2019 Real Estate Forecast

Northern Wasatch Association of RealtorsAdvice, Update

Even though real estate sales have slowed slightly in recent months, the housing market should remain healthy. That’s according to Lawrence Yun, chief economist of the National Association of Realtors, who presented his 2019 housing forecast earlier this month at the association’s annual conference. “2017 was the best year for home sales in 10 years, and 2018 is only down 1.5 percent year to date,” Yun said. “Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.” Although U.S. home sales will likely be down for 2018, Yun expects a slight rebound in 2019 with a 1 percent increase and more growth in …

Tips for real estate transactions with solar panels

Northern Wasatch Association of RealtorsAdvice, Update

As energy prices rise and solar power becomes more affordable, more Utahns are considering installing solar panels on their homes. In fact, the national Solar Energies Industries Association ranks Utah No. 6 on its list of “Top 10 Solar States.” With the benefits of lower utility bills and improved air quality through clean energy, it’s easy to see why more than 35,000 Utah homes and businesses have installed solar panels. As solar becomes more popular, you may consider installing your own system or think about buying a home that already has solar. Either way, it’s important to ask a lot of questions and make sure you understand exactly what you’re buying. Along with the tips and information in this article, …

A variety of housing types needed to support affordable housing

Northern Wasatch Association of RealtorsAdvice, Update

Utah business leaders are working to bring more awareness to the issue of housing affordability. That’s because without new housing policies and efforts to build affordable homes, our children could find themselves paying more than $700,000 for a modest home. Those are the findings of a new report from the Kem Gardner Policy Institute at the University of Utah. The Salt Lake Chamber-commissioned study says home prices in the Salt Lake metro area have increased an average 5.7 percent annually over the past 26 years. In fact, since 1991, the increase in Utah home prices has been the fourth-highest in the country. Should similar increases continue over the next 26 years, prices could be $1.3 million in a generation or …

Navigating the Housing Shortage

Northern Wasatch Association of RealtorsAdvice, Update

Utah is one of the fastest-growing states in the nation. While that’s great news, it also means it’s a challenge for the supply of homes to keep up with the demand. There’s a housing shortage, and affordability is a big concern for those wanting to buy. A recent Associated Press study analyzed five years of data and found there’s a growing shortage of affordable housing in the Beehive State. Utah has reached the 3 million population mark and has one of the best economies in the nation, yet that growth has pushed up prices and limited the number of homes for sale. There was a five-year decline in housing inventory between 2012 and 2017. In Salt Lake City, the drop …

Tips for Winning in a Seller’s Market

Northern Wasatch Association of RealtorsAdvice, Update

If you’ve been shopping for a home, you know it’s a seller’s market. Home prices are rising, the number of houses for sale is declining and properties are selling very quickly. In Weber County, the median sales price increased substantially in February — up 19 percent from last year to $200,000. In Davis County, prices rose 11 percent — an increase of nearly $25,000 from the median in 2016. The same conditions prevailed in Morgan County where prices were up and buyers had fewer housing choices. The current environment is the result of a housing shortage. In fact, the Kem Gardner Policy Institute at the University of Utah finds the number of new Utah households is now growing faster than …