Looking for a good time to buy a house in Salt Lake City? It may be sooner than you think! According to a new press release from the Zillow Real Estate Blog, one of the country’s authorities on all things housing, Salt Lake City has been predicted to be 2014’s number one hottest housing market!
Yes, you read that right: Number one! Beating out other metros like Austin, Seattle and Miami, the economists at Zillow have said that they believe Salt Lake City real estate will be next year’s hottest sector for home purchases. This is great news for anyone from first time home buyers to experienced investors, all looking for both a risk-free asset and a new roof over their heads.
This announcement came with a number of other predictions about the state of the housing market going into 2014, which could be a mix of good and bad news depending on who you are. For one thing, Zillow anticipates prices will rise by another 3 percent next year, which may make homeownership a little more difficult for the budget-conscious buyer. On the flip side, if you’re thinking about selling your home, it may be wise to wait a few more months to take advantage of this extra boost in value!
In addition to the news that home prices will likely be going up next year, Zillow also predicted mortgage rates will increase too, maybe to as high as 5 percent by the end of 2014. This can be a bummer too, but there’s also a silver lining here: The higher interest rates go up, the lighter lending restrictions become. In other words, buyers hoping to get a loan will have a much easier time going about it!
If you’re looking to find a great deal on houses in Salt Lake City, let us know! Muve Real Estate can show you the best homes for sale in SLC.