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Check out this week's market snapshot and top investment property 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 have any questions about buying or selling investment property in Utah, you can schedule a brief strategy call with me here.

Happy Investing,

David Robinson

🔥 TOP INVESTMENT PROPERTY LISTINGS

$750,000.00

1619 W Ivy Cir Salt Lake City Utah , 84116

Type: 4 Unit

Est Proforma Cap: 7.09%

Total Monthly Expenses: $1,406.15

Gross Monthly Income: $6,016.00

Listed by: Utah Real Estate ProfessionalsRequest More Details

$485,000.00

108 N 400 W Price Utah , 84501

Type: 5 Unit

Est Proforma Cap: 7.57%

Total Monthly Expenses: $945.26

Gross Monthly Income: $4,130.00

Listed by: Sun SomewhereRequest More Details

$515,000.00

1959 W Condie Dr Taylorsville Utah

Type: Mother-In-Law

Est Proforma Cap: 7.07%

Total Monthly Expenses: $964.21

Gross Monthly Income: $4,122.00

Listed by: Berkshire Hathaway HSRequest More Details

$480,000.00

4912 W Janette Ave West Valley City Utah

Type: Mother-In-Law

Est Proforma Cap: 7.64%

Total Monthly Expenses: $940.70

Gross Monthly Income: $4,122.00

Listed by:The Group Real EstateRequest More Details

$2,195,000.00

356 N 300 W Salt Lake City Utah , 84103

Type: 14 Unit

Est Proforma Cap: 7.09%

Total Monthly Expenses: $4,116.11

Gross Monthly Income: $17,612.00

Listed by: Stonebrook Real EstateRequest More Details

$450,000.00

296 S Lakeview Dr Clearfield Utah , 84015

Type: 2 Unit

Est Proforma Cap: 6.78%

Total Monthly Expenses: $822.45

Gross Monthly Income: $3,468.00

Listed by: Equity Real EstateRequest More Details

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.

📊 MARKET SNAPSHOT

📰 NEWS, REPORTS, & INSIGHTS

Utah’s top 10 most expensive neighborhoods along Wasatch Front

Utah’s housing prices shot up amid the pandemic housing frenzy (rising by almost 50% since the spring of 2020), and even though they’ve tapered slightly this year, housing costs are still out of reach for many Utahns. Some neighborhoods come with a higher premium than others.

Here’s the ranking:

1. Alpine, Utah County (84004): $1,165,000, down 13.7% from the second quarter of 2022.

2. Huntsville, Weber County (84317): $1,039,000, down nearly 30.7%.

3. Salt Lake City, Salt Lake County (84108): $1,017,500, up 10%.

4. Eden, Weber County (84310): $996,500, down 11.4%.

5. Salt Lake City, Salt Lake County (84103): $879,525, up 1.1%.

6. Draper, Salt Lake County (84020): $876,250, down 0.7%.

7. Sandy, Salt Lake County (84092): $875,000, down 0.6%

8. Mapleton, Utah County (84664): $859,403, up 9.5%

9. Holladay, Salt Lake County (84117): $852,500, up 1.13%

10. Holladay, Salt Lake County (84124): $847,500, down 4.78%

Source: Katie McKellar | deseret.com

More Home Sellers Drop Their Asking Price As Mortgage Rates Hit Two-Decade High

Summary:

The U.S. housing market is witnessing a trend of sellers reducing their asking prices due to the deterrent of record-high monthly mortgage payments for buyers. Approximately 6.5% of U.S. homes for sale experienced a price drop in the four weeks leading up to September 24. While the median home-sale price has risen by 3% from the previous year, mortgage rates are at a two-decade high, making the typical homebuyer's monthly payment unprecedentedly high.

Key Points:

• 6.5% of U.S. homes reduced their prices in the four weeks ending September 24, a notable increase from 5.8% the previous month.

• Despite a 3% year-over-year increase in median home-sale prices, high mortgage rates have caused monthly payments to soar.

• Housing inventory has decreased by 15% year over year, yet sellers are urged to price homes reasonably due to buyer caution.

• While securing a home under its asking price remains challenging, an uptick in new listings since September offers buyers more options.

Source: Dana Anderson Redfin.com

Rent Now, Buy Never? The Cities Where Paying Cheap Rent Makes More Sense Than Buying a Home

Key Points:

• The annual Rent vs. Buy analysis by Realtor.com® highlights that in the majority of the 50 largest metropolitan areas, renting is cheaper than buying. Only in three cities is it cheaper to buy.

• Higher mortgage rates have pushed the average monthly homeownership costs to over $2,860 in August 2023, while the median monthly rent stands at about $1,750 for the 50 largest metropolitan areas. This presents a significant difference in monthly bills for potential buyers, even after considering substantial down payments and closing costs.

• The article lists the top 10 metropolitan areas where renting saves the most money when compared to buying. Leading the list is Austin, TX, where renters save 136% or $2,276 monthly. Other cities in the top three include San Francisco, CA (102% savings) and Columbus, OH (101% savings).

• Conversely, there are three cities where buying is slightly more economical than renting: Memphis, TN; Pittsburgh, PA; and Birmingham, AL. However, the savings in these cities are minimal, ranging from $6 to $43 per month.

Source: Evan Wyloge | realtor.com

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