New loan limits help Northern Utah buyers

Northern Wasatch Association of Realtors Update

Christmas came early for house-hunters in Box Elder, Davis, Morgan and Weber counties when two federal agencies announced homebuyers in these areas will have greater access to mortgage loans. The first announcement came from the Federal Housing Finance Agency, which said it will raise the conforming loan limit 6.9 percent in 2019 from $453,100 to $484,350. This applies to all counties in Utah except Salt Lake, Summit and Tooele, which the government considers high-cost areas. Salt Lake and Tooele counties will have a limit of $600,300, and Summit will max out at $726,525. The new limits go into effect Jan. 1, 2019. This is an important change because conforming loans can be one of the most affordable mortgage types. Local …

2019 Real Estate Forecast

Northern Wasatch Association of Realtors Advice, Update

Even though real estate sales have slowed slightly in recent months, the housing market should remain healthy. That’s according to Lawrence Yun, chief economist of the National Association of Realtors, who presented his 2019 housing forecast earlier this month at the association’s annual conference. “2017 was the best year for home sales in 10 years, and 2018 is only down 1.5 percent year to date,” Yun said. “Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.” Although U.S. home sales will likely be down for 2018, Yun expects a slight rebound in 2019 with a 1 percent increase and more growth in …

Realtors Working to Educate Buyers and Sellers About Wire Fraud

Northern Wasatch Association of Realtors Advice

Imagine you’re a homebuyer who has just wired tens of thousands of dollars for the down payment on a home. You think everything is OK until the title company tells you they never received your money and you discover the wiring instructions you received were fraudulent. You’ve likely sent your down payment directly to a cybercriminal. Unfortunately, this is a situation more and more buyers find themselves in as hackers and scammers — often from outside the U.S. — attempt to steal money changing hands in a real estate sale. Here’s how it works. A scammer will hack into the email address of someone associated with the real estate transaction, e.g., the real estate agent or title representative. The scammer …