Tuesday, December 20, 2022 / by Rachel Green
If you’re a homeowner, your net worth got a big boost over the past few years thanks to rapidly rising home prices. Here’s how it happened and what it means for you, even as the market moderates.
Equity is the current value of your home minus what you owe on the loan.
Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially.
And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you’ve lost all the equity you gained during the pandemic frenzy.
To prove you still have equity you can use, the latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.
That’s right, despite the headlines, the average homeowner ...
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Friday, November 4, 2022 / by Rachel Green
With interest rates creeping around 7%, buying a home can be more expensive, but there's great news! There are programs that help you get a lower interest rate, and the costs for such can often be paid by the seller. These programs are referred to as rate buydowns. So, with buyer competition low and the option to get a great rate, buying a home just got a whole lot more attractive!
Since we're not lenders, so we asked Travis Carter of First Colony Mortgage to fill us in about rate buydowns.
SLH: What is a rate buydown?
Travis: A rate buydown is a prepayment of interest on a mortgage for the first two or three years, depending on which option you choose. This means you get a lower payment for the first two to three years of your loan.
SLH: What options are there to choose from right now?
Travis: There's a 2-1 buydown and a 3-2-1 buydown. The 2-1 buydown give you a lower rate for the first two years, with the buydown rate typically two. ...
Thursday, October 27, 2022 / by Rachel Green
3 Beds, 2.5 Baths | 1-Car Attached Garage1912 N 300 W, Harrisville | $350,000
Clean, cute, and cannot miss! This move-in ready, end-unit townhome is tucked away in Golfcrest Village with sweeping views of the mountains and a bigger backyard with concrete patio. Inside you’ll find an idyllic floorplan, complete with a full primary suite, open kitchen/ dining/ entertaining (breakfast bar included), proper pantry, and an actual laundry room (not closet). The finishing touches include LVP flooring in the living room, 16x16 tile in the wet areas, and plush carpet in the bedrooms. Start your day watching the sun rise from the back patio, and end the day on your private covered front porch in the glow of the setting sun. Don’t forget about the highly coveted attached garage, with extra room for storage, plus two uncovered parking spots. Did we mention this is a can’t-miss situation?
Schedule your showing right away!
Request your private tour here or cC ...
Thursday, October 27, 2022 / by Rachel Green
Did you know that between January and September of 2022, more than 32,500 homes have sold in Utah?
While we're definitely enjoying the cooldown of fall (and what is up with the snow flurries in the valley?), the market is experiencing it's own cooldown (although much needed for many buyers). But the headlines and the worries of the global economic collapse are not painting the same picture as reality.
Check out the statistics below, comparing September 2021 to September 2022. While the average days on market has gone from six to 31 just this year, 31 days is considered to be a healthy average days on market. Also, take a look at the increase year over year in median price. Lastly, notice there is less inventory this year than last year, which is a good sign for sellers wanting to sell this fall or winter.
For buyers, this is the season to make your move! Instead of competing against a zillion offers and other buyers, buyers have regained a little negotiating room. ...
Tuesday, October 25, 2022 / by Rachel Green
What Happens to Housing When There’s a Recession?
Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says:
“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .
More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”
To add to that sentiment, housing is typically one of the first sectors to rebound during a slowdown. As Ali Wolf, Chief Economist at Zonda, explains:
“Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to ...