OFFICE:     DIRECT:    
 


Site Navigation

Specializing In








Utah Real Estate

Serving: All of Northern Utah - Davis, Weber, Box Elder, Morgan, Salt Lake Counties including Layton-Hill AFB, Greater Ogden Area, Brigham City & Tremonton, Mountain Green & Morgan, Salt Lake City Metro

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 

Novak Advantage Real Estate BBB Business Review

 

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 Friday, April 16th, 2021

1793 W TRAFALGA WAY #F, Salt Lake City UT 84116
1793 W TRAFALGA WAY #F, Salt Lake City UT 84116$210,000
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 1022 square. "Come and see this End unit Townhouse. This home has a small fenced in yard giving you more privacy. Having a bathroom on the main level is so nice for company. All the landscaping is included. Large master bedroom. Tons of nautral lighting. So close to the freeway in a very central location. Come and see this home before its gone."
Please click here for more info. or a showing.
606 S MARCO LN #4, Ogden UT 84404
606 S MARCO LN #4, Ogden UT 84404$239,900
New Ogden Listing with 3 bedrooms, 2 bathrooms and 1045 square. "Convenient single level living with attached two car garage. Southern exposure. Quiet neighborhood. This is a condo, but the only attached wall is along the garage. All units are owner occupied. Square footage figures are provided as a courtesy estimate only and were obtained from county records . Buyer is advised to obtain an independent measurement. NO RENTALS ALLOWED."
Please click here for more info. or a showing.
159 N TREMONT, Tremonton UT 84337
159 N TREMONT, Tremonton UT 84337$239,900
New Tremonton Listing with 4 bedrooms, 2 bathrooms and 2650 square. "Large home with room to grow! Big corner lot with mature trees, master suite with garden tub and separate shower, newer furnace, water heater and central air unit, updated electrical and much more!"
Please click here for more info. or a showing.
4055 S 895 E #61, Ogden UT 84403
4055 S 895 E #61, Ogden UT 84403$240,000
New Ogden Listing with 3 bedrooms, 3 bathrooms and 2132 square. "Enjoy maintenance free living in this spacious Ogden rambler. Special features include updated lighting, kitchenette in basement, gas range, new water heater installed last year, new windows, and newer paint."
Please click here for more info. or a showing.
3510 S 300 E #L, Salt Lake City UT 84115
3510 S 300 E #L, Salt Lake City UT 84115$250,000
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 1145 square. "Updated top level Condo in South Salt Lake! Come check out this spacious, open floorplan condo! New white shaker style cabinets with grey quartz countertops, newer carpet and paint, updated shower in owners suite, vinyl plank flooring! Owners suite is a very good size with plenty of closet space. Looking for your own private balcony? You will have one here! Come check this out because like everything else it will go fast!"
Please click here for more info. or a showing.
4953 S EASTRIDGE LN #142, Murray UT 84117
4953 S EASTRIDGE LN #142, Murray UT 84117$280,000
New Murray Listing with 2 bedrooms, 2 bathrooms and 1144 square. "Gorgeous Garden setting for this beautiful East-facing condo with views of ponds, stream, bridges, lush wooded grounds and stunning mountains. Watch the wildlife from your kitchen window or private covered deck that has a New Sliding Door. Rarely available, quiet end unit with convenient central valley location. Beautiful Laminate Flooring in family room, dining and bright kitchen. Refrigerator included! New Range! New wireless thermostat, kitchen faucet, shower head and paint. Spacious master suite with 2 closets. Second bedroom has a full walk-in closet that connects to the guest bathroom. Say goodbye to rented storage space, this unit comes with an extra-large climate-controlled Storage room for all the extras! 2 Covered Parking Stalls #112 (right in front of the bldg) & #10. Heated Pool, clubhouse, playground, ponds, expansive open grass space, plus other amenities. HOA covers gas, water, sewer, garbage, plus more. Pet friendly. Three Fountains East is one of the most highly sought-after, communities on the east side. The park-like setting is meticulously maintained. Surrounded by lush, mature vegetation, the grounds are delightful. Warm and inviting Home!"
Please click here for more info. or a showing.
339 E 600 S #1312, Salt Lake City UT 84111
339 E 600 S #1312, Salt Lake City UT 84111$285,000
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 927 square. "Clean, light, & bright! Brand new paint and stainless appliances! Shows great! Secure building and garage and sought after downtown location! Walking distance to everything! New heating & air conditioning heat pump system. Assessment has been paid! Has a swimming pool, tennis court, and clubhouse with fitness room. Cable TV and internet included in the HOA fee."
Please click here for more info. or a showing.
1174 E 3300 S #111, Salt Lake City UT 84106
1174 E 3300 S #111, Salt Lake City UT 84106$288,000
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 1238 square. "Immaculate and spacious, this east facing, ground floor one of biggest corner unit in the complex and condo could not be more ideally located the further south east building in the complex away from all traffic noise. Back sliding door opens onto patio and beautiful green, park like green space. Front door is near at hand to the pool and exercise room. The 3rd bedroom was converted to as dining room/office use. Beautiful oak cabinetry, granite counters, stainless steel appliances. Open, bright and interactive kitchen/living area with 9 foot ceilings, plus formal dining! Master Suite with oodles of closet space; ensuite bath has deep, jetted tub. Second bedroom has double closets. Loads of storage throughout! Secured front entry and underground parking. HOA offers great amenities including heated outdoor pool, hot tub, sauna, clubhouse filled with workout equipment. HOA allows one pet, secure building with 1 covered parking space (additional parking out front is first come first serve). HOA covers: in ground swimming pool, spa, sauna, weight room, clubhouse, common area with picnic tables, water, sewer, trash, building insurance, snow removal, secure entry, covered parking, and elevator. Two blocks from Brickyard Plaza where Harmon's, shops, & restaurants are. Two blocks from where the new Millcreek City Center is going to be built. Easy to show schedule through showing time. Please review Agent Remarks before making an offer. Thanks."
Please click here for more info. or a showing.
1574 W INDIANA AVE, Salt Lake City UT 84104
1574 W INDIANA AVE, Salt Lake City UT 84104$289,000
New Salt Lake City Listing with 3 bedrooms, 1 bathrooms and 1612 square. "Darling Bungalow with tons of potential. Property is sold with Parcel# 15-10-207-16 and perfect for RV/Boat storage. Home has newer roof, new windows in the basement and new stucco on the rear of the house. Buyer to verify all."
Please click here for more info. or a showing.
2150 S MAIN ST #502, Salt Lake City UT 84115
2150 S MAIN ST #502, Salt Lake City UT 84115$289,900
New Salt Lake City Listing with 2 bedrooms, 2 bathrooms and 914 square. "Located on the top floor and east facing, this condo is looking for its new owner. With close proximity to Trax, the freeway, Winco, restaurants, breweries, the Commonwealth Room concert center, this is the ideal location. Enjoy your morning coffee or beverage of your choice on the patio while overlooking the Wasatch Mountains. 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.
875 S DEPOT ST. ST #B 251, Clearfield UT 84015
875 S DEPOT ST. ST #B 251, Clearfield UT 84015$299,000
New Clearfield Listing with 3 bedrooms, 2 bathrooms and 1176 square. "No Showings until FRIDAY 04-16-21. Built in 2019 this 3 bed 2 bath spacious middle-level condo, w/ no neighbors underneath is in a wonderful location close to HAFB, Front runner, and I-15. Features slow close cabinets with Granite countertops throughout. Assigned covered parking. Ecobee smart thermostat, ring doorbell, smart-lock /keypad entry, control for Smart-home & lighting. Dog park, pool/hot tub, gorgeous clubhouse, BBQ area, playground, lighted walking paths. A great affordable community to live in. Buyer to verify all."
Please click here for more info. or a showing.
4900 S 4300 W, Salt Lake City UT 84118
4900 S 4300 W, Salt Lake City UT 84118$299,900
New Salt Lake City Listing with 3 bedrooms, 2 bathrooms and 1176 square. "**Showings start Saturday, April 17th at noon.** Nice Kearns bungalow. Great location across from the elementary school. New solar panels will be paid off at closing. Fresh paint, vinyl windows, newer roof. Rarely available 2 bath, 3 bedroom plan in this area. Large pantry/mudroom. Tons of storage and RV parking. Updated kitchen with tile backsplash."
Please click here for more info. or a showing.
1093 N MALA DR, Layton UT 84041
1093 N MALA DR, Layton UT 84041$304,900
New Layton Listing with 3 bedrooms, 1 bathrooms and 1566 square. "ALL OFFERS DUE BY 5:00 PM MONDAY APRIL 19, 2021. Make Wonderful memories in this great home. Large fenced yard with sprinkler system- 2 sheds, a tool shed and a gazebo. New roof in 2020. Water heater is less than 5 years old. 3 bedrooms upstairs and 2 rooms in basement could easily be converted into bedrooms. Workbench in basement. Lots of potential with this great home with tons of storage. Sq ftg are provided as a courtesy and were obtained from county records. Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
4514 W 5375 S, Salt Lake City UT 84118
4514 W 5375 S, Salt Lake City UT 84118$309,888
New Salt Lake City Listing with 3 bedrooms, 1 bathrooms and 1002 square. "Adorable single level home with stylish updates located in a quiet neighborhood, fully fenced yard with shed & RV parking. Close to shopping, schools, park & recreation center and Olympic Oval. **Tenant Occupied** Showings will only be permitted 3-6PM Sat 4/17 & Sun 4/18 Make Appt with ShowingTime, Offers to be reviewed by 4/19 5PM. Please 'Walk Thru' 3D Tour before making an appointment. Home has been Pre-Inspected pls see attached report. Square footage figures are provided as a courtesy estimate only and were obtained from county . Buyer is advised to obtain an independent measurement."
Please click here for more info. or a showing.
434 N HODGES LN #13, Salt Lake City UT 84116
434 N HODGES LN #13, Salt Lake City UT 84116$309,900
New Salt Lake City Listing with 2 bedrooms, 1 bathrooms and 1236 square. "This is an AFFORDABLE opportunity requiring Owner occupied, first time owner with income restrictions as shown in agent remarks. Long term financing will be provided by the lending arm of NeighborWorks and will offer below market interest rate and no MIP. The eligible and qualified Buyer may also qualify for up to $15k DPA. Get ownership for as little as $1000 out-of-pocket! Cute 2 bedrm 1 bath unit in convenient Salt Lake neighborhood."
Please click here for more info. or a showing.
750 E BOUGHTON ST, Ogden UT 84403
750 E BOUGHTON ST, Ogden UT 84403$313,000
New Ogden Listing with 3 bedrooms, 2 bathrooms and 2132 square. "Welcome Home! Single level living at it's best. Here's your chance to own a beautiful remodeled home in Ogden. Remodel was done in 2018 this included Shaker style cabinets, stainless-steel appliances, bathroom fixtures and so much more. New electrical panel, some new wiring and some new plumbing was done as well. New Paint and New Laminate flooring was done April 2021. The home has built in Loft beds and plenty of space in the bedrooms. The basement is unfinished, some framing has been done. The sellers are leaving some of the building materials and sheetrock so the next homeowner can finish it. So much room to grow in this great home and to top it off, this home has a huge RV parking pad. 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.
911 S 1280 W, Clearfield UT 84015
911 S 1280 W, Clearfield UT 84015$315,000
New Clearfield Listing with 4 bedrooms, 2 bathrooms and 1486 square. "Don't miss the two open houses scheduled this Saturday 4/17 from 11-2 & Sunday 4/18 12-2pm. Darling, updated home in Clearfield in the low $300's is unheard of. You will love having 4 bedrooms, 2 living spaces, large fully fenced backyard, new roof, new furnace, Lifetime shed plus a ton of storage in the crawl space. This home has an awesome location located just off SR-193 or Antelope Dr near the Syracuse border. Close to Syracuse High, restaurants, shopping, entertainment and so much more. Showings will only be allowed Saturday and Sunday during the open house and afterwards by appt only. All offers are due Monday by 5pm. Home is in great condition but being sold AS-IS. We hope to see you this weekend!"
Please click here for more info. or a showing.
115 S 1100 E #509, Salt Lake City UT 84102
115 S 1100 E #509, Salt Lake City UT 84102$318,000
New Salt Lake City Listing with 1 bedrooms, 2 bathrooms and 950 square. "Fabulous 5th floor unit with east facing patio with views of the mountains in the popular Arlington Place condos. Conveniently located between downtown and the U. This unit was previously updated. Brand NEW carpet and paint throughout. The floor to ceiling windows are all NEW with east facing views. Master Bedroom has large walk in closet and master bathroom. A bathroom for guests. You can enter the east facing deck from living room and bedroom both. Washer & Dryer included. Secured building and underground parking with storage closet. Amenities include pool, hot tub, exercise room and clubhouse. You'll be sorry if you don't see this one before buying! Highest and Best Offer due by Monday April 19 at noon. Please give response time until April 20 at noon."
Please click here for more info. or a showing.
4660 S 375 W, Washington Terrace UT 84405
4660 S 375 W, Washington Terrace UT 84405$318,000
New Washington Terrace Listing with 4 bedrooms, 1 bathrooms and 1868 square. "Saturday showings only. (no showings after that, work in progress) Brick home, good location in Washington Terrace, Great Mountain Views from the relaxing and covered deck, Facing West. Fresh paint, Carpet, new Air Conditioning & Furnace, windows on the process of being completed prior to closing."
Please click here for more info. or a showing.
936 W 2600 N, Clearfield UT 84015
936 W 2600 N, Clearfield UT 84015$324,900
New Clearfield Listing with 4 bedrooms, 2 bathrooms and 2007 square. "You are sure to enjoy the designer touches that fill this home with charm. The lovely, updated, kitchen leads out to a covered deck. The perfect spot for sipping your favorite beverage while enjoying fresh air and mountain views. Noteworthy features of this home include newer hvac system, RV Parking and a huge 2 car garage. Come see this home you won't be disappointed!"
Please click here for more info. or a showing.