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Today I am going to be updating you on the state of the Salt Lake City real estate market, as forecasted by economists in the Salt Lake Housing Forecast for 2015.
If you'd like the full report please just ask me for it and I'd be glad
to share it with you, but here is a break-down just for you:
- Mortgage interest rates are absolutely fantastic right now. Most rates are falling under 4% right now, and this means that you're affordability when buying a home is very high. However, these rates are expected to rise by the end of 2015, and some experts are estimating that they could rise to the vicinity of 5.5%.
- Appreciation in Salt Lake City is expected to be right around 4%. If you have a $300K home and want to move into a $400K home, you could do so very easily when you account for 4% appreciation over a year and also interest rates that are at all-time lows.
If you are looking at buying or selling in this market, please
don't hesitate to contact me. Now is a great time to buy, but it's also a
great time to sell because we think this high affordability will push a
lot of first-time home buyers out into the market this year.
Have a great day!
