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. …

Real estate sales continue even with COVID-19

Northern Wasatch Association of Realtors Uncategorized

In the month since Gov. Gary Herbert asked Utahns to start making efforts to social distance, real estate sales have continued in Northern Utah. Even with the new measures, home buyers and sellers have found success as Realtors have helped them use virtual tools and have implemented new safety procedures.  From March 16 through April 15, Northern Wasatch Realtors sold more than 730 homes despite the challenges from COVID-19.   In Weber County, Realtors actually sold more homes than they did during the same time in 2019. There were 388 sales, which is a 2% increase from the 379 transactions last year. The median sales price in Weber County rose 12% to $280,000.  Davis County felt a stronger impact from the …