Fourth quarter 2017 Yalecrest-area home sales came in last week and at first glance appear uncannily similar to last years. Median sold prices for 2017’s last quarter hovered around $515,000, not too far 2016’s $523,000 median. The only notable difference between the two 4th quarters is a 35% inventory increase. This slight inventory bump seems to be continuing into January with 2018 inventory numbers appearing slightly higher than last year’s.
Even with inventory numbers higher than last year, and homes sitting on the market longer (a standard seasonal marker), listings have continued to hold their value. Over the last four months, the average Yalecrest-area home sold at 92% of its original listed price.
It would seem that we are heading into a strong Spring 2018 real estate market similar to last year’s. Even with a continued bump in inventory, median home prices should hold steady and show expected seasonal 2nd and 3rd quarter increases.
HOW TO SAVE ON YOUR MORTGAGE IN 2018
Mortgage rates and income taxes are certainly not the two most exciting things to discuss (or read about) under any circumstances. But understanding market trends and knowing what benefits you are entitled to under the current tax code are essential in deciding when to purchase or refinance and how to maximize your tax benefits as a homeowner.
Yes…rates are on the rise. Mortgage rates have, until recently, been holding below 4% according to mortgage agency Freddie Mac. Within the past two weeks, however, the average 30-year rate is up to 4.375%. Fortunately for consumers, rates are still near half their historical average. In addition to rising rates, the Mortgage Bankers Association also reported a 4.5% increase in mortgage applications during the first month of 2018. For consumers looking to make a move in the market, now is perhaps the best time while competition remains low and before rates continue to creep up.
Remember to obtain a copy of your settlement documents for your taxes if you refinanced or purchased a new home in 2017. Chances are, there are tax savings within the settlement document you signed. Certain fees, along with property tax and interest figures, could be deductible. Be sure to consult with your tax specialist to make sure you are capitalizing on all the benefits afforded you as a homeowner under the current tax code.
What’s the latest in SLC real estate? Read our SLC Real Estate Predictions for 2022