If you need assistance, please call 801-891-5489

Justin Team

Housing Predictions | RealDealUtah Blog

Monday, March 11, 2024   /   by Justin Critchfield & Michelle Aspseter

The Dilemma: To Buy Now or Wait for Lower Interest Rates in 2025?

The Dilemma: To Buy Now or Wait for Lower Interest Rates?
In today's rapidly changing real estate market, potential homeowners are faced with a critical decision: to buy now at current interest rates or wait, hoping for a decrease. With current interest rates at 6.5% and the anticipation of a drop to 5% by the end of next year, the question looms large. Let's dive into the numbers to see what makes the most financial sense.

The Current Market: 2024 Scenario
Assuming you're eyeing a home priced at $500,000 in 2024, with the current interest rates at 6.5%, it's crucial to understand how this compares with the projected market conditions in 2025. Expectations suggest a 3 to 5% increase in home prices, potentially inflating the cost to $550,000. Additionally, a drop in interest rates is likely to further increase demand, pushing prices up even more.
Today's Purchase Scenario
Purchasing a home today at $500,000 with a 6.5% interest rate results in a monthly mortgage payment of approxr ...

  housing predictions

Wednesday, June 28, 2023   /   by Justin Critchfield & Michelle Aspseter

Summer 2023 Housing Predictions: A Deeper Dive into the Utah Real Estate Market

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 ...

  housing predictions, team plus realty, justin critchfield, michelle aspseter, utah homes, utah real estate 2023 prediciton

Tuesday, September 20, 2022   /   by Justin Critchfield & Michelle Aspseter

Real Estate Stats and How They Influence the Narrative

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 ; ...

  2019 trends, hot real estate, housing predictions, real deal critchfield, team plus realty, utah housing, housing bubble, justin critchfield, michelle aspseter, utah housing market 2022, utah inventory levles, utah real estate predictions 2022, zillow

Friday, May 17, 2019   /   by Justin Critchfield & Michelle Aspseter

Should I find a new home before I list mine for sale?

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 ...

  2019 trends, hot real estate, housing predictions, real deal critchfield, real estate in 2019, team plus realty, utah housing

Monday, March 18, 2019   /   by Justin Critchfield & Michelle Aspseter

Housing Predictions of 2019

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

  2019 trends, hot real estate, housing predictions, real deal critchfield, real estate in 2019, team plus realty, utah housing