There’s been a lot of noise made this year about the housing market being a “seller’s market,” and that’s been true in a lot of ways. Prices and mortgages have been going up, and a smaller-than-average inventory means there are too few homes for sale out on the market to choose from. So you’d think this would give the seller all of the power, right? Well, yes and no. Because while all of this may be true, context is key. For instance, mortgage rates and home prices are going up, sure, but they’re still at some of the lowest levels they’ve ever been.
But this isn’t going to last! As the economy continues to improve, a lot of the housing markets hit hard by the financial crisis are rebounding and getting healthier every day. These increases aren’t going to stop anytime soon and eventually they’re going to begin climbing out of the price ranges of many first time home buyers. Which is why budget-minded buyers should act sooner rather than later!
On top of that, sales numbers across the U.S. have been down lately. Now that’s no real surprise, since the winter is always a slow time for selling. But before you know it, spring will be right around the corner, which is when the home shopping season really blows up. Homeowners looking to sell know full well what the market is like at this time of year, meaning that buyers right now have way more negotiating power than they realize in securing the best possible deals.
If you’re on the lookout for both incredible and affordable houses in Salt Lake City, then let us know! A Salt Lake City real estate agent at Muve Real Estate can show you around the town’s best housing opportunities.
