I’m trying a slightly different format for this weeks newsletter with a short section on the latest updates in today’s market, along with my take, and a deal of the week listed at the bottom. Let me know what you think! Without further ado, let’s dive in 🫡

In August, 54 of the country's 300 largest housing markets had falling home prices, down from 68 in July. As of last month however, we’re back up to 66 markets with lower prices year over year, likely due to rates climbing back above 7% the past couple months.

Utah, however is still holding up. Over the past year, prices are up 2.3% in Davis County, 1.4% in Utah County, and 1.2% in Salt Lake County. All three are beating the national average of 1.0%. But as we’ve discussed plenty in the past, your local market is very much dependent on your zip code and surrounding competition.

My take: Utah hasn’t experienced falling prices due to the higher mortgage rates yet, but it is definitely slowing. Utah County's growth is about half what it was a year ago and buyer demand has definitely pulled back. But here’s the thing… there are plenty of opportunities in this market that were not available in the past. And those opportunities won’t last forever. So rather than wishing for a different market, you just need to know where to look for those opportunities, and use a long-term winning strategy.

There's also some good news on rates. After peaking at 7.61% in early October, mortgage rates hit a one-month low this week and closed Friday at 7.33% for a fixed 30 year mortgage. On a $500K loan, that's about $96 less per month.

If you're buying: You have more room to negotiate than you've had in a while. It’s very common for sellers to cover closing costs and rate buydowns for buyers right now.

If you're selling: Price for today's market, not last spring's. Homes priced right are still selling.

There are so many opportunities in this market. The deal of the week section is meant to filter through all the noise and bring you the best deals straight to your inbox every single week.

This week, I’d like to highlight one of my own listings. Located in Eagle Mountain, with $15K in buyer incentives that could be used to get a 6.375% mortgage on an adjustable rate, fixed for 7 years.

You could also use the $15K towards a larger temporary mortgage rate buy down, permanent buy down, cover your closing costs, or a combination of both. Plus, it’s a large single family home with a beautiful kitchen, brand new carpet, and room to expand in the basement, all for under $500K. Oh and a home warranty is included!

So you get all the benefits of buying new construction while moving into an already established neighborhood. These are the types of opportunities you won’t find in future market cycles. If you’re interested in seeing this home, reply to this email to set up a showing.

Let me know your thoughts on the new format. My goal is to bring you actually useful information that you look forward to reading each week, without taking too much time out of your day.

For everyone coming to our client appreciation halloween party later this evening, we look forward to seeing you! Click here to view the event details if you don’t already have it handy.

And as always, if you have any real estate related questions, don’t hesitate to reach out!

Here to serve,

P.S. Quick question: are you buying, selling, or both? Hit reply with one word, and I’ll get you the info you need for your situation.