How is Utah trying to help first-time homebuyers?
The Utah state legislature approved a bill to offer assistance to first-time homebuyers. How much, you ask? How does $20,000 sound? There is one catch. The incentive is only offered on new construction. The goal is to encourage first-time homebuyers to buy in Utah, but also giving home builders a reason to continue to add to the state’s housing inventory.
While the project may not solve the current housing shortage, it does make owning a home a little easier for a homebuyer looking to get into their first property. There’s also the possibility that other states could follow Utah’s lead and implement similar programs.
How are the ultra-wealthy looking to invest in real estate?
Did you know that commercial real estate is a market worth $1.5 trillion? It’s also where a lot of the world’s wealthiest are looking to put their money.
Amancio Ortega, Spain’s richest man and found of Zara, added at least 10 properties of commercial real estate last year.
Joe Tsai, Alibaba Group Holding’s co-founder, also added more than a half-dozen five-star hotels to his real estate portfolio.
Overall, wealthy individuals, families, and companies spent a combined $455 billion on commercial real estate in 2022. According to Alex James, Knight Frank’s head of private client advisory, “Private buyers are taking advantage of the ongoing repricing of assets and stronger currency positions. This trend is set to continue with private investors seeking liquid wealth preservation options.”
The ultra-wealthy often know how to spot a good deal, and it appears that commercial real estate may be an area they can invest over the long term.
What’s the latest on the current mortgage rate market?
While the national average for a 30-year fixed rate mortgage has ticked upwards to start March, there may be light at the end of the tunnel for homebuyers. According to the team at Mortgage News Daily, there may be weakness in the 10-year treasury yield, a key indicator for mortgage rates.
Also, next week will have the next round of jobs data. Softer reports may indicate that the Fed’s tightening of monetary policy is working and may provide a bit of breathing room in the mortgage market. After that, inflation data is due the following week, and it would be a welcome sign for the mortgage industry to see the next report come in a bit cooler than the last one.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
