Derek Power Team

12/04/2018

This is really quite amazing. I stand by the statement that homeownership is absolutely critical to an individuals future not just their today.

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase s

10/22/2018

There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as pri...

03/28/2018

This is mind blowing! Can you imagine having a mortgage with a rate like we saw just ten years ago let alone one from the 1980's? Wow! Today really is the time to take advantage.

Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.

03/22/2018

Great information here.

Recently, Freddie Mac published an Insight Report titled Nowhere to go but up? How increasing mortgage rates could affect housing. The report focused on the impact the projected rise in mortgage rates might have on the housing market this year. Many believe that an increase in mortgage rates will

03/19/2018

Great article and is SPOT On for much of the Utah market.

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control. The inventory of homes f

03/15/2018

Very interesting. Affordability is based on monthly payment versus income. Take a look. You may be surprised and excited.

If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed. Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the l

03/14/2018

This topic just came up in conversation yesterday with a dear family friend who just returned and is planning to sell his current home then purchase his final property. As he and I discussed his goals many of the factors in this article came up. I thought this might be helpful to any others who are in the same place. Please share if you know anyone else who might benefit. Wishing you all a fabulous day!

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to ...

02/27/2018

WOW! Can you believe the increase in rents? Remember, whether you own or rent, you are paying a mortgage. If you rent it is simply for someone else.

People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is

02/13/2018

This is having an even bigger impact in Utah. My advice...whether you are a buyer or seller...ACT NOW! If you have any questions call me or message me.

According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase. Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason be

02/08/2018

Very interesting!

The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years. A story in the Wall Street Journal gave these new

02/06/2018

Great advice! There are very few choices I made when I was younger that I would change given the chance. Renting versus buying is one of those. I waited 10 years renting the entire time before I purchase. Such a missed opportunity.

In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.” Bach went on to...

01/24/2018

Give me a call to find out how our local markets has been impacted by supply and demand. You may have a whole lot more equity in your home than you realize.

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 4% or more over the next twelve months. One major challenge in such a market is the bank appraisal. When prices