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Fed Cuts Rates Deeper Than Expected
Bountiful Fourplex listed for 949K; Ogden Triplex Sells at a 6.7% Cap
David Robinson
September 18, 2024
This week in the Canovo Report…
Fed Cuts Rates Deeper Than Expected
Bountiful Fourplex listed for 949K
Ogden Triplex Sells at a 6.7% Cap
If you find value in our weekly report, please consider forwarding it to a friend! If this is your first time here, you can subscribe here.Happy Investing,
David
New 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.
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 Listings
> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer.
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Utah Market Snapshot
Sold Listings | Multi-Unit (2+) | Single Family |
|---|---|---|
YTD Med Sold $/SqFt | + 5.83% | + 3.39% |
YTD Listings Sold | + 18.65% | + 1.76% |
Active Listings | Multi-Unit (2+) | Single Family |
|---|---|---|
Med Asking $/SqFt | + 1.30% | + 1.17% |
Total Active Listings | + 43.72% | + 20.58% |
> Multi-Unit (2+ Units): Total Sold and Price Per Sq Ft
> Multi-Unit (2+ Units): Active Listings and Price Per Sq Ft
> Single Family Homes: Total Sold and Price Per Sq Ft
> Single Family Homes: Active Listings and Price Per Sq Ft
Rates & Financing
> Mortgage Rates as of 9/17/024
Source: Mortgage News Daily
Property Management
> Fix Nice Not Thrice
When making repairs in your units it is important to understand the total cost of ownership. It can be tempting to go with the cheapest contractor using the least expensive materials, because it takes the least cash right now. However, if you have to replace the faucet, appliance, or door knob again or have to hire someone else to fix what the cheap handyman forgot to do, it will be more expensive than if you did it right for a little more money the first time.
We recommend having a trustworthy contractor or handyman that can help bid and assure quality in both parts and labor. It is important to communicate to the contractors the level of quality you require and then ensure the work matches up before they get paid.
If you would like help with coordinating repairs and lowering your Total Cost of Ownership Give us a call.
Get professional property management for only $39/unit. Learn more.
Headlines & Insights
Featured Story
> Fed's Bold Move: Lower Mortgage Rates Ahead
The Federal Reserve has made a big decision to cut interest rates for the first time in four years. This move is aimed at boosting the economy after a period of high inflation.
The rate cut, which brings the central bank’s benchmark rate down to about 4.8% from a recent high of 5.3%, could make mortgages cheaper. Already, mortgage rates have dropped by around 1% since May, and they could keep going down if the Fed continues to lower rates.
"Even though these lower rates haven't caused a big increase in home sales yet, they're helping people afford more," said Danielle Hale, an economist at Realtor.com®. Monthly mortgage payments for an average-priced home are now about $2,100, down from higher amounts earlier.
The rate cut might also encourage more people to sell their homes, which could ease the shortage of houses for sale and help keep prices from rising too fast. Lisa Sturtevant, an economist at Bright MLS, thinks this fall could see a better balance between buyers and sellers in the housing market.
Looking ahead, Lawrence Yun from the National Association of Realtors® thinks the Fed will probably cut rates more in the coming months. However, he says mortgage rates might not fall much more since they've already adjusted to the Fed's plans.
As the Federal Reserve continues to make these changes, homeowners and potential buyers could benefit from lower costs of borrowing, potentially making it easier to buy a home in the near future.
What did you think of today's report? |
David Robinson
Principal Broker/Managing Partner
Whenever you’re ready, there are a couple of ways I can help you:
1. Buy The Best Multi-Unit Properties in Utah:
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