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Justin Critchfield & Michelle Aspseter

RealDealUtah Blog

Wednesday, February 12, 2020   /   by Justin Critchfield & Michelle Aspseter

Will Home Prices Continue To Rise in Utah?

So, what does the future look like in Real Estate for the State of Utah? 
Home Prices to go up by 6%

If you recap the last year, in 2019 home prices went up by 7%. That was huge.

The question on everyone’s mind now is:

Are the prices for homes going to crash in 2020? 

All the indications are showing that the prices are going up. 2020 is going to be nothing like 2007. The experts are predicting that the home prices are going to go up by 5% in 2020. 

Our guess this time is a 6% increase in home prices in 2020. Home prices are going to appreciate at least 6% this year because of low-interest rates. Low interest rates are a huge factor contributing to this appreciation. Interest rates are dropping and are going to stay low for the coming year. 

Average Income to appreciate by 4%

In 2019 job pay increased by 4.4%. That’s your income for an employee in Utah going up 4.4% on average. It is predicted that in 2020 the ; ...

Friday, February 7, 2020   /   by Justin Critchfield & Michelle Aspseter

Great News for Renters Who Want to Buy a Home

Great News for Renters Who Want to Buy a Home

Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home.
Just last week the Joint Center of Housing Studies of Harvard University released the America's Rental Housing 2020 Report. The results explain the financial challenges renters are experiencing today,
“Despite slowing demand and the continued strength of new construction, rental markets in the U.S. remain extremely tight. Vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.”
According to the most ...

Wednesday, February 5, 2020   /   by Justin Critchfield & Michelle Aspseter

The unemployment rate is the lowest it's ever been in the state of Utah [stats]

The unemployment rate is down to it’s the lowest level ever in the state of Utah. 
As of October 2019, we closed in at 2.4% unemployment rate, which is phenomenal.

Salt Lake County alone added 17,000 new jobs.
Utah County added 8,000 new jobs. 
Davis and Beaver county added 3,500 new jobs. 
Washington and George County added 3,000+ jobs. 
The jobs are coming and being created very fast. 
Where are these jobs coming from? 
According to the 2020 watchlist for the top 10 markets, Salt Lake City falls on number 10.
It’s been on top, at the position 1, 2 and 3 for the last 10 years. They have dropped down to number 10 as of now but the good news is that it’s still in the top 10. 
So many people say that the prices are too high but these coastal people are the ones who are actually looking at Utah, the jobs it offers, the pay Utah offers, the mountains, an; ...

Wednesday, January 29, 2020   /   by Demi Lucero

What is Utah housing inventory going to look like in 2020?

What is Utah housing inventory going to look like in 2020 and how is it going to affect homeowners? 
Causes of the Housing Inventory Crisis
Before delving deeper, let’s give you a general feel for what has caused this housing inventory crisis that you are going to hear more and more about in the coming months of 2020.

First, Home Builders have not been building at the pace that they need to be building at. There are doing good and this is not to put any blame on them. But at the end of the day, they need to be doing about 30% more than what they are currently doing here in Utah. 

Secondly, people are staying in their homes even longer. Ten years ago an average person stayed in their home for seven years. Now that average is up to eleven years. 

These two factors combined have caused a housing shortage. That is going to be a very interesting dynamic to the real estate market in 2020. 

The lighter blue line is 2019 while the darker one is 2018.&n; ...

Monday, January 13, 2020   /   by Justin Critchfield & Michelle Aspseter

Buying a Home Early Can Significantly Increase Future Wealth

Buying a Home Early Can Significantly Increase Future Wealth

According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.
The good news is, our younger generations are strong believers in homeownership.
According to a Freddie Mac survey,

“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.
Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”

If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.
Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who p ...