Hilly Zwan Real Estate

Hi Friends! I have some last minute tickets to the Home Show to giveaway at the Mountain America Expo Center in Sandy. DM me if you would like free tickets!

Housing market update: Pending home sales fell 7.1% in August, echoing a nationwide trend. Yearly, they're down by 18.7%, outpacing July's decline. While new home sales stay strong at +5.8%, existing home sales dropped 15.3% from August 2022. Mortgage rates above 7% are limiting buyers, prompting budget adjustments.

NAR's chief economist, Lawrence Yun, also raises an eyebrow at a possible government shutdown, which could stir up more housing market turbulence. “It will disrupt some home sales temporarily due to the lack of flood insurance or mortgage delays,” he says. Looking ahead, Yun hopes the Fed will consider "sharply decelerating rent growth" in future monetary policy decisions. 

Market Stats are in! We are above 9,000 active listings for the first time in 2023 and only the second time in the last 7 years. Remember, more selection for home buyers is not a bad thing. A normal market would carry above 10,000 active listings at a time in Utah. We hit 10,000 once in Oct/Nov of 2022 then it immediately came down. The increase in interest rates are slowing the buying process but much to the feds chagrin has not caused real estate values to plummet. Rather, those with low mortgages are just choosing to stay put for the time being.

Those that still have to move, are going to move which is why I love Gary Keller’s quote below.
“If you do the work, you will have a great year in real estate, regardless of the market,” Keller said. “If you don’t do the work, and spend your time trying to avoid contact with people, you aren’t going to like this industry very much.”

The selling season has begun and inventory is on the rise!  📈  If you’ve been holding off on selling because you’re worried about what was happening with home prices and how it would impact the value of your home, it may be time to jump back in to list your house. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor.

A town built on long-term growth and prosperity, Salt Lake County has witnessed remarkable surges in housing prices. 📈💰 With a solid reputation as one of the most promising real estate investments in the U.S., Salt Lake City has consistently delivered impressive returns. According to NeighborhoodScout's data, home values in Salt Lake City have appreciated by a staggering 161.55% over the past decade! That's an average annual appreciation rate of 10.09%, placing Salt Lake City in the top 10% nationwide for real estate growth. 🏆💼

Investing in Salt Lake City is like unlocking a treasure trove of potential. 🗝️🏡 With its vibrant economy, thriving demographics, and a track record of solid appreciation, this city offers a golden opportunity for long-term real estate investors. ✨🌟