Utah First Homes Program seeks to preserve American Dream of Homeownership

Northern Wasatch Association of RealtorsAdvice, Update

Adam Speth2023 President, Northern Wasatch Association of Realtors A new initiative from Utah Gov. Spencer Cox could make homebuying a little easier for those looking to purchase their first house. The governor is proposing a state budget that includes $150 million to build 35,000 starter homes by 2028.  “The single greatest threat to our future prosperity, the American Dream and our strong communities is the price of housing,” said Gov. Cox in a press release announcing the proposed budget. “Our kids will never be able to call Utah home if we don’t start building starter homes again. With the goal to build 35,000 new starter homes, the Utah First Homes Program would provide new funds for infrastructure, help for homebuyers …

2022 real estate market trends

Northern Wasatch Association of RealtorsAdvice, 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 RealtorsUpdate

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 RealtorsAdvice, 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 …