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Today, we’ll review some trends in the Salt Lake City housing market you can expect to see this year.
The median home buyer age is increasing. That’s one of the biggest trends to pay attention to right now, actually. We used to see those in their late twenties buy homes, but we’re seeing this happen more so with those in their late thirties. Oftentimes, we hear, “I need to save money to buy a home.” They might also be fine with renting, and buying later on.
Additionally, home values are outpacing our current income. Even though values are increasing, our income isn’t adjusting. However, we expect it to catch up eventually.
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Home values are outpacing our market’s income.
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Thirdly, walkable suburbs are the new hot spots. The downtown centers have gotten unaffordable for certain buyers, so they’re reaching out to suburban areas that offer other benefits. These neighborhoods might have a smaller downtown area of their very own.
Lastly, more people will be qualified to buy a home as unaffordable rents occur more. Right now, if you were to rent a space for 1.8 years, it’d be better to buy it out. That’s how short of a time it would take to break even.
If you’re thinking about buying or selling a home in the surrounding area, reach me by phone or email. I’d be happy to serve your local real estate needs and help you in any way I can!
