The Utah Housing Market is blooming like the flowers at the capitol! We are slowly starting to see inventory levels rise in our local market as more sellers list their homes for sale. The graph below shows the number of single family listings that have hit the market along the Wasatch Front (Salt Lake, Utah and Davis counties). While inventory plummeted in Q4 2021, you can see that it's steadily picked up in Q1 2022.
Mortgage interest rates are on the rise as well, leading more and more buyers into the market to secure a low interest rate while they still can.
Whether you're thinking about buying or selling, let's connect and start creating a strategic plan for success in this market!
Come Learn With Us!
It has been so fun seeing all of you in person and via Zoom for our educational series! We hope you'll be able to join us for our last two classes, Buying 101 and Selling 101, both taking place over the next two weeks.
Are you looking for a new place to buy plants for the spring season? Plant Jungle is a great place to start. Whether you’re wanting a cute new desk plant, big planter pots for your front porch, or a thoughtful Mother’s Day gift, they have it all.
What's Happening in Our Hood
Looking for something fun to do over the next few weeks? There's always something happening in the Silicon Slopes.
Click on any image to learn more about an event.
The Pros & Cons of Saving Up a 20% Down Payment
One of the most common questions we get from buyers (especially first-time buyers, or people who haven't bought for many years) is this:
"Don't I need to wait to buy until I've saved a 20% down payment?"
The answer could be yes or no, depending on your personal goals.
Here are some of the PROS to saving a 20% down payment:
The bigger the down payment, the smaller your monthly mortgage payment will be.
Putting 20% down lowers your chances of needing private mortgage insurance (PMI), which means you won’t have to add more dollar signs to your monthly home costs.
That all sounds pretty great, right? If you have the desire to put down 20%, by all means, do it! But in many cases, waiting to buy until hitting that 20% marker means not being able to buy a house for quite some time. There are many circumstances where saving for a 20% down payment isn’t the best course of action.
Here are some of the CONS to saving a 20% down payment:
If you have to pay rent while saving for a down payment, it might not be worth waiting. It may make more sense to have a smaller down payment so your money can start going towards building your own financial future, rather than going into your landlord's pocket.
Mortgage interest rates are projected to increase, so it may be worth buying sooner rather than later to lock in the best rate
It’s always important to have an emergency fund when moving into a home. Putting less on a down payment so you can have a financial cushion makes more sense for a lot of buyers.
Most people can't out-save appreciation and/or inflation. Single family homes along the Wasatch Front have appreciated 27% over the last year. While the current rate of appreciation certainly isn't the "norm," most buyers are still unlikely to be able to save money faster than the pace of even a more "normal" rate of appreciation of 6-9%. In addition, with the rate of inflation in today's economy, your dollars sitting in the bank are losing value.
As always, don’t hesitate to reply to this email or give us a call. We’d love to catch up with you and help answer any questions you have!
We're holding our annual Easter Coloring Contest! The little ones in your life can enter to win an awesome Easter gift basket! Here's how it works:
1) Download and print the Easter Bunny Coloring Page from the "client resources" section of our website (www.sherpasolution.com/client-resources
2) Have your children aged 18 and under color the page!
3) Take a photo of the finished artwork and send it to me via text with your child's name and age on it no later than April 14th
4) All photos will be posted for voting on April 15th!
5) Make sure you're following us (@sherpa_solution) on Instagram and encourage your friends and family to vote!
We can't wait to see the final masterpieces your kiddos send in! Winners will be announced on April 18th. GOOD LUCK!
WHO DO YOU KNOW THAT WOULD MAKE A GREAT SHERPA?
As we’ve grown, so too have our administrative needs, and we’re looking for your referrals!
Do you know of anyone who’d be a great addition to our team? Someone with a high level of integrity, great attention to detail, who will care about the real human beings behind each transaction?
If a name comes to mind, please email Alicia at firstname.lastname@example.org with their contact details.
THE SHERPA STORY
Moving across the country is a challenge, especially if you feel like you have to do it on your own. Having a trusted professional in your corner to help you through the process makes everything less stressful!
If you’re thinking about moving to a new area, please reply to this email and let us know. We are part of an international group of like-minded real estate professionals, so no matter how far away your future home is, we can connect you with a Realtor who will take great care of you.