Southern Utah Real Estate and Community News

Reimagining luxury living goes beyond breathtaking views and state-of-the-art smart home features—it’s about embracing a lifestyle of refinement. If you’re in the market for a million-dollar home, now is a great time to delve into the thriving luxury housing market. Here’s why.

As we dive into the 2024 real estate market in Washington County, Utah, notable shifts are shaping the landscape for both buyers and sellers. While the number of homes hitting the market and closing sales have slightly decreased, property values continue to rise, with the median sales price experiencing a modest uptick. Homes are selling faster than last year, though buyers are benefiting from lower price-per-square-foot deals, suggesting that while competition remains steady, more space is available for the investment. Additionally, a slight decrease in interest rates provides some relief for potential homeowners, pointing toward a market that is gradually finding balance amidst the ongoing economic shifts.

Have you ever heard the saying, "Don't believe everything you hear"? This couldn't be more true when it comes to buying or selling a home in today's housing market. There's a lot of misinformation floating around, making it more important than ever to have a trusted source for accurate information.

When you work with a real estate agent, they can help clear up common myths with solid, research-based facts. Here are a few misconceptions they can help you overcome:

It’s no secret that mortgage rates have significantly affected housing affordability over the past few years. However, there’s light at the end of the tunnel—rates have started to come down. In fact, we’ve recently hit the lowest rates of 2024, according to Freddie Mac (see graph below):

Mortgage rates have been a major talking point in the housing market lately, largely due to their impact on affordability. If you’ve been considering a move, you’ve likely been hoping for rates to decrease to make homeownership more attainable. The good news? Recent trends suggest your wish may be coming true.

Today’s news about home prices can be confusing, making it difficult to understand what’s really going on. Some reports suggest home prices are headed for a correction, but what does that really mean? To clarify, let's start by understanding what a correction involves.

Deciding what to do with your home when you're ready to move is a significant choice. Should you sell it and use the funds for your next adventure, or keep it as a rental to build long-term wealth?

This is a common dilemma for many homeowners, and the solution isn’t always clear-cut. Whether you’re enticed by the potential income from renting or concerned about the responsibilities of being a landlord, there’s a lot to consider.

Here are some key questions to help you make the best decision for your situation.

If you’re thinking about buying or selling a home, you’re likely keeping a close eye on mortgage rates and wondering what lies ahead.

One key factor influencing mortgage rates is the Federal Funds Rate, which affects the cost for banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.

This connection is why many are closely watching to see when the Fed might lower the Federal Funds Rate. A reduction would likely put downward pressure on mortgage rates. With the Fed meeting next week, here are three critical metrics they will consider in their decision:

If you're in the market to buy a home, there's exciting news. Many people assume that newly built homes are pricier than existing ones (homes that have already been lived in), but that's not always true. In fact, considering newly built homes can sometimes lead to more cost-effective options, especially in today's market. Hard to believe? The data doesn't lie.

Here are two key reasons why working with your agent to explore new home construction could help you find a more budget-friendly option:

There's no denying that this past year has been challenging for homebuyers. If you've recently paused your home search due to the difficulties of today's market, you're not alone. A Bright MLS study found that the top reasons buyers paused their search in late 2023 and early 2024 were:

• They couldn't find anything in their price range.
• They had no successful offers or found it difficult to compete.
• They couldn't find the right home.

If any of these reasons resonate with you, here's some good news: the housing market is transitioning in the second half of 2024. Here are four reasons why this might be the perfect time to jump back in.