Tips to make your home purchase more affordable

Northern Wasatch Association of RealtorsAdvice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors With mortgage interest rates surpassing 6% for the first time since 2008, home buyers are spending more of their budgets on financing costs. In fact, Ted Jones, Stewart Title chief economist, recently told Utah Realtors that his top long-term concern for the housing market is affordability.  While higher borrowing costs have sidelined some buyers, there are new advantages for the house-hunters who remain. Conditions that were unheard of six months ago — like seller concessions, price reductions and greater housing selection — are becoming much more common.  Buyers are also using homeownership to avoid rent increases, which rose at the highest pace in nearly four decades, according to the Bureau of Labor …

Using real estate to protect against inflation

Northern Wasatch Association of RealtorsAdvice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors As inflation soars, everyone is paying more for everyday goods and services. Inflation hit a four-decade high of 9.1% in June followed by an only slightly better rate of 8.5% in July.   Renters, in particular, are feeling the strain of the rising prices. The rent on a Salt Lake City two-bedroom apartment increased nearly 17% in the past year to a median of $1,590 per month, according to a July report from rental site Zumper. Meanwhile, the company’s National Rent Index reached a new record high. Another study from Freddie Mac found that 60% of renters had their rent increase last year. Nearly one in three renters saw their rent go …

Advantages home buyers have today that they didn’t have in early 2022

Northern Wasatch Association of RealtorsAdvice

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors After two years of a white-hot real estate market, home buyers are finally getting some much-needed relief as conditions return to normal.  Even though interest rates have gone up, house-hunters will find many other conditions have moved in their favor. Here are three advantages buyers have in today’s market that they didn’t have only a few months ago: More houses to choose from After several years of record-low housing inventory, the number of homes for sale is finally growing. In fact, the number of homes for sale in Weber and Davis counties more than doubled in June compared to one year ago, up 151% and 162% respectively.  More people also put their …

Tips for Buying in a Shifting Real Estate Market

Northern Wasatch Association of RealtorsUncategorized

Stephanie TaylorPresidentNorthern Wasatch Association of Realtors With the rapid rise in mortgage interest rates, the real estate market is beginning to change as the red-hot conditions finally head back to normal. While it’s still an active seller’s market, the situation is becoming more favorable to buyers. For example, there are more homes for sale, there’s more time to make decisions, and there are fewer multiple-offer situations. While high home prices and affordability remain a challenge, the changing market is providing home buyers with new opportunities and a much-needed reprieve from the ultra-competitive conditions. Here are some tips for navigating the higher mortgage rates and taking advantage of the improving market conditions.   Tip: Consider how long you’ll be in the home …