Bonneville County                2016               2017               2018               2019

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# of homes Sold in a year           2079                 2058                 1992                 92

January                          102                   106                   115                   92

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# of Active Listings                    2512                 2740                 2519                 334

January                         302                   258                   231                   187

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Average Sales Price                  $177,622           $193,859           $217,358           $214,017

            January                        $162,653           $172,119           $200,855           $214,017   _____________________________________________________________________________________________________________________

Average Days on                       58                     47                     42                     52        

the market

            January                         79                     74                     62                     52

 


A note from Interwest Mortgage lender, Jason Speirs: “I started my career as a mortgage loan officer just over 20 years ago when the 30 year fixed conventional interest rate was approximately 7%.   Prior to that time frame the 30 year fixed rate was as high as 18%!  Ouch!!! 

Home buyers the past several years have been able to enjoy VERY low interest rates.  The average rate in 2016 was approximately 3.5%, the average in 2017 was approximately 4%, and last year’s average rate was approximately 4.5%.   As you can see, although rates are still very low, they are definitely on the rise.   In just two years we have seen a 1% increase, and leading economists expect these increases to continue. 

How does a 1% increase impact a home buyer?  The difference between 4.5% and 3.5% on a $200,000 loan is a payment increase of $115 per month!  How does a 1% increase impact buying power?   If a buyer in 2018 wanted to have the same payment as a buyer in 2016, the loan amount would have to be $22,752 less! 

With these numbers in mind, the potential of future interest rate increases should definitely be taken seriously by anyone considering the purchase of a home.”                              

Jason Speirs | 208.589.5236

What thoughts do you have about this information? 

Comment below or send me an email (russ@russdonahoo.com) or a text (208.243.0545) with any questions.