Author Archives: Jeff Camp
Good News for All: Mortgage Rates Drop and Median Home Price Breaks $300,000
According to the most recent national real estate statistics, both buyers and sellers have reason to be excited for the busy spring season. Mortgage rates fell in the first quarter of 2019 to rates not seen since 2012. According to bankrate.com, the average 30-year mortgage rate dropped to 4.1 percent in March and settled in... Read More
Buyers Optimistic Going Into Spring Real Estate Season
As inventory increases and home prices settle around the country, sixty-five percent of buyers are optimistic about purchasing a home this year, according to the first quarter Housing Opportunities and Market Experience survey from the National Association of REALTORS. Lawrence Yun, chief economist at NAR, notes, “Inventory has been rising, so those buyers interested in... Read More
Mortgage Applications Up as Lower Rates Solidify
Mortgage Applications Up as Lower Rates Solidify Buyers are responding to the settling of interest rates, with a 5.3 percent increase in just one week, according to the Mortgage Bankers Association. The spike in applications is also a 0.4 percent gain year over year. With interest rates below the 5 percent margin most buyers in... Read More
2018: A Year of Near Record Setting Profits for Sellers
2018 was the year of recovery for the national housing market, with homeowners enjoying peak payout when unloading their properties. In fact, sellers haven’t seen this much profit from sales since 2006, right before the housing market crash. In 2018, sellers saw an average 32.6 percent return on their properties, which translated to an average... Read More
Salt Lake City Selected to Bid on Future Olympic Games
In December, the United States Olympic Committee selected Salt Lake City to bid on a future Olympic Winter Games, most likely in 2030. Salt Lake City beat out other winter sports destinations in the United States, including Denver, when the decision was announced. Park City played an enormous role in the 2002 Salt Lake City... Read More
Housing 2019: Holding Steady for Buyers
According to multiple sources, the housing market is going to level-out nationwide in 2019, with home prices anticipated to grow between 2.2 and 3.79 percent, a significant drop compared to recent years. This should lead to a more balanced housing market, but not necessarily to a buyer’s market. Buyers will still have to confront similar... Read More
Quarry Village Thriving in Parley’s Corridor
As Park City’s population continues to grow, new developments are springing up further from Old Town. Quarry Village, in the Parley’s Canyon corridor, is one growing area that is reaping the benefits of the development boom. Quarry Village boasts a location difficult to beat, centrally located 20 minutes from Salt Lake City and 15 minutes... Read More
Major Mayflower Development Gains Wasatch County Stamp of Approval
The Wasatch County Council recently approved a general plan for 940 acres commonly known as Mayflower, bringing decades of speculation one step closer to reality. Wasatch County leaders are hoping for a massive economic boom as a result of the approved Mayflower Mountain Resort, which is imagined to become an eastern gateway of Deer Valley... Read More
Housing 2020: A Look to the Future
Wouldn’t it be nice to have a crystal ball, to see into the future of the housing market? While we can’t offer you that, we can refer to the most recent Metrostudy predictions for the future of mortgage rates, new construction, and inventory trends in the year 2020. Let’s start with mortgage rates. According to... Read More
Homes Exceed Pre-Recession Values
According to the June Zillow Real Estate Market Report, 50.4 percent of American homes are now valued higher than they were before the 2008 recession. 21 of 35 markets nationwide are at the milestone value, while home prices were up 8.3 percent over last year and the national median home price rose to $217,300. While... Read More
Good News for Prospective Home Buyers
This year national real estate news has focused mostly on the high demand and incredibly low inventory that plague markets across the country. Buyers, however, have cause to celebrate some good news coming their way, as mortgage rates continue to settle down. Four of the past five weeks have seen continued settling of mortgage rates,... Read More
Home Price Boom Continues as Leveling Out Needed
According to the S & P CoreLogic/Case-Shiller Indices, home prices saw an average gain of 6.5 percent year-over-year in March of 2018. The Indices also indicated a 0.9 percent increase in home prices month-over-month. David M. Blitzer, chairman and managing director of the S & P Down Jones Indices Index Committee, observes, “Looking across various... Read More