’t know what you’re preparing for. But, I think we did a good job when we were shut down. We incorporated a new database, and if we get shut down again, we’ll continue working on the database by reaching out to people that we haven’t reached out to for a while and make sure they’re OK and safe and still want our information. I think that was the biggest thing we did, and it worked well for us.

When you’re working so hard in the business, you don’t have time to work on the business. So having time to work on the business was productive. We did a lot of things we had never done before like virtual open house tours, and we’ll actually [continue those], even without a pandemic, for the outlying areas. We learned a lot. We really got into technology to keep exposing our listings to the world, and we’ll keep perfecting that.

Make your home office shine with these interior design tips

Being able to create a home office exactly the way you want it is one of the benefits of working from home. You’ll have full control over how things look, with no one to tell you otherwise.

Even so, you need to make sure that your home office design choices are smart, stylish and, most importantly, conducive to your productivity. Here are five of the best home office design tips to implement.

Find a private, quiet space

A well-placed home office is essential to your being able to achieve your daily work targets. That’s why careful thought must go into selecting its location. A spare room is ideal: you can work in a dedicated space and shut the door behind you to prevent non-work-related distractions. Similarly, at the end of your workday, you can more easily “leave your work behind”. Do you plan to hold meetings with clients in your home office? If so, you should plan for a location near the front door for the sake of convenience.

Allow plenty of natural light

Natural light improves productivity. A brightly lit space can help reduce eyestrain, headaches, and drowsiness. You should ideally have at least one window in your office space that will allow the sun to stream into the room. If you can’t soak up the sun’s rays, use full-spectrum light bulbs that mimic the effects of natural light to light your home office.

Don’t skimp on your chair

You’ll likely spend a lot of time sitting in your home office, especially if you do most of your work on a computer. Given the long hours at your desk, you would do well to ensure your chair isn’t just comfortable but also promotes a straight spine and provides adequate lumbar support. Depending on your type of work, you may also need a chair that swivels, rolls, and comes with multiple adjustable features to help you find the most suitable working position.

Have plenty of organized storage space

Science may say a messy desk is a sign of intelligence and creativity, but a disorganized workspace leads to misplaced documents and increased stress, not to mention lost productivity. Save yourself from all the trouble that a messy desk can cause by making sure your office has adequate organizational and storage space. Paper trays, filing cabinets, desktop organizers, waste baskets — these office essentials not only allow you to enjoy a clutter-free workspace, they also tell clients, guests, and visitors that you mean business.

Always think of what your home office says about you

Your customers will judge your business from the appearance of your office. That should be reason enough to keep it neat and clean. Even if you’re not one to entertain your clients at home, you find that pleasing aesthetics and good office design promotes efficiency and precision at work. If you constantly feel stressed or distracted, your messy office’s vibe could be the culprit. There’s no need to be a total neat freak, just make sure the atmosphere inspires you to do the work that you need to do.

Looking for a new home with a home office that suits your lifestyle and preferences? Team Schlopy, the local market experts, can help in this regard. Feel free to call the team at (435) 640-5660 or email info@teamschlopy.com today to connect with one of our friendly and knowledgeable team members.

What Will Homes Look Like In A Post-pandemic World?

A lot has changed in just a few months, and for many that include the idea of what a ‘dream home’ looks like. Not long ago, buyers were showing preference toward smaller homes and open concept spaces conducive to gathering. After a few months cooped up inside, those features don’t seem so appealing – and developers have taken note.

“While the coronavirus still rages on, it’s hard to predict what post-pandemic abodes might look like,” according to Barrons. “Yet, developers around the U.S. are already rethinking projects, anticipating residents’ needs and preferences that Covid-19 would spur. In doing so, they are re-evaluating current in-unit aesthetics and in-demand amenities.”

Dedicated Home Office Space

Here are just a few areas of home design where trends may shift in the coming years:

Home size
Homes had been trending smaller, but that may be over. With so many families spending (way) more time around the home lately, there’s never been more need for personal space. Expect homes to grow in size accordingly.

Prioritizing the home office
As more and more businesses relax work-from-home policies or shift to full-time remote work entirely, the home office will become a near-essential for many buyers. A space that was once an after-thought now will need to offer privacy, good lighting, and be pre-wired for telecommuting.

Return to the closed-floor plan
For some buyers, the appeal of the open floor plan was already trending down prior to 2020, and the past few months have only made the reasons why more evident. Sharing more time and space at home demands privacy for schoolwork, hobbies, and entertainment. With more meals being cooked at home, an open concept kitchen becomes noisy epicenter practically all day long. Builders expect a rise in demand for closed floor plans, where rooms are partitioned for purpose.

Smart technology
This is already one of the fastest-growing trends in home design, but smart home technology will soon move from a ‘plus’ to a ‘must’. Temperature and lighting control can now be voice or motion-activated. Touchless faucets, once thought superfluous, are now an inexpensive and health-conscious upgrade. Systems that filter air and monitor air quality will become more common and affordable.

The Hot Trend of the Summer: Stock Tank Pools

For many of us, summer means pool time. But if you usually visit a community pool or recreation center, that might not be an option right now. Building a traditional pool at your home is a big and expensive project. That’s where the stock tank pool comes in.

“These inexpensive farm staples were originally designed as water troughs for livestock,” said Country Living “but that’s part of their country-chic appeal. Nowadays, stock tank swimming pools have been popping up in backyards across the country.”

Here’s how to make a splash with a stock tank pool in your own backyard.

Pick your size
Round stock tanks come in 10ft, 8ft, and 6ft diameters. As popularity has grown, the larger sizes have become more challenging to secure. There are also oval options, but they don’t necessarily provide the same kind of swimming experience.

Pick your spot
Where you’re going to put your stock tank pool is just as important as the pool itself. Without a level foundation, you’ll have leaks. “Job one is obviously selecting the site for your stock tank pool. You’ll need to prepare the area by creating a solid, level base,” said Tractor Supply. “You could use compacted sand, or even crushed granite. But, it’s very important to ensure that it’s a smooth surface, free of any rocks or sharp edges.”

Add your accessories and by accessories, we mean design and function.

Function first. A stock tank pool isn’t as easy to set up as a kiddie pool. You could just fill it with water and call it a day, but you’ll end up swimming in gunk. Take a cue (and detailed instructions) from the Hey Wanderer blog, and keep your pool clean all summer long with proper pumps and chlorine.

Once you’ve got your stock tank set up, it’s time to make it fancy. While the tank alone has its own distinct vibe, it can be dressed up in any number of ways. Paint the metal, build deck seating around it, hang lights, and incorporate tikis to create a tropical getaway feel—the sky’s the limit!

The Scoop with Team Schlopy – Episode 40

If you desire graceful living among beautiful surrounds you must see this home. The open floor plan of the main level allows you easy entertaining and main level living. The kitchen is warm and welcoming with something good on the stove. It’s the room where your family will head for when they come home. Enjoy cool summer evenings relaxing on your deck that overlooks picturebook setting of the lake and ski resorts. Downstairs you are greeted by additional spaces for the family to spread out and allows you for privacy and flexibility. Lake front living offers you endless fun on paddle boards, kayaks and fishing in the summer and ice skating in the winter. This home is ideally located within minutes from skiing, shopping, restaurants and schools. Best of all…it can be yours! Learn more at https://search.teamschlopy.com/homedetails/44842537-4839-silver-springs-drive-park-city-ut-84098

The Scoop with Team Schlopy – Episode 39

2785 Daybreaker Drive, Park City, UT 84098

5 Beds | 4 Baths | 0.37 Acres | 4,743 SQFT

Step inside to elegance as the gracious foyer leads you to sophisticated living areas in this completely renovated home. An expansive living room, framed by large windows, provides soul-filling views of the ski resorts, mountains, and Olympic Park while the intimate dining room is designed for lavish entertaining. Experience the joy of cooking in the fully-equipped kitchen with top of the line appliances, built-in china cabinet, reverse osmosis, and an oversized appliance garage. There’s no telling what you’ll cook up in your dream kitchen. Your main level master is enhanced with a garden tub, custom designed walk in closet, and access to the deck. The walkout lower level is flooded with light and includes multiple sleep and living areas. Watch the colors of the season’s change in your own 1/3 acre, tiered backyard. Gardened and shade trees are part of the beautiful setting and provide shady comfort for wildlife. Biking and hiking trails are only minute’s walk from the front door. This is the perfect setting to rest your legs or mind after a long day.

Learn more at search.teamschlopy.com/homedetails/44600515

Property Taxes and You!

Why do property taxes even exist?

Property taxes are actually a good thing. They’re a major source of revenue for local governments and are used to provide important local services such as emergency and police services. They’re used to improve and maintain your roads. Your tax dollars also go toward funding schools and libraries. All these are essential to life as we know it.

How property taxes are determined

Your property tax is typically calculated as an annual percentage of either the fair market value or the assessed value of your property, multiplied by your local government’s tax rate.

If your home has an assessed value of, say, $100,000, and the tax rate in your area is 0.75%, your property tax bill will come out to $750 per year—or a monthly installment of $62.50 that’s tacked onto your mortgage payment.

An easy way to pay property taxes

Possibly the easiest way to pay your property taxes is to add the monthly amount to your mortgage payment.  Your lender can set this up for you when you buy your house. Your tax money goes into an escrow account that you pay the government out of when your taxes come due.

Your property tax exemptions

Property tax exemptions are essentially a tax break. Homeowners can claim property tax exemptions for their primary residence, or the house they’re living in full-time. You can’t claim this exemption for a rental property or a vacation home, however.

Veterans, people who are experiencing hardships, and the elderly are among those allowed exemptions, which can vary depending on where you live. Installing renewable energy systems in the home and refurbishing newly-bought older homes can also qualify you for an exemption.

What if you can’t pay your property taxes?

If you can’t afford to pay your property taxes, find out immediately if your lender has a program that can help you pay your taxes over time. Do not ignore your tax bill: Doing so can result in a lien on your property or even foreclosure.

If you’re strapped for cash, you can borrow against your home equity or tap your friends or relatives for a loan. You can opt to refinance your home to pay your taxes. Or you could, as a last resort, consult with a bankruptcy attorney to get your home sold fast rather than lose it in foreclosure.

If you’ve inherited a home with sizable property taxes, look into programs to assist you in paying your taxes.

Need a clearer picture of how property taxes affect your monthly mortgage payments? Get all the info you need from local experts who know this community best. Call Team Schlopy at (435) 640-5660 or email info@teamschlopy.com to learn more.

Kevin Crockett Realtor
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