Utah's economy ranked #1 in the nation, 24/7 Wall Street says
Utah's economy is ranked the best in the nation during the COVID-19 pandemic, according to 24/7 Wall Street, a website that analyzes and reports on economic data.
The website cites Utah's low unemployment rate when compared to the rest of the country as one of the reasons the state is in the first position. While the rest of the country has seen unemployment rates reach double digits, Utah had the lowest unemployment rate in the country for the month of July, and currently, 4.5 percent of workers filed for unemployment.
The site also stated that Utah's economic growth is one of the strongest in any state in the country, even before the pandemic hit.
"From the first quarter in 2015 through the first quarter in 2020, Utah’s economy grew at an annual rate of 3.4%, compared to the 1.9% national GDP growth rate," the site said.
Utah also has a low poverty rate, being one of only seven states with less than 10-percent of the population below the poverty line.
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
HELLO AUTUMN! There are just so many reasons to love the season from creating fun fall crafts to picking out the perfect pumpkin for pumpkin decorating at a pumpkin farm. The Weather is just about perfect, which makes it absolutely ideal to enjoy the best times to go leaf peaking. There’s truly no better time to take in the beautiful landscape this country has to offer than now. Make the most of autumn and enjoy all that comes with it—the crisp air, cozy atmosphere, the apple picking, and of course don't forget to spend your Saturdays with us touring some of Utah's most beautiful homes!
Sweeping Panoramic Views Overlooking the Salt Lake Valley
Saturday, September 19th, 2020
Open 11-1 PM
1262 E Chandler Dr.
Salt Lake City, UT 84103
5,646 Sq Ft|5 Bedroom|5 Baths
Offered At: 1,349,000
HELLO AUTUMN- Views, Views, Views...and would you believe a flat driveway and 3 car garage! This one-owner home is located in one of salt lake's premier neighborhoods and has never been on the market. This mid-century modern rambler boasts sweeping city views, floor to ceilings windows, large open kitchen, spacious main level master suite and family room (unheard of in homes in the area) and perfectly manicured lush mature grounds. Main level includes the master suite plus one bedroom and an office with custom built ins. The lower level daylight-walkout includes three bedrooms with a large family room and fireplace. This home is ready to be re-imagined. This won't last!
Spectacular Estate With Stunning Mountain Views
Saturday, September 19th, 2020
Open 2-5 PM
12933 S Salz Way
Draper, UT 84020
6,134 Sq Ft|6 Bedroom|5.5 Baths
Offered At: 1,690,000
HELLO AUTUMN- Spectacular estate with stunning mountain views, perfectly situated on nearly 1/2 acre of lush, mature professional landscaping filled with incredible amenities including a custom sports court for your basketball and pickleball enthusiasts, swim spa, outdoor fireplaces and tons of covered parking for all of your toys...even your RV! The main floor living Rambler with loft boasts an open and light floorplan with soaring ceilings, beautiful flooring, custom lighting and a kitchen and laundry on each level! Chef's kitchen with granite counters, custom cabinets, premier appliances, stainless range hood with custom backsplash, walk-in pantry and large center working island. Spacious master suite with spa-like master bath with a soaking tub, large walk-in closet and amazing mountain views. Walk-out lower level with open theater room, fitness area and kitchen. Wonderful mother-in-law suites both on the upper and lower levels. Over $350k in professional landscaping that also includes over 6k sq ft of custom pavers, 2 water features, 2 fireplaces, covered swim spa area...an entertainer's paradise. 6 car heated garages with extra height, great storage and complete with a dog washing station. Home was built with extra insulation, solar panels, heat pumps with AC and an AC/Furnace on each level and salt-less water filtration system. Close proximity to hiking and biking trails with easy access to the Porter Rockwell trail right out your back gate. Just 20 minutes to dowtown and the Salt Lake International airport and just 10 minutes to Silicon Slopes. This home has so much to offer! Call today for your private tour.
STUNNING '2018 PARADE OF HOMES' WINNER
Saturday, August 19th, 2020
Open 1-3 PM
4912 W Ridge Rock Cir
Herriman, UT 84096
5,635 Sq Ft|4 Bedrooms|6 Baths
Offered At: $1,439,000
HELLO AUTUMN! Stunning 2018 Parade of Homes Winner with incredible mountain and valley views all the way from Ben Lomond Peak to Timpanogos. This luxury home built by Magleby is a one of a kind show stopper featuring a 45' long, 18' tall barrel vault with tongue and groove cedar ceiling in the kitchen and great room area. High ceilings on the main and lower level allow for over-sized windows and an abundance of ambient light. Gourmet kitchen with Thermador appliances, 48 gas range with 6 burners/griddle with side-by-side steam and gas ovens. Thermador counter-depth, column 30 fridge and 30 freezer, high efficiency dishwasher with cabinet doors fronts, Quartz countertops and a large working 10' x 5' kitchen island with back-to-back functional cabinets. All bathrooms include Quartz counters and custom cabinets. The master suite features perfectly positioned windows with mesmerizing views, his and hers vanities, stand alone Kohler tub, large shower surround with Euro glass door and a custom built walk-in closet. All bedroom suites include their own bathroom and closet. One lower level bedroom includes 4 built-in bunk beds. Heating and cooling systems are zone controlled, ensuring individual comfort in every room. An air exchanger is a Magleby standard feature and improves the indoor air quality. The 3 bay garage is painted, fully insulated, epoxied finished floors and includes a hot and cold water faucet. You must see this home to believe it! Call us today for a private showing!
"Stunning Cottonwood Heights Estate"
(New Carpet, Paint, and Professionally Staged)
Saturday, September 19th, 2020
Open 12-3 PM
7311 S Milne Garden Cir
Cottonwood Heights, UT 84047
6,480 Sq Ft|5 Bedroom|6 Bath
Offered At $ 1,497,500
Hello Autumn- Stunning traditional estate with high end quality, soaring ceilings and a Chef's kitchen with premier appliances, gorgeous counters and custom cabinets adjacent to a very open and bright family and dining room. The main level boasts an impressive open two-story balcony with spiral staircase and beautiful custom woodwork throughout, an office and a one bedroom suite (not master). Upper level features a generous master retreat with elegance galore and two bedrooms with a Jack and Jill bath. Off the family room you'll find a spacious covered sun deck for outdoor entertaining. The walk out lower level and patio leads you to the private yard surrounded by mature trees, lush landscaping and a newly installed waterfall. This home has a lower level second kitchen, an open rec room and an over-sized 3 car garage. All of this within walking distance to restaurants and shopping yet very private and serene. Excellent location with convenient freeway access and close proximity to world class ski resorts and hiking and biking trails. A true hidden gem. This home will surprise and delight any buyer. So much home and first time on the market.
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
The pandemic has supercharged Utah’s housing market
Utah has long lured homebuyers from other states with its unique charms. A pandemic-induced exodus from many big metro areas is making some of its best features look even better.
“June and July were, frankly, nuts,” said Alicia Holdaway, president of the Salt Lake Board of Realtors. Utah, she said, is now one of the top real estate markets in the nation.
Social shifts created by the pandemic are not only drawing people to Utah from places like New York, California, Florida and Texas, but also creating waves of residents relocating inside the state. Many are dropping downtown condominiums for more space and quiet in suburban settings.
Interest rates on a typical 30-year mortgage are now well below 3%, a new all-time low, and that has spurred on many borrowers who were waiting. Included are young people in Utah who have managed to save money while staying at home and are now putting those nest eggs toward a down payment. And while home prices remain high, buyers moving for pandemic-related reasons are commonly selling a home they have equity in, getting a lower interest rate and reducing their commute times to boot.
Utah offers not only its ski and redrock recreational treasures, but it also seems to those coming in from larger states to be a place with room to social distance, relatively free of lockdowns.
Software sales executive Christin Anderson got a green light in June from her employer to work from home indefinitely. The primary draws of her life in San Francisco — public events, live entertainment, movies — remain dormant anyway, so the Bay Area resident opted to rent her condo and booked a long-term Airbnb in Park City, to see what it was like.
A five-week stint in Utah morphed into home hunting and Anderson bought a two-bedroom town house in late August less than a five-minute walk from downtown. She’s delighted with the move. “The pandemic,” Anderson said, “presented an opportunity to live where I want to live instead of living near my physical company office.”
‘Never seen anything like this’
Don’t underestimate the power of Utah’s low unemployment rate. It was a big magnet pulling growth the state’s way with record lows as recently as February. Almost six months into the pandemic, that rate, is at roughly 4.5% — almost half the most recent U.S. rate of 9.2%.
Gina Stocksdale recently relocated to Taylorsville from Ontario, Calif., to be closer to five of her six children. She said she had 26 job openings to apply for in Utah as she sought employment with the move in mind.
“You guys call it ‘life balance’? Yeah, that doesn’t exist in California,” the 57-year-old account manager joked about the change of pace since moving to her new town home. “I find that there’s a lot less pressure. And I like that attitude.”
Real estate brokers focusing on relocating families say the new demand is pushing out to locales not usually seen as buying hot spots, such as Logan and Richfield.
Luxury mountain properties and suburban single-family homes with larger lots along the Silicon Slopes corridor are getting special attention, agents say, but demand for everything is high right now.
Salt Lake County set an all-time record for home sales in a single month in July, according to new data. Sales were also up in June and July for retirement communities in St. George, pushing home inventories across that area to new lows.
And with healthier outdoor living and recreation now at a premium, Summit and Wasatch counties are gaining in sales as never before, according to data and longtime market experts.
Something of a rural backwater a little more than 20 years ago, the resort town of Park City and surrounding communities continue to rise as a destination for luxury buyers and investors moving full time from larger states, well-heeled college students who want to ski while learning remotely and those buying vacation properties as they ride out the health crisis.
Homes sales in Park City for July and August alone were double their levels from those same months in 2019.
“I’ve definitely experienced some cycles,” said Michael Hebert, a real estate agent covering Park City and Summit and Wasatch counties since 1996, “but I’ve never seen anything like this.”
‘25 offers on a property’
Looking back, the coronavirus resulted in some initial turbulence for Utah’s real estate industry but didn’t have major lasting effects.
Lobbyists pushed hard to make sure those in the real estate sector were deemed “essential workers” in all of Utah’s initial county-issued health decrees, which not all states did. It led to new approaches to showings, staggered open houses and a big move to virtual tours. Sales slowed a bit in April and May and then roared back.
Now an emerging issue is heightened demand and dwindling inventories of existing homes. This is only deepening the state’s concerns about affordable housing.
The first half of 2020 saw sales reach an unexpectedly mild decline of only 2% below the same months of 2019. In and around Park City, first half sales were 2% above last year. Salt Lake County’s July numbers then beat the highest months of overheated sales leading into the Great Recession a decade ago.
August was similarly intense, agents say, but the unexpected drawdown on inventories of existing homes may have started to slow sales already.
Homes in Salt Lake County now boast the Wasatch Front’s highest median price, at more than $406,960, all housing types included. For the five-county area of Weber, Davis, Salt Lake, Utah and Tooele counties, that price is now above $343,500.
The Wasatch Front’s most expensive ZIP codes are now Emigration Canyon, 84108, with a median price of $725,000; the Avenues, 84103, at $687,500; Utah County’s Alpine, 84004, at $682,500; Eden in Weber County, 84310, at $604,000; and suburban Draper, 84020, at $600,000.
By this time in the early fall, the Wasatch Front usually has five times the property listings it currently has to show to buyers.
“That’s why we get 25 offers on a property,” said Babs De Lay, a veteran real estate agent specializing in residences in the Salt Lake City area. “It’s just everything is selling over the asking price.”
‘Lifestyle' choices
It’s another world up in Park City, where the median home price hovers around $2 million. Home sales are “on fire” there and in surrounding areas in what City Council member Tim Henney says is a historic spate of buying that could change that resort community forever.
At the end of August, pending home sales in the resort town were on track to top $564 million, compared to $215 million by that same time last year.
“This is what we know is happening around the country, with people fleeing cities where there’s more density for suburbs and and places like Park City, where they feel the lifestyle is such that they can physically distance,” Henney said. “You have a face mask mandate, which is an order and everybody is complying, and it creates a sense of safety.”
Even under stay-at-home orders in Summit and Wasatch counties issued in early spring, "people were still putting skins on their skis and skiing. They were hiking. People could still get out,” said William Winstead, a broker with Summit Sotheby’s and president of Park City Board of Realtors.
“Plus, schools are open here, whereas a lot of those in coastal areas are not,” Winstead said. “People are coming here for that.”
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2018! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
WE WILL NEVER FORGET! Patriot Day is an annual observance on September 11 to remember those who were injured or died during the terrorist attacks in the United States on September 11, 2001. Many Americans refer to Patriot Day as 9/11 or September 11.
Extraordinary Luxury In Draper With Darling Guest Home on 1 Acre
Saturday, September 12th, 2020
Open 11 AM - 1 PM
13084 S Fort Street
Draper, UT 84020
.97 Acres
4,738 Sq Ft|3 Bedroom|4.5 Baths
Offered At: $1,290,000
NEVER FORGET- Located in the heart of Draper off of the historic Fort Street, this one of a kind gated property is nestled on approximately 1 acre and includes a separate 996 sq ft guest home (not included in sq footage) with 2 bedrooms. The totally remodeled main level boasts two spacious bedrooms, a main floor office, chef's kitchen with premier stainless appliances and a stainless hood, custom tile backsplash and a large center working island. Right off the kitchen is a wonderful 1,100 sq ft bright and spacious sunroom. The upper level loft includes a bedroom ensuite and a big and open game/rec room which could be turned into additional bedrooms. The outdoor space is an entertainer's dream with a covered deck and patio, grilling center with automatic storm shade for use year round, pickle ball/basketball sports court, volleyball court and firepit. Let's talk about the garages, wow! Plenty of room for all of your toys. The attached garages are heated with epoxy floors, insulated doors and a powder room. Huge detached 16x13 RV garage is a bonus with a workshop for your home business and tons of storage above. The workshop has it's own HVAC system and has gas and 220 lines and was constructed with ice blocks. The home was built with efficiency in mind with hydronic in floor heating, wet/dry central vac, audio throughout, surveillance cameras and a back-up generator system. This home has so much to offer!
Spectacular Estate With Stunning Mountain Views
Saturday, September 12th, 2020
Open 2-4 PM
12933 S Salz Way
Draper, UT 84020
6,134 Sq Ft|6 Bedroom|5.5 Baths
Offered At: 1,690,000
Never Forget- Spectacular estate with stunning mountain views, perfectly situated on nearly 1/2 acre of lush, mature professional landscaping filled with incredible amenities including a custom sports court for your basketball and pickleball enthusiasts, swim spa, outdoor fireplaces and tons of covered parking for all of your toys...even your RV! The main floor living Rambler with loft boasts an open and light floorplan with soaring ceilings, beautiful flooring, custom lighting and a kitchen and laundry on each level! Chef's kitchen with granite counters, custom cabinets, premier appliances, stainless range hood with custom backsplash, walk-in pantry and large center working island. Spacious master suite with spa-like master bath with a soaking tub, large walk-in closet and amazing mountain views. Walk-out lower level with open theater room, fitness area and kitchen. Wonderful mother-in-law suites both on the upper and lower levels. Over $350k in professional landscaping that also includes over 6k sq ft of custom pavers, 2 water features, 2 fireplaces, covered swim spa area...an entertainer's paradise. 6 car heated garages with extra height, great storage and complete with a dog washing station. Home was built with extra insulation, solar panels, heat pumps with AC and an AC/Furnace on each level and salt-less water filtration system. Close proximity to hiking and biking trails with easy access to the Porter Rockwell trail right out your back gate. Just 20 minutes to dowtown and the Salt Lake International airport and just 10 minutes to Silicon Slopes. This home has so much to offer! Call today for your private tour.
"Stunning Cottonwood Heights Estate"
(New Carpet, Paint, and Professionally Staged)
Saturday, September 12th, 2020
Open 12-3 PM
7311 S Milne Garden Cir
Cottonwood Heights, UT 84047
6,480 Sq Ft|5 Bedroom|6 Bath
Offered At $ 1,497,500
Never Forget- Stunning traditional estate with high end quality, soaring ceilings and a Chef's kitchen with premier appliances, gorgeous counters and custom cabinets adjacent to a very open and bright family and dining room. The main level boasts an impressive open two-story balcony with spiral staircase and beautiful custom woodwork throughout, an office and a one bedroom suite (not master). Upper level features a generous master retreat with elegance galore and two bedrooms with a Jack and Jill bath. Off the family room you'll find a spacious covered sun deck for outdoor entertaining. The walk out lower level and patio leads you to the private yard surrounded by mature trees, lush landscaping and a newly installed waterfall. This home has a lower level second kitchen, an open rec room and an over-sized 3 car garage. All of this within walking distance to restaurants and shopping yet very private and serene. Excellent location with convenient freeway access and close proximity to world class ski resorts and hiking and biking trails. A true hidden gem. This home will surprise and delight any buyer. So much home and first time on the market.
Majestic Walnut Brook Estate
Saturday, September 12th, 2020
Open 12-3 PM
&
Wednesday, September 16th
Open 12-3 PM
557 E Walnut Brook Dr
Salt Lake City, UT 84107
1.75 Acres
8,622 Sq Ft|5 Bedroom|5.5 Baths
Offered At $2,690,000
Never Forget -Through the gates and over the bridge you'll find the Majestic Walnut Brook Estate perfectly situated on the river with a breathtaking park-like nearly 2 acres of unbelievable beauty and lushness. Totally custom and high-end quality throughout with stunning architectural lines and over 100 windows with light streaming through to spotlight the crafted beams. Two-story fireplace and gorgeous moldings, two beautifully updated kitchens and all baths. The main floor master boasts floor to ceiling windows, gorgeous built in wood closets and a circular bath. Every inch of this hidden gem is designed for elegance, comfort and total charm. Spacious walk-out lower level with theater room and French doors for entertaining on one of the huge stone patios with a 40 ft circular arbor. A separate deck for morning dining and a multitude of additional patios to enjoy the sereneness and privacy and wildlife. This fantastic landscaping has over 100 year old trees, pines and a wide variety of others. A gardener's dream with perennials blooming throughout the year. Enjoy a wide range of hobbies in the pottery barn/garage with lift and an additional separate workshop, craft room and office. A lovely pool and pool house is shared with one neighbor. This rare opportunity is a once in a lifetime chance to own a better than new all-brick totally updated home with everything you can imagine. It's a page out of a fairly tale.
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
Happy Labor Day- Gorgeous and totally updated two story with the soothing sound of rushing water as you enter the home across the beautiful decking with lush plants and a massive door only to look completely through a wide-open sliding door to the infinity pool behind. Open and bright floor plan with gorgeous hardwood flooring, gourmet kitchen with premier appliances and custom cabinetry, oversized farmhouse sink and brick accented walls with a large center island. Soaring ceilings, floor to ceiling custom stone fireplace and an open second level balcony. A dreamy main level master retreat with a soaking tub and his/her vanities, tons of windows letting in the natural light with custom touches throughout. Walk out lower level with entertaining area, golf simulator, custom home theater and a second kitchen. Private fully landscaped backyard with lush mature trees, sparkling infinity pool, hot tub, outdoor fire pit and BBQ area...perfect for outdoor entertaining. Double heated driveway to top it off! New paint, new carpet, new flooring, new moldings...we could keep going. This home is a stunner!
Spectacular Estate With Stunning Mountain Views
Saturday, September 5th, 2020
Open 11 AM- 1 PM
12933 S Salz Way
Draper, UT 84020
6,134 Sq Ft|6 Bedroom|5.5 Baths
Offered At: 1,690,000
Happy Labor Day- Spectacular estate with stunning mountain views, perfectly situated on nearly 1/2 acre of lush, mature professional landscaping filled with incredible amenities including a custom sports court for your basketball and pickleball enthusiasts, swim spa, outdoor fireplaces and tons of covered parking for all of your toys...even your RV! The main floor living Rambler with loft boasts an open and light floorplan with soaring ceilings, beautiful flooring, custom lighting and a kitchen and laundry on each level! Chef's kitchen with granite counters, custom cabinets, premier appliances, stainless range hood with custom backsplash, walk-in pantry and large center working island. Spacious master suite with spa-like master bath with a soaking tub, large walk-in closet and amazing mountain views. Walk-out lower level with open theater room, fitness area and kitchen. Wonderful mother-in-law suites both on the upper and lower levels. Over $350k in professional landscaping that also includes over 6k sq ft of custom pavers, 2 water features, 2 fireplaces, covered swim spa area...an entertainer's paradise. 6 car heated garages with extra height, great storage and complete with a dog washing station. Home was built with extra insulation, solar panels, heat pumps with AC and an AC/Furnace on each level and salt-less water filtration system. Close proximity to hiking and biking trails with easy access to the Porter Rockwell trail right out your back gate. Just 20 minutes to dowtown and the Salt Lake International airport and just 10 minutes to Silicon Slopes. This home has so much to offer! Call today for your private tour.
"Your Own Private Resort"
Saturday, September 5th, 2020
Open 11 AM - 2 PM
2392 W Old Rosebud Ln
South Jordan, UT 84095
5,468 Sq Ft|5 Bedroom|8 Baths
Offered At: $1,549,000 $1,490,000
Happy Labor Day-Improved Price- Stunning Luxury Estate with Park-Like Resort living at its finest. This estate boasts soaring ceilings, exquisite wood moldings, travertine floors with custom wood inlay, tons of windows throughout allowing the natural light to flood the rooms and a dream Chef's kitchen with custom cabinets and gorgeous counters. Elegant main floor master suite with a custom walk in closet, second bedroom and office with courtyard views. Playroom above and 3 bedrooms down with a walk out lower level, a theater and huge family room that opens to the most magnificent backyard with superb landscaping. This home truly has it all! We're not done yet....The second extraordinary entertaining home (yes, you are getting 2 homes for the price of 1 and second home sq footage is not reflected in the total square footage) is over 6k sq ft and includes a custom theater area to match and a gorgeous second kitchen, a 1,200 sq ft wonderfully finished 2 bedroom apartment above with a kitchen, office, great room and storage.This second home is an ideal space to run your business or host huge gatherings with plenty of room for all. The glass wall completely opens up to provide seamless indoor/outdoor entertaining leading you to the salt water kidney shaped pool with built in slide and waterfall, wading area and hot tub, basketball court, fire-pits and an outdoor covered kitchen. Main home includes an oversize 3 car garage and second home includes a 1 car garage. Lots of parking for all of your guests and your toys! Square footage provided as a courtesy only, Buyer is advised to verify all information. Come tour this beauty...you'll fall in love!
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
Mortgage Updates: Could New Fed Approach Keep Rates Low?
On Thursday, Aug. 27, the Federal Reserve announced a major policy shift, stating it would be willing to allow inflation to run higher than typical if it supports the labor market and economy. According to the Fed, they will allow inflation to run “moderately” over their 2 percent goal “for some time” if inflation averages 2 percent over time.
This could mean less interest rate hikes if unemployment rates fall as long as inflation doesn’t increase as well. And while the Fed’s rate changes don’t have a direct correlation to mortgage interest rates, they do often influence them.
“The economy is always evolving, and the FOMC’s strategy for achieving its goals must adapt to meet the new challenges that arise,” said Federal Reserve Chair Jerome H. Powell. “Our revised statement reflects our appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities, and that a robust job market can be sustained without causing an unwelcome increase in inflation.”
According to Freddie Mac’s Primary Mortgage Market Survey®, as of Aug. 27, mortgage rates have fallen. The 30-year rate is currently 2.91 percent, while the 15-year is 2.46 percent.
The pandemic has put homeowners with mortgages at risk due to related job losses, furloughs and salary cuts. However, the Federal Housing Finance Agency (FHFA) recently announced it would be extending its pandemic-related programs through Sept. 30.
“MBA and its members appreciate FHFA and the GSEs extending these important features,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA). “Both the origination flexibilities and the program to purchase loans in forbearance are providing important stability to the mortgage market during the pandemic, and today’s announcement will enable lenders to continue to make low rate mortgage financing readily available to consumers and avoid the inevitable credit tightening that would have resulted from their expiration.”
These programs have helped ease the financial burden for many homeowners. According to the MBA’s latest Forbearance and Call Volume Survey, the total number of loans in forbearance decreased by 1 basis point from 7.21 percent of servicers’ portfolio volume to 7.20 percent for the week ending Aug. 16
“The share of loans in forbearance declined for the tenth week in a row, but the rate of improvement has slowed markedly. The extremely high rate of initial claims for unemployment insurance and high level of unemployment remain a concern, and are indications of the challenges many households are facing,” said Mike Fratantoni, MBA’s senior vice president and chief economist. “While new forbearance requests remain low, particularly for Fannie Mae and Freddie Mac loans, the pace of exits from forbearance has declined for two straight weeks.”
Written By Liz Dominguez, Published By RIS Media Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to ldominguez@rismedia.com.
Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
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