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- The Canovo Report - October 17, 2023
The Canovo Report - October 17, 2023
New Multifamily Listings; Are rates going to hit 8%?; Utah Least affordable in History
Check out this week's market snapshot and new 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 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
🔥 NEW MULTIFAMILY LISTINGS
550000
271 E 300 N Logan Utah , 84321
Type: 3
Est Proforma Cap: 4.26%
Total Monthly Expenses: 760
Gross Monthly Income: 2796
525000
774 N 200 E Logan Utah , 84321
Type: 2
Est Proforma Cap: 4.22%
Total Monthly Expenses: 723
Gross Monthly Income: 2650
1249000
201 N I St Salt Lake City Utah , 84103
Type: 5
Est Proforma Cap: 4.21%
Total Monthly Expenses: 1719
Gross Monthly Income: 6290
547475
169 S 540 E Logan Utah , 84321
Type: 2
Est Proforma Cap: 4.02%
Total Monthly Expenses: 738
Gross Monthly Income: 2650
899000
1009 E 1700 S Salt Lake City Utah , 84105
Type: 2
Est Proforma Cap: 3.76%
Total Monthly Expenses: 1180
Gross Monthly Income: 4122
699900
84 E 300 N Logan Utah , 84321
Type: 4
Est Proforma Cap: 3.45%
Total Monthly Expenses: 888
Gross Monthly Income: 2992
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.
📊 MARKET SNAPSHOT
📰 NEWS, REPORTS, & INSIGHTS
Utah Housing Markets Are the Least Affordable In State History
Summary: Utah's housing market is currently the least affordable in its history, driven by the pandemic's effects, with homes and rentals becoming increasingly inaccessible for average wage earners.
Key Points:
The pandemic years of 2021 and 2022 saw extreme volatility in Utah's housing market, with significant shifts in home sale prices, rents, and new construction, comparable to the changes observed during the Great Recession.
Analysts from the University of Utah’s Kem C. Gardner Policy Institute label the current housing situation as “severely unaffordable,” with housing demand initially increasing due to decreased borrowing costs during the early pandemic, followed by rising interest rates from the Federal Reserve.
Utah's median home sales price is now approximately 6.26 times its median household income, indicating severely reduced affordability, and the housing shortage is predicted to worsen in late 2023 and 2024.
Despite a record rise in home prices in 2022, a decrease in sales is predicted, with most of Utah’s counties witnessing a drop in prices, but with expectations that prices will continue their long-term upward trend by 2024.
Source: sltrib.com
Mortgage Rates Just Jumped Again: ‘We’re Heading Toward 8%’
Summary: Mortgage rates for 30-year fixed-rate loans have risen to an average of 7.57%, and some experts predict rates might approach 8% soon, potentially exacerbating the stagnation in the housing market.
Key Points:
Rates for 30-year fixed-rate mortgages increased from 7.49% to 7.57% in the week ending Oct. 12.
The housing market has been in a holding pattern due to these high rates, with reduced sales activity despite potentially more hikes in mortgage rates.
Median home prices have barely changed, with growth of just 0.1% over the last year for the week ending Oct. 7.
Housing inventory is at "historically low" levels, with new listings decreasing by 3.2% year over year for the week ending Oct. 7.
Source: realtor.com
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