Happenings

One in Five Americans Plan to Buy a Home

Nearly one in five Americans plan to buy a home in 2023, according to CraftJack. com, a company that specializes in connecting home service professionals with homeowners. Of those planning to buy, 30% are first-time home buyers, while others are upgrading (22%), buying property as an investment opportunity (20%), or downsizing (13%). One in three of those surveyed said they are looking for homes in the suburbs and 56% are looking for a single-family home. “While many Americans anxiously look forward to buying a home in 2023, others simply can’t or don’t want to,” the report said. “Top deterrents include sky-high mortgage rates, followed by location, property taxes, crime rate, and the overall uncertainty of the housing market.”

In the News

Home Seller Profits Peaked in 2022

ATTOM released its Year-End 2022 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $112,000 on the typical sale in 2022, up 21 percent from $92,500 in 2021 and up 78 percent from $63,000 two years ago.

Despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98 percent of housing markets. The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008.

The $112,000 profit on median-priced home sales in 2022 represented a 51.4 percent return on investment compared to the original purchase price, up from 44.6 percent last year and from 32.8 percent in 2020. The latest profit margin also represented a high point since at least 2008.

Both raw profits and ROI have improved nationwide for 11 straight years, shooting up again in 2022 as the national median home price increased 10 percent to $330,000 – yet another annual record.

On the Move

LUX Opens New Location

Jazz Night for RPAC

Members of the Salt Lake Board of Realtors® were treated to a buffet dinner and sky box seating as the Utah Jazz took on the LA Clippers at the Vivint Arena on Jan. 18. The event was a fundraiser for the Realtors® Political Action Committee (RPAC). RPAC promotes the election of pro-Realtor® candidates in Utah and across the United States. RPAC investments are not members’ dues; this is money given freely by Realtors® in recognition of the importance of the political process.

Lux Utah Rentals, LLC, announced a new branch location in Midvale and new regional property manager, Jennifer Rios Parker. Jennifer has more than 10 years of property management experience. Lux Utah Rentals is a full-service property management company. “We treat our clients’ properties as if they are our own and make decisions with this mindset,” said Heather Nelson, co-owner and principal broker for Lux Utah Rentals. “Our team provides top-notch services and results that you and your clients can depend on.”