Skip To Content

December Newsletter

The Fields Team

December 2023 Newsletter and Market Update

HEY THERE!

Welcome December – This month we’re celebrating the warmth of the holidays, time spent with friends and loved ones, reflecting on this year and goal-planning for 2024.

The Fields Team December 2023 Newsletter & Market Update

2024 Housing Market Forecast The new year is right around the corner, and you might be wondering if 2024 will be the right time to buy or sell a home. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what’s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why. Experts Forecast Ongoing Home Price Appreciation Take a look at the latest home price forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):

In a real estate landscape marked by resilience, our current market trends showcase a remarkable 2.8% year-end increase in property prices, defying earlier predictions of a downturn. As we navigate into 2024, experts anticipate a further 1.5% uptick in prices, emphasizing the sustained growth that characterizes the industry. The scarcity of available homes relative to the robust demand has been a key driver, underscoring the fundamental principles of supply and demand. Looking ahead, while the projected increase for 2024

In a real estate landscape marked by resilience, our current market trends showcase a remarkable 2.8% year-end increase in property prices, defying earlier predictions of a downturn. As we navigate into 2024, experts anticipate a further 1.5% uptick in prices, emphasizing the sustained growth that characterizes the industry. The scarcity of available homes relative to the robust demand has been a key driver, underscoring the fundamental principles of supply and demand. Looking ahead, while the projected increase for 2024
may not match the fervor of the previous year, it’s crucial to recognize that home price appreciation is cumulative. This means that the 2.8% rise in 2023 sets the stage for an additional 1.5% in 2024, affirming the long-term value proposition of homeownership in the face of evolving market dynamics. As your real estate team, we remain dedicated to navigating these trends, ensuring your investment continues to thrive in this dynamic landscape.

Projections Show Sales Should Increase Slightly Next Year While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph)


While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for buyers and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.

So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.

Data from the past 30 days in Utah County

OUR RECENT LISTINGS

Recently Listed

521 E 5TH Ave N , #101, SLC

Listed at: $435,000

2 BED | 2 BATH | 1085 SQFT

Recently Listed

1288 E 300 S, Provo

Listed at: $514,900

5 BED | 2 BATH | 2208 SQFT

Recently Listed

243 E Snowy Egret Dr, Salem

Listed at: $699,999

4 BED | 3 BATH | 4476 SQFT

Recently Listed

1371 N 700 W, Mapleton

Listed at: $655,000

5 BED | 3 BATH | 3089 SQFT

Recently Sold

218 N. Mine Ct. #218, Saratoga Springs

Listed at: $424,900

3 BED | 2 BATH | 1717 SQFT

Recently Sold

1904 W Garden Dr., Pleasant Grove

5-plexListed at: $1,599,000

15 BED | 15 BATH | 7010 SQFT

Under Contract

63 N Heading Row, Saratoga Springs

Listed at: $367,000

3 BED | 2 BATH | 1311 SQFT

Under Contract

324 W Main St , #2, Santaquin

Listed at: $350,000

3 BED | 3 BATH | 1861 SQFT

WE CAN SELL YOURS TOO!

Contact us for a free home value estimate AND receive your choice of a $5 Swig or Starbucks gift card!

What Our Clients Are Saying

Recommended as a fantastic team to guide you through the steps of home ownership!

LeAndrena J.

Dixie was the absolute best to work with! I’m so grateful for her help with the sale of our home; within one week of listing we got an offer! We were moving out of state with pets and a baby which was super stressful but she made the whole process so much easier! I definitely recommend her 1000X over.

Laurissa J.

Josh is amazing!! He was always an available to talk to. Very Knowledgeable. Made sure we were always taken care of. Got us our dream home!! and did an amazing job selling our home as well. Highly recommend him.

Brandy M.

Introducing Our Stellar Team Members!

In each edition of our monthly newsletter, we take great pleasure in recognizing the exceptional individuals who make our team shine. They are the driving force behind our success, consistently going above and beyond to deliver exceptional results and uphold our core values.

Maria Jaramillo

Transaction Coordinator

Maria has been part of the Team for two years now as the Transaction Coordinator, everything she knows about Real Estate she has learned from The Fields Team and her amazing team members, this makes her super passionate and grateful about her job!
Beyond work, Maria embraces a healthy and balanced lifestyle by eating consciously, being outdoors, often hiking and swimming with her best fur- friend “Scuba” and embodying her passion for yoga and meditation.

After traveling for 6 years she settled in a small town in Lake Atitlan, Guatemala where she enjoys a slow paced and lively community environment.

Sean Knudsen

Preferred Professional: St. Loan Officer at Vonk Lending

With over 21 years of experience in the mortgage industry, I’ve served as a Branch Manager, Broker, Loan Originator, and
Processor. My belief in the importance of customer education has been a guiding principle throughout my career. I am dedicated to ensuring clients understand mortgage terms and have a positive experience. I’ve been a preferred professional with the Fields team since Jared’s early days as a realtor in 2008. Beyond work, my interests include family, travel,
and passionately supporting the KANSAS CITY CHIEFS! Personally, I’ve been happily married since 2019, and my life is enriched by our blended family of five kids. When not immersed in the mortgage world, you’ll find me enjoying
hobbies such as snowboarding, baseball, and basketball.

Events in Utah this December

**Never miss a beat on local events happening this month. For more, check out our Instagram!**

2023 SILVER SKY NIGHTS AT CANYONS VILLAGE

December 15th | 4pm

4000 Canyons Resort Drive, Park City, UT 84098

BREAKFAST WITH SANTA AT GARDNER VILLAGE 2023

December 1st-20th | Various times

1985 West 7800 South1100 West 7800 South, West Jordan, UT 84088

CHRISTMAS CRUISE ON THE PROVO RIVER

December 6th-23rd | Various Days/ 6pm-9pm

9575 S. State Stre3606 West Center Street, Provo, UT 84601

ELF – THE MUSICAL

Saturday | 4pm-5pm

9900 Monroe Street, Sandy, UT

Live Like a Local

Edge Steakhouse

Where Las Vegas meets the mountains and gourmet fine dining meets a steakhouse, Edge Steakhouse truly
delivers a 5-Star experience. Edge uses only Prime, Aged, or Wagyu Beef and every indulgent dish is a star. Fresh
seafood is flown in daily and pop-overs are steaming at each table. Edge… experience the new wave of Fine Dining.

3000 The Canyons Resort Dr, Park City, UT 84098

Holiday Lights at Temple Square

Temple Square is particularly impressive when the holiday lights illuminate the city in an annual tradition that starts the day after Thanksgiving and stays until New Year’s Day. There are believed to be more than one million lights in the square!

50 North Temple, Salt Lake City, UT 84150

Cultivate Craft Kitchen

Cultivate Craft Kitchen’s menu provides modern dishes that capture the flavor of the season, while paying tribute to the rich farming history of Draper City. Within our walls, we create a dining experience with shared plates that will cultivate a love of food, friendships and new flavors.

12234 Draper Gate Dr, Ste 105,Draper, UT 84020

Snowboarding

Hit SIX resorts on ONE day. The Interconnect Tour begins at Deer Valley, where you slip out of bounds and into the huge Wasatch Backcountry. Hike into Park City for some chairlift-assisted gain in elevation, and then, after ducking
the rope for some glorious pow turns in Big Cottonwood Canyon, you’re off to Solitude, Brighton, Alta and finally Snowbird.

Economic Overlook

Why it’s the perfect time to buy your dream home

Record Low Pending Home Sales. Sounds scary, no?

By no means should we think that the housing market doesn’t have a care in the world. To be sure, existing homes (and by extension, Pending Home Sales) have suffered on a combination of higher rates and lower inventory, but there are several counterpoints to historically low sales numbers. The “record” low reported by the National Association of Realtors last week is actually slightly higher than the number initially reported (and subsequently revised) in May 2020. More importantly, it just wasn’t very far from last month’s reading, nor was it a departure from the prevailing trend.

Simply put, pending sales had been in a high, stable trend before covid. Demand surged early in the pandemic when rates and prices were lower. Sales dried up quickly as prices and rates soared, AND as fewer sellers were willing to list their homes for sale. This is in stark contrast from the low sales counts surrounding the Great Financial Crisis which saw abundant inventory, lower prices, and lower rates. In other words, it makes sense for home sales to be in the toilet, and it will make sense to see them climb out once rates improve more meaningfully.

As you can see in the graph, rates are back to 3 month lows. With that said, we’re careful to qualify the recent rate reversal/bounce as a thing that “some analysts” expect, as opposed to a sure thing. Sure things are incredibly rare when it comes to the future movement in interest rates. When we expand our timeline over a longer period, we can see additional reversals that didn’t result in the end of the rate hikes.

Whether or not the current potential bounce proves to be THE bounce we’re looking for is HIGHLY conditional on upcoming economic data. In contrast to previous reversals, the economy
has reached a point where it’s showing signs that the Fed’s rate hikes have cooled inflation and growth off enough that the Fed could soon consider cutting rates. “Soon” in this context is measured not in days or weeks, but months–2 or 3 of them at least. It would also not happen all at once, but instead be a gradual process informed by key economic reports along the way.

Sean Knudsen

Sr. Loan Officer

Vonk Lending

Mobile: (801) 458-3055

NMLS ID:  265807

August Home Maintenance Checklist

Inspect and Clean Gutters

Service Your Heating System

Seal Windows and Doors

Protect Outdoor Faucets

Inspect Roof and Attic

Chimney and Fireplace Maintenance

Test Smoke and Carbon Monoxide Detectors

Prepare Landscaping for Winter

Have questions about real estate?

Whether you’re interested in purchasing your first home, moving up, downsizing, or investing, my team and I are here to be a resource to you.

Reach out today if you have any questions.

We’re always here to help!