Brook Schaefermeyer - Real Estate

8246 N CEDAR SPRINGS RD #2, Eagle Mountain UT 84005 Beautifully updated condo with new laminate wood flooring, fresh paint throughout, with a tile backsplash to compliment that granite countertops. Dining area and generous pantry in kitchen. Tastefully updated guest bathroom with carrara tile and trendy vanity. Large laundry with counter and room for...

Is it Better to Buy a Home in the Fall?

Goodbye summer, and farewell to sizzling home prices. As the peak of summer homebuying ends, fall buyers might see more favorable home prices as we transition into autumn. If you’ve been waiting to make a move, now could be the right time.

According to a recent report from Realtor.com, the best time to buy a home nationally is during the first few weeks of October. For the first time since 2020, the Federal Reserve has lowered interest rates by 0.50%, and mortgage rates may soon follow. As mortgage rates trend downward, we could see a surge of buyers who’ve been waiting on the sidelines.

Fall offers potentially lower home prices. Homes that sat on the market over the summer may see price reductions, and sellers are often more willing to negotiate if their homes have been listed for a while.

The best time to buy is when it aligns with your budget and financial situation. I’m here to help you navigate the process and answer any questions you may have. Feel free to call, text, or email me anytime!

The market is gaining momentum. Homes listed and home sales have increased year over year.

Salt Lake City is one of the "best-performing cities" in the country becasue it has the hottest job market in the country, it's the #1 state to start a business, the #1 state for entrepreneurs, and the #1 state for GDP growth.

Exclusive | Utah’s Tech Hub Powers America’s Hottest Job Market, WSJ Ranking Finds More-affordable cities that serve as tech and finance outposts top the latest annual rankings.

Home Ownership Still One of the Best Investments

Housing demand is sluggish due to elevated mortgage rates and affordability challenges, yet home values keep rising. There are three primary reasons:

1. There’s a shortage of homes for sale. Many homeowners are hesitant to put their houses on the market because they scored an ultra low mortgage rate in recent years, and selling would mean giving it up. Supply is even more constrained than demand, meaning buyers are competing for a limited pool of homes. That’s propping up values for both homes that are already for sale and those that could hit the market in the future.

2. Home values hit a low about a year ago. The total value of U.S. homes was nearing a trough at the end of 2022, which is part of the reason year-over-year growth at the end of 2023 was so large. It’s typical for home values to cool in the winter, but they experienced an abnormally large slowdown in 2022 as the shock of surging mortgage rates sent a freeze through the housing market.

3. More homes were built. While America is grappling with a housing shortage, it continues to build homes, which contributed to the gain in total home value last year. Redfin’s analysis includes roughly 96 million homes, up from 95 million as of December 2022—an increase that was fueled by new construction.

“America’s homeowners are sitting pretty. They’re holding a massive amount of housing wealth, despite lackluster demand from buyers, because home values skyrocketed during the pandemic and now a supply shortage is preventing those values from falling,” said Redfin Economics Research Lead Chen Zhao.

January Market Update

Looking at November 2023 Statistics

The 2023 Utah Housing Market through the Rearview Mirror

"It's a really uncomfortable year," says Dejan Eskic, researcher at the University of Utah's Kem C. Gardner Policy Institute. "It's been such a volatile market and I feel like everybody feels this way nationally."

1. Utah's 10-year homebuilding and real estate boom came to an abrupt end in 2022.
2. Interest rates are giving homebuilder's whiplash.
3. Utah's housing shortage is likely to increase by 2024.
4. Housing price increases peaked in 2022, then slowed and declined in 2023.
5. The price correction was inevitable, but modest.
6. Despite dip in housing prices, affordability continues to block homeownership opportunities.
7. Housing prices in Utah increased by a striking 72% since the first quarter of 2018.

For the complete article visit desertnews.com