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Utah’s red-hot housing market is calming down, so is now a good time to buy a house?

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Utah’s red-hot housing market is calming down, so is now a good time to buy a house?


DRAPER, Utah — It might not be the shopping for frenzy we noticed a few years in the past, however licensed realtor Jennifer Gilchrist stated the Wasatch Entrance’s housing market remains to be lots sturdy, partly as a result of we are actually within the spring home-buying season.

“March, April, Could are the months the place we get the best gives on houses,” she stated. “It’s springtime and the climate is sweet and the vacations are over. The children are winding down at college and they might have the ability to make that transfer through the summertime.”

It is usually sturdy as a result of the provision of houses available on the market stays low.

We’re nonetheless behind the variety of houses we have to meet the demand,” Gilchrist defined.

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What has modified, Gilchrist stated, is what’s behind the demand. House gross sales costs have dropped 3.4% in Salt Lake County in comparison with what they have been a yr in the past, based on numbers from the Utah Affiliation of Realtors. That drop was 3.7% in Weber County, 5% in Davis, and eight.7% in Utah County.

That is sufficient to chase some cash-rich buyers out of the market.

“What I’m seeing proper now’s a number of first-time homebuyers who couldn’t purchase a home within the prior frenzy, as a result of they have been competing towards money gives and buyers,” Gilchrist stated. “Now, they will are available and compete.”

And with mortgage rates of interest doubling what they have been two years in the past, present householders aren’t keen to maneuver at the price of their decrease rates of interest.

They’d then need to commerce of their 2.875% or 3.0% price and now get a a lot increased price, so they’re tending to remain in place,” she stated.

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If the upper charges depart you feeling caught the place you are actually, even in a much less aggressive market, licensed monetary planner Shane Stewart of Deseret Mutual Advantages Directors says they won’t all the time be excessive.  

“One of many issues that all of us have in our mind is named permanency bias — which means if the charges are excessive now, we expect in our thoughts, they’ll all the time be excessive,” Stewart stated. “However charges are cyclical, they usually’ll possible come down not less than as soon as within the lifetime of that mortgage.”

And so, you aren’t locked right into a price for all times.

“If you consider the previous 30 years and what has occurred in mortgages — the charges have gone up, then they went very low, they usually’re coming again up once more,” he stated. “That occurred not less than two or thrice. It’s possible someday within the lifetime of that mortgage, you’re going to refinance when the charges return down.”

Even with right now’s increased mortgage charges, Gilchrist stated patrons have a bonus they haven’t had for years: negotiating energy.

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“They’re truly even getting the sellers to pay some various kinds of concessions, which they’d not have completed earlier than,” she stated. “They’re ready to make use of an FHA mortgage, the place earlier than, sellers wouldn’t even have a look at an FHA or VA mortgage as a result of they needed typical or money.”

Patrons additionally don’t want as a lot money to purchase a home as they did a couple of years again.

Earlier than, in the event you didn’t have a down cost, you weren’t getting the home,” Gilchrist stated. “I’ve helped a number of of my new first-time homebuyers get into homes with zero down cost, and nil out-of-pocket for closing prices as a result of we had the vendor pay for that.”



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Utah

Utah Jazz News: Cody Williams explodes for a career-high with the SLC Stars

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Utah Jazz News: Cody Williams explodes for a career-high with the SLC Stars


“New year, new me!” Utah Jazz rookie Cody Williams exclaimed after his January 1st eruption. Williams, the 10th selection in the 2024 NBA Draft, has struggled to plant himself on solid ground thus far into his first year as a pro.

Shooting a horrific 23% from distance and 31% from the field in limited minutes, the former McDonald’s All-American and brother of OKC standout Jalen Williams has left plenty of meat on the bone in his first taste of NBA action. Ironic, considering Cody’s physique.

But something may have flipped on New Year’s Day. It would be too cliche to suggest that the rookie is improving thanks to a freshly enacted resolution, so I’m not going to say it. Yet, a career-high 35-point outburst with the Salt Lake City Stars is plenty to get anxious observers to breach the surface and take in the winds of change.

Shooting 13 for 21 from on field goals, including 5 for 8 from long range, this is the type of output that Utah has craved since assigning Williams on this development-first avenue.

With pull-ups, open 3s, and even dives to the rim, Utah’s first-round pick is a capable 3-level scorer when he chooses to be. Standing in the corner all day is not conducive to developmental advances for a player like Williams, so seeing the athletic wing get involved both on and off-ball is a promising sign.

Could this be a one-off? Sure, especially as Cody fights for more consistency, we may not see another 30+ point finish again this season. Even in the G-League, he’s been timid, overpowered, and overshadowed by just about everyone on the floor. But when he shows what he can do, it’s hard to deny the potential if he can even out.

Every piece of good news regarding player development is good news for the rebuilding Jazz. Let’s hope Cody keeps it cooking.





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Utah license plate changes now in effect

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Utah license plate changes now in effect


SALT LAKE CITY — Several new Utah laws went into effect Jan. 1, including one that changes the way license plates are bought, handled and manufactured in the state.

Now, Utah vehicles only need one license plate instead of two. Front plates are no longer required.

“The standard issue license plate cost will now be $7.50,” said Jason Gardner, Utah Tax Commission director of policy, planning and public affairs.

He said plates used to cost $11.50. Now, $1 from every plate purchased will go toward a public safety fund through Utah Highway Patrol.

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Plates will also look different this year.

“The first decal you get with a license plate is going to come with that decal already preprinted directly on the license plate itself, so all you’re going to have to do when you get that last plate is pop it on your car,” Gardner said.

When it’s time to renew the registration, he said the single sticker decal will go on top.

The new law also introduces a design review committee. Special groups can submit their designs to them.

“We just get those designs submitted to us, sometimes they were not really well designed and sometimes, some of our special group plates look like clipart that you might have pulled off of a computer,” Gardner said.

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He said now, the designs go to a graphic designer who can refine it.

Special group plates do come with an annual fee on top of the initial $7.50 price.

“That donation is at least $20, but every special group sets their donation at a different amount,” Gardner said.

How Utah plates are manufactured has also changed.

“Now, license plates won’t have raised letters anymore, which means they can be printed on kind of like high speed printers, and much more efficient technology can be used for making license plates, which reduces costs,” Gardner said.

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He said they estimate the new process will save consumers $3 million.

“All the normal registration fees that would have been associated with your vehicle is are still going to apply,” Gardner said.



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Karl-Anthony Towns, Knicks Earn Vengeance Over Jazz

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Karl-Anthony Towns, Knicks Earn Vengeance Over Jazz


The New York Knicks were missing some vital instruments but they still managed to open the new year on a high note against the Utah Jazz on Wednesday night.

Despite lacking both Jalen Brunson and Miles McBride, the Knicks earned their revenge against the Utah Jazz, putting up a 119-103 decision on New Year’s Day at Madison Square Garden. The Knicks (24-10) picked up where they left off in 2024, winning their ninth in a row and atoning for a 15-point loss to the hapless Jazz in Salt Lake City in November.

Karl-Anthony Towns and Josh Hart put up sterling Knicks history on Wednesday: Towns earned 31 points and 21 rebounds while Hart had a triple-double (15 points, 14 rebounds, 12 assists) for the second straight game. The duo becomes the first in Knicks history to earn a 30-20 game and a double-double since Walt “Clyde” Frazier and the late Willis Reed.

Brunson was declared out shortly before tip-off and it was originally announced that McBride would take his place in the starting five. McBride, however, was said to have endured hamstring woes during warm-ups and was, in turn, replaced by Cameron Payne. In his first start as a New Yorker, Payne dished out nine assists and also swiped three steals.

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The Knicks now hit the road for a weekend back-to-back. Part one will serve as a reunion with Isaiah Hartenstein as the Knicks face the Western Conference-leading Oklahoma City Thunder (8 p.m. ET, MSG/NBA TV).

Make sure you bookmark Knicks on SI for the latest news, exclusive interviews, film breakdowns and so much more!



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