The financial benefits of buying a home as compared to renting one are always up for debate. However, one element of the equation is often ignored – the ability to build wealth as a homeowner. Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home appreciation to increase as follows: 2021: 6% 2022: 4.5% 2023: 4% 2024: 3.6% 2025: 3.5% Using their annual projections, the graph below shows the ..read more

There has certainly been economic disruptions caused by the COVID pandemic.  A few months ago, the government put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. Yanling Mayer, Principal Economist at CoreLogic, recently revealed: “A distributional analysis of forborne loans’ payment status reveals that more than ..read more

There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner (FSBO), or using a discount brokerage, it’s critical to consider the following items. 1. You Net More Money When Using an Agent Many homeowners think they’ll save the real estate commission by selling on their own. There are a few discount brokerages out there that ..read more

Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them. 1. Move-up or Downsize: One option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit, especially if your lifestyle has changed this year. 2. Become a First-T ..read more

How has 2020 been for you? 2020 hasn't gone so good for many Utahns. Well, there is some good news for most homeowners. They have had a significant gain in home equity over the last twelve months.  Here are 4 major findings: Utah homeowners with mortgages have seen their equity increase by a total of $26 billion since the third quarter of 2019. The average Utah homeowner gained approximately $26,000 in equity over the past year. This is a 10.8% increase in equity over last year. The average household with a mortgage now has $194,000 in home equity. This has given many homeowners the abili ..read more

Can you believe 2021 is almost here? There were a lot of things that happened in 2020 - One of our favorites as realtors is that the real estate market in Utah continued to stay strong and even get stronger! However, is this going to be an issue for first time homebuyers trying to buy their first house?  1. Home Sales have increased over November 2019 The usual summer slowdown that happens going into Q3 and Q4 didn't really happen this year. Home sales continued to increase over last November by a few hundred. 2. Average Home Sales Price Increased Significantly It for sure is still a sel ..read more

Can you believe winter is already here? Especially here in Utah the freeways can get pretty icy. So...before the snow hits us,  make sure that you are equipped and ready to drive safe for you and those around you on the road. Besides taking your vehicle in to a local shop and get a seasonal check up for around $50, here are four tips that you should do to stay safe: 1. Check Your Tire Tread and Tire Pressure The first tips is your tires. Make sure you have a good tread life to contact the snow. A good trick is called the penny trick.To test your treads, turn the penny ..read more

Can you believe that craziness of this election? Today is the day that we as Americans get to decide our President for the next four years. This vote and this decision will have a big impact on many aspects of life in this country, but the residential real estate market will not be one of them. Especially here in Utah.  The housing market will remain strong for four reasons: 1. The Demand Is Strong, especially among Millennials Millenials are the nation’s largest generation. They entered the housing market last year as they reached the age to marry and have children which ..read more

HOW WILL THE 2020 ELECTION AFFECT REAL ESTATE? Can you believe that already the 2020 presidential election is right around the corner?  If this year hasn't brought enough rockiness and uncertainty, the election might cause you to question your plans on moving. It is pretty normal that political environments can create instability in the stock market-causing, however the real estate market isn’t rocky…it’s rock solid. And what is happening with record low interest rates could mean you missing an opportunity on either buying or selling during this time. We are confident saying this bec ..read more

There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case. This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in ..read more