If you’ve been toying with the idea of putting your house on the market, it’s time to stop thinking and start doing. The real estate market is in good shape heading into 2018, and we’ve got five reasons why now is the time to sell.
- Prices are still rising. Utah home prices have been skyrocketing. In 2017, average home prices rose by 5.5%, which makes it a great climate to get the most out of your house. In fact, Realtor.com named Salt Lake City the sixth hottest housing market in the nation for 2018. And, while it’s not quite as large as last year, prices are predicted to continue growing by a rate of 4.5%.
- Tech is driving new buyers into the market. With the continued growth of high tech jobs on the Silicon Slopes, people from places like high-priced Silicon Valley and Seattle are swarming to Utah for a better cost of living and a higher quality of life. Buyers from these inflated markets are happy to pay asking price (or more) for your Utah home. Forbes, which ranked Salt Lake City the number four city in the U.S. for tech jobs, touted housing prices as a major attractant for high tech talent.
- Demand is outpacing supply. If you’ve been on the other side of the housing market recently (trying to buy) then you already know that houses are selling faster than we can list them. In May 2017, the average time from listing to sale in Utah was just nine days—9!! There’s no reason to believe that pace is slowing down. Right now it’s a seller’s market, which means you can get more out of your home—and you can get it without months of showings, open houses, and crossing your fingers.
- Millenials are ready to settle down. You probably know that the millennial generation now outnumbers the baby boomers. And they’re the perfect age to putting down roots. Although this group (ages 36-18) has been known for their resistance to societal norms—they’re not set on getting married, going to church every Sunday, or buying a home—those norms, they are a’changing. According to Realtor.com, millennials could make up 43% of buyers in 2018, and Utah is on track to make that happen, with 38% of all new mortgages in 2016 going to millennial borrowers.
- Interest rates still look good. For now, at least, interest rates are still low. But it’s not going to stay that way forever. It’s predicted that rates could reach close to 5% by the year’s end, which means the sooner you put your house into the 2018 housing market the better. Chances are savvy buyers are going to act fast to take advantage of rates before they rise. Don’t miss your chance to cash in on this friendly seller’s market.
Don’t Miss Out
Any way you look at it, 2018 is shaping up to be a great year to sell your home. With low mortgage rates, abundant demand, and rising prices, it makes sense to take action now while the real estate market in Utah is on fire. These trends may not last forever, so why wait to find out what you could get for your Wasatch Front home? Contact us today to find out how you can take advantage of one of the hottest markets the Beehive State has ever seen.