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 …

Northern Utah real estate places high on national rankings

Northern Wasatch Association of Realtors Advice

Anyone who’s bought or sold a home recently in Northern Utah knows the real estate market is hot. The market is so hot, in fact, that several national rankings list the Ogden-Clearfield metro area as one of the most active markets in the country. This includes Weber, Davis, Morgan and Box Elder counties. One example is a Realtor.com study that says the Ogden-Clearfield metro ranks No. 5 for the fastest-selling homes during July 2018. That’s out of 500 metro areas nationwide. The median time a local home stays on the market is 31 days. The only markets to have faster real estate transactions were San Jose-Sunnyvale-Santa Clara, Calif. at 26 days; Midland, Texas at 29 days; San Francisco-Oakland-Hayward, Calif. at …

Insurance issues that affect the home-buying process

Northern Wasatch Association of Realtors Advice

When most people first think about buying a home, they are likely not considering the insurance implications. However, insurance plays an important role in the purchase process. Here are some facts about insurance you’ll want to be aware of as you buy a home. Homeowners Insurance It’s important to remember not all homes qualify for insurance. Because of a property’s location and claims history, affordable coverage may not be available for the house you’d like to buy. Before making a purchase, talk to an insurance professional about whether you’re able to secure adequate coverage at a price you can afford. Also make sure to talk about what is included under the policy, including whether there is enough coverage to rebuild …