With it being the beginning of a new year, full of potential and motivation to reach it, we want to remind you that we are here for you as a resource for all things homeownership!
Our job as your Realtors is not finished at the closing table. That's only the beginning! We are here to guide and serve you throughout your entire homeownership journey.
If you need help with anything home-related, whether it's a referral for a service provider (we've built up a great network of painters, plumbers, electricians, handymen, etc. over the years!) or a market analysis to find out how much your home is worth, please don't hesitate to reach out!
Reach Your Financial Goals with Coign Capital
Do you have a resolution to get on top of your finances and start investing toward your big-picture goals? If you do, we highly recommend reaching out to Courtland Adams at Coign Capital Advisors in Draper. Alicia began working with him in 2021, and has been so impressed with the level of professionalism and care that has been displayed by him and the entire Coign Capital team.
What's Happening in Our Hood
Looking for something fun to do in the coming weeks? Look no further, friend!
What to Expect in the 2022 Housing Market
We recently had the pleasure of listening to Brian Buffini (real estate industry expert) and Lawrence Yun (Chief Economist at the National Association of Realtors) talk about their predictions for the 2022 housing market, and we are in for one interesting year!
Economists are predicting that Q1 and Q2 will look very similar to 2021 - low inventory, rising home prices, and high competition from buyers. However, around Q3 we will start to see a shift as mortgage interest rates increase. Demand is anticipated to decrease, and the rate at which prices are increasing will likely slow down.
Key words being "slow down" - that does not mean prices are going to drop, or become stagnant. In fact, prices are projected to continue increasing, just not at the extraordinarily fast pace that we have been seeing over the past 2 years.
Wondering what this means for YOU and your unique real estate goals? Hit reply and let's talk about it! We can help you create a strategy for success based on the projections for the 2022 housing market.
Real Estate is the Best Way to Build Wealth
Billionaire Andrew Carnegie was famously quoted for saying that 90% of millionaires earned their fortune by investing in real estate.
This is no coincidence - historically, real estate investments have consistently outperformed other methods of investing, including the stock market. For example, the average return in the stock market is around 7%, but over the last year alone, the average sales price for a home in Salt Lake County has increased 22.4%. This means if you own a home in Salt Lake County, you may have earned around $100,000 in equity over the past 12 months. The rate of appreciation alone makes real estate a good investment, but there are two other factors that make it truly great:
Passive Income:
In many areas, the average market rate for rent is higher than the average mortgage payment. This creates the opportunity for investors to earn a passive income on top of the equity they are earning through appreciation of the property itself. Here’s an example using nice round numbers: you purchase a rental property and your monthly mortgage payment is $1,500. However, the market rate for renting a similar property is $2,500 per month. By renting your property at market rate, you can earn an extra $1,00 per month.
Of course, there are expenses that come with owning any kind of real estate; but that’s where the next benefit of owning a rental property comes in…
Tax Advantages:
In addition to appreciation and continual income, owning real property comes with a plethora of tax advantages. Almost every expense incurred from managing a rental property can be deducted on your taxes, decreasing your taxable income.
Have you ever considered stepping into the world of real estate investing?
Getting started is easier than you might think! Purchasing a single-family home for use as a rental property like the example above is just one of MANY ways to get started in real estate investing. we would love to chat with you about all of the options available!
You Deserve Sherpa-Level Service
If life is moving you out of Utah, we will miss you! But more than anything, we want to make sure you have a smooth and successful real estate experience. Moving across the country is no joke! We know, because we've helped several clients do it.
This is exactly why we network with like-minded Realtors all throughout North America! We personally know Realtors in all 50 states, and Canada too!
If you're looking for a Realtor who will care for you with the same level of service that we strive to provide as your Sherpas, please reply to this email and ask for a referral! We would love to get you connected with an agent we know, like, and trust to treat you well.
The Winter 2022 edition of Summit Sotheby's award-winning lifestyle magazine, Collections, is now available. This stunning magazine captures the beauty of Utah and its incredible properties. If you would like a copy, please hit reply and we will ensure you receive one!