Should you wait to purchase a property or take advantage of the current market? I’ll go over the latest market trends you should know in order to make the best decision for you and your family.
Selling your Salt Lake City home? Get a free home value report
Buying a Salt Lake City home? Search all homes for sale
Should you wait to purchase a property or should you take advantage of the current market? There are a few market trends that you should be aware of before you make this decision.
2016 had the strongest home prices that we’ve seen in a decade, with the average single-family home price of $295,000. Taking inflation into account, the average price in 2007 would have been around $290,000, so we have gone above and beyond that number.
As a result, some people feel like the housing market might be heading toward another bubble. However, there are three reasons why we are not approaching a new housing bubble:
- Our population is growing quickly. Our city has one of the fastest growing populations in the country.
- We are in the top five for employment and job growth.
- The number of people moving into our state is up. Five years ago, we only had 2,000 to 4,000 people migrating to Utah from other states. Last year, 24,000 people moved in from out of state.
“
”
We are not heading towards another housing bubble.
”
If you are thinking of buying a home, now is a good time to take advantage of a low interest rate and purchase a home. You can even make a lateral move; maybe the home you want isn’t priced much higher than your current home’s value. You don’t have to take on more debt, but you can get into the home you want if that makes sense for you.
If you have any other real estate questions or if you would like help in your home search, give me a call or send me an email. I would be happy to help you!