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- The Canovo Report - November 28, 2023
The Canovo Report - November 28, 2023
🗞️ 4 Utah cities rank for home value decline,
Happy Tuesday! Today in the Canovo Report…
Four Utah cities rank among top in home values decline, fourplex sales down 44%, Magna duplex sold at an 8 cap, interest rates continue to drop, Fed maintains higher for longer stance.
If you have any questions about buying or selling multifamily property in Utah, you can schedule a brief strategy call with me here.
Happy Investing,
David Robinson
Featured Multifamily Listings
> Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below. If you’d like to learn how we help exclusive investor clients find and acquire top-performing multifamily, click here.
$2,180,000.00
332 S 400 E Cedar City Utah , 84720
Type: 22
Est Proforma Cap: 7.21%
Total Monthly Expenses: 4127.33
Gross Monthly Income: $17,754.00
$465,000.00
752 W 400 S Provo Utah
Type: Mother In Law
Est Proforma Cap: 6.15%
Total Monthly Expenses: $805.23
Gross Monthly Income: $3,286.00
$585,000.00
10535 S Poplar Grove Dr South Jordan Utah
Type: Mother In Law
Est Proforma Cap: 6.13%
Total Monthly Expenses: $1,011.23
Gross Monthly Income: $4,122.00
$340,000.00
1750 W 750 S Vernal Utah , 84078
Type: 5
Est Proforma Cap: 11.16%
Total Monthly Expenses: $848.62
Gross Monthly Income: $4,135.00
$525,000.00
373 N Fern Dr Clearfield Utah
Type: Mother In Law
Est Proforma Cap: 5.69%
Total Monthly Expenses: $872.83
Gross Monthly Income: $3,468.00
$1,100,000.00
590 E Pilot St Wendover Utah , 84083
Type: 12
Est Proforma Cap: 8.28%
Total Monthly Expenses: 2261.63
Gross Monthly Income: $10,152.00
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.
Sold Multifamily Listings Last Week
> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer. Curious about your property's value? Request a complimentary broker's opinion of value.
What is Your Property Worth? Request a Free Valuation.
Utah Market Data
Interest Rates and Financing
Source: freddiemac.com
Other Top News, Reports and Insights
> The Federal Reserve's latest meeting minutes revealed a strong stance against rate cuts, as officials emphasized the need to maintain restrictive monetary policy to combat persistent high inflation. They indicated that policy decisions will be made carefully, based on a comprehensive evaluation of incoming data and its implications for the economy.
Key Takeaways:
No Rate Cuts Discussed: Fed officials did not discuss the possibility of rate cuts and expressed the need to keep policy restrictive until inflation consistently moves towards the central bank's 2% goal.
Market Expectations vs. Fed Stance: Despite market expectations of rate cuts, evidenced by fed funds futures pricing in cuts from May 2023, the Fed's minutes gave no indication of such plans.
Economic Outlook and Risks: The Fed expects economic growth to slow markedly in the fourth quarter of 2023 and sees risks skewed towards slower growth and higher inflation, with concerns about strong wage growth and stubborn inflation components like rent and medical care. (More)
> Utah’s first time homebuyer grant is off to a great start. As of mid-November, the program has helped 460 Utah families, with 355 applications funded to the tune of nearly $6.7 million and 105 reservations awaiting funds totaling $2.1 million, according to the program's administrator, Utah Housing Corporation. About 1,860 slots remain.
Key takeaways:
A Recipient may receive up to $20,000 in Assistance and the funds may be used for down payment, closing costs, and/or a permanent interest rate buy down for the qualifying mortgage loan.
The maximum purchase price is $450,000.
Eligible property types include detached single-family homes, condominiums, townhomes, or similar residential dwellings, including manufactured or modular homes attached to a permanent foundation. (More)
> Four Utah cities rank among the top 25 U.S. metro areas where home prices have fallen the most in the third quarter of 2023, indicating a shift in a market that had seen dramatic price increases during the pandemic. Despite the national resilience of the housing market with median home prices still rising, these specific areas in Utah are experiencing noticeable price declines.
Key takeaways:
Declines in Utah Cities: St. George, Provo, Logan, and Salt Lake City are among the Utah cities where home prices have decreased, reflecting a broader trend in slowing housing market sales.
National Housing Market Trends: While the median U.S. home price has increased, over 80% of metro markets posted home price gains, even with high mortgage rates affecting affordability.
Increased Mortgage Payments: The monthly mortgage payment on a typical single-family home has risen significantly, making the current housing market one of the least affordable in recent decades. (More)
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