According to the National Kitchen and Bath Association, granite countertops are in less demand today, while the use of quartz is on the rise.
Why? For one thing, man-made quartz countertops are offered in a far greater range of looks and feels. Reason number two: it’s a bit easier to maintain over the long haul, and it’s deemed a better environmental choice because it emits lower levels of radon—a potentially cancer-causing agent. To be fair, the Environmental Protection Agency (EPA) maintains the radioactive materials in granite countertops are far too minuscule to pose a health threat.
What Is Granite?
So what, exactly, is a quartz countertop? It’s made of engineered stone, composed of at least 90% ground-up quartz mixed with a binder (like resin) then molded into a slab. Because pigment is added during the manufacturing process, the sky’s the limit when it comes to color. And quartz is non-porous and fairly resistant to stains, mold and bacteria.
Unlike granite countertops, which require periodic resealing to maintain their beauty, quartz is low-maintenance, needing only regular cleanings with soap and water or a mild detergent.
Quartz?
Quartz can be more impervious than granite to cracking or chipping under average conditions, although it is not quite as heat-proof. Most manufacturers recommend using a trivet when placing scalding hot pots or pans on a quartz countertop.
Apart from durability and maintenance, quartz comes in an infinite variety of designs, ranging in look and feel from sleek solid colors to organic-looking variations that resemble real substances found in nature, like veined marble. It can have a smooth and shiny finish or a softer, brushed feel (almost suede-looking). Choose wisely because the design can make a huge difference in the look and feel of a room.
Quartz counters may be a bit more expensive, up to 10 percent higher in cost than their granite counterparts, but shopping around and resealing over the years can mitigate any cost differences.
So, what side are you on? Natural stone mined from the earth or a man-made variation?
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!
Nearing Retirement but Haven't Saved? 4 Smart Solutions
If you’re nearing retirement and haven’t saved much for it, you’re not alone.
Forty-eight percent of workers age 55 or older say they have less than $100,000 in savings and investments, according to a 2016 retirement confidence survey by the Employee Benefit Research Institute.
They may not want to rely on Social Security to fund their retirement. Social Security will replace 39 percent of pre-retirement income for the average worker retiring at 65, according to the Center for Retirement Research at Boston College.
If you’re nearing retirement in 10 years or so, there are still some moves you can make to help ensure you’ll have enough money. Here are four ideas:
1. Save more
This isn’t as easy as it sounds, but it’s the best way to lessen the gap. Federal law allows people 50 and older to “catch up” in retirement savings accounts by increasing the limits on tax deferred savings to a 401(k) plan of $24,000, and $6,500 to an IRA. If your children are out of the house and you’re no longer paying for college, put that extra money into savings.
2. Collect Social Security later
Social Security benefits can be claimed at age 62, but waiting until you’re 70 can increase the monthly benefits by 8 percent for every year you wait when adjusted for inflation.
Almost half of American workers file at age 62. Waiting can especially help married couples, giving a surviving spouse up to 100 percent of a deceased spouse’s benefit.
3. Work longer
Working beyond age 62 helps in many ways. It gives you more time to earn money and contribute to retirement accounts, reduces how long you’ll need to rely on savings before taking Social Security at age 70, and delays claiming Social Security.
Retirement at ages 65 or 67 is becoming more common, and online, part-time jobs can make working later in life easier.
4. Spending less in retirement
A rule of thumb when saving for retirement is that 80 percent of pre-retirement income is needed to maintain your standard of living when retired. But that goal may be overstated.
You may need as little as half of your pre-retirement income, based on data that people spend less over the course of retirement. You may take a few big trips when you first retire, but chances are you’ll spend less as you get further into retirement.
Retirees can save money by moving to a smaller home or a less expensive location, and can save if they no longer have a mortgage.
I hope you found this information helpful. Please contact us at 801-455-9999 for all your real estate needs today!
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!
Salt Lake City No. 1 in market for the biggest increase of homes for sale in 2023
In another year of slim home pickings, Knock forecasts Salt Lake City, Dallas and Denver will have biggest increase of homes for sale in 2023.
Buyers are entering a calmer housing market, but with little incentive for homeowners with sub 3% mortgage rates to sell and 50 of the 100 largest markets expected to see inventory declines, they will continue to have a limited number of homes to choose from. Shoppers with some flexibility in terms of when and where they purchase may have a better chance of finding a home, according to the Knock Buyer-Seller Market Index released today.
According to the Index, which analyzes key housing market metrics to measure the degree to which the nation’s 100 largest markets favor home buyers or sellers, the housing market has shifted dramatically over the past 12 months when none of the markets tracked favored buyers. In December 2022, 13 markets favored buyers, 43 were neutral, not favoring buyers or sellers, and 44 favored sellers.
Despite a slight increase in home prices (+0.7%) from December 2021, homes sold at a lower price than the asking price in all but six of the 100 largest markets – Buffalo, N.Y.; Hartford, Conn.; New Haven, Conn.; Rochester, N.Y.; Springfield, Mass. and Syracuse, N.Y.
Median days on the market increased to 29, a full two weeks longer than a year ago. At year-end, there were a total of 354,000 homes for sale, an increase of 32.1% year over year, primarily as a result of falling sales, not the addition of new listings.
“We expect 2023 to bring more balance to the housing market, which is certainly good news for buyers following three years of intense competition. At the same time, with inventory down nearly 42% from the start of the pandemic and no real incentive for sellers to move, finding a home you both like and can afford will remain a challenge,” said Knock Co-Founder and CEO Sean Black. “Those buyers with flexibility on where and when to move have an opportunity to find more homes for sale in some of the nation’s largest and most desirable housing markets beginning in the fall.”
The 10 markets where buyers will see more choices
If one thing is true about 2023, it’s that buyers will experience different scenarios based on their location. While inventory is expected to increase 17% across the nation, the number of homes available for sale is expected to decline in half of the largest 100 markets.
To find where it might be easier to buy, Knock looked at the markets where inventory is forecast to increase the most and when buyers will have the most options. The top 10 markets likely to see the biggest gains in for-sale homes in 2023 in rank order are: Salt Lake City; Dallas, Denver; Charlotte, N.C.; Memphis, Tenn.; Las Vegas; Charleston, S.C.; Colorado Springs, Colo; St. Louis and New Orleans.
Inventory in these markets is forecast to increase throughout 2023, peaking in September, October and November. This means there will be more choices for buyers with flexibility to wait until the fall.
Inventory in the Top 10 markets reached all-time lows during the pandemic. However, they did not see the same massive declines as the rest of the nation. In the three top markets – Salt Lake City, Dallas and Denver – inventory declined by approximately 20.3%, 34.3% and 19.9%, respectively, between December 2019 and December 2022. This is lower than the 42% decline seen nationwide.
Although low housing inventory has led to record-high home prices over the past several years, the forecasted inventory growth in these markets won’t necessarily translate into home price declines. Only three of the markets – Salt Lake City, Las Vegas and New Orleans – are forecast to see price declines over the next 12 months. Six are projected to see prices rise with the median home price in St. Louis forecast to increase nearly 10% year-over-year.
Currently, only three of these markets – Colorado Springs, Colo., Dallas and Las Vegas – favor buyers. By the second half of 2023, all but St. Louis, which will be in neutral territory, will favor buyers.
Markets forecast to see the largest inventory gains
Rank
Market
Projected YOY inventory growth
Median sale price
Projected sale price change
Month inventory will peak
Current market status
National
17.1 %
$365,000
-4.0 %
September
Neutral
1
Salt Lake City, Utah
178.0 %
$460,000
-17.0 %
October
Neutral
2
Dallas-Fort Worth-Arlington, Texas
100.4 %
$375,831
6.3 %
October
Favors Buyers
3
Denver-Aurora-Lakewood, Colo.
95.1 %
$550,000
4.8 %
September
Neutral
4
Charlotte-Concord-Gastonia,N.C.-S.C.
81.8 %
$349,000
7.9 %
December
Neutral
5
Memphis, Tenn.-Miss.-Ark.
48.2 %
$255,000
0.3 %
November
Neutral
6
Las Vegas- Henderson-Paradise, Nev.
39.6 %
$382,000
-6.8 %
September
Favors Buyers
7
Charleston-North Charleston, S.C.
39.3 %
$362,500
0.0 %
September
Neutral
8
Colorado Springs, Colo.
38.0 %
$430,000
0.5 %
September
Favors Buyers
9
St. Louis, Mo.-Ill.
35.8 %
$230,000
9.8 %
September
Favors Sellers
10
New Orleans- Metairie, La.
34.2 %
$270,424
-0.1 %
October
Neutral
Buyers expected to return with seasonal force in spring, creating a window for sellers
The housing market will likely return to more seasonal patterns in 2023 – shifting toward sellers in the spring before moving firmly into buyer market territory by summer where it will remain through year-end. By December 2023, 34 markets are forecast to be buyers’ markets (up from 13 in December 2022), 34 markets will remain sellers’ markets (down from 44) and 32 will be neutral.
Inventory constraints will keep home prices from falling significantly. Just 16 of the nation’s 100 largest markets are expected to see home price declines. In contrast, the forecast calls for median sale price increases of at least 10% in 20 markets during the same time frame.
Home prices are forecast to peak at $366,000 by June 2023 – well below the record-breaking annual median sale price peak of $410,000 set in April, May and June 2022. By December, the median price is forecast to be $351,000, a 4% decline from $365,000 year-over-year.
Home sales are forecast to decline by 10.5% year over year, with the number of home sales declining in 75 markets. Median days on market are forecast to increase to 52 days by year-end — the longest of any time since January 2017. Raleigh, N.C. and Greeley, Colo., are expected to lead the nation in days on market at 130 and 104 days, respectively.
The sale-to-ask price ratio is forecast to hover between 2-3% below list price through spring. It will begin to decline in August, ending the year down 4%, the lowest since January 2017, the beginning of Knock’s Buyer-Seller Market Index.
The index comprises six measures: the ratio of average sale to asking price, number of homes sold, number of active listings, median days on market, median sale price and the rolling supply of homes in a given month. It uses data on more than 150 million properties in the nation’s 100 largest, most active metropolitan areas since November 2016 from a number of sources. Median days on market data is not available for seven of the 100 largest markets (Boise, Idaho; Richmond, Va.; Seattle; Allentown, Pa.; Portland, Maine; New Haven, Conn. and Bridgeport, Conn.)
Index values range from -4 to 4, with lower values indicating a relatively favorable market for buyers and higher values indicating a relatively favorable market for sellers. Index values ranging around zero denote a somewhat neutral housing market.
About Knock
Knock is an innovative fintech company making home buying simple and certain. Our flagship Knock Home Swap™ product empowers consumers with a non-contingent, cash-like offer right on their phone to buy the home they want before selling the home they have, providing the certainty of locking in their dream home with the convenience of not having to live through repairs or showings of the old house.
Launched in 2015 by founding team members of Trulia.com, Knock currently operates in 75 markets nationwide. Knock has raised $900 million in debt and equity from top-tier investors, including Foundry Group, Greycroft, RRE, Parker89 and The National Association of Realtors®, giving NAR’s 1.5 million members the ability to market Knock’s homeownership solutions to their clients. For more information visit: knock.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!
