What You Need to Know About the Utah Market

What is happening in our Utah Market? Today I am going to look at it with you.

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Today I want to give you a quick market update and tell you what you need to know about real estate in Utah. When comparing this quarter to last quarter, we are down 4.6% in home sales. In fact, the Board of Realtors said that, if we looked at listings, they are down 1.6%. While we are seeing less homes on the market, our home values have increased dramatically. Since last year, the median home price in Salt Lake County has increased 7.8% from $327,000 to $352,000. Of course, different markets and areas are seeing different trends. However, this market has been fantastic with 10 years of growth. Now, though, interest rates are increasing which affects affordability. Recently, we had a buyer looking for a $440,000 home, but interest rates increased and reduced his affordability to $410,000. If you are selling a home, this changes the number of people that can buy your home.

When we have less homes on the market, people become afraid of where they are going to go and buyers think that they can't afford a home. Statistically, property values have increased by an average of 3.3%over the last 26 years. What you need to know is this: Interest rates are still great, but they are going up. It is affecting the affordability and is starting to squeeze the value and the affordability of homes. You are going to start seeing more and more townhome projects that come to your city planning meetings as well as smaller micro units. Also, according to economists at the University of Utah, we are seeing an increase in the number of multi-generational families that are living in the same habitation due to affordability concerns. If you need anything such as a home value or a new home, now is a great time to look at different options. For sellers, it's a good time to decide whether to sell or keep your home. Meanwhile, if you are looking at buying, you can look at the interest rates to see if it's a good time to buy. I will say this: Never wait to buy real estate. If you have any questions, please feel free to contact me. I look forward to speaking with you soon.

What’s Causing Buyers to Be So Optimistic Right Now?

A lot of buyers now are more prone to buying a home than previously. I have a few thoughts about why that is.

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Why is buyer optimism higher than we’ve ever seen it? Today, I’d like to go over a couple reasons for this mindset.
Fannie Mae recently did a study that demonstrated that a large number of buyers were more prone to and optimistic about buying a home. If you think about inventory from a national level, you’ll get some interesting numbers. We are about 6.5% lower in inventory compared to last year, and yet, we’re about 6.9% higher in appreciation, price, and growth.

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Typically, the success of the market is typically tied to economic factors and growth—two areas in which we are doing fantastic.

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So with that in mind, what is giving buyers the sense of optimism we’ve seen?
1. Interest rates have remained pretty low over the year. Even though prices are rising, interest rates have gone down and have actually made it more affordable to purchase, despite that change.
2. The demographic of who’s on the market has shifted. When Fannie Mae did the study, they found that the average homeowner’s income was around 125% of someone who was buying. Right now, it’s actually closer to 150%. Millennials who were previously holding off on entering the market are now beginning to look at purchasing homes, as opposed to renting.
3. There has been steady job growth. Because of this growth, the market is starting to look appealing to more people.
If you’re a buyer, know that our market is good, interest rates are fantastic, and inventory is excellent. If you’re a seller, just know that there is a market of people looking to purchase. We expect to see a great market over the next few years as well. The world of real estate can always change, but typically, the success of the market is typically tied to economic factors and growth—two areas in which we are doing fantastic.
If you’re looking to buy a home, we’d be happy to give you free access to our home hunter buyer system found here. If you’re selling, we’re more than willing to give you a free home evaluation. We look forward to talking to you soon.

4 Major Trends to Watch in the 2017 Salt Lake City Market

What kind of trends should you expect from the Salt Lake City market this year? There are four big ones you should focus on.

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There are a few trends coming in the 2017 Salt Lake City market that you should be aware of.

1. Mortgage rates will go up. We urged people to take advantage of the low rates we saw last year that dipped below 4%. Rates have risen above 4% and are anticipated to rise to about 4.5%, which is a still an amazing rate historically speaking. I remember when rates fell below 7% and the market went crazy.
2. Affordability will go down. The market is so strong right now; we have about 1,800 homes on the market and we're expecting a 5% to 8% increase on home prices. 
3. Millennials in our market. Millennials make up about 17% of our market compared to 14% in other markets. More of these buyers will enter the market this year and they will be a force to be reckoned with.
4. You'll see more homes hitting the market in 2017. Homeowners want to cash in on their equity so we'll see a rise in available listings.

Next time, we'll address the fear many people have about another housing bubble. Until then, if you have any questions about buying or selling a home, don't hesitate to give me a call or send me an email. I'd be happy to help!

What Are the Current Housing Trends in Salt Lake City?

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Today, we’ll review some trends in the Salt Lake City housing market you can expect to see this year.

The median home buyer age is increasing. That’s one of the biggest trends to pay attention to right now, actually. We used to see those in their late twenties buy homes, but we’re seeing this happen more so with those in their late thirties. Oftentimes, we hear, “I need to save money to buy a home.” They might also be fine with renting, and buying later on.

Additionally, home values are outpacing our current income. Even though values are increasing, our income isn’t adjusting. However, we expect it to catch up eventually.

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Home values are outpacing our market’s income.

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Thirdly, walkable suburbs are the new hot spots. The downtown centers have gotten unaffordable for certain buyers, so they’re reaching out to suburban areas that offer other benefits. These neighborhoods might have a smaller downtown area of their very own.

Lastly, more people will be qualified to buy a home as unaffordable rents occur more. Right now, if you were to rent a space for 1.8 years, it’d be better to buy it out. That’s how short of a time it would take to break even.

If you’re thinking about buying or selling a home in the surrounding area, reach me by phone or email. I’d be happy to serve your local real estate needs and help you in any way I can!

What Do Recent Trends Mean for Home Values in Salt Lake City?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

Hello, and welcome! Today, we want to give you a quick market update for the Salt Lake City area.

Currently, there are 3,700 homes on the market, and just under 1,000 sold in the last month. This puts our inventory between 3.5 and 4 months, which means homes are selling quickly! 

This month alone, our team sold 15 homes, despite the common belief that homes don't sell during this time. We're finding that, when homes are priced well and in fantastic condition, they are flying off the shelves. On the other hand, there are homes that have been sitting on the market for a long time when the right steps aren't taken to get them sold. 

Our advice? If you see a home that you like, make sure you act quickly and that you're in the position to make a strong offer. The best homes are going fast - you don't want to miss out on the one you love! 

Currently, interest rates are hovering between 4% and 4.25%. Remember, a low rate is as valuable as a low home price. If we can get you into a home with a lower interest rate, it not only saves you money monthly, but helps you build equity faster.

If you have any questions about this topic, or would like to discuss anything related to real estate, give us a call or shoot us an email. We would love to assist you! 

How Can You Make 2015 Your Best Year Yet?

The Salt Lake real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Salt Lake area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801.285.0521

 

The new year is finally in full swing, and many people have made many resolutions. There is no better time to set goals for the year, but what's the most effective way to do so? Today, we answer just that.

• Write down all of your financial goals for 2015. Make sure they are precise and that they strike an emotional chord with you. They should be something you want to do and that you'll do anything to accomplish. "Don't just think it, ink it!" 
• Create a budget. Fore-go some of the things you don't need - don't get as much Starbucks, or cancel the subscription to that magazine you never read, for example. Put a budget in place and follow it relentlessly.
• Consolidate your loans. If it's possible, try to get rid of that debt completely. If not, start chipping away at those high-interest loans. 
• Get into low interest. Interest rates are absolutely fantastic no matter where you look. If you're going to keep paying rates, you might as well try to obtain a lower one. 
• Save for retirement. The journey is always moving forward. As soon as you have a little extra money, be sure to sweep it off the table and put it into something that generates cash flow. 

Thanks for stopping by our blog once again, we hope these tips will help make 2015 your  best year yet! If you have any questions about this topic, or would like to discuss buying or selling real estate, give us a call or shoot us an email. We would love to hear from you!