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. ...