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Specializations: Sellers, Buyers, Existing Homes, New Construction, Building Lots, Land, Relocation, PCS, DNRP, Corporate, Military, Veterans, Government, Aerospace Engineering & Manufacturing, Educators, First-Time Homebuyers, 50+ Lifestyle, Second-Homes, Vacation Properties - Changes in Location, Lifestyle and Living Arrangements 

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Tuesday, March 23, 2021

Homeowner Equity and Wealth Accumulation

Blog: Finding Home in Utah

National homeowner equity grew in the fourth quarter of 2020 by $1.5 Trillion or 16.2% year-over-year based on a CoreLogic analysis.  The study was done on the six out of ten homeowners who have mortgages on their home.

The fourth quarter of 2020 also saw the number of mortgaged residential homes with negative equity decrease by 8% from the third quarter.  Compared to the same quarter in 2019, negative equity decreased by 21%.

Equity is defined as the value of the home less the mortgage owed.  Negative equity means that the homeowner's debt is more than the value of the home.  Appreciation is the dynamic that is moving homeowner's equity to the positive position.

On a national basis, according to National Association of REALTORS®, annual price growth for the last ten years has been 6.4%.  In the last five years, it has grown at 7.3% annually.  According to the CoreLogic Home Price Index, home prices in December 2020 were up 9.2% from the year before.

Frank Nothaft, Chief Economist for CoreLogic, is quoted as saying "the amount of home equity for the average homeowner with a mortgage is more than $200,000."

Equity in a home is a significant component of net worth.  The latest Survey of Consumer Finances reports the median homeowner has 40 times the household wealth of a renter: $254,000 compared to $6,270.  According to the 2019 Survey of Consumer Finances by First American, housing wealth was the single biggest contributor to the increase in net worth across all income groups.

The study also concluded that housing wealth represented nearly 75% of total assets of the lowest income households.  For homeowners in the mid-range of income, it represented 50-65% of total assets and 34% of total assets for the highest income households.

Renters do not benefit from the appreciation of housing or the amortization of the mortgage which are significant contributors to home equity that results in net worth.  Examine what a down payment can grow to in seven years with a Rent vs. Own

New Listings for Wednesday, May 12th, 2021

4005 S 300 E #27, Salt Lake City UT 84107
4005 S 300 E #27, Salt Lake City UT 84107$199,900
New Salt Lake City Listing with 1 bedrooms, 1 bathrooms and 750 square. "Spotless turnkey! This fantastically remodeled condo is so close to everything, schools, shopping, downtown and the University. Perfect as a second home, downsizing or just starting out."
Please click here for more info. or a showing.
575 S 1000 E #D, Salt Lake City UT 84102
575 S 1000 E #D, Salt Lake City UT 84102$245,000
New Salt Lake City Listing with 2 bedrooms, 1 bathrooms and 864 square. "Showings start Saturday with Open House from 12 pm to 5 pm. Updated condo located in a great location, walking distance to the U of U and Trolley Square, close to downtown Salt Lake. Professionally painted throughout, new barn wood paneling, flooring, and more. Spacious kitchen, granite countertops, bathroom updates, and newer vinyl windows providing great natural light and city views. The condo is on the lower level, yet the building was built higher up, so it is in between the basement and ground level. On-site parking with additional street parking, pets allowed. Clean, updated unit, must see to appreciate. Turnkey, clean, and ready to go."
Please click here for more info. or a showing.
30 N LAKEVIEW DR, Clearfield UT 84015
30 N LAKEVIEW DR, Clearfield UT 84015$275,000
New Clearfield Listing with 3 bedrooms, 1 bathrooms and 1536 square. "Have you been watching and waiting for the perfect property to be your next investment or flip? Well you have found it. This property was last updated 8 years ago and is ready for your vision. It is a blank canvas with a lot of potential. The owner has built a huge deck off the back with new fence and has updated all the basement windows as well. With your favorite designer by your side, this home can easily be turned into a perfectly placed rental, right in the heart of booming downtown Clearfield, minutes from the base entrance and the 15fwy. Or put back on the market as the perfect starter home. At this price, you can't go wrong and it won't last long. All info is curtesy provided by county records and should be confirmed by buyer and buyers agent. All offers submitted by Sunday 7pm. Response time will be Monday 7pm."
Please click here for more info. or a showing.
922 E 400 N, Bountiful UT 84010
922 E 400 N, Bountiful UT 84010$290,000
New Bountiful Listing with 4 bedrooms, 3 bathrooms and 2332 square. "This home has great potential and is ready for your preference of updating, needs work. Flooring has mostly been removed, 2 fireplaces are brick, hearth has been removed from main floor fireplace. Also toilet and vanity have been removed from half bath off the master bedroom. 30 year asphalt shingle roof is approx. 3 years old. Square footage from county records. Please DO NOT turn off any lights."
Please click here for more info. or a showing.
864 W ARAPAHOE AVE, Salt Lake City UT 84104
864 W ARAPAHOE AVE, Salt Lake City UT 84104$290,000
New Salt Lake City Listing with 2 bedrooms, 1 bathrooms and 936 square. "This adorable bungalow/cottage is an amazing find for your clients. Extensive remodel completed in 2020..New windows, laminate wood flooring, kitchen cabinets, appliances, light fixtures, drywall, paint, updated electrical, bathroom vanity, AC window unit....Great neighborhood, downtown living with easy access to everything. Very rare for downtown at this price, come and see!"
Please click here for more info. or a showing.
939 S DONNER WAY, Salt Lake City UT 84108
939 S DONNER WAY, Salt Lake City UT 84108$295,000
New Salt Lake City Listing with 1 bedrooms, 1 bathrooms and 644 square. "Immaculate, efficient, and ready for immediate move-in, this one-bedroom, one-bathroom second-floor condo is one of the original Donner Way classics. Oakwood Gardens is one of the last complexes as you come up out of the valley and head into Emigration Canyon, but far enough off the main road to avoid traffic and noise. The interior is elegant and spacious, with refined raised-panel wainscoting, airy and sustainable bamboo flooring, durable composite countertops, and crisp white cabinetry. Located near the University of Utah, including the hospital and research park, and the Museum of Natural History, it is an easy commute home. Park in the underground one car assigned space and ride the elevator up to enjoy peek-a-boo views of Salt Lake City to the west through huge mature pine trees, and to the east, the base of Emigration Canyon. Surrounded by Rotary Glen and Donner Trail Parks, and the Bonneville Shoreline Trail and Red Butte Gardens are within walking or riding distance. Store your bike in the garage storage unit. Comfortable and spacious, a great location for all."
Please click here for more info. or a showing.
550 S 400 E #3406, Salt Lake City UT 84111
550 S 400 E #3406, Salt Lake City UT 84111$299,900
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 885 square. "COMPLETED REMODELED (to CODE!) TOP FLOOR EAST FACING UNIT! This building has a secure entry and secure garage parking. New bathrooms, kitchen, countertops, appliances and new electrical and plumbing thoughout, large balcony with new tiled floor. On-site property manager, all the bells and whistles (tennis, clubhouse, pool) in this highly desirable complex on a UTA bus line/close to TRAX and Green Bikes and on/off ramps of I-15, short walk to dining, drinking and the main library. All new HVAC in unit that has been paid for from building assessment. HOA DUES WILL GO DOWN as HVAC's are being installed throughout the complex and will reduce heating and cooling costs for everyone. See agent remarks for offers-"
Please click here for more info. or a showing.
785 S 460 W, Tremonton UT 84337
785 S 460 W, Tremonton UT 84337$299,900
New Tremonton Listing with 4 bedrooms, 1 bathrooms and 2176 square. "Start planning summer barbeques in your new home! If your looking for a convenient location, great neighborhood, and across the street from the park, this home is for you! It features 4 bedrooms, 1 bathroom (plumbed for a 2nd bathroom downstairs), and 2 family rooms. It also has a large, fully fenced backyard, fire pit, and sprinkler system. This beautiful home is just minutes away from schools, and shopping. Storage shed is excluded for the sale. Square footage figures are provided as a courtesy estimate only and were obtained from county records. Buyer is advised to obtain an independent measurement and verify all information."
Please click here for more info. or a showing.
734  TAYLOR AVE, Ogden UT 84404
734 TAYLOR AVE, Ogden UT 84404$330,000
New Ogden Listing with 4 bedrooms, 2 bathrooms and 1304 square. "This Ogden one-story home offers a patio."
Please click here for more info. or a showing.
49 E ANGELO AVE, Salt Lake City UT 84115
49 E ANGELO AVE, Salt Lake City UT 84115$350,000
New Salt Lake City Listing with 3 bedrooms, 1 bathrooms and 1236 square. "This cute bungalow has large living/ dining area with a fireplace. There is a generous kitchen and separate laundry room. 2 spacious bedrooms on the main level and 1 in the basement which has been partially finished with tons of storage and an additional living space. A HUGE detached garage, perfect for any hobby you can dream up. This home is currently being used as a rental with a lease in place that expires 3/31/2022. DO NOT DISTURB TENANTS Square footage figures are provided as a courtesy estimate only. Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
1751 S 700 E, Salt Lake City UT 84105
1751 S 700 E, Salt Lake City UT 84105$350,000
New Salt Lake City Listing with 2 bedrooms, 1 bathrooms and 1251 square. "Honey stop the car! This lovely Liberty Wells Bungalow is mere minutes from fabulous eateries, coffee shops and parks! Don't be scared of the traffic noise on 700 East. These bunglows are built solid and between the brick and new windows you hardly hear a thing! This home has had several upgrades including a new electrical mast and upgraded bathroom all while keeping it's original charm. Come and check out this beauty before it's gone! Square footage figures are provided as a courtesy estimate only and were obtained from county records. Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
679 W 6645  S, Murray UT 84123
679 W 6645 S, Murray UT 84123$360,000
New Murray Listing with 3 bedrooms, 2 bathrooms and 1713 square. "Come check out this great twin home! NO HOA! Situated in a great location in Murray. Minutes from River Walk Shopping Center, Fashion Place Mall, I-15 and I-215. This home features newer paint and flooring in the living room and master bedroom. It has an open floorplan with plenty of natural lighting. The kitchen has granite counter tops and stainless steel appliances. This home features a 1 car garage and an RV space for additional parking. It also has a spacious backyard to host parties and have BBQ's. It has a beautiful mature tree, fire pit, and room to start a garden. A twin home like this is hard to find. Acclaimed Home Warranty for 1 year. Make an appointment today!"
Please click here for more info. or a showing.
1212 N KIMBERLY DR., Layton UT 84040
1212 N KIMBERLY DR., Layton UT 84040$375,000
New Layton Listing with 3 bedrooms, 2 bathrooms and 2000 square. "Cute 3 bdrm 2 bath home in great Layton neighborhood. This home is super clean and features 2 large family rooms, central a/c, daylight basement, tons of storage, wood burning stove, walk out basement, fruit trees, mature trees, covered deck, fully fenced yard, storage shed. Home had all new windows and fireplace has lifetime warranty."
Please click here for more info. or a showing.
238 E 29TH ST, Ogden UT 84401
238 E 29TH ST, Ogden UT 84401$375,000
New Ogden Listing with 4 bedrooms, 2 bathrooms and 3406 square. "This home has everything you are looking for! Beautifully updated with new appliances, new kitchen cabinets, new carpet, and paint throughout! So much room you might get lost. There is storage in almost every room in the house. The formal entry is gorgeous with a stained glassed window in the front door. It has a formal dinning room and another dinning room off the kitchen. There is a huge laundry room that can also be a craft room or office. Both bathrooms have big jetted tubs. The basement has tons of storage and a bonus room. The garage is an over sized two car with a pull down ladder to a full attic for even more storage. Completely fenced yard. This home has so much charm and character you must come and see it!! Square footage figures are provided as a courtesy estimate only. Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
687 N 1260 W, Clearfield UT 84015
687 N 1260 W, Clearfield UT 84015$385,000
New Clearfield Listing with 4 bedrooms, 3 bathrooms and 1931 square. "Showings starting Thursday 1:00 pm. Text agent for access. Fantastic Clinton home 8 mins. to HAFB. Extremely clean and well cared for. Pride of Ownership shows throughout. Main floor laundry with bathrooms on each floor. New all-stainless steel appliances. New water heater & new A/C unit. Home is located in a quiet neighborhood with a beautiful 6 ft. privacy fence for summer get together's. Yard is fully landscaped with mature trees. Seller has provided a 1 year home warranty for your piece of mind. Square footage figures are provided as a courtesy estimate only and were obtained from the county records . Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
312 E HERBERT AVE, Salt Lake City UT 84111
312 E HERBERT AVE, Salt Lake City UT 84111$390,000
New Salt Lake City Listing with 2 bedrooms, 1 bathrooms and 1433 square. "Just two blocks from Liberty park, this charming bungalow has classic minimalist vibe that Salt Lakers love. This centralized cutie is situated perfectly for immersion into the fun downtown lifestyle and all the City has to offer. You'll love traveling down pretty, tree-lined Herbert street as you head to nearby outdoor cafes and dining patios, coffee bars, parks, and shops that beckon from mere blocks away. This darling home checks all the boxes with its two bedrooms, ample seating areas, a large dining space and a surprisingly spacious kitchen. Need storage? There's 500 sq. ft. of storage in the basement, the workbench stays. What's not in the basement? The laundry room! That's right, there is a light and airy laundry room on the main floor. Washer and dryer stay with the sale so you have one less thing to worry about. Enjoy extended living space in the tree-lined, peaceful backyard. Smith's ballpark, SLC Int'l Airport, easy access to freeways, scenic mountain drives, and Utah's amazing recreational scene are minutes away. If you're a road warrior, there is a long driveway in which to park your RV and other fun toys. The popular 'Little Free Library' box in the parking strip is quite popular and Seller hopes you'll keep it going! Notes: Showings start Thursday 5/13. Please follow all Covid-19 guidelines including masks inside the house. There is no railing on the front stairs and porch by design. FHA and VA Buyers encouraged to seek potential solutions w/ LA before writing offer. Square footage figures are provided as a courtesy estimate only and were obtained from County records. Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
1530 N 2000 W, Farr West UT 84404
1530 N 2000 W, Farr West UT 84404$399,500
New Farr West Listing with 5 bedrooms, 2 bathrooms and 2265 square. "RARE FIND, this one is a must see!!! You will love the one level living with 2 huge family rooms, 5 bedrooms and 2 full baths. This updated home features new 3-tone paint, quartz countertops in kitchen, brand new appliances, new carpet and LVP throughout, 2 completely updated full baths, 2 fireplaces, 90 % Furnace, newer architectural shingle roof, 24 x 24 detached garage/barn/shop, and much much more!! Awesome lot with giant mature trees. See photo tour!"
Please click here for more info. or a showing.
3159 N HOLIDAY DR, North Ogden UT 84414
3159 N HOLIDAY DR, North Ogden UT 84414$410,000
New North Ogden Listing with 4 bedrooms, 3 bathrooms and 2172 square. "Beautiful remodeled home in North Ogden. Complete remodeled kitchen with granite countertops and stainless steel appliances. Two new bathrooms. 3 bathrooms total. Two car garage, fenced yard with covered patio. Well maintained neighborhood. New plumbing and electrical fixtures throughout the house. New flooring, paint, doors, trim, window blinds and much more. Come see this spacious home with plenty of room for everyone. Owner/Agent. Second fridge and washer and dryer in the basement also come with the house."
Please click here for more info. or a showing.
5415 W SUNFALLS CT, Salt Lake City UT 84118
5415 W SUNFALLS CT, Salt Lake City UT 84118$415,000
New Salt Lake City Listing with 4 bedrooms, 2 bathrooms and 1650 square. "Beautiful, centrally located spacious single family home! Tons of natural light, close to highways and freeways. Showing during open houses Saturday and Sunday only. All offers due by Monday at 3pm."
Please click here for more info. or a showing.
1426 E DAYLILY CT, Layton UT 84040
1426 E DAYLILY CT, Layton UT 84040$465,000
New Layton Listing with 3 bedrooms, 3 bathrooms and 2853 square. "If the cute craftsman exterior and adorable front porch don't already have you falling in love, just step inside and you'll be head over heels! Built in 2019, everything about this home feels new; from the beautiful flooring to the gorgeous countertops. Enjoy cooking? This kitchen is a dream come true, with a huge island for meal preparation, a double oven, gas range, plentiful pantry space, and cabinetry galore! Ideal for entertaining, the kitchen opens up into the living and dining areas. High vaulted ceilings allow the space to flood with light. All bedrooms are upstairs, including the primary suite which features a spacious walk-in closet and luxurious bathroom complete with a deep soaker tub and separate shower. In addition to the 3 bedrooms, there is a bonus room right off the entry that would make a perfect office, den, playroom, etc! Located in a cute new neighborhood just 15 minutes from all of the shopping and dining at Farmington Station, and 25 minutes from hiking adventures at both Antelope Island and Snowbasin, you will never run out of things to do!"
Please click here for more info. or a showing.