Do you know your home's value?

An article in the April issue of the Salt Lake REALTOR magazine caught my eye, so I am sharing it with you.

The national average for home price appreciation from the end of 2017 to the end of 2018 was 5.73%. Utah's price increase was 9.8% for that same time frame, giving us the 3rd place slot in the nation for increased home prices. Idaho took 1st place with an 11.93% increase and North Dakota took last place with a .02% increase. 

Statistics for this information were taken from the last quarter of 2017 to the last quarter of 2018 and were calculated by the Federal Housing Finance Agency.

If you take this information and put it to practical application, you can speculate and theorize that if you purchased a home in Utah during the last quarter of 2017 for $300,000, it was worth $329,400 during the last quarter of 2018. That is a 9.8% price increase, and that is a significant increase in your home's appreciation.

If you would like to know what your home is worth, I can give you a free comparative market analysis on your home. Just give me a call and we can determine what your home's value is today.

801-631-3430

Brought to you by Heath @ HeathsHomes.com

We could use a few more housing options

In the most recent Salt Lake REALTOR Magazine, Adam Kirkham, Salt Lake Board of Realtors President, wrote an article stating that the housing shortages we are experiencing here in Utah, will be with us for a few more years.

The hot market in Utah has led to a higher demand for houses and that demand has outpaced the supply of homes available. The result, especially along the Wasatch Front and Back, is a bidding war with multiple offers on a single home and prices far above the original listing price.

Kirkham states that there are 28,000 households being created each year in Utah and those still do not fulfill the need required for all the buyers. According to the University of Utah, the housing shortage will persist over the next 3 to 4 years, possibly longer.

Many potential buyers and municipalities are looking at higher density housing and mixed use communities as the answer. Daybreak in South Jordan is one example many are looking 
towards.

Daybreak has a blend of townhomes and detached housing, all mixed together that appeal to all age categories. Some younger buyers are liking the prospect of no yard to care for, as well as many older buyers. 

The desired 1/2 acre lot of happiness from years gone by may not be everyone's American Dream anymore. As cities around the state adjust zoning requirements, we will see more and more affluent mixed use and higher density housing available. We are already seeing it here in Wasatch County. The 'one size fits all' rule does not apply to housing here in Utah where our population is growing considerably.

If you have any real estate concerns you would like to chat about, I would be happy to talk with you. If you are frustrated with the housing shortage, give me a call and we can figure out together what the best housing options are for you. 801-631-3430

Brought to you by Heath @ HeathsHomes.com

Home ownership - it's your turn

This is the perfect Heber Valley starter home.

There are 2 bedrooms and 1 1/2 baths in this beautiful Hamlet home in Midway. Custom wood floors and a fabulous efficient kitchen layout are perks to this town home. The open patio is private and comfortable.

The Hamlet provides all kinds of amenities including a pool, club house, gym room, sauna, playground, tennis court, snow removal, pets permitted, RV parking, and mature landscaping. 

If you would like to go see this home, please give me a call and I will book us an appointment. This could be your chance at your own home in the Heber Valley or a fantastic investment opportunity.

801 631-3430

This property is shared with permission from the listing agent, James Ross.

Brought to you by Heath @ HeathsHomes.com

Utah's Outlook is Marvelous

According to the 2018 Prosperity Now Scorecard, Utah earned the number 7 spot for the most desirable state for home ownership.

All 50 states and the District of Columbia are included in this study.

- Average annual pay is found by including all workers covered by unemployment insurance and adjusted by state for cost of living. The Utah average is $46,655 and the national average is $53,621.

- Households with a savings account - 88.1% of Utahans have a savings account. The national average is 70.8%

-Home ownership rate is calculated by the percent of occupied housing units that are owner occupied. The Utah average is 69.9% and the national average is 63.1%.

- Emergency savings - 71% of Utahans stated they set aside some money for emergencies. The national average is 56%.

-Foreclosure rate is calculated by how many loans are in foreclosure. Utah's rate is .43%, the second lowest in nation.

-The delinquent mortgage loans result is the percentage of mortgage loan payments 90 days or more past due. The national average is 1.2% and Utah is at .68%.

- Affordability of homes is found by dividing the median housing value by the median family income. Utah ranks 33rd.

-Prosperity of residents - This number is the cumulative result of the study - the scorecard. It takes into account Financial assets and income, Businesses and jobs, Home ownership and housing, Healthcare, and Education. 

Of the 3,051,147 Utah residents and 943,147 households in Utah, 30.2% of them are under 18 years old and 10.5% are 65 and over.

I enjoy seeing statistics like these and thinking about the real estate market not only in the state but in our valley as well.

There is a strong, solid, housing market statewide and especially in the Heber Valley. This means that if you currently own a home, you're in a sweet spot because it's value is increasing. Your equity is increasing and your resale value is as well. If you are planning on being a homeowner but currently are not, this means the sooner you buy in, the better. 

As Utah's business and job market continues to increase, as well as the state's exceptional educational opportunities, more people will be drawn to move into the state. With those moving in and those that were raised here stay as adults to live, work, and raise families, we will continue to see Utah come out on top of these kinds of studies as a desirable place to be. Take a look at the study, it really is very interesting with much more information than what I just shared with you.

I enjoy helping families find a place to call their own. Let me know if you would like my help. Call or text 801 631-3430.

Brought to you by Heath @ HeathsHomes.com