2022 real estate market trends

Northern Wasatch Association of Realtors Advice, Update

Shauna Ray2021 President, Northern Wasatch Association of Realtors             After an unprecedented real estate market, next year’s home buyers can look forward to conditions that are a bit more normal.             Economists are making their predictions for the upcoming year and here are a few of the trends they point to: Rising home prices but at a slower rate             Instead of the 30% home price spike seen this year, next year’s home buyers can look forward to home prices increasing — but at a slower rate.             That’s the consensus of 22 real estate industry economists who think U.S. home prices will rise a median of 5.7% in 2022, according to a National Association of Realtors survey. Of those …

2021 Real Estate Forecast for Northern Utah

Northern Wasatch Association of Realtors Update

Shauna Ray, 2021 PresidentNorthern Wasatch Association of REALTORS Expect another year of hot homes sales and rising prices for Northern Utah. That’s according to a new housing forecast from local economist Jim Wood. Wood, who works at the Kem Gardner Policy Institute at the University of Utah, is predicting low interest rates and housing demand will support real estate sales in 2021. That should translate into a 5% increase in single-family sales in Davis County and a 7% gain in Weber County. “All of the elements are there: We’re going to have a good year in job growth; we’re going to have net in-migration and low interest rates,” Wood said during a Jan. 12 presentation. “I just expect there’s going …

Pandemic is changing home buyer and seller preferences

Northern Wasatch Association of Realtors Advice, Update

Shauna Ray, 2020 PresidentNorthern Wasatch Association of REALTORS® As people spend more time at home than ever before — juggling remote work, virtual learning and a plethora of other responsibilities — many are rethinking their housing must-haves and looking for homes that will get them through the pandemic. In fact, a new study from the National Association of Realtors found that the pandemic has changed several home-buying and selling behaviors. In particular, both buyers and sellers say they want more space. “The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR. The 2020 Profile of Home Buyers and …

Study says Ogden-Clearfield is best metro in Utah for housing affordability

Northern Wasatch Association of Realtors Market Report, Update

Shauna Ray, 2020 PresidentNorthern Wasatch Association of REALTORS® With the steady rise in home prices throughout Utah, house-hunters may want to look no further than Northern Utah as they search for homes that are in reach.  A new study ranks Ogden-Clearfield as the most affordable metropolitan area for housing in Utah, the fourth best in the West and 97th nationally. That’s according to the National Association of Home Builders Housing Opportunity Index that ranks the largest 234 metro areas in the U.S. on affordability. The Ogden-Clearfield metro area includes Weber, Morgan, Davis and Box Elder counties. The index says 72.4% of homes sold during the second quarter in this geographic area were affordable to families making the median income of …