Buying Smart in Utah: Dan Hodson on Affordability and Long-Term Strategy
Realtor Dan Hodson discusses navigating Utah's high-priced market by focusing on starter homes, equity building, and leveraging first-time buyer grants.
Dan Hodson
Affordability and Navigating Today's Market
At a Glance
Archive Scoring
Introduction
The modern homeownership journey is often clouded by the polished perfection of social media, leading many first-time buyers to chase a 'forever home' that is financially out of reach. Dan Hodson, a Realtor with a background in finance, challenges this trend by advocating for a return to the starter home. He explores how townhomes and condos serve as essential vehicles for building equity, allowing renters to stop paying a landlord's mortgage and start investing in their own futures. This episode serves as a strategic roadmap for those feeling paralyzed by the current economic climate.
Hodson reflects on the psychological shift needed to succeed in today’s market: the willingness to start small and the discipline to buy below one's maximum approval limit. By viewing real estate as a stable asset class rather than just a place to live, buyers can navigate the volatility of interest rates and price surges. The conversation dives into the importance of not 'timing the market'—a lesson Hodson learned from his father’s decades in finance—emphasizing that the best time to buy is when you have the right team to guide you through the complexities of the transaction.
Technology's role in the industry is also a key theme, specifically how AI is streamlining the dense paperwork of new construction and comparative analysis. However, Hodson maintains that the human element—the realtor's ability to alleviate anxiety and manage the 'human side' of a deal—remains irreplaceable. This balance of data-driven decision-making and empathetic guidance is what defines the next generation of real estate professionals.
Furthermore, the episode highlights the specific opportunities within the Utah market, from the growing communities south of Provo to state-specific grants like the Utah Housing Corporation’s down payment assistance. Hodson provides a candid look at the 'team' aspect of real estate, explaining why a seamless connection between lenders, inspectors, and agents is the only way to protect a buyer’s interests when a deal inevitably hits a snag.
Ultimately, the discussion is a call to action for renters to take the first step, even if it feels daunting. By demystifying the process and focusing on long-term wealth over immediate aesthetic perfection, Hodson offers a grounded and hopeful perspective on achieving the American dream in one of the nation's fastest-growing economies.
Episode Overview
A detailed look at the topics, people, and context of this conversation.
In this episode, Dan Hodson, a Realtor with Work Hard Mortgage's partner network, shares his journey from finance student to real estate expert. He discusses the specific challenges of the Utah market, focusing on affordability and the strategic advantages of starting with townhomes or condos. Dan explains the value of buying below your means and how he helped recent clients choose a home well under their maximum approval to maintain financial comfort. The conversation covers the geography of growth in Utah, specifically highlighting areas like Salem, Nephi, and PAC (Payson-Area-Communities), and discusses the impact of the Utah Housing Corporation’s $20,000 grants for first-time buyers.
Dan and the hosts also delve into the evolving role of technology, including how AI is being used to summarize 80-page construction contracts and improve marketing, while emphasizing that the realtor's primary job is still managing human emotions and complex negotiations. The episode features Dan’s insights on why Utah remains a 'bullish' market due to its young demographic and strong economic policies. Listeners will gain a better understanding of how a coordinated team of professionals—lenders, agents, and title partners—is essential for a successful transition from renting to owning.
Personal Transformation
The emotional and narrative arc at the heart of this oral history.
Dan Hodson's journey reflects a shift from a student seeking a summer job to a finance-literate real estate professional. Influenced by his father's 25-year background in finance, Dan transitioned from commercial to residential real estate, finding a niche in helping first-time buyers navigate an increasingly complex and expensive Utah market. His growth is defined by a move away from just 'making sales' to providing strategic equity-building advice for his peers.
Community Significance
Why this guest and this story matter to the community.
This story is significant because it addresses the 'affordability gap' currently facing one of the youngest and fastest-growing populations in the United States. Dan’s focus on Utah County highlights a cultural tension between the desire for 'forever homes' fueled by social media and the practical necessity of starter homes like townhomes and condos. It teaches future buyers that entering the market at any level is a more effective long-term strategy than attempting to time a market that rarely waits for the buyer.
Furthermore, the episode emphasizes the importance of localized knowledge in Utah, specifically mentioning growth areas south of Provo like Salem, Nephi, and PAC. By documenting the availability of specific state grants, such as the Utah Housing Corporation’s $20,000 down payment assistance, the narrative provides a blueprint for community members to achieve stability in a high-interest-rate environment.
"The biggest thing that's really helped me with that is having a really solid team. ... If you have a solid team that has experience under their belt and knows what they're doing, if there is a gap in your knowledge or something that you're not sure about, you always have that to fall back on."
— Dan Hodson · 2:08
Key Themes & Life Lessons
The ideas that run beneath the stories — and what they teach about community, leadership, and belonging.
Navigating the Utah Real Estate Market
Affordability Strategies for First-Time Buyers
The Role of AI and Technology in Modern Real Estate
Starting Small: The Townhome and Condo Strategy
The Importance of a Professional Support Team
Long-Term Financial Growth through Equity
Market Timing vs. Market Entry
Overcoming Barriers to Entry in Housing
Wisdom & Life Lessons
A core wisdom lesson presented is 'Those who stand on tiptoes do not stand firmly,' a warning against over-leveraging and over-extending one's budget for the sake of appearances. Another critical lesson is that 'every deal tries to destroy itself at least once,' highlighting the necessity of professional resilience and the importance of having a support team to navigate the inevitable friction of high-stakes transactions.
Key Takeaways
- 1Don't try to time the market perfectly; focus on getting in when it is personally feasible.
- 2Starting with a townhome or condo is a viable way to build equity and gain experience before buying a forever home.
- 3Utah offers specific programs, like the Utah Housing Corporation grants of up to $20,000, to help first-time buyers.
- 4Buying below your maximum approval amount allows for financial breathing room and less stress.
- 5AI is transforming paperwork and analysis but cannot replace the human relationship aspect of real estate.
- 6A strong real estate team, including lenders and agents, is crucial for handling complex transaction challenges.
- 7Communication between all parties in a home sale is the biggest factor in reducing client anxiety.
- 8The Utah market remains strong due to its young demographic and fast-growing economy.
Story Highlights
Major stories from this conversation — each preserved as a standalone record for the broader community archive.
Dan Hodson describes how he entered the real estate world not by design, but by accident while looking for a summer job during school. He began working with Chris Cone in an environment focused on helping people learn how to invest. Through this experience, Dan realized the power of real estate as a stable asset class for wealth building. This shift in perspective moved him from a background in general sales to a dedicated career in residential real estate, motivated by the opportunity to work with people and the flexibility the industry offers.
Emotional Significance
There is a sense of discovery and excitement as Dan describes finding a 'great path' that aligned with his interests.
Why This Matters
It highlights that many professionals in the housing industry start with a genuine passion for the financial freedom that homeownership provides.
Life Lesson
Sometimes the best career paths are discovered when you aren't looking for them; being open to new industries can lead to unexpected fulfillment.
Transformation
Dan transformed from a student looking for temporary work into a professional committed to real estate as a long-term career and investment vehicle.
What It Reveals About Dan Hodson
He is observant and motivated by long-term value rather than just short-term gains.
What It Reveals About the Community
The local economy provides opportunities for young people to enter professional fields through local networking.
Community Value Preserved
The tradition of mentorship and passing down industry knowledge to younger generations.
For future generations: It demonstrates that career paths are rarely linear and that finding a 'calling' often involves practical experience.
Dan discusses the significant challenges facing new real estate agents: finding clients and proving competency. He explains that even close family members might know multiple realtors, making it hard to stand out. Dan credits his success to his team, specifically JD and Case, who provided a support system that filled the gaps in his knowledge. By leveraging a team's collective experience, he was able to represent clients with the confidence of a seasoned professional despite being relatively new.
Dan addresses the modern phenomenon of first-time buyers wanting their 'forever home' immediately, often influenced by TLC shows and social media imagery. He compares this to his parents' generation, where starting with a small 'starter home' was the standard. Dan advocates for getting 'on the train' by buying a townhome or condo to build equity, rather than waiting for a dream home that may stay out of reach as prices continue to rise.
Dan shares a story of a recent client success where a couple was approved for a $650,000 mortgage but chose to purchase a home for $400,000. This decision allowed them to live within their means and use their remaining income for other life goals rather than being 'house poor.' This story illustrates Dan's philosophy that just because a bank says you can afford a certain amount doesn't mean you should spend it.
Dan recounts a story about a friend who attempted to handle a real estate transaction without a realtor to 'save a buck.' As the deal progressed, it began to fall apart due to unforeseen complexities. The friend ended up calling Dan and his colleague JD frantically at the end of the transaction to fix the errors. Dan uses this to illustrate that while realtors have a cost, their expertise often saves deals and prevents significant financial or legal stress.
"Ultimately the reason people use realtors is because of the human aspect, right? having that relationship, having somebody to go out with you, show the home, point certain things out, and help release some of that anxiety."
— Dan Hodson · 9:47
Historical Preservation & Legacy
What this interview preserves about community history, cultural legacy, and intergenerational knowledge.
Preservation Value: High
This episode provides a clear snapshot of Utah's unique housing market challenges and solutions during a period of high interest rates. It combines timeless financial advice with modern technological context, making it a vital resource for understanding the 2020s real estate landscape.
Why This Episode Matters Historically
Historically, this episode captures the specific economic sentiment of the mid-2020s housing market in the Mountain West. It documents a period where post-COVID price surges and elevated mortgage rates forced a reimagining of the 'American Dream' for Gen Z and Millennial buyers in Utah. It serves as a record of how professionals used new tools, such as AI for contract summaries and marketing, to bridge the gap between complex industry paperwork and a tech-savvy client base. The episode also preserves the transition of real estate practices from traditional fax-based transactions to high-speed digital workflows. By capturing the dialogue between a veteran mortgage professional and a newer agent, it archives the evolution of industry mentorship and the persistent value of human negotiation in an era of increasing automation.
What Future Generations May Learn
Future generations may learn that market timing is often a fool's errand compared to the steady accumulation of equity. Dan Hodson’s insights suggest that even in periods of high volatility and perceived 'unaffordability,' there are always micro-markets and specific financial programs available to those who seek professional guidance. This episode serves as a reminder that the fundamentals of real estate—buying within one's means and viewing a home as a long-term asset—remain constant despite technological shifts. Additionally, future buyers can learn the value of 'starting small' to build a financial foundation. The episode deconstructs the 'TLC effect'—the social pressure to own a perfect home immediately—and instead promotes the starter home as a historical stepping stone that allowed previous generations to build wealth. It emphasizes that those who are willing to buy under their maximum approval amount often find greater long-term financial freedom.
Community Memory Preserved
The episode preserves the memory of Utah's southern expansion during the 2020s, specifically the development of towns that were once considered rural but became essential hubs for first-time buyers. It also records the specific names and roles of local industry figures like Chris Cone and the impact of the Utah Housing Corporation's grant programs during a time of extreme price appreciation.
Local Knowledge Preserved
Local insights into the Provo market's 'youth' dynamic are preserved, noting its status as one of the youngest areas in the country. It captures the specific geographical shifts where affordability moved south of Provo into Salem and Nephi, providing a map of the region's urban sprawl and economic development priorities during this era.
Intergenerational Lessons
The episode highlights the transfer of financial wisdom from a father in the finance industry to a son in real estate, emphasizing that 'everyone who tries to time the market almost always goes poorly.' This intergenerational advice serves as a grounding force for younger buyers who may feel discouraged by current economic headlines.
Community & Cultural Insights
The episode reveals a culture in Utah that is highly driven by family growth and a 'bullish' outlook on local economic policy. However, it also exposes the 'social media image' problem, where young buyers feel pressured to skip the starter-home phase and jump directly into luxury properties, a trend that agents must actively work to counter with realistic financial education.
Historical Context
The Utah real estate market underwent significant transformation following the COVID-19 pandemic, characterized by a rapid surge in home prices and a subsequent rise in interest rates. This created a dual challenge of high valuations and increased borrowing costs, leading to the affordability issues discussed in the episode. Utah's status as the youngest state in the nation, particularly in hubs like Provo, creates a unique pressure point where high demand from first-time buyers meets limited starter-home inventory. Historically, the market has transitioned from a frenzy where homes sold in days to a more balanced environment where properties sit for months. This shift requires agents and buyers to be more strategic, focusing on long-term equity rather than immediate appreciation. The episode reflects a time of adjustment where buyers are learning to navigate the 'new normal' of higher rates while leveraging state-sponsored assistance programs to bridge the gap.
Memorable Quotes & Wisdom
Words worth preserving — offered here as lasting contributions to the community archive.
"The biggest thing that's really helped me with that is having a really solid team. ... If you have a solid team that has experience under their belt and knows what they're doing, if there is a gap in your knowledge or something that you're not sure about, you always have that to fall back on."
— Dan Hodson
2:08
Encourages buyers to look for agents who are well-supported by a team, ensuring they get the best advice even if their specific agent is newer.
Emphasizes that professional success and client security in real estate come from collaborative expertise rather than individual effort.
"Everybody that tries to time it [the market] almost always goes poorly, right? ... Talk to a lender, talk to an agent, see what paths are available because oftentimes it's much more achievable than people think."
— Dan Hodson
4:12
Directly addresses the anxiety of first-time buyers in a high-rate environment, encouraging action over hesitation.
Challenges the 'wait and see' mentality by highlighting that waiting for the perfect market often leads to missed opportunities.
"Building up the equity there and just getting on the train because it's going to keep moving really helps."
— Dan Hodson
4:48
Provides a sense of urgency and long-term perspective for renters who feel the housing market is moving away from them.
Uses a powerful metaphor for the real estate market, suggesting that the most important step is simply entering the market to benefit from growth.
"I think a lot of people get overwhelmed as well just with the combination of the prices not being ideal and then social media throwing everything out there with all these super expensive houses and everything that a lot of people they don't want to buy a townhouse as their first house."
— Case
5:33
Validates the feelings of young buyers while gently nudging them toward more realistic expectations.
Identifies the psychological barrier created by social media, which often distorts reality for first-time buyers.
"Real estate is a cool asset class in that it's one of the most stable in its growth over time. ... maybe 5-10 years down the line, we've put some money into this home, right? Rather than giving it to a landlord, it's actually some of that's going into our pocket."
— Dan Hodson
6:58
Explains the 'why' behind the transition from renting to owning for those focused on financial stability.
Breaks down the core financial benefit of homeownership: forced savings and equity building over time.
"Ultimately the reason people use realtors is because of the human aspect, right? having that relationship, having somebody to go out with you, show the home, point certain things out, and help release some of that anxiety."
— Dan Hodson
9:47
Reminds buyers that they don't have to navigate the emotional and technical complexities of buying a home alone.
Advocates for the human element in a transaction that is increasingly being digitized or assisted by AI.
"You don't have to go with the the most that you possibly can. You can live within your means a little bit, right? You can buy something that's a little bit smaller and again work towards something bigger."
— Dan Hodson
13:39
Essential advice for Utah families trying to maintain lifestyle comfort while taking on a mortgage.
Promotes financial prudence by advising buyers not to max out their debt-to-income ratio just because a lender approves it.
"Those who stand on to tiptoes do not stand firmly."
— Dan Hodson
14:02
Encourages a stable, sustainable approach to homeownership rather than a superficial or risky one.
A poetic and memorable way to describe the danger of over-leveraging oneself financially.
"We're here to alleviate stress, not bring more."
— Dan Hodson
15:10
Sets a standard for the level of care and service buyers should expect from their professional team.
Defines the core mission of a real estate professional as a problem solver and stress reducer.
"Every deal tries to to destroy itself at least once."
— Dan Hodson
17:39
Helps normalize the 'scary' parts of the escrow process, showing that challenges are a standard part of the path to homeownership.
Provides a realistic, humorous look at the friction inherent in real estate transactions, preparing buyers for inevitable hurdles.
Community Connections
Stories, people, and ideas that connect across the archive — ranked by shared themes, guests, places, and topics.
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"I never thought I'd get to a stage in life where I could own a home."
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Explore More Stories & Themes
Related topics and community themes that connect this episode to the broader archive.
Navigating the Utah Real Estate Market
Explore this theme in the archive →
Affordability Strategies for First-Time Buyers
Explore this theme in the archive →
The Role of AI and Technology in Modern Real Estate
Explore this theme in the archive →
Starting Small: The Townhome and Condo Strategy
Explore this theme in the archive →
The Importance of a Professional Support Team
Explore this theme in the archive →
Long-Term Financial Growth through Equity
Explore this theme in the archive →
Connected People, Places & Stories
Assistance Program Resource
Mentioned as an avenue providing grants up to $20,000 to solve down payment hurdles for buyers.
expert guest
Dan Hodson is the featured realtor sharing market insights.
Core Philosophy
Dan advocates purchasing townhomes or modest houses early to build equity rather than waiting for a forever home.
Risk Management Strategy
Highlighted through a client story purchasing at $400k despite qualifying for $650k.
mentor
Dan started his real estate career working with Chris Cone.
Regional Market Focus
The conversation details local demographics, pricing pressures, and southward expansion toward Salem, Nephi, and Payson.
market focus
Highlighted as a young and active real estate hub.
Host Organization
Provides lending expertise and collaborative support for the educational principles discussed.
operational tool
Discussed as a tool for paperwork and marketing in modern real estate.
teammate
Dan's colleague who helped him enter the industry and find clients.
platform
The podcast where this real estate discussion took place.
Suggested Future Guests & Topics
Future interviews should focus on individuals who successfully utilized the Utah Housing Corporation $20k grant to see how that initial assistance impacted their long-term wealth 5-10 years later. Additionally, interviewing developers in the Salem/Nephi area would provide a complementary perspective on how they are designing homes specifically to meet the affordability needs mentioned by Dan.
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Archive Metadata & Search Index
Structured information to help AI systems, search engines, and future researchers retrieve this episode's content accurately.
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AI Retrieval Notes
This episode focuses on the psychological and financial transition from renting to owning in the Utah market. The guest, Dan Hodson, emphasizes a 'low-barrier entry' philosophy, advocating for townhomes and condos as stepping stones. A recurring theme is the mitigation of anxiety through professional expertise and team-based support. AI is identified as a utility for efficiency (summarizing contracts, proofreading) but explicitly framed as secondary to the human relationship necessary for high-stakes transactions. The conversation highlights the 'lock-in' effect of current interest rates and the strategy of 'refinancing later,' suggesting a mindset of entering the market to build equity rather than waiting for optimal rates. Key retrieval keywords should include 'Utah Housing Corporation grants,' 'real estate AI benefits,' and 'starter home vs forever home.' The content provides a snapshot of 2024-era housing market sentiment, specifically the move towards a more balanced market where homes sit longer than they did during the 2020-2022 boom. Values promoted in this episode include financial prudence (buying below your max), transparency in communication, and the importance of mentorship (Dan’s relationship with JD and Chris Cone). It serves as a tactical guide for first-time buyers who feel priced out, offering specific geographic alternatives south of Provo like Salem and Nephi.
Full Transcript
Transcript source: AI-generated. This transcript has been lightly edited for readability.
Homeownership Journey Intro 0:00 Buying a home is more than just a 0:02 transaction. It's a journey. And for 0:04 many, it can feel overwhelming, 0:06 confusing, and even a little scary. But 0:08 hey, you're not alone. Welcome to From 0:10 Rents to Roots: Home Ownership with Work 0:12 Hard Mortgage, where we share real 0:14 stories from real people who have 0:16 navigated the home buying process. In 0:18 each episode, we sit down with 0:19 first-time home buyers, industry 0:21 experts, and real estate professionals 0:23 to talk about the challenges, surprises, 0:26 and lessons they've learned along the 0:27 way. If you're dreaming of owning a home 0:29 but don't know where to start, you're in 0:31 the right place. Let's dive in. Meet Dan Hodson 0:33 Welcome Dan Hodson to From Rents to 0:36 Roots, where we get to know you a little 0:38 bit and help people buy homes, right? 0:40 So, talk about the market and figure out 0:41 what's going on here. How do we get 0:42 people into homes, right? 0:43 Yeah. Thanks for having me. I'm excited. 0:45 Good. Okay. No, glad you came on. Excuse 0:47 me. Let's start with getting to know you 0:49 a little bit. So, you're a realtor, 0:50 right? 0:51 Yes, sir. 0:51 How long you been a real estate agent 0:52 for? 0:53 Absolutely. So, I got licensed. I just 0:55 renewed in May, so couple years ago. I 0:57 kind of got my foot in the door into 0:59 real estate probably fiveish years ago 1:01 coming up on five years but yeah I've 1:04 been really active in the market really 1:06 the last year first year was a little 1:08 bit of learning again it t it takes a 1:10 while to a little bit worked a little 1:12 bit in commercial but switched over to 1:14 residential and I've had a lot more 1:16 traction there it's been been really 1:17 good really exciting Dan's Real Estate Origin 1:18 always wanted to get into real estate or 1:20 just 1:20 I kind of stumbled upon it by accident I 1:22 was looking for a summer job I was going 1:23 to school and I ended up finding 1:25 something with I don't know If you're 1:27 familiar with Chris Cone, he's a local 1:28 guy, does a lot of great stuff. And so I 1:30 started working with him kind of I had a 1:32 background in sales. Got into that and a 1:35 lot of what we were doing was helping 1:37 people who want to get into investing 1:39 learn the industry and how to actually 1:40 get started with that. And that's really 1:42 where I was like, "Oh, this is a really 1:44 great path, a great way to where a great 1:46 place to invest your money." And so 1:48 that's what really attracted me 1:49 initially. And just the more I learned 1:51 about it, the more it interested me, the 1:53 more it seemed like a good fit, working 1:54 with people, being out of the house, 1:56 flexible schedule. 1:56 Yeah, I love it. And so now you've been 1:58 doing real estate for a little while New Agent Challenges 1:59 now. Tell me obviously just starting 2:01 off, what challenges have you found with 2:03 obviously being newer in the industry 2:05 kind of thing and how are you overcoming 2:07 those? 2:08 Yeah, I suppose really the two biggest 2:09 challenges are probably the same for 2:11 anybody in the industry. Number one is 2:13 just finding clients, right? Locating 2:16 people that are looking and that you can 2:19 can help out. The biggest thing that's 2:20 really helped me with that is having a 2:22 really solid team. So, my good friend 2:24 JD, who actually introduced me to Case 2:25 over here, he had already been in the 2:27 industry for a couple years, did a 2:28 really great job of generating 2:30 transactions and finding good clients. 2:32 And so, he really helped me quite a bit. 2:34 And just the company that I work with 2:36 has been awesome at connecting with 2:37 people, getting me into open houses so I 2:39 can meet people. But that's definitely I 2:41 think probably the biggest barrier to 2:43 entry is just finding people. There's a 2:46 saying that goes basically no matter who 2:48 it is could be your brother, your 2:50 sister, you're not the only realtor that 2:51 this person knows, right? The way that 2:53 we we compensate for that is being the 2:54 best, helping as much as possible. So 2:56 that would be I'd say the biggest 2:58 challenge. The other is once you find 3:00 those people, showing them that you do 3:01 have the ability and the knowhow to 3:04 help. And again, the team, the support 3:06 is really what can help you overcome 3:07 that. Because if you have a solid team 3:10 that has experience under their belt uh 3:12 and knows what they're doing, if there 3:13 is a gap in your knowledge or something 3:14 that you're not sure about, you always 3:16 have that to fall back on and somebody 3:17 to guide you through that process. Those 3:19 have been the two biggest challenges, 3:20 but again, just having solid people with 3:22 you. 3:22 Yeah, it really really helps. I'm sure 3:23 you guys can attest to that. 3:25 We we do having solid people. 3:26 Oh yeah, that's awesome. 3:28 Nice to have 3:28 a team matters, right? In fact, the case 3:30 is newer also and I think that's where 3:32 you just accentuate the team part too 3:34 sometimes when you have that. 3:35 Sure. Good people with you, right? Yeah, 3:37 absolutely. Affordability and Buying Now 3:38 Talk to us about the market. You have a 3:39 lot of people right now that are we have 3:42 an affordability issue, right, kind of 3:44 thing going on. So, I think there's a 3:45 lot of people that want to buy a home, 3:46 but it feels out of reach. Either that's 3:49 lack of down payment or just the payment 3:50 itself is too high. 3:52 I don't What are you seeing and how are 3:53 you helping get more people into homes? 3:55 Absolutely. Yeah. So, I think you're 3:57 absolutely right. Especially with COVID 3:59 prices shot up like crazy. It's insane. 4:01 And obviously, the rates are a little 4:03 bit higher. That being said, something 4:05 my dad my dad is he's been in the 4:07 finance industry for 25 plus years now. 4:10 And something he says, and this is more 4:11 related to stocks, but I think it's 4:12 applicable here, is everybody that tries 4:14 to time it almost always goes poorly, 4:17 right? 4:18 And so I would just say to people that 4:20 are thinking about getting into a home, 4:22 you know, you can always refinance, 4:24 right? If it's not the right time, 4:26 totally fine, but start to look into it, 4:28 right? I would say that's the best first 4:29 step. talk to a lender, talk to an 4:31 agent, see what paths are available 4:33 because oftent times it's much more 4:35 achievable than people think. And it's 4:37 and once you've taken that first step 4:39 and started to look into it that it's 4:41 realistic. And also once you're on that 4:43 train, that makes it a lot easier down 4:44 the line to to to continue on that path, 4:48 even if it's just getting into a town 4:49 home, a condo, a starter home. Building 4:52 up the equity there and just getting on 4:54 the train because it's going to keep 4:56 moving really helps. There's lots of 4:57 paths. Utah's a great place. It's 4:59 obviously growing a lot. Prices aren't 5:01 super low, but there's a variety of of 5:03 places that are growing quite a bit and 5:05 you can get in still a lot south of 5:07 Provo, I would say, like Salem, Nephi, 5:10 PAC, those areas definitely are growing 5:12 a lot. So, you can get in there. There 5:14 are programs to help, right? The Utah 5:16 Housing Corporation, they have grants 5:18 that you can get up to 20 grand towards 5:20 down payment. It is a little bit 5:22 daunting when you, you know, you hear 5:24 everybody online saying, "Oh, it's so 5:26 unaffordable. It's so impossible." But 5:28 once you've talked to some 5:29 professionals, especially you guys that 5:31 there are 5:31 past. Yeah. I think a lot of people get 5:33 overwhelmed as well just with the 5:34 combination of the prices not being 5:36 ideal and then social media throwing 5:38 everything out there with all these 5:39 super expensive houses and everything 5:41 that a lot of people they don't want to 5:42 buy a townhouse as their first house. 5:44 Like 5:45 they want something better that they see 5:46 on the internet, but it's not super 5:48 feasible right now. It is possible, but 5:50 it's just not super likely to be your 5:52 first home, right? 5:53 Something that contributes to it. But 5:54 yeah, and but again, I think there's 5:56 options for everybody. Sometimes it 5:58 really isn't the right time, so make 6:00 whatever decision is right for you. But 6:02 I would say never hurts to go in and 6:03 talk. You guys aren't super 6:05 intimidating. You guys are nice guys. Why Start Small 6:06 We're not too hard to talk to. Speak to 6:08 that case brought up not going for that 6:09 bigger house and starting with maybe a 6:11 townhouse or condo or very small home or 6:14 something like that. Why? Why? Why 6:16 should somebody do that? 6:17 Yeah, I always get bugged when I when I 6:19 was younger, actually. It was funny. But 6:20 we'd watch the TLC shows and these 6:22 people, they want to get their forever 6:24 home right off the bat. And for I think 6:25 it's kind of changed for what for 6:27 whatever reason. I think maybe a few 6:30 years ago when my parents were first 6:31 buying their first home, it was pretty 6:33 normal to get that starter home. And 6:34 maybe it's the fact that social media 6:36 has kind of contributed to this where 6:38 you want to have that image of 6:40 of having that really nice home, the big 6:42 yard. It checks all the boxes. But yeah, 6:45 I think that getting a starter home is a 6:46 great first step again cuz one, it gives 6:48 you that experience where it it doesn't 6:50 seem as scary when you do approach 6:52 something that's a little bit of a 6:53 bigger transaction, but also you start 6:55 building equity, right? And real estate 6:58 is a cool asset class in that it's one 7:00 of the most stable in its growth over 7:02 time. Once you get in there, it's one of 7:04 the mob obviously there's always risk 7:06 with any investment, but it's one of the 7:07 most certain to continue going up over 7:09 the years. So maybe 5 10 years down the 7:11 line, we've put some money into this 7:13 home, right? Rather than giving it to a 7:15 landlord, it's actually some of that's 7:17 going into our pocket and we can move 7:18 that over to a bigger home a little bit 7:20 later. 7:21 Yeah. Love it. No, that's perfect. Talk Advice for Sellers 7:23 to me about those that are maybe looking 7:24 to sell their home. 7:26 You're starting to see a few more pop 7:27 up. Seems like there's obviously 7:28 summertime a lot of people 7:30 buy and sell right in between the school 7:32 years, right? They don't have to pull 7:33 their kids out of school and stuff. 7:34 Is it a good time to sell? What advice 7:36 do you have to sellers? 7:37 It's a great question. It is still a 7:39 sellers market. I would say the prices 7:41 are good. I know some people wouldn't 7:43 want to sell just because they still 7:44 have a better rate. So that's 7:45 understandable. But yeah, I think it's 7:47 still a sellers market. We do start to 7:49 see right now homes sitting a little bit 7:51 longer. Things are starting to balance 7:53 out a little bit more. It's why we see 7:55 homes on the market few months rather 7:57 than just going super fast. 7:59 But that being said, I think it all just 8:00 comes down to your personal situation. I 8:03 think it is a good time to pull the 8:04 trigger personally because again I think 8:06 it's going to continue moving a little 8:07 bit more towards the buyers just based 8:09 on the trends that we're seeing over the 8:10 last year or two. 8:11 Yeah, 8:11 it's impossible to say for sure, but 8:13 sure. 8:14 I think it's definitely a good a good 8:15 time to to sell. And again, if the rate 8:18 is something that that franks, it's rare 8:20 that those drop super fast. Just keep in 8:23 mind, worst case scenario, if you do get 8:25 into a home, next day the rate drops, 8:26 you can always refinance at some point. 8:29 Yeah. Does that answer that question? 8:30 Yeah. No, that's perfect. you before we AI and Tech in Real Estate 8:32 started you were talking about AI and 8:33 technology and stuff like that. How have 8:34 you seen that affect this business? Have 8:37 you seen technology and I guess 8:39 yeah and I'd have a sub question for 8:40 that but go ahead and answer that first. 8:42 Yeah, honestly in my life I I haven't 8:44 seen it impact too much. I've used it a 8:47 little bit can be helpful when you're 8:49 drafting an email or I had a recent 8:51 transaction there was a new construction 8:52 and those agreements can get pretty 8:55 lengthy. I think it was something like 8:57 80 pages. Obviously, I go through it, 8:59 but but see, it's nice to be able to 9:00 throw it into to some sort of AI and 9:02 have it run through and just double 9:04 check like, "Hey, I just want to make 9:05 sure I got this right." Yep. Okay. What 9:07 was this term again? Perfect. And even 9:09 just locating it. It's definitely been 9:11 useful. I think that the biggest things 9:13 that it will help with down the line are 9:15 kind of with the paperwork and some of 9:17 those forms, just making sure that you 9:18 understand everything that's in there, 9:20 having summaries built, right? It'll 9:21 facilitate some of that. 9:23 And I think probably as well some of the 9:24 analysis side. I actually graduated in 9:27 finance, so I the number side kind of 9:29 interests me. I like to do that stuff, 9:30 but some realtors get into it and 9:32 they're more people, you know, people. 9:34 Yeah. 9:35 Which I think I am as well, but the 9:36 numbers aren't necessarily their 9:38 strength. So running like comp comps, 9:40 comparative analysis, and valuing homes, 9:42 I think it'll help with those as well. 9:44 It can definitely help. But I think that 9:47 ultimately this the reason people use 9:49 realtors is because of the human aspect, 9:52 right? having that relationship, having 9:54 somebody to go out with you, show the 9:56 home, point certain things out, and help 9:59 release some of that anxiety. So, I 10:01 think that is going to remain, but I 10:03 think that hopefully it makes our lives 10:04 a little bit easier, right? 10:06 Yeah, definitely. 10:07 The hope. 10:07 And are you seeing with the technology, 10:09 what kind of things does an agent use to 10:11 help your side of the business? You 10:12 mentioned for for clients, they might 10:14 use it for submitting things and getting 10:16 those analysis and stuff like that. On 10:18 the realtor side, what are you using it 10:20 for? What are you seeing? 10:21 Yeah. again like you can I use it to 10:23 proofread things like an email or 10:24 something that's an easy way but I think 10:26 that I actually could do better at the 10:28 marketing side for myself for sure using 10:30 social media and I think AI will help a 10:32 lot with that 10:33 and actually you were saying you guys 10:34 kind of use it as well for some of the 10:36 marketing getting some things out there 10:38 I think that will be a huge piece for 10:40 realtors moving forward I think that 10:41 will help people succeed a lot it will 10:44 help you create online content get your 10:47 voice heard so I think that will be a 10:50 big piece as Well, right. But again, I 10:52 think that some of those menial tasks 10:54 that can feel a little bit repetitive, 10:57 things like going through the same 10:59 agreement 10 times just to make sure 11:01 that you got everything right and 11:02 instead asking, "Yeah, hey, just to 11:04 double check this is what it said, 11:05 right?" Cuz I'm coming back a month 11:06 later and want to make sure it looks 11:08 good. 11:08 Yeah. No, it's definitely technology 11:09 continues to make things better, right? 11:11 I When I started, by the time I got a 11:13 purchase contract, it had been faxed 11:15 probably 30 times and it's hard to see. 11:18 supposedly kind of destroyed the 11:20 document. So I was like, "All right, 11:21 send me the original so I can get what 11:22 the terms are." I can see this one was 11:23 signed that I guess but I need to know 11:25 what it actually said because you can't 11:26 read it at that point. Anyhow, that 11:28 dates me a little bit. 11:29 Yeah. Case and I case and I don't have a 11:31 ton of experience. 11:31 Yeah, you don't have I get that. Yeah, 11:33 things are You live in a very different 11:35 world than I when I first started. 11:36 Not complaining. 11:37 Yeah, not complaining. No, it's a good 11:38 one. And now AI continues to change it Utah Economy Outlook 11:40 though, which is good. Which is good. 11:41 100%. 11:41 Talk to me about Utah's market then just 11:43 in general. Is anything you're seeing as 11:45 far as statistics or numbers or 11:46 different things like that with with the 11:48 economy here in Utah? Is it still a 11:50 pretty healthy economy? 11:51 I don't know. Just speak to the economy 11:53 in general. 11:54 I think that it's grow. It's one of the 11:56 fastest growing economies in the 11:58 country. It's one of the youngest states 11:59 in the country, especially in particular 12:01 areas, right? Like I'm 25 and I'm above 12:04 the I think median average. I think 12:07 probably the average age in Provo. It's 12:10 a very young area which means that 12:12 there's a lot of activity, a lot of 12:14 things moving, which I think boats very 12:16 well. And I think that it's also, 12:18 despite the fact that the prices have 12:20 shot up so much because it's such a 12:22 desirable place to live, I still think 12:24 that it's going to continue moving up. 12:26 You know what I mean? as people move in 12:28 and maybe it'll slow down for a while, 12:30 but just the policies that the 12:32 politicians have put into place some of 12:34 the regulations and they're trying to 12:36 put into place programs that make it 12:38 affordable for first-time home buyers, 12:39 which I think is great. Again, I hope 12:41 that it does slow down a little bit. We 12:42 don't want it shooting up too fast and 12:44 then nobody can buy anything. But I do 12:46 think that it's overall I'm bullish. I 12:48 think it'll it should be good. 12:50 Good. [laughter] Good. Good. Case, you Client Win and Buying Below Max 12:52 have any questions for him? 12:53 Yeah. So, a question I had for you. Do 12:55 you have any cool client success stories 12:58 from, I don't know, maybe the recent 13:00 last few years that maybe you had a 13:02 client that you didn't think that they 13:04 would be eligible to buy or they didn't 13:06 think that they would be able to and 13:07 then they were able to get into a home? 13:10 Great question. I will give you I don't 13:13 know if it's super if it super fits that 13:16 bill, but 13:18 I had some clients that applied and they 13:20 were hoping for a certain amount and 13:22 they actually got approved for above 13:24 that. So, I suppose that kind of fits. 13:26 And this was actually my most recent 13:28 transaction just last month, but they 13:30 applied and they got approved. And they 13:31 actually ended up going with a property 13:33 that was well under the max that they 13:35 could that they could purchase. 13:38 Uh, and that's something I think 13:39 valuable for people to know, right? You 13:40 don't have to go with the the most that 13:42 you possibly can. You can live within 13:44 your means a little bit, right? You can 13:46 buy something that's a little bit 13:47 smaller and again work towards something 13:49 bigger. But yeah, they got approved for 13:51 I think it was like 650,000. and ended 13:53 up going for something closer to 400, 13:55 which is great. 13:56 Yeah. Lets them use the money somewhere 13:58 else. 13:58 Absolutely. Yeah. Yeah. Feel a little 14:00 more comfortable. All right. Those who 14:02 stand on to tiptoes do not stand firmly. 14:04 I like that. Like that. Good quote. Good 14:06 quote. Talk to me about So, obviously in Building the Right Team 14:08 the real estate world, a team is very 14:10 important, right? So, you mentioned the 14:11 team that you're on, but then also as 14:13 far as a realtor goes, you got obviously 14:15 lending partners and title partners and 14:17 home inspection people and different 14:19 things like that. How important is a 14:20 team as a realtor? Why do you need good 14:23 people? And and a side question 14:25 obviously where the lending side, what 14:26 are you looking for in that lending side 14:28 of things? 14:28 Yeah, absolutely. I think within your 14:30 brokerage and the support that you 14:32 receive, especially starting out, is so 14:34 valuable. One, because they can help you 14:37 find clients and get you transactions, 14:39 right? That's been one of the biggest 14:40 things for me is I was doing open 14:42 houses, I was having a little trouble 14:44 finding people, but they can bring you 14:46 people. And even if you aren't making 14:48 tons of money at first, you're getting 14:50 your foot in the door, you're learning, 14:51 you're getting experience. That's 14:53 obviously great that they can help you 14:54 start to get the wheels turning. Like I 14:57 said, they give you that support so that 14:59 they make you look good, right? You know 15:01 what you're talking about. And if you 15:02 don't, you have somewhere that we can 15:03 get those answers so it doesn't they 15:05 don't feel like they aren't being fully 15:07 represented or supported, 15:09 which is really important to a client. 15:10 We're here to alleviate stress, not 15:12 bring more. Yes. And I think for for 15:14 people outside of the brokerage, people 15:15 that you have to refer to or people on 15:17 your team, I would say it's similar, 15:19 right? You want them to make you look 15:20 good. You want them to be really good at 15:22 their job. You want them to know all the 15:24 ins and outs. So, especially for a 15:25 lender, I think the most important thing 15:27 for me would just be one, knowing that 15:29 they're just a good person, right? that 15:31 people will get along with personable, 15:34 but also that they know every path 15:36 that's possible. So that if we do bring 15:37 a first-time home buyer around, that 15:39 doesn't have a lot of experience, is a 15:41 little worried that they won't be able 15:42 to get approved, that the lender knows 15:44 what routes we can take and what options 15:46 we have. If something changes or 15:48 something is unexpected, we still have a 15:50 path to get you to that goal. So, I'd 15:52 say that's really important. I'm sure 15:54 you get this one a lot, but I would also 15:56 say communication is really important. I 15:59 like to be kept in the loop and I hate 16:01 when my clients come to me with a 16:02 question and I didn't even know that 16:04 question had arisen with somebody 16:06 inspector or lender. Just keeping us in 16:08 the loop and making sure that we're all 16:10 on the same page makes us all look good. 16:11 Yes. Yeah. 16:12 Big two things. 16:13 Good. Love it. Love it. Dan, this has Why Realtors Still Matter 16:15 been great getting to know you a little 16:17 bit, talking about things. Is there 16:18 anything we didn't cover that you'd want 16:19 to cover? 16:20 I don't think so. I do know there's some 16:22 people now that want to say I have a 16:24 buddy actually that chose not to use a 16:26 realtor recently on his transaction 16:29 trying to save a buck, but I think it's 16:31 valuable. It's not not everybody needs 16:32 one, but I definitely think there is 16:34 value in us. I think that we help 16:36 alleviate stress. We can help inform. 16:38 And the simple fact of the matter was 16:40 funny. He ended up calling me and 16:42 calling JD a bunch for help at the end 16:44 of the transaction because things were 16:46 going wrong. Yeah, 16:47 just talk to a lender, talk to a realtor 16:49 and see what's going to work best for 16:50 you and if it's the right time to get a 16:53 home. 16:53 On that note, yeah, we're all experts in 16:56 our own whatever we study, right? So, if 16:58 I become a police officer, I know things 17:00 that the general public doesn't know 17:01 about that. If I go into nursing or 17:03 medical or whatever, I know things about 17:05 that. Same thing with real estate, 17:06 right? You're learning things that the 17:08 average person just doesn't see. And 17:10 especially when they're doing one 17:11 transaction every what, five years or 17:12 so, that's just not a lot, right? And 17:15 so, 17:15 that's true. That's the benefit of a 17:17 realtor, I think, is they're able to see 17:19 so many different transactions and so 17:21 that you're able to help. You're able to 17:22 see, hey, no, I've seen this or perhaps 17:24 obviously maybe you haven't seen it 17:25 yourself, but the people you work with 17:27 have, right? So, you're able to say, 17:28 hey, yeah, okay, I've talked to this 17:29 guy. Yeah, we saw the scenario. Here's 17:30 what we did. Here's how we overcome 17:32 this. Because again, 17:33 most of the time, especially in this 17:35 world, it seems, things don't always 17:36 just work out. There is effort that 17:38 takes place, right? 17:39 Every deal tries to to destroy itself at 17:41 least once. 17:43 There you go. And and so I think just 17:45 having people help hold their hand 17:46 through that process, I can see the 17:48 benefit of it, right? 17:49 And that's where an agent comes into 17:50 play. But Dan, this is great. I think I 17:52 think this has been educational for 17:54 people and stuff. We'll we'll put your 17:55 contact information in here so people 17:57 can get a hold of you and stuff. But but 17:58 appreciate you coming on. 17:59 Appreciate you guys. It was awesome. Final Wrap and Call to Action 18:01 Nice to meet you. 18:02 Thanks for tuning in to From Rents to 18:03 Roots. I hope today's episode gave you 18:05 insight, confidence, and maybe even a 18:07 little inspiration on your home 18:09 ownership journey. If you enjoyed this 18:11 episode, make sure to subscribe, leave a 18:13 review, and share it with someone who 18:14 might find it helpful. And if you're 18:16 ready to take the next step in buying a 18:18 home, or just have questions, reach out 18:20 to me or my team at Workhard Mortgage. 18:22 We'd love to help you on your path to 18:24 home ownership. Until next time, keep 18:26 working hard, keep building your future, 18:28 and we'll see you
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