Tips to make your home purchase more affordable

Northern Wasatch Association of Realtors Advice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors With mortgage interest rates surpassing 6% for the first time since 2008, home buyers are spending more of their budgets on financing costs. In fact, Ted Jones, Stewart Title chief economist, recently told Utah Realtors that his top long-term concern for the housing market is affordability.  While higher borrowing costs have sidelined some buyers, there are new advantages for the house-hunters who remain. Conditions that were unheard of six months ago — like seller concessions, price reductions and greater housing selection — are becoming much more common.  Buyers are also using homeownership to avoid rent increases, which rose at the highest pace in nearly four decades, according to the Bureau of Labor …

Using real estate to protect against inflation

Northern Wasatch Association of Realtors Advice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors As inflation soars, everyone is paying more for everyday goods and services. Inflation hit a four-decade high of 9.1% in June followed by an only slightly better rate of 8.5% in July.   Renters, in particular, are feeling the strain of the rising prices. The rent on a Salt Lake City two-bedroom apartment increased nearly 17% in the past year to a median of $1,590 per month, according to a July report from rental site Zumper. Meanwhile, the company’s National Rent Index reached a new record high. Another study from Freddie Mac found that 60% of renters had their rent increase last year. Nearly one in three renters saw their rent go …

Advantages home buyers have today that they didn’t have in early 2022

Northern Wasatch Association of Realtors Advice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors After two years of a white-hot real estate market, home buyers are finally getting some much-needed relief as conditions return to normal.  Even though interest rates have gone up, house-hunters will find many other conditions have moved in their favor. Here are three advantages buyers have in today’s market that they didn’t have only a few months ago: More houses to choose from After several years of record-low housing inventory, the number of homes for sale is finally growing. In fact, the number of homes for sale in Weber and Davis counties more than doubled in June compared to one year ago, up 151% and 162% respectively.  More people also put their …

How to navigate rising interest rates

Northern Wasatch Association of Realtors Advice

Stephanie TaylorPresident             A swift rise in interest rates has some buyers wondering how the higher borrowing costs will affect the housing market.             Although Freddie Mac reported that interest rates in April surpassed 5% for the first time since 2011, the mortgage giant also said it expects the “single-family purchase market will remain solid in 2022 despite increases in mortgage rates.” The organization’s April 18 Quarterly Forecast report predicts that although demand and prices will moderate somewhat, there will continue to be substantial housing demand. Freddie Mac also expects the 30-year fixed-rate mortgage to average 4.6% in 2022 and 5% in 2023.  “While the sharp increase in mortgage rates will lead to a precipitous drop in refinance originations in …

How Utah’s housing market compares to other states

Northern Wasatch Association of Realtors Advice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors Utah’s strong job market along with a large population of young adults entering their prime home-buying years will provide robust demand for Utah housing over the next decade. That’s according to a new regional economic report commissioned by the Utah Association of Realtors and written by Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute. The study looks at housing market conditions in six states: Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming. The report studied various housing market indicators, comparing Utah’s performance to other states. Here’s a look at how Utah’s housing market stacks up. Employment One important indicator of real estate demand is an area’s job market …