Happenings In the News

Homeownership Matters

The Salt Lake Board of Realtors® is giving first-time homebuyers the opportunity to win a $5,000 American Dream Grant. The grants help buyers with their down payments on the purchase of a home. In 2022, the Board awarded 24 grants valued at $120,000. These grants have helped single parents, first responders, school district employees, veterans/military personnel, and others in achieving the dream of homeownership. In 2023, another 24 grants will be awarded. Funds for the American Dream Grants come from three sources: direct donations from Realtors®, a portion of the Realtor® license plate fee, and interest from the trust accounts of participating real estate brokerages. Visit www.slrealtors.com/grants-awards for more information and eligibility for the American Dream Grant.

Benefits of Staging a Home

Nearly half of seller’s agents (48%) reported that staging a home decreased its time on market, according to a new report by the National Association of Realtors®. For both buyers’ and sellers’ agents, one in five (20%) said home staging increased the offer price by between 1% and 5% compared to similar homes on the market that weren’t staged.

NAR’s 2023 Profile of Home Staging reveals the role home staging plays in the real estate transaction, including the perspectives of buyers’ and sellers’ agents, the impact of television shows and buyer expectations.

“As days on market has lengthened for home sellers, it is not a surprise to see the return of home staging as a tool to attract potential buyers,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”

Two Housing Markets

The Wall Street Journal recently reported that the United States is a country of two housing markets. “In one, home prices are falling from a year ago. In the other, they’re still posting annual gains,” the article said. “That division runs right down the center of the U.S.” In fact, in all the 12 major housing markets west of Texas, plus Austin, home prices fell in January on an annual basis, according to mortgage-data firm Black Knight Inc.’s home-price index. In the 37 biggest metro areas east of Colorado, except Austin, home prices rose year-over-year. In Salt Lake County, home prices have been falling year-over-year since June 2022. In May 2022, single-family home prices peaked at $650,000. By February 2023, the median single-family home price had fallen to $560,000, a 14% decline.

Four out of five buyers’ agents (81%) said staging a home made it easier for a buyer to visualize the property as a future home. Staging the living room was found to be most important for buyers (39%), followed by the primary bedroom (36%) and the kitchen (30%).

Almost a quarter of sellers’ agents (23%) said they staged all sellers’ homes prior to listing them for sale, while 10% noted they only staged homes that were difficult to sell.