5 Reasons You Should Sell Your Utah Home in 2018

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.

  1. 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%.  
  1. 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.
  1. 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.
  1. 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.
  1. 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.

canstockphoto19275037Don’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.

Selling Your Home: Autumn vs Spring

When it comes to selling your home, which season is better? Autumn or Spring? There are many opinions or theories out there, but evidence is pointing towards Spring.

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According to a recent study by Zillow, on average, homes put on the market between May 1 to May 15 sold 18 days faster than those homes put on market after. In addition, homes put on the market at that time sold for a little more money.

Some other important factors to know about selling your home in the Spring:

  • Less inventory. Because some people feel they shouldn’t list their property under the possible threat of snow and ice, many wait to put their homes on the market. However, if you’re home is the only one on the market in your area (or one of the few) there is a better chance that you’ll have more interest on your home.
  • Job relocations. People tend to get relocated around the New Year (first quarter) which means there is a higher demand for homes for sale. If you’re home is on the market during this time, you not only have a greater chance of selling your home faster and at your asking price.
  • Higher listing price. Stats show homes sell at a slightly higher price in the winter and early spring months. This is for three reasons, 1) agents tend to be more adamant about pricing the home at the right price, 2) you’re more likely to receive an offer that is too good to pass up, and 3) interest rates tend to go up in the spring so buyers tend to be more willing to pay the higher price.

As you move forward to preparing to sell your home, your real estate agent can help you determine the best price for you home, answer all your questions, and support you as you move through the process of selling your home.

Ready to sell? Give us a call today!