We sat down with our own Monique Higginson to discuss the real estate forecast for 2019. Here are her thoughts on the current state of real estate in Utah for 2019.
Q. What is the state of the market currently?
A. The market is very good as it is spring but it is not as hot as it has been the past few years. Inventories are still low in general.
Q. Is it a ‘buyers’ or ‘sellers’ market right now?
A. Buyers are not as urgent this year. I am finding that they are not willing to compete as much as in years past. It is still a seller’s market but the conditions are much more favorable for buyers this year.
Q. Is the cost of homes still raising at a rapid rate?
A. We expect less appreciation in 2019 than we have been having the last 5-6 years.
Have questions for Monique? Shoot us an email and we will be sure to address them.
One of the biggest growing trends in the past decade is the tiny house trend that is that has caught hold across the U.S. today, but has it caught in Utah? You can see it in nearly every home-related television show now-a-days, but what exactly is a “tiny home” and the lifestyle that comes with it? A Tiny home is defined as 100 to 400 square feet. Downsizing and living sparsely obviously come with the smaller space, but nicely enough it comes with a smaller price tag. One of the greatest appeals to tiny living is the lure of living debt free and still owning a place to call home.
“Debt free” has more than a nice ring to it; it’s got a near mesmerizing chime. But living tiny is just as it sounds, hard. Know the challenges that come with tiny. It’s not just the fact that you have to try and fit your entire life into 400 or fewer square feet. Its where do you plant your tiny roots? Many land parcels and subdivisions won’t allow for homes to be built less than 1000 square feet or park RVs fulltime (which the mobile tiny homes usually get referred to as). Do you have a foundation or wheels, or even how do the utilities work? These and many other things can be eccentric or just downright tricky, but the benefits are definitely there. According to thetinylife.com 68% of tiny homeowners don’t have a mortgage to pay every month, while 55% have more savings in the bank than the average American, and 89% of the tiny life community has less credit card debt than the average American. Tiny house living isn’t for everyone though.
Being sold direct from the builder and riding the gray area of zoning laws leaves tiny home finding their plots in more rural communities instead of the urban scene. In general, tiny housing is a lifestyle born out of necessity; a necessity that Utah doesn’t have. We are very much still growing. In 2016 Wasatch Front was recognized, by the National Association of Realtors, as home to more mansions than any other U.S. city. In 2017 Utah has been repeatedly been chosen among the top markets in the U.S. in Forbes, Realtor, Tiny housing may catch along the Front soon, so don’t fret, but for now the tradition of larger families and backyard basketball courts keeps Utah housing on the larger end of the scale.
If you would like to learn more about tiny living in your community or just want to explore your options reach out to us here.