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 ; ...
Friday, September 16, 2022 / by Justin Critchfield & Michelle Aspseter
What has housing inventory done? Homes went up from 1700 homes for sale to almost 10,000 this year. We were shocked when things took another unexpected turn in September! Watch here to find out more.
Interest rates took and unexpected dip in August AFTER the fed raised rates by .75%. This caused fast inventory levels to stop increasing overnight. More homes went under contract as a result of the low rates. Ever since then, Utah housing inventory leveled off and has stayed consistently around 9,500 active homes. Now in the middle of September of 2022 interest rates have risen to 6%, their highest level in 14 years and inventory has gone up again now reaching 10,000 homes!
IF interest rates stay this high, expect inventory levels to keep raising. But don't panic, we would need to reach 14,000 homes before it becomes a "neutral" buyer and seller market.
Stay tuned to get more updates as the market evolves. ...
Friday, May 17, 2019 / by Justin Critchfield & Michelle Aspseter
As a real estate agent, you often come face to face with a situation where a person is trying to sell and buy a house at the same time. The sellers want to make a move but they look at the inventory out there and realize there are not a ton of choices for them. This scares the sellers so they pull back and decide not to take any action.
In such a situation, there are two ways out. First things first, we have some options to solve the lack of inventory crisis by finding you a home in the neighborhood you want.
But when I deal with sellers they always want to find a home first, make an offer on it and then put their home up for selling. That’s a big No No!
Because what ends up happening is that when it’s a good home, you are not the only one who realizes that. There are many other buyers and so there are usually two or three offers on the table for the seller of the home. The seller will obviously choose an offer with someone who ...
Monday, March 18, 2019 / by Justin Critchfield & Michelle Aspseter
Sellers, click hereLet's recap what happened in 2018!
1. Median home prices rose an average of 9% to $355,000.
2. Multi-family homes (condo's, townhomes) went up an average of 10% to $248,527
What do we think will happen in 2019?
2019 Home Price Predictions
1. Job growth and pay will decline
2. Home Sales will slow by 8%
3. Days on market will increase
4. Prices on condos and townhomes will increase 7-8% (experts and economists say 9-10%)
5. Single family home prices will increase 4-5% (experts and economists say 5-7%)
Stay informed and understand what this means to you!
Buyers, click here