801-205-3500 or 801-205-1600 Gales@UtahRealty.us
June is National Homeownership Month

June is National Homeownership Month

The Top Reasons to Own Your Home [INFOGRAPHIC] | MyKCM

Some Highlights:

  • June is National Homeownership Month!
  • Now is a great time to reflect on the many benefits of homeownership that go way beyond the financial.
  • What reasons do you have to own your own home?
Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

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Housing Affordability Index Today

Housing Affordability Index Today

The Ultimate Truth about Housing Affordability

Courtesy of Marty Gale Utah Realty 

The Ultimate Truth about Housing Affordability | MyKCM

There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.

On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here is a graph of the index going back to 1990:

The Ultimate Truth about Housing Affordability | MyKCM

It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes were more affordable. That period of time immediately followed a housing crash and there were large numbers of distressed properties (foreclosures and short sales). Those properties were sold at large discounts.

Today, the index is higher than any year from 1990 to 2008. Based on historic home affordability data, that means homes are more affordable right now than any other time besides the time following the housing crisis.

With mortgage rates remaining low and wages finally increasing, we can see that it is MORE AFFORDABLE to purchase a home today than it was last year!

Bottom Line

With wages increasing, price appreciation moderating, and mortgage rates remaining near all-time lows, purchasing a home is a great move based on historic affordability numbers.

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

Utah Realty – Utah is Number Three with New Homes Built

Utah Realty – Utah is Number Three with New Homes Built

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

Utah Realty – 2 Things You Need to Know to Properly Price Your Home

Utah Realty – 2 Things You Need to Know to Properly Price Your Home

2 Things You Need to Know to Properly Price Your Home

In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly.

In the mind of the homeowner, annual home price appreciation over 6% has become the new normal. This becomes a challenge when a homeowner looks to refinance or sell their home, as the expectation of what the homeowner believes the home should be worth does not always line up with the bank’s appraisal.

Every month, the Home Price Perception Index (HPPI) measures the disparity between what a homeowner seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

Over the last five months, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78%. This is important for homeowners to note, as even a 0.78% difference in appraisal can mean thousands of dollars that a buyer or seller would have to come up with at closing (depending on the price of the home).

The chart below illustrates the changes in home price estimates over the last 12 months.

2 Things You Need to Know to Properly Price Your Home | MyKCM

While the appraisal gap widens, another trend is also becoming more common.

According to realtor.com“the share of homes which had their prices cut increased by 2% compared to last year”. Thirty-seven out of the 50 largest US housing markets saw an increase in overall price reductions.

In today’s market, you need an expert agent who can help price your house right from the start. Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the house. In reality, nothing is wrong- the price was just too high!

Bottom Line

If you are planning on selling your house in today’s market, let’s get together to set your listing price properly from the start!

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

Remember Our Fallen Heroes

Remember Our Fallen Heroes

All Gave Some. Some Gave All. The Memorial Day of May 27th 2019

All Gave Some. Some Gave All. | MyKCM

We remember, today and always.

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

Utah Realty Blog of the day – Impact of home staging

Utah Realty Blog of the day – Impact of home staging

The Impact Staging Your Home Has On Your Sale Price. Utah Realty educational blog of the day

The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
  • 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
  • 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
  • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.
Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations in Utah Really Not Selling Their Homes

Are Older Generations Really Not Selling Their Homes? Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers...

Searching for your Utah Dream Home

Searching for your Utah Dream Home

Starting the Search for Your Dream Home? Here Are 5 Tips! In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In...

Utah Home Prices

Utah Home Prices

Salt Lake City's Home Prices Keep Climbing   Salt Lake home prices have increased nearly 47 percent over the past five years, and more than 371 percent since 1991, according to a recent report by the Federal Housing Finance Agency. Nationwide, home prices have...

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets

Utah Realty Presents A Tale of Two Markets [INFOGRAPHIC] Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those...

Cost of Renting vs Buying – Utah Realty

Cost of Renting vs Buying – Utah Realty

The Cost of Renting vs. Buying This Spring Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a...

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available

Your Fabulous New Dream Home is Now Available Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a...

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment

How Quickly Can You Save Your Down Payment? Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save...

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