The Latest From Utah’s Housing Market: Prices, Interest Rates, and More
How buyers and sellers can respond to recent housing market changes.
What’s been going on with Utah’s real estate market? Interest rates have recently climbed to 8%, and the inventory levels are remarkably low. So, what does this mean for you, whether you're a homeowner or a potential buyer?
First, while rates are currently in line with the national average, you should know that they likely won’t stay this high forever. You may think this means you should wait to buy a home, but if you can comfortably afford a home at current rates, now might be the time to make a purchase. The current scarcity of inventory suggests that when rates eventually decrease, there will be a surge in demand, leading to a competitive market with multiple offers and limited negotiating power for buyers.
“Despite changes with the interest rates, we’re still in a strong market for sellers.”
For sellers, the current market still has a ton of opportunities. Despite the higher interest rates, there are still eager buyers in the market. Homes are spending approximately 30 days on the market, which is reasonable, and sellers have the potential to secure top-dollar deals, though some negotiation may be involved. While multiple offers aren't as prevalent, homes are still selling well in today's market.
If you're thinking about buying and want to assess your buying power, feel free to call, email, or send me a direct message. Additionally, if you're a homeowner considering selling and are curious about your home's current value, we can provide you with comparable market analyses to help determine your property's potential selling price. My team and I look forward to hearing from you!