Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices
Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of the property’s market value.
As Of Last Quarter:
As of the last quarter of 2021, 42% of residential properties with an underlying mortgage were considered equity rich, according to a report from Attom, a real estate data company. That was up from 30% in the fourth quarter of 2020.
“As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” said Todd Teta, chief product officer with Attom.
Only 3% of loans were seriously underwater, a situation in which the homeowner owed at least 25% more on their loans than the home is worth, Attom reported.
Rising Home Equity:
Rising home equity is an indication of the strength and stability in the housing market even as prices rise to the stratosphere. At the end of last year, equity-rich homes outnumbered those that were seriously underwater by 13 to 1, according to the report.
While no one is certain about how long the boom can last, the strong equity picture is good for the economy and homeowners, said Teta.
“For now, homeowners are sitting pretty as the wealth they have tucked away in their homes keeps growing,” he said.
Rising prices, rising equity
Median home prices rose well above $300,000 and typical home values spiked more than 10% across most of the country last year. Those rising prices helped widen the gap between what homeowners owed on their mortgages and the value of the properties, the report said.
The Biggest Increases:
The biggest increases in the share of equity-rich homes were seen in the South and the West.
Tennessee, where the portion of mortgaged homes considered equity-rich rose from 41.4% in the third quarter to 47.2% in the fourth quarter, saw the biggest jump followed by North Carolina, Nevada, Georgia and Arizona.
The top equity-rich city was Austin, Texas, with 70.6% of mortgage holders equity-rich, followed by Boise, Idaho; San Jose, California; Spokane, Washington; and Salt Lake City, Utah.
The Fewest Increases:
The cities with the fewest equity-rich properties, according to the report, included Jackson, Mississippi, where only 17% of homes are equity-rich, Baton Rouge, Louisiana, and Wichita, Kansas. These three cities also had the most mortgages seriously underwater.
The biggest s in the share of properties that were seriously underwater were found in the South and Midwest, according to the report.
Mississippi saw the biggest decline in mortgaged homes that were seriously underwater, ping from 17.7% in the third quarter to 12.2% in the fourth quarter. It was followed by Maine, Iowa, West Virginia, and Arkansas.
States Seriously Underwater:
There were some states where the share of homes that were seriously underwater rose, including Wyoming, which rose from 11.5% to 14.3% quarter-over-quarter, followed by Connecticut, Arizona and Utah.
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!
tah's landscape might be one of the most unique in the country. From flat expanses of salt that seem to go on for miles to vibrant red rock formations that make you feel like you've landed on Mars, this state is something of a natural playground. It boasts five national parks and a whopping 40-plus state parks for visitors and residents to explore. Plus, with an array of small towns, ski mountains and an urban hub in Salt Lake City, it's difficult to get bored in Utah. On the other hand, there are so many adventurous options and fun things to do at your fingertips, you may have difficulty deciding where to begin. Keep reading to check out the top things to do in Utah. (Note: Some tours and excursions may be affected by the coronavirus outbreak. New policies may be in place, including capacity restrictions and parking reservation requirements. Check with the Centers for Disease Control and Prevention, the U.S. Department of State and local tourism boards before traveling.)
Arches National Park
Soaring sandstone arches and towering hoodoos make Arches National Park in eastern Utah one of the most striking places in the state. Plus, the snow-capped La Sal Mountains in the distance only add to this area's beauty. If you only have a few hours to explore, drive the 18-mile scenic road (Arches Scenic Drive) to enjoy a brief, but thorough tour of the park. You'll pass Balanced Rock as well as the Windows area, which is home to a large concentration of arches. Luckily, there are plenty of spots to pull over and admire the views. If you have a full day or more, get out of the car and explore on foot. Some of the most popular hikes in the park include the trails to Delicate Arch and Double Arch. If you're looking for less crowded hikes, there are plenty of hidden gems. The 3-mile round-trip hike to Navajo Arch is a relatively easy excursion that brings you to a quiet arch in a fairy tale-like setting. Ring Arch is another lightly trafficked route (3.5 miles round trip) with stellar views. Visitors recommend touring the park in the late fall or early spring for cooler temperatures and fewer tourists than the busy summer season. Thanks to the park's convenient location near the town of Moab, you can stroll downtown and grab a bite to eat after a long day of hiking. Entrance to the park costs $30 per car, and the pass is valid for seven days.
Written By Mackenzie Roche -
Published By: U.S. News and World Report, Friday, February 11, 2022
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 12 Huge Design Trends You’ll See Everywhere in 2022
So far, the start of 2022 has given us a heavy dose of deja vu. The COVID-19 pandemic continues to rage on. Mask mandates have returned. “Joe Millionaire” is back on TV. (We did a double take, too.)
With everything seeming bleakly the same, it makes sense that you might want to make something in your life look different—even if the world outside continues to feel rote. That’s why we consulted with our stable of designers and tastemakers to get the scoop on the home trends they anticipate will be huge in 2022.
And trust us—this is the makeover you deserve. Here’s what to watch for:
Perhaps the only phrase we’ve heard more the past few months than “omicron” is “supply chain.” The shortage of ordinary household goods and building supplies has affected us all in one way or another. And if you’ve been looking to furnish your home or give your living room a makeover with a new sofa, you know what we’re talking about.
With supply chain issues and shipping waits stretching to months, many homeowners (and designers) are turning toward vintage items they can find locally.
“Unique pieces that can only be found in thrift stores and secondhand are sure to be a hit,” says Stephanie Hearn Purcell, owner and designer at Redesigned Classics.
“We are seeing some remarkable items using leftover scraps of materials to create something completely new,” Purcell says.
“Did you inherit Granny’s old dresser or armoire? Then coat it with a glossy new paint color, fill the interior with a funky wall covering, add new hardware, and voila—c’est tres chic,” says Ana Cummings, owner of ANA Interiors Ltd.
The vintage trend is also having a moment as consumers want to shy away from big-box stores and shop handmade—or even go the DIY route.
“From handmaking furniture to creating artwork, everybody knows somebody that is turning their passion for DIY into a real income,” says Justin Riordan, founder of Spade and Archer Design Agency. “Supporting your fellow artisan may be a great way to get an original piece with a great story behind it.”
Why the gusto for greenery? You can thank the pandemic for that.
“With more and more people working from home, we as a society are looking for any way to connect with nature in our living and working spaces,” Riordan says.
In order to keep all those plants alive and healthy (and us, TBH), our homes will need an influx of light. So in 2022, break free from the curtains and embrace the naked window.
“Heavy draperies, color roller shades, and blinds have been popular for a long time, but we are going to see a push toward removing all window coverings and allowing the light to come in,” Riordan says. “We are seeing a sacrifice of privacy in order to have more and more light in our homes. New construction will see a push toward larger windows and lots of extra light sources in the home.”
Quick straw poll: Who didn’t get a new pet during the pandemic? Whether you added a furry new family member or you’re just worried about leaving the little guy (or gal) behind as you return to the office, our homes in 2022 will be centrally focused on our pets.
“We are catering to our beloved furry friends in over-the-top ways, incorporating food dishes and water taps into the millwork and at floor level, full-on washing stations with ramps in mudrooms, and custom pet beds,” Cummings says. “It’s a lot of fun—and guess what? Those kinds of clients will never complain!”
One of the easiest ways to give any room a face-lift is with a new light fixture. And these days, the bolder the better.
“The light fixture has become a focal point and no longer a side thought,” says Sunjay Williams. Williams and her husband, Darryl, were contestants on HGTV’s “Battle on the Beach.”
Curvilinear furniture began taking the design world by storm a couple of years ago. Think circular couches, shell-shaped armchairs, and round mirrors.
And that trend isn’t going anywhere anytime soon. Designers say 2022 will have us embracing curves in not only our furniture and accessories but also in our built-in features such as kitchen islands, bath and shower walls, windows, doors, and entryways.
“If you can build it with a rounded edge—even a kitchen island—it will be unique and different from your neighbor,” Cummings says. “These undulating designs will have you swooning. There is something very playful yet comforting about them.”
We can’t all be blessed with a full chef’s kitchen with storage galore. If you’re sick of digging to the back of your cabinets to find the colander, consider adding deep pull-out drawers for pots, pans, and large bowls.
“Instead of playing pot-Tetris in a cabinet, deep pull-out drawers make finding the right pot a cinch,” Williams says.
What was once considered only for outdoor use, woven and wicker furniture has made its way into kitchens, dining rooms, bedrooms, and more. Cummings has seen everything from sideboards to headboards “incorporating unique and unexpected woven elements on them.
“From artisan baskets to light fixtures, the woven element has taken the design world by storm. … It’s not just for the porch rocker anymore,” Cummings says. “The nautical and beach aesthetics boosted this look, along with the boho,
vintage, and “jungalow” looks—it all vibes so well together. We love the natural colors and organic feeling of it all.”
With everything still seeming meh outside, we definitely need a sanctuary inside. In 2022, we’ll bring the magic back to the bedroom with moody decor schemes reminiscent of luxury boutique hotels.
“I am seeing more and more bedroom designs using asymmetrical proportions, unique mirrors, statement and strip lighting, and bed frames worthy of conversation,” Cummings says. “Feature walls are showcasing a number of different cladding materials for layering effects, dimension, and drama. Closets have glass doors and are meticulously compartmentalized and designed.”
We spend so much time doing laundry and organizing our pantries—or at least some of us do. But in 2022, we’re realizing these don’t have to be joyless, soul-sucking activities. Wouldn’t these mundane chores seem lighter if you’re in a space that is light, bright, and fun?
“We are realizing that we should take joyful inspiring moments wherever we are and whatever it is we are doing,” Cummings says.
That’s why designers say that 2022 will see us giving the same consideration to the laundry room and pantry as we do to the kitchen and other rooms in the house. Today’s luxurious laundry rooms include built in-storage, slide-out drying racks, washing machines and dryers built into colorful millwork, wallpaper, high-end faucets and sinks, and ambient lighting, Cummings says.
For pantries, Cummings predicts we’ll see beautifully organized food and cookware storage, and possibly even a small pocket office to manage the household.
11. Laminate vinyl plank flooring
Laminate vinyl plank flooring as seen in a flip Sunjay and Darryl Williams did in Powder Springs, GA.
Redoing your floors can be exorbitantly expensive. But in 2022, folks have caught on to a much cheaper option that looks just as rich as tile or real hardwood: laminate vinyl plank flooring.
“It’s even cheaper than carpet sometimes,” Williams says. “It’s a great way to update a room without blowing the budget. Plus, it’s durable, water-resistant, affordable, easy to install, and there are tons of options.”
Even though we’re bingeing our favorite shows on all kinds of devices (I’m not the only one watching “Succession” on my phone in bed, right?), most of us still prefer to consume the never-ending deluge of content on a big-screen TV.
But not everyone wants to see an 80-inch screen in their everyday living and entertaining areas.
“We live in a market that loves their TV time,” Cummings says. “It only makes sense to have a room for it.”
So in 2022, make the theater come to you. Turn the basement or an unused room into your own stylish cinematic lounge, complete with plush, deep-seated sofas.
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!
