Real estate market predictions

Tiffany bigelow Uncategorized

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors As home buyers navigate the challenges of high inflation, rising interest rates and expensive prices, some are wondering what’s in store for the housing market for the rest of the year. Lawrence Yun, chief economist of the National Association of Realtors, had some predictions when he spoke to Realtors at a May conference. He believes there will be fewer home sales and slower price growth with the market returning to pre-pandemic conditions rather than the home-buying frenzy of the past two years. Because of higher prices — up 55% from last year when accounting for more expensive interest rates — Yun is forecasting a 9% decline in U.S. home sales. Yun also …

Mark Shepherd for Davis County Commission!  

Northern Wasatch Association of Realtors Uncategorized

Please come out and help us support our own Mark Shepherd for Davis County Commission!  Tickets here: https://www.eventbrite.com/e/mark-shepherd-for-davis-co-commission-top-gun-fundraiser-tickets-346410261417?aff=ebdssbdestsearch

Strategies for buying a home in a hot market

Northern Wasatch Association of Realtors Uncategorized

Shauna Ray, PresidentNorthern Wasatch Association of REALTORS®                 Real estate listings with more than 100 showings. Houses selling for thousands more than appraised value. Buyers competing with dozens of other buyers for the same home.                 It’s no surprise that these are the kinds of stories coming from Utah’s ultra-hot real estate market. After COVID-19 quarantines, people are re-evaluating their living arrangements and their priorities for where they want to live — trends that are exacerbating an already-existing housing shortage.                   At the end of August, there were approximately 8,200 active real estate listings in Utah. That’s a record low, according to Utah Association of Realtors records that date back to 2003. Meanwhile, in Davis, Morgan and Weber counties, …

Why is the housing market so hot?

Northern Wasatch Association of Realtors Uncategorized

One of the surprises of the COVID-19 pandemic has been the resiliency of the residential real estate market. Although home sales initially faltered with the spring pandemic shutdowns, the housing market has now bounced back, and sales are beginning to outperform last year’s strong activity. Here are some of the reasons the housing market is heating up this summer: Mortgage rates dip to less than 3% Last week, the interest rate on a 30-year fixed-rate mortgage dropped to an average 2.98%. This is the first time in 50 years that the rate has been this low, according to Freddie Mac.  These unprecedented rates are enticing buyers, and many economists expect the trend to continue throughout this year and into next. …