Stephanie Taylor2022 President, Northern Wasatch Association of Realtors Housing costs are on the rise due to high home prices and interest rates around 7%. In fact, new research from the National Association of Realtors shows payments on a median-priced home have increased 50% in one year. “The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic, back in 2019,” said NAR Chief Economist Lawrence Yun. The rising prices have sidelined some buyers, but others are keeping their homeownership dreams alive through creative financing and other buying strategies. Below is a discussion of several non-traditional options to help make homebuying more affordable. Seller …

Stephanie Taylor2022 President, Northern Wasatch Association of Realtors Rising interest rates may be a frightening prospect for would-be homebuyers, but there are many reasons why the current housing market isn’t as spooky as it seems — even during the Halloween season. Here are five reasons why you shouldn’t be scared of the housing market. 1. Homebuyers have the best negotiating power in years The days of bidding wars and offers tens of thousands over asking price are over. As a home buyer, you now have negotiating power, much better housing selection and time to shop around before making an offer. There’s also evidence that home prices are beginning to soften. In Weber and Davis counties, the average seller in September …

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 …

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 …