Sunday, October 30, 2022

 

What Happens to Housing when There’s a Recession?

What Happens to Housing when There’s a Recession? | MyKCM

Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG says:

“Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .

 More than 8 out of 10 anticipate a recession over the next 12 months, with more than half expecting it to be mild and short.”

To add to that sentiment, housing is typically one of the first sectors to rebound during a slowdown. As Ali Wolf, Chief Economist at Zondaexplains:

“Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound.”

Part of that rebound is tied to what has historically happened to mortgage rates during recessions. Here’s a look back at rates during previous economic slowdowns to help put your mind at ease.

Mortgage Rates Typically Fall During Recessions

Historical data helps paint the picture of how a recession could impact the cost of financing a home. Looking at recessions in this country going all the way back to 1980, the graph below shows each time the economy slowed down mortgage rates decreased.

What Happens to Housing when There’s a Recession? | MyKCM
Fortune explains mortgage rates typically fall during an economic slowdown:

Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

While history doesn’t always repeat itself, we can learn from and find comfort in the trends of what’s happened in the past. If you’re thinking about buying or selling a home, you can make the best decision by working with a trusted real estate professional. That way you have expert advice on what a recession could mean for the housing market.

Bottom Line

History shows you don’t need to fear the word recession when it comes to the housing market. If you have questions about what’s happening today, let’s connect so you have expert advice and insights you can trust.

Wednesday, October 19, 2022

 




2320 Summit Ridge Drive 
St. George, UT 84790

Very nice roomy rambler on large lot. No HOA. Appliances close to new.  Come see for yourself, you'll be glad you did. Listed at $524,900.00. 

Call or text Phil Johnson for questions or showings (435) 862-4941.

Friday, September 30, 2022

Retirement and Your Equity

 

Planning To Retire? Your Equity Can Help You Reach Your Goal.

Planning To Retire? Your Equity Can Help You Reach Your Goal | MyKCM

Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.

If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize.

That’s because, if you already own a home, you’ve likely built-up significant equity, and that can help you fuel your next move. According to the National Association of Realtors (NAR):

“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”

In fact, over the last twelve months, CoreLogic reports the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation.

You can use your equity to help you achieve your homeownership goals. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your equity can help get you there. It may be some (if not all) of what you’d need as your down payment on a home that better fits your changing needs.

To find out how much equity to have in your home, reach out to a trusted real estate professional today.  

Bottom Line

Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, let's connect so you have an expert to guide you through the process as you sell your current home and give you expert advice as you buy one that’ll better suit your needs.

Thursday, September 29, 2022

1157 W. 400 S.


 1157 W. 400 S. 
Hurricane, UT 84737

Your own oasis. 2 beautiful homes on 1.96 acres of land. Comes with a pool & hot tub, 864 sqft barn with concrete floor, huge backyard with sprinkler and irrigation capabilities, a retained area prepped for water feature or pond, lots of fruit trees, electrical conduit installed in the backyard. 2nd home was built in 2020 and is a duplex, each unit rentable . Has 1 water share (Share negotiable)

but on same utilities at the moment. Main home living area is currently undergoing remodel to expand the space. Remodel is planned to be completed by seller and seller is willing to give allowance towards completion if buyer wants early possession. Listed at $2,100,000.00. Click here for more pictures and Information. 

Call or text Johnson or Jenny Amelewu for questions or showings (435) 222-0886 (435) 429-1196

1979 W. Rivers Edge Lane


 1979 W. Rivers Edge Lane
St. George, UT 84770

Beautiful, roomy, single level home on the golf course at Sunbrook. New HVAC, new range, new microwave, new water heater & water softener. Recent home inspection available. Home warranty. Great neighborhood. Come see for yourself, you'll be glad you did. Listed at $790,000.00. Click here for more pictures and information. 

Call or text Phil Johnson for questions or showings (435) 862-4941.

4321 W. 2700 S.


 4321 W. 2700 S.
Hurricane, UT 84737

Spectacular custom home that has been gently used as a second home. Plenty of room for you and your guests. Large garage with pull through to back. Refreshing pool in back for hours of fun and relaxation after enjoying Sand Hollow Reservoir and dunes. Listed at $679,000.00. Click here for more pictures and information. 

Call or text Chantel Markel for questions or showings. (435) 632-9621

3530 Manzanita Road #7


 3530 Manzanita Road #7
St. George, UT 84790

Desired Bloomington Townhouse with plenty of room. Golf course views, minutes from trails for outdoor enjoyment, well maintained by the only owner. Four large bedrooms, workshop, storage, new water softener. Downstairs fridge, organ, piano, dining area tables, washer/dryer, items in garage not included in sale, they will be removed. Listed for $549,999.00. Click here for more pictures and information. 

Call or text Chris Clayton or Nikki Nelson for questions or showings. 
(435) 773-5823 (435) 619-1776