Thursday, July 27, 2023 / by Justin Critchfield & Michelle Aspseter
Hello there, property enthusiasts!
If there's one thing certain about the real estate market, it's that it's always changing, always surprising us. And this year is no exception. We've seen quite a few twists and turns in 2023, and I am here to break it down for you.
To start, I'd like to draw your attention to a specific graph (as depicted below). This graph showcases median single-family home prices in Salt Lake County. It's interesting to note that we witnessed a significant peak in 2023, followed by a steady decline.
What caused this peak and subsequent decline? Well, the prime culprit was the rise in interest rates in 2023. But as the famous saying goes, "What goes up, must come down," and the same holds true for interest rates. Their impact on the housing market, however, is often less predictable, and in this case, it led to a dip in home prices.
The yellow part of the graph points to an intriguing development in the housing market. The latter part of 2023 started to witne! ...
Thursday, July 20, 2023 / by Justin Critchfield & Michelle Aspseter
Unpacking Utah's New Homebuyer Grant Program: A Golden Opportunity
In a dynamic move to invigorate the housing market and provide an accessible route to homeownership for many Utahns, the state of Utah has recently allocated an astounding $50 million in grant money specifically aimed at aiding prospective home buyers. Dubbed the "First-Time Homebuyer Grant Program", this initiative is not only a ray of hope for first-time buyers but also a valuable chance for those who haven't owned a home in the last three years.
The program is set to kickstart from July 25th, 2023 and it’s important to understand its ins and outs to best position yourself to take advantage of this unique opportunity.
Exploring the Qualifications
Before you start planning your move, it’s essential to understand the program’s specifications and qualifications. The state has outlined two significant criteria that potential buyers must meet to be eligible for this program.
First and foremost, the? ...
Wednesday, June 28, 2023 / by Justin Critchfield & Michelle Aspseter
As the warmth of summer approaches, many of us are casting an anxious eye towards the real estate market. Uncertainty abounds: What will happen to home prices? How will inventory change? Are interest rates going to rise or fall? Will the market crash? This blog post will provide a detailed forecast on these important components of the 2023 summer housing market.
1. The Shifting Sands of Inventory
First on our list is inventory. Our prediction? It's set to decrease. The number of homes on the market will shrink over the summer months. This is because, for many homeowners, moving right now doesn't make much sense. Builders have slowed their pace over the last year, which directly affects the number of available homes on the market. Furthermore, high interest rates make the prospect of a new mortgage less appealing, causing potential sellers to stay put.
2. Interest Rates: A Stabilizing Force
On the topic of interest rates, opinions vary. However, the consensus among experts sl ...
Monday, June 19, 2023 / by Justin Critchfield & Michelle Aspseter
First time home buyers worst nightmare is starting to happen
Hello, readers! I have some interesting news to share with you today that will get the attention of anyone even remotely interested in real estate - and it's going to feel like every buyer's worst nightmare. Right now, the real estate market in Utah is presenting a peculiar challenge: interest rates are still high and home prices are now rising for 3 straight months and are happening at a quicker pace. Here's a quick snapshot of what's going on.
Sizzling Salt Lake County
First, let's focus on Salt Lake County. The increase in home values here is enough to make your head spin. Just last month, the average price went up from $235 per square foot to $244 per square foot, and we're only midway through June. The ascending trend continues unabated.
Remember, back in May of 2022, that was our peak pricing - homes were selling for an impressive $259 per square foot. Now, that peak price is only $9 away per square foot. The numb. ...
Tuesday, September 20, 2022 / by Justin Critchfield & Michelle Aspseter
Real Estate Stats and How They Influence the Narrative
When it comes to purchasing a home, we’re all on the lookout for the perfect property that fits our budget. House hunting is accompanied by a constant follow-up of news, Utah housing stats or Utah Bubble that would revolve around the real estate market so that we’re in a position to know when the market conditions are favorable enough for us to swoop in and pick the best property. But let’s be honest - we’re bombarded with a crazy amount of information from different sources (realtors and lenders), so as laymen, it can all get a bit confusing.
Amidst all this chaos, it gets difficult for you to understand whether or not the market is in the right position for you to invest in real estate. So if you too are in a confused state of mind, this post is just for you - we’ll be telling you everything you need to know about the real estate terminology so that you can make an informed, educated ; ...