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2015-02-28 15:52:28
How's the Market in Utah?
 

How's the Market?

Kerri and I are asked this question quite frequently. Due to the warm weather, perhaps, we are seeing a very active winter market! Homes that are priced competitively are selling quickly.

Other Realtors confirmed this observation when I attended the annual Economic Forecast Breakfast in January. I left the meeting very encouraged about owning real estate in Utah. Median sales prices have recovered to 88 percent of the pre-recession peak and the economic outlook for Salt Lake in 2015 is solid.

The Economic Forecast for 2015 predicts that median sales prices will increase by 4 percent to $265,000 and the number of residential sales will increase by 7 percent.

 What market fundamentals under gird this positive outlook in Utah?

1. Strong Job Growth - an additional 20,000 jobs are expected in 2015.

2. Low Unemployment Rate - In November of 2014, the unemployment rate in  Salt Lake County hit the lowest in six years at 3.2 percent. Unemployment is expected to stay below 4 percent.

3. Fewer Underwater Loans, Foreclosures, and Short Sales - Only 1.3 percent of mortgages are in foreclosure state wide.

4. Rising apartment rents

5. Housing Affordability

What could the challenges be? Since 2014 showed the best job growth in 15 years, economists expect the Fed to raise interest rates this year. If you were planning to buy, beating the rate hike would be a great idea. Wondering about selling? We can run a free comparative market analysis to give you an idea of your home's value.

 

- Article by Terri Butts

 

- Information obtained from the Salt Lake Realtor Magazine, February 2015, vol. 75, no. 2

 

 
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2018-02-16 11:48:32
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2015-08-06 18:54:25
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2015-02-28 15:52:28
How's the Market in Utah?


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Kerri Webber, Realtor/Interior Designer
(801) 808-0620 Mobile
kerri@impacthomes.us