2022 Real Estate Forecast

Northern Wasatch Association of Realtors Advice

Shauna Ray2021 President, Northern Wasatch Association of Realtors When it comes to real estate next year, consumers can expect a strong housing market with signs of normalizing. For example, home prices may rise at a slower pace, interest rates may increase a bit and sales activity may be slightly lower, although the number of transactions should exceed pre-pandemic levels. Those were some of the predictions from National Association of Realtors Chief Economist Lawrence Yun, who recently spoke to Realtors at a national conference in San Diego. “All markets are seeing strong conditions, and home sales are the best they have been in 15 years,” Yun said. In fact, Yun mentioned Salt Lake City as one of the top five hottest …

Utah Housing Bubble Unlikely

Northern Wasatch Association of Realtors Advice

Shauna Ray2021 President, Northern Wasatch Association of Realtors A new report is shedding light on why Utah’s home prices are rising so fast — and it’s not because of a housing bubble. Rather, the rapid increases are the result of a housing supply shortage and pandemic challenges that fueled demand for homes. The findings are part of a new research report from the Kem C. Gardner Policy Institute at the University of Utah. “The State of the State’s Housing Market” report, written by James Wood and Dejan Eskic, details both the history of Utah real estate as well as current housing conditions in the existing, new and rental markets.  “Our research confirms that Utah is in the midst of a housing …

What To Do If You Can’t Pay Your Rent

Northern Wasatch Association of Realtors Advice

Shauna Ray2020 President, Northern Wasatch Association of Realtors Earlier this month, the Centers for Disease Control and Prevention issued a temporary eviction ban for areas of the country experiencing a rapid spread of COVID-19. If you or someone you know is having trouble paying your rent because of the pandemic, here’s what you need to know about the new moratorium. How it works             To stay in your rental, you must first fill out the CDC declaration form and submit it to your landlord. This declaration will help you determine whether the moratorium applies to your situation. It also outlines your responsibilities. To qualify, your income cannot exceed a certain threshold and you must have a substantial loss in income …

What’s in store for housing by the end of the year?

Northern Wasatch Association of Realtors Advice

Shauna Ray, 2021 PresidentNorthern Wasatch Association of REALTORS Homebuyers who currently face an ultra-competitive housing market may be able to get at least a little relief near the end of the year when several factors are likely to combine to create more housing supply. Lawrence Yun, chief economist of the National Association of Realtors, told Realtors at a national conference this month that he expects more housing inventory by the end of the year. “We’re going to get more supply, more inventory,” he said. “The good news is home construction is ramping up. It’s going to take several months to actually show up as an inventory because it takes time to complete the home.” In fact, Yun expects new home …