Invest in homeownership before increases in rates and prices

Northern Wasatch Association of Realtors Advice

Patience may be a virtue but in the case of the housing market, it may not pay to wait. That’s because would-be homebuyers will likely face rising home prices and interest rates in 2019. In a recent presentation to Northern Wasatch Realtors, Jim Wood, an economist with the University of Utah Kem Gardner Policy Institute, told Realtors he expects area home prices to go up in 2019. “In Weber County and in Box Elder County, we’re going to see prices continue to increase at double-digit or almost double-digit levels,” Wood said. “That’s where they’ve been the last few years.” Specifically, Wood expects home prices to increase 9 percent in Davis County to a median value of $345,000. In Weber County, …

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 …