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Justin Critchfield & Michelle Aspseter

RealDealUtah Blog

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

Monday, June 19, 2023   /   by Justin Critchfield & Michelle Aspseter

Utah's first time home buyers worst nightmare is happening

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

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 ; ...

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Friday, September 16, 2022   /   by Justin Critchfield & Michelle Aspseter

Utah housing inventory levels have shocked us again!

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. ...

  utah inventory levles, utah housing market 2022, housing bubble, utah real estate predictions 2022, justin critchfield, michelle aspseter

Wednesday, May 20, 2020   /   by Justin Critchfield & Michelle Aspseter

6 Reasons Why Selling Your House on Your Own Is a Mistake

6 Reasons Why Selling Your House on Your Own Is a Mistake

There are many benefits to working with a real estate professional when selling your house. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner or FSBO, please consider the following:
1. Your Safety Is a Priority
During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry. ...