For the past seven years Realtor Stephanie Vincent has been serving fellow Realtors and the Utah County Association of Realtors in various capacities.

Currently she is Past President of the association having served last year as president. She became a Realtor in 2002. Her service stood out as officials looked over nominees for the annual Realtor of the Year award, which easily went to her, Realtor Chris Nichols said in announcing her as the winner at the Wednesday, Feb. 13 awards luncheon at the Utah Valley Convention Center.

Ryan Keisel, regional manager of InWest Title Insurance Co., handed out 16 Master Affiliate Awards to folks in that supportive industry, then himself was honored with the Master Affiliate of the Year Award.

Additionally, 97 Realtors were given Excellence in Real Estate awards.

So what’s happening in the real estate market now? This from mortgage banker Troy Warner: This year will be the best year to buy a home, he says, with great mortgage rates and prices going up, he predicts, 4 percent.

If you’re buying or refinancing now he advises you to lock your interest rate now because rates are predicted to rise.

”No one has a crystal ball,” he acknowledges, but “all of the technical, fundamental, and economic indicators point to mortgage rates moving up in 2013.  All likelihood is that we have seen the best rates already, and waiting is not going to bring them back.”

As for home prices, he says, “Home prices in most markets are stabilized, and even starting to increase. This will be hampered slightly with the over cautious approach of appraisers and lenders, but the trend is still showing prices beginning to rise. We lost 32 percent in 2007; we gained 3 percent last year.”

Here’s what he says about getting a mortgage: “With government intervention added to an already overzealous underwriting standard, we are poised to see it become even more difficult for the average buyer to qualify for a home loan.”

And finally, the future of FHA loans: “FHA loans (will) become much more expensive. Starting with FHA Case Numbers pulled on or after June 3rd, 2013, FHA will dramatically raise the costs of FHA Mortgage Insurance, making these loans much more expensive for the consumer.”

Still, Warner says, “The Home Affordability Index is the best in 13 years!” 

The take-away I get from this is waiting to buy could cost you.

Rodger L. Hardy is a Realtor affiliated with Prudential Utah Real Estate and a former real estate editor. For answers to your real estate questions please call 801-360-9133 or email him at rhardy@utahresidentialEteam.com.