What kind of trends should you expect from the Salt Lake City market this year? There are four big ones you should focus on.
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There are a few trends coming in the 2017 Salt Lake City market that you should be aware of.
- Mortgage rates will go up. We urged people to take advantage of the low rates we saw last year that dipped below 4%. Rates have risen above 4% and are anticipated to rise to about 4.5%, which is a still an amazing rate historically speaking. I remember when rates fell below 7% and the market went crazy.
- Affordability will go down. The market is so strong right now; we have about 1,800 homes on the market and we're expecting a 5% to 8% increase on home prices.
- Millennials in our market. Millennials make up about 17% of our market compared to 14% in other markets. More of these buyers will enter the market this year and they will be a force to be reckoned with.
- You'll see more homes hitting the market in 2017. Homeowners want to cash in on their equity so we'll see a rise in available listings.
