Monday, January 31, 2022

Realtor.com®: 10 Standout Markets for 2022

Expect the nation’s hottest markets next year to be centered largely in tech hubs in the Midwest and Mountain states, which offer affordable alternatives to pricier coastal regions. Realtor.com® recently released its forecast of the top-performing markets for 2022. “Our top housing markets are attracting remote-minded workers, possibly interested in snagging a big-city salary while still enjoying the quality of life that these generally smaller areas afford,” says Danielle Hale, realtor.com®’s chief economist.

With the rise in remote work, many people can better prioritize affordability when moving to new locations. But realtor.com® researchers also note that not all the places on their list of hottest markets for 2022 are affordable. The average listing price in the top 10 cities was $431,000 in November, which was higher than the national median price of $379,000. However, these markets may offer more housing options.

Nevertheless, expect a lot of competition in these emerging markets in 2022, Hale says. “Buyers in these areas can look forward to a competitive market that will require a focused approach,” she notes. “Don’t get carried away in a bidding war.”

Realtor.com®’s research team analyzed data on expected growth of home sales and prices in 2022 compared to the year prior in the 100 largest metro areas. They factored in past sales prices, the number of sales and amount of new construction, and economic, household, and income growth. Here are the 10 markets on their hot list for 2022:

1. Salt Lake City

Median home price: $564,062
Anticipated price growth: 8.5%
Anticipated sales growth: 15.2%

2. Boise, Idaho

Median home price: $503,959
Anticipated price growth: 7.9%
Anticipated sales growth: 12.9%

3. Spokane, Wash.

Median home price: $419,803
Anticipated price growth: 7.7%
Anticipated sales growth: 12.8%

4. Indianapolis

Median home price: $272,401
Anticipated price growth: 5.5%
Anticipated sales growth: 14.8%

5. Columbus, Ohio

Median home price: $298,523
Anticipated price growth: 6.3%
Anticipated sales growth: 13.7%

6. Providence, R.I.

Median home price: $419,813
Anticipated price growth: 9.6%
Anticipated sales growth: 8.1%

7. Greenville, S.C.

Median home price: $305,078
Anticipated price growth: 5.7%
Anticipated sales growth: 11.4%

8. Seattle

Median home price: $666,754
Anticipated price growth: 7.5%
Anticipated sales growth: 9.6%

9. Worcester, Mass.

Median home price: $397,188
Anticipated price growth: 8.2%
Anticipated sales growth: 8.4%

10. Tampa, Fla.

Median home price: $335,814
Anticipated price growth: 6.8%
Anticipated sales growth: 9.6%

lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent

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!

#mcm #wcw #uthahomesforsale #Openhouse #homebuying #utahluxuryhomes #luxury #luxurylifesyle #buyahome #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome #villaatdimpledell #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUt #homesforsaleinpepperwood #homesforsaleindraper #searchallutahhomes #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #seller #buyer #saltlakerealestate #buyingahome #mainfloorliving #homestyle #homedesign #number1 #sellingahome #silicon #slopes #lindasecristandassociates #lindasecrist #saltlakerealestate #utah #UT #Newhomes #Utahhomes #Realestate #Openhouse #tour #sale #rambler #shop #linda #Secrist #Associates #Events #MLS #Parkview #Villas #Luxurylifestyle #Saltlakeolympics #winterolympics #skiutah #thegreatestsnowonearth #Sundancefilmfestival #siliconslopes #winter #Snowbasin #Ski #Skiing #resort #opening #Mountains#Deervalley #concert #outdoor #hometour #newdevlopment #mainfloorliving #property #realestate #downpayment #save #relocate #relocation #Zionsnationalpark #BryceCanyonNationalPark #TheSecristTeam #Beautiful #Canyons #Mountains #Canyonlands #Ski #Skiing #thesecristteam

Wednesday, January 26, 2022

Ease Homebuying Stress

7 Little Ways to Ease Homebuying Stress This Winter, According to Experts

The past two years have been unpredictable, to say the least, with plenty of stressors outside of purchasing a home that can trickle into the homebuying process. On top of those external stressors, 98 percent of first-time homebuyers reportedly lost out on a home they were interested in this past year. Here are some pointers to alleviate stress during the homebuying process these winter months.

Think of your wish list as your North Star.

Narrowing down factors such as neighborhood, square footage, and more can feel intimidating when planning your future. Create a wishlist of non-negotiables and limits — your list of must-haves versus nice-to-haves. This can include the home’s distance from work, distance from a parent, or proximity to a certain school district.

“Get in your car and drive so that you can opt in and out of certain neighborhoods altogether — this will make searching more bespoke for your specific location needs and wants,” says consumer trends expert Beatrice de Jong with Opendoor.

Prioritize self-care.

Your Sunday relaxation ritual may just come in handy here. Meditation can be an integral part of keeping calm — and that includes during the homebuying process.

“Whether your personal meditation approach involves positive affirmations, yoga, or quiet time, taking time away from the search to relax your mind can work wonders,” says de Jong. “Take a break with the Calm app for a few minutes each day or burn one of your favorite candles with a relaxing scent combination to keep your mind at ease.”

Try to trust the process.

Whether you’re pushing up against a deadline or feeling fatigued, it’s important to remember that there is more than one “dream home” — and that you’re on your way to finding yours. Try to “trust the process,” says de Jong. Shift your mindset and take advantage of the lengthy homebuying process to familiarize yourself with the neighborhoods you’re searching in.

Match with a like-minded real estate agent.

There are many talented real estate agents, but there are also plenty of not-so-great ones. Make sure the person you decide to use is someone you like and trust, and is well respected in the real estate community, advises Gary Mintz with Berkshire Hathaway Fox & Roach Realtors in Philadelphia.

Have all your ducks in a row.

This includes having a strong mortgage pre-approval. At a minimum, Mintz says you want to have spoken with a mortgage professional. This way, you’ll know how much you can afford, and you’ll have a rough estimate of what it will cost you to purchase your new home. Be 100 percent prepared to submit the offer once you find the home you want.

Be completely prepared for tours — in person or virtually.

Although there is less new inventory coming on the market, there are still new listings hitting the MLS every day. “Be prepared to see a home ASAP, as you never know which home might be ‘the one’!” adds Mintz. “Also, if you are not able to see a home (you may be away), your Realtor can preview it for you, answer your questions regarding the home, and even take a video tour of the property for you.”

And finally? Pounce.

Once you’ve found the right home, try to become aggressive and pursue that property with vigor. “Don’t assume that since it has not sold that there will not be any other offers. Your strongest negotiating position is when there are no other offers on the table,” says Mintz. “Once a second offer comes in, your negotiating power decreases substantially.”

Written byERIN FLYNN JAY

published by Apartmenttherapy- JAN 20, 2022

lindasecrist.com

Thursday, January 20, 2022

U. S. Town Most Affordable for 1st Time Homebuyers (Guess Where?)

Top U. S. Town Where First-Time Buyers Can Finally Snag a Home in 2022?

The Realtor.com® economic research team found the best real estate markets for first-time homebuyers for 2022—places where it’s a bit easier for typically younger, more cash-strapped buyers to become homeowners in areas they would likely want to live in. These towns and small cities tend to be a bit more affordable and offer more homes for sale as well as boast plenty of younger millennial residents, job opportunities, and places to go for dinner or a drink. (People still go out for dinner and drinks, right?) These places tend to be suburbs of larger cities, some farther out in more rural areas, where real estate is more affordable.

“It’s always a challenge to buy your first home, and it’s been especially challenging the last couple of years because the housing market has been so competitive,” says Realtor.com Chief Economist Danielle Hale. “Despite that, there are pockets and neighborhoods across the country where it’s a little easier for first-timers to get their foot in the door—and where they’d want to live, too.”

How The List Was Compiled:

To compile this list, the team focused on housing affordability (specifically the ratio of list prices to the incomes of 25- to 34-year-olds in the city); availability of homes for sale (measured by the number of active listings per 1,000 households), and forecasted home sales and price growth in 2022 in the metropolitan areas. The latter is a good indicator that homes will appreciate over time.

In addition, these places all have plenty of younger residents (higher percentage of 25- to 34-year-olds compared with the local population); lower unemployment rates in the metro and commute times to work; and plenty of things to do as measured by the number of restaurants and bars per 1,000 households.

The team looked only at towns and cities in the nation’s 100 largest metropolitan areas. (Metros include the main cities and surrounding towns, suburbs, and smaller urban areas.) Only one place per state was included to provide geographic diversity.

So where exactly are odds tilting a bit more in favor of first-time homebuyers?

Magna, Utah

Magna is located just 15 miles southwest of Salt Lake City.

Metropolitan area: Salt Lake City, UT

Median home list price: $355,000*

Forecasted price growth in 2022: 8.5%

Why Magna, Utah?

It’s no secret why Magna topped our list: It offers homebuyers a great location just 15 miles southwest of popular Salt Lake City—at a surprisingly attractive price. While the median-priced home costs $367,900 in the more rural Magna, which boasts a historic downtown, list prices were a hefty $485,000 in Salt Lake City in November, according to the most recent Realtor.com data.

The town may not be the most popular in the area, but its prices are attracting first-time buyers on a budget who can’t afford Salt Lake City as well as Californians and other out-of-staters looking for deals

Close To The Salt Lake City Airport

Magna is close to the airport and less than an hour away from some of America’s best skiing. The town is home to the Great Salt Lake State Park, the largest saltwater lake in the Western Hemisphere, and the Empress Theatre, a century-old theater that hosts local productions. It’s also in an up-and-coming jobs center.

“We’re pricing people out of the more desirable locations, and it’s making cities like Magna shine a little more for “first-time homebuyers, families just starting out, where their price range isn’t allowing them to purchase in other areas.”

Older Homes & Bungalows In Magna

Most of the homes in Magna are bungalows built in the 1950s and 1960s with anywhere from 1,800 to 2,200 square feet of living space. They are typically three-bedroom, 1.5-bathroom homes with a garage on about a fifth of an acre. This updated two-bedroom, one-bathroom cottage is on the market for $345,000.

Written By: By Clare Trapasso

Published by Realtor.com, Jan 10, 2022

Find Out What Other U.S. Towns are affordable:

lindasecrist.com

Home Sales By Price Range

WASATCH FRONT HOME SALES BY PRICE RANGE

(Information received from The Salt Lake Board of Realtors)

Summary:

The percentage of Wasatch Front homes selling below $500,000 fell to 62% in 2021, a dramatic decline from 2020 when 81% of home sales were below the half-million-dollar mark. Homes selling from $500,000 to $999,999 increased to 34% of market share, up from 17% in 2020. The share of million-dollar home sales increased to 4% of overall sales, up from 2% in 2020. The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978.

#thesecristteam

lindasecrist.com

Thursday, January 13, 2022

What Is A Contingent Offer?

What Does a Contingent Offer Mean When Buying a Home

A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.

Such contingencies are mainly put in place so that buyers can back out of a real estate sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.

Home inspection contingent offer

A home inspection contingency could well be the most important one for home buyers. This contingency gives buyers the right to have their new home professionally inspected after putting down earnest money. And finalizing the real estate transaction usually hinges on this contingency. If something is wrong, a contingent offer allows the buyer to request that it be fixed and to renegotiate the price—or back out of the sale. It’s rarely advisable to waive an inspection contingency, and home buyers should generally consider this a must-have clause in a sales contract. “Never in my life have I seen a home inspection contingency waived,” said Bishoi Nageh, vice president of branch operations for the Petra Cephas Team at Mortgage Network Solutions. If something is wrong with the current home on the real estate market, a good inspection will find it. Nageh recalled an instance of a first-time buyer who asked the seller to fix up some windows, then found that mold had been growing under the framework. This is how a contingency works during a home sale. Once you know the problems, you can talk with the sellers about what they need to fix before you buy the home.

Appraisal contingency

With this real estate contingency, a third party hired by the mortgage lender evaluates the fair-market value of the current home for sale. In the event that the appraised value proves to be less than the sale price, the appraisal contingency lets you back out of the deal. “It’s in no one’s best interest to overpay,” Nageh said. “If the home comes in under the [asking] amount, you have the right to back out.” In hot markets, eager buyers might feel pressured to waive a contingency, but they could end up paying more. However, the lender will only put up a certain amount of money for the appraised cost—which may not be the asking price—and the buyer will have to cover the rest. For example, let’s say you have a fixed-rate loan that covers 90% and you need to put 10% down for a home selling for $500,000. If the property is appraised at $475,000, the lender is only going to cover 90 percent of that appraised value, or $427,500. In this case, instead of a $50,000 down payment, you would be expected to put down $72,500 to cover the difference. Waiving this contingency in the purchase contract can be a gamble.

Mortgage contingency

You don’t want to sign a property sale without having the money to back it up. A mortgage contingency is a contingency that protects the buyer and seller from getting into a real estate sale without a proper loan. Under this contingency, the buyer has a specified period of time to obtain a loan that will cover the mortgage after the offer is accepted. If the buyer can’t get a lender to commit to a loan, the buyer has the right to walk away from the sale with the down payment. To expedite the process, “Know if you qualify sooner than later,” Nageh said. If you’re pre-approved, you won’t be wasting the seller’s time or yours during the loan-hunting period, which could take a couple of months.

Like an appraisal contingency, eager buyers and sellers in hot real estate markets might want to waive this contingency for the current home for sale, especially if cash is on the table. But waiving this contingency means that if your mortgage lender delays or denies your loan after a seller accepts your offer, you can lose the deposit during escrow, so it’s a risky venture.

WRITTEN By Angela Colley

Angela Colley writes about real estate and all things renting and moving for realtor.com. Her work has appeared in outlets including TheStreet, MSN, and Yahoo.

Apr 3, 2021

lindasecrist.com
Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent

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!
#mcm #wcw #uthahomesforsale #Openhouse #homebuying #utahluxuryhomes #luxury #luxurylifesyle #buyahome #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome #villaatdimpledell #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUt #homesforsaleinpepperwood #homesforsaleindraper #searchallutahhomes #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #seller #buyer #saltlakerealestate #buyingahome #mainfloorliving #homestyle #homedesign #number1 #sellingahome #silicon #slopes #lindasecristandassociates #lindasecrist #saltlakerealestate #utah #UT #Newhomes #Utahhomes #Realestate #Openhouse #tour #sale #rambler #shop #linda #Secrist #Associates #Events #MLS #Parkview #Villas #Luxurylifestyle #Saltlakeolympics #winterolympics #skiutah #thegreatestsnowonearth #Sundancefilmfestival #siliconslopes #winter #Snowbasin #Ski #Skiing #resort #opening #Mountains#Deervalley #concert #outdoor #hometour #newdevlopment #mainfloorliving #property #realestate #downpayment #save #relocate #relocation #Zionsnationalpark #BryceCanyonNationalPark #TheSecristTeam #Beautiful #Canyons #Mountains #Canyonlands #Ski #Skiing

Tuesday, January 4, 2022

The Nation's Hottest Housing Markets

Salt Lake City tops 2022’s hottest housing markets

A new report from Realtor.com shows many of the top housing markets going into 2022 will be tech hubs in the Mountain West and the Midwest. Experts say these areas have strong economies, low unemployment rates, and considerable job growth.

Average Listing Price:

The average listing price for the projected hottest housing markets for 2022 reported an average listing price of $431,000 in November, well above the national median price of $379,000. These cities offer more options for those moving in than other big metropolitan areas like New York and San Francisco, the report explains.

In the report, Realtor.com analyzed the expected growth of home sales and prices in 2022 and compared them with the year before in the nation’s 100 largest metropolitan areas. Factors included previous sale prices and the number of sales; the amount of new construction; and previous and anticipated economic, household, and income growth.

The top housing markets for 2022 are:

Salt Lake City, Utah
Boise, Idaho
Spokane-Spokane Valley, Washington
Indianapolis-Carmel-Anderson, Indiana
Columbus, Ohio
Providence-Warwick, Rhode Island-Massachusetts
Greenville-Anderson-Mauldin, South Carolina
Seattle-Tacoma-Bellevue, Washington
Worcester, Massachusetts-Connecticut
Tampa-St. Petersburg-Clearwater, Florida

These aren’t only the hottest housing markets for the new year – they’re also among the most overpriced. All 10 fall among the top 50 metropolitan areas where homes are selling above historical prices.

Report From Florida Atlantic University:

In a report from Florida Atlantic University, researchers used open-source data from Zillow or other providers to calculate the 100 most overpriced or underpriced metropolitan cities in the U.S. The first report was issued in July 2021 with a new report released each month, the latest being from November.

FAU gives each metropolitan area a score. A positive score indicates a premium, meaning the average property in a metro is selling above its historical implied price. A negative score represents a discount, meaning the average property is selling below its historical implied price.

According to FAU, just two metropolitan areas are seeing discounts on home prices: Baltimore and urban Honolulu.

Home prices across the country surged again in October as the housing market continues to boom in the wake of last year’s coronavirus recession.

During the week of Christmas, mortgage rates fell to 3.05% for the benchmark 30-year, fixed-rate and 2.66% for the 15-year fixed-rate home loan. The persistently low rates signal that credit markets appear more concerned about the omicron variant depressing economic growth than about the highest inflation rates in nearly 40 years.

NEWS

Written by: Addy Bink, Nexstar Media Wire

Posted: Jan 1, 2022 / 01:48 PM MST / Updated: Jan 1, 2022 / 01:48 PM MST

The Associated Press contributed to this report.

Salt Lake Real Estate

Monday, January 31, 2022

Realtor.com®: 10 Standout Markets for 2022

1. Salt Lake City

2. Boise, Idaho

3. Spokane, Wash.

4. Indianapolis

5. Columbus, Ohio

6. Providence, R.I.

7. Greenville, S.C.

8. Seattle

9. Worcester, Mass.

10. Tampa, Fla.

Wednesday, January 26, 2022

7 Little Ways to Ease Homebuying Stress This Winter, According to Experts

Think of your wish list as your North Star.

Prioritize self-care.

Try to trust the process.

Match with a like-minded real estate agent.

Have all your ducks in a row.

Be completely prepared for tours — in person or virtually.

And finally? Pounce.

Thursday, January 20, 2022

Top U. S. Town Where First-Time Buyers Can Finally Snag a Home in 2022?

How The List Was Compiled:

Magna, Utah

Magna is located just 15 miles southwest of Salt Lake City.

Metropolitan area: Salt Lake City, UT

Median home list price: $355,000*

Forecasted price growth in 2022: 8.5%

Why Magna, Utah?

Close To The Salt Lake City Airport

Older Homes & Bungalows In Magna

WASATCH FRONT HOME SALES BY PRICE RANGE

(Information received from The Salt Lake Board of Realtors)

Summary:

Thursday, January 13, 2022

What Does a Contingent Offer Mean When Buying a Home

Home inspection contingent offer

Appraisal contingency

Mortgage contingency

Tuesday, January 4, 2022

Report from Realtor.com

Average Listing Price:

The top housing markets for 2022 are:

Report From Florida Atlantic University: