WINDERMERE NEWS
FEBRUARY, 2014
From Timpooneke Trail
Where are Prices Headed in the Next 5 Years? Note: It’s important that we give credit to a valuable resource who has provided us with our information. KeepingCurrentMatters.com (*KCM)
Today, many real estate conversations center
on housing prices and where they may be headed. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The Results of Their Latest Survey: • Home values will appreciate by 4.3% in 2014 • Cumulative appreciation will be 28% by 2018 • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018. Continued on following page
UPDATE SALT LAKE COUNTY REAL ESTATE JANUARY STATISTICS (1.1.14 - 1.30.14) 1,636 New Listings Median Listing Price $209,950 Median Sold Price $202,150 Median Days On Market: 61 *Provided by the Wasatch Front Multiple Listing Service
Individual opinions make headlines, we believe the survey is a fairer depiction of future values. Prices will not be reaching the same appreciation level over the next few years as they saw in 2013. If you are thinking of moving-up, realize that the home you will buy will increase in price also.
5
Financial Reasons to Buy Reason
Quote from Harvard Report
Housing is the one leveraged investment available
“Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor.”
You're paying for housing whether you own or rent
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”
Owning is usually a form of “forced savings”
“Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.”
There are substantial tax benefits to owning
“Homeowners are able to deduct mortgage interest and property taxes from income.”
Owning is a hedge against inflation
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”
Joint Center for Housing Studies, Harvard University12/2013
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REASONS WHY YOU SHOULD HIRE A REAL ESTATE PROFESSIONAL
1. They help with all disclosures and paperwork necessary in today’s heavily regulated environment.
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CANYONS
They are well educated in and experienced with the entire sales process.
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SNOWBASIN
They act as a “buffer in negotiations with all parties throughout the entire transaction.
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Scott Markewitz Photo Workshopt
BRIGHTON
They simply and effectively explain today’s real estate headlines and decipher what they mean to you.
7-9th
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*Information gathered through resort web sites.
We’re Proud to
Welcome & Announce
They help understand today’s real estate values when setting the price on a listing or on an offer to purchase.
5.
8th
Annie Bertoch
as our Union Park Branch Broker
27th
JANET TUDOR REALTOR® 801.259.8646 JanetTudor@WinUtah.com
6955 Union Park Center, Suite 500 Cottonwood Heights, UT 84049
The year of 2012 can be considered as ‘The Year of Recovery.’ During the year of 2013 housing inventory levels returned to normal, pricing levels began to balance and by the end of the year prices were up! It can be considered as ‘The Year of Stabilization’…what will 2014 hold? Will it be ‘The Year of Growth?’ Call me today if you want to know more about how the impact of rising home prices, rising mortgage rates and an increased demand for your home could effect your growth in 2014. Is this year you sell your home or is this the year you buy? I welcome all your questions and I look forward to hearing from you. Consider recycling this newsletter.
UTAH IS RANKING IT IN! We know what it’s about. Utah is genuine, we’re all working hard in the Beehive state to maintain our businesses and our environment. Here are just a couple examples where you can find Utah in the headlines.
Salt Lake City #5, Provo-Orem #2
Snowbird, Alta Powder Mountain
TOP 25 BEST-PERFORMING LARGE CITIES.
WORLDS BEST 100 SKI RUNS
MILKEN AND HARVARD RANKINGS
CNN’S ALPINE EDGE
America’s Health Ranks
UTAH #6 HEALTHIEST STATES UNITED HEALTH FOUNDATION
Utah #10
“FREEST’ OF THE 50 STATES MERCATUS CENTER, GEORGE MASON UNIVERSITY