Utah's Incredible Market
As a new year begins, I can't help but be excited as a continued stream of good news for our Utah real estate market keeps pouring in. Here is a brief snapshot of why our market is doing so well:
1- Utah Unemployment rate of 3.6%
2- Home prices have risen over 20% since the bottom of the recession
3- Only 6% of homes with mortgages owe more then they are worth (2011 it was 28%)
4- Only 8% of homes with mortgages are behind on payments (2012 it was 28%)
5- Interest rates are still at historic lows, allowing more buyers to qualify
6- We are in a buyer's and seller's market
I have many people ask how it can be a buyer's and seller's market at the same time and here are my reasons. For sellers the number of buyers in the market have increased drastically from the worst of the recession and the average market time is 5.9 months. Which you may think is a long time, but Utah is in a balanced market at 6.5 months of listing inventory, so anything shorter is considered a seller's market.
The reason it is a buyer's market is because interest rates are incredibly low, in fact the last time interest rates were this low was in the 1950's. These rates allow a buyer to have far more purchasing power to buy what they want and keep their monthly payments low. In fact many times I will have clients that their mortgage payment is the same or less then what they were paying in rent. The US has averaged around 8% for mortgage rates since it's founding, so being around 4% we are way below the average. Also lenders have come out with many new loan options that let you bring in little to no down payment.
If you or someone you know is looking to buy or sell, please call, text or email me!
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