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First Time Home Buyer | My UT Real Estate Group with All American Realty Blog

Monday, September 28, 2020   /   by Elissa Tran

Housing Market on Track to Beat Last Year’s Success

Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered.
Mark Fleming, Chief Economist at First American, announced last week:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

The Economic & Strategic Research Group at Fannie Mae upgraded its forecast for home sales last week:

“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped ...

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  sell your house, first time home buyer, buyer, selling season

Monday, September 28, 2020   /   by Elissa Tran

The Cost of a Home Is Far More Important than the Price

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”

Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.
Th ...

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  first time home buyer, buyer

Saturday, April 11, 2020   /   by Elissa Tran

Housing Market & COVID-19 - April 2020

Now that we are almost a month into COVID-19 here in Utah lets take a look at what we are seeing in the market and how homes sales are being impacted. 
 
Here is some data to show what we are seeing just this past month. The following reports show you where we were last year and where we are this year. 
 

Active


This report is showing a steady increase in active listings since the 16th of March. While more and more homes are being listed each day, we still do not have as many homes listed as we did this time last year, but if we stay on the path and increase at the same rate, this time next month we will far surpass the number of active listings as last year. As a buyer, this will allow you to have more homes to choose from when picking your home and as a seller more competition. However, we are still only at 3.3 months of inventory showing we are still in a seller's market.  


 

Under Contract


We have seen a downwa ...

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  first time home buyer, sell your house, covid-19, buyer

Sunday, April 5, 2020   /   by Elissa Tran

5 Questions Buyers Have During the Coronavirus Outbreak: ANSWERED

5 Questions Buyers Have During the Coronavirus Outbreak: ANSWERED


Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help buyers navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.




Can we still go see home listings in person? – This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. Agents should be able to offer a Skype or Face Time home tour virtually. Talk to your agent to find out what they have available for the buyers to prescreen the home virtually before setting up ...

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  first time home buyer, covid-19, buyer

Thursday, June 20, 2019   /   by The Workman Team

Young First-Time Buyers Are Saving for Their Dream Homes

Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features.


According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.


All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.


Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in the ...

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  2019, first time home buyer, luxury, summer

My UT Real Estate Group with All American Realty
Staci Powell
3297 W Provost Cir
South Jordan, UT 84096
801-913-2463

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of November 25, 2020. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2020 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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