Appreciation!
Appreciation!!
And Appreciation!!!
Whether you are talking about the appreciation that means "thank you", the appreciation that means “a good understanding” or the
appreciation which means you’re earning money on your Real Estate….. the word
“Appreciation” is a great conversation for the month of November. I love the month of November because it
feels like from the moment the calendar turns to November 1st there
is a heightened sense of appreciation and gratitude for life!
Now I’m going to switch it up a little on you and talk about how you can appreciate the APPRECIATION in the Real Estate market right now…. I’m going to spend a few minutes
chatting about your home appreciation because after all, this is a mortgage
blog.
It’s exciting to see the upswing in the market and home appreciation
being in the news as opposed to depreciation.
I did a little investigating to find out where the HOT spots were in my
little part of the world and this is what I found. (Numbers and stats were pulled from the
report in the Salt Lake
Tribune.)
Home prices for the third quarter of 2015 in the Salt Lake
County were UP compared to the prices for the third quarter of 2014. Can I get a Hallelujah!!!! There are over 30 zip codes in the SL County
area and almost every one of them has seen a rise in home appreciation. This is exciting and amazing news for home
owners and hopeful home buyers as well.
The zip code 84103 had the highest average home price at $427,950 with
an increase of appreciation of 9%. The SLC
zip code 84104 has been historically the lowest in home prices but is now
boasting an average home price of $157,000 which was an amazing 15.9% increase
in appreciation over last years home prices.
The home price of about $292,475 is the median price range for the SL
County area, which is GREAT news for anyone looking to purchase a new home and
even better news for anyone that is needing to upsize their current home for
whatever reason. This kind of appreciation
enables sellers to sell their current home and have a down payment for a new
home, creating new inventory for future home buyers. This kind of appreciation also allows buyers
to act NOW so that they can get in on the rising appreciation that comes with
home ownership in this kind of economy and begin to play the appreciation game. Sweet!!!
There were only 2 zip codes in the SL County area that did not see a
rise in appreciation over the last year, 84065 and 84088 (Riverton and West
Jordan) but the decrease was a minimal 1.6% which only means the market was
balancing itself out over in that area and will begin to see a rise again soon
as all the areas around it are on the rise.
Other areas along the Wasatch Front….
In Davis county, EVERYTHING is looking up. All 10 zip codes had an increase of anywhere
from 2.9% all the way up to 13%. The average
price is right around $265,875 with a high in the range of $340,000 for the
Farmington, 84025, area and $191,750 for the Clearfield 84015 area which had
the highest number of units sold in any of the counties along the Wasatch Front. Woods Cross 84087 had the highest rate of
appreciation with home appreciation rising by 13% over last year. Nice stats Davis County!!!
Weber County also has mostly up arrows as the appreciation
rates continue to climb in all zip codes except the neighboring little city of
my home town, Eden 84310, but never fear little town of Eden…it was only a
small decrease and I’m sure with the unprecedented growth spurt of Huntsville
84317, with an outrageous growth of 69.8% of appreciation over last year…. Cute
little Eden will be right back up there soon!
Farr West/Harrisville 84404, has seen the most growth as far as the
amount of units sold in this county and Hooper, 84315, has a great average
price of right around $277,500. Nice
Hooper!!! I have to say, I love seeing
these positive stats for this county I grew up in. Yay Weber County!!
Utah County boasts the highest average home price of
$606,000 in the Alpine 84004 zip code.
They have held steady with the number of units being sold right around
30 for the past 3 years but have been able to realize a 10.2% increase over
last year for appreciation which is great news for the entire county. Utah
County also experienced increases in all zip codes except 2, which were Lindon
84042 and Salem 84653 but the decrease was again very minimal of about 7% and
the other zip codes (19 zip codes total) all are seeing appreciation ranging
from 2.4% up to 24% with Lehi having the second largest amount of units sold along
the Wasatch Front. The average home
price overall for this county is $274,645, making this still a very affordable
and GORGEOUS place to live at the base of those FABULOUS Rocky Mountains.
So what does this all mean??? It’s time to truly APPRECIATE that our
economy is up and running and we in Utah are certainly benefiting from this
appreciation! If you are thinking about
buying, now is the time because you want to get in on the appreciation game!!! Worried about a down payment??? Don’t be….. I have a fabulous little secret
that is going take that worry right away!!!
Need help with your credit score???
I’ve got that mystery figured out too…. We just need to connect. Feel free to email me at sherijoi1972 at gmail dot com
or call/text me at 503.380.1156 or you can reach me on my direct business line
at 801.736.2036.
Would you like to know what your house is REALLY worth…. Not
just some random crazy zestimate you find online?? Text “Personal Home Evaluation” to this
number 801.828.8015 and we’ll hook
you up.
Enjoy November!!! Enjoy
YOUR appreciation and feel free to join in on the appreciation game. If you haven’t joined the Real Estate Appreciation
game yet, you can always join in on the gratitude (appreciation) game whenever
and wherever you are!!! It’s easy to
play…. every day…. Find at least 5 things to be grateful for!!!
Cheers to APPRECIATION in all its many forms!!!
Written by Sheri Joi
Mortgage Professional and Cheerleader for the Soul
Passionate about Lending since 1995
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