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- The Canovo Report - October 10, 2023
The Canovo Report - October 10, 2023
This weeks top investments! - $395k for a 7.83% Cap; SLC Fourplex 6.16% Cap at $849k
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
$400,000.00
821 W 700 S Salt Lake City Utah , 84104
Type: 2
Est Proforma Cap: 6.59%
Total Monthly Expenses: $719.87
Gross Monthly Income: $3,008.00
Listed by: EXIT Realty Success
$425,000.00
2624 S Adams Ave Ogden Utah , 84401
Type: 2
Est Proforma Cap: 7.22%
Total Monthly Expenses: $805.66
Gross Monthly Income: $3,468.00
Listed by: Ulrich REALTORS, Inc.
$750,000.00
2626 Liberty Ave Ogden Utah , 84401
Type: 4
Est Proforma Cap: 8.29%
Total Monthly Expenses: $1,544.15
Gross Monthly Income: $6,936.00
Listed by: Real Team Realty LLC
$849,999.00
102 W Angelo Salt Lake City Utah , 84115
Type: 4
Est Proforma Cap: 6.16%
Total Monthly Expenses: $1,473.32
Gross Monthly Income: $6,016.00
Listed by: Coldwell Banker Realty
$350,000.00
2921 Madison Ave Ogden Utah , 84403
Type: 2
Est Proforma Cap: 6.28%
Total Monthly Expenses: $613.38
Gross Monthly Income: $2,522.00
Listed by: Better Homes and Gardens Real Estate Momentum
$395,000.00
3768 S Jackson Ave Ogden Utah
Type:Mother-in-law
Est Proforma Cap: 7.83%
Total Monthly Expenses: $785.51
Gross Monthly Income: $3,468.00
Listed by: Equity Real Estate - Select
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
Salt Lake Solo Renters Surge: Highest in the Country
Summary:
The number of Americans renting solo has increased, reaching 16.7 million, with Salt Lake City experiencing the highest surge in this trend between 2016 and 2021.
Key Points:
Between 2016 and 2021, there was a 6.7% increase in solo renters, reaching 16.7 million.
Salt Lake City witnessed the most significant rise in solo renters, with a 24.9% increase, amounting to 50,265 renters. This group now represents 15% of the city's total renter population.
Contributing factors for Salt Lake City's increase include its growing sectors in healthcare, technology, and energy.
The cost of living in Salt Lake City is slightly above the national average but remains relatively affordable in comparison to other major cities.
Baby Boomers and Millennials are the primary demographics for solo renting.
Source: Veronica Grecu | rentcafe.com
Homebuyer pessimism climbed to a new record high in September
Summary:
The Fannie Mae Home Purchase Sentiment Index (HPSI) declined by 2.4 points in September due to heightened mortgage rates, worsening the already gloomy consumer outlook on housing. Elevated mortgage rates have now surpassed high home prices as the main concern for consumers in purchasing homes.
Key Points:
16% of consumers believe it's a good time to buy a home, equaling the survey's all-time low.
63% feel it's a good time to sell, a decline of 3% from the previous month.
Only 17% anticipate a decrease in mortgage rates in the coming year.
High mortgage rates, now over 7%, are the primary concern for consumers when considering buying a home.
84% of consumers view the current time as unfavorable for buying a house.
Consumers are pessimistic about home affordability in the future, foreseeing further price increases and citing personal economic stresses.
Home sales are predicted to remain slow in the upcoming year.
Source: fanniemae.com
Lawsuit: Are Buyer Agent Commissions Going Away?
Summary:
Brokerage companies Anywhere and RE/MAX have disclosed the terms of their respective settlements in two key commission lawsuits, implementing significant policy changes. These alterations include eliminating the need for NAR membership, ensuring transparent commission negotiations, and removing minimum commission mandates.
Key Points:
Anywhere proposed an $83.5 million settlement and RE/MAX detailed a $55 million settlement in the Moehrl and Sitzer/Burnett cases.
The terms of these settlements include:
Removal of NAR membership requirements.
Clear disclosure that commissions are negotiable and not mandated by law.
Abolition of minimum commission prerequisites.
RE/MAX, while settling, denies any wrongdoing and remains supportive of the real estate professional system.
The lawsuits accused NAR and major brokerages of implementing an unfair commission system for home sellers.
NAR asserts that it won't settle and believes many of the proposed changes are already covered by its guidelines.
Anywhere has introduced further rule changes, including preventing company-owned brokerages from advertising buyer agent services as free.
Judicial approval is still pending for the proposed settlements, with the Sitzer/Burnett case slated for trial on Oct. 16.
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