We get people asking this all the time. It’s the age old question that is tough to answer. We always have a pulse on the market so we can answer it a bit easier than most, but it’s nice to see that others agree with us. KCM blog has a bunch of information about the national market and is one of the most reliable sources of information we have found. All 5 of the reasons mentioned on their blog post, 5 Reasons to Sell Your House, we agree with and we have hard evidence it’s true locally here in the Salt Lake City Real Estate Market.
1. Demand is High – We work with buyers on a daily basis and we are having a tough time keeping up right now but we are gladly taking on more clients!
2. Supply is Low – This couldn’t be more true. Over the last year we have been having a tough time finding great houses for our clients and for ourselves. Check out a post on Matt’s Facebook page from March 2nd, 2012 (below) about how low inventory was. This trend has been consistant over the last year.
3. New Construction is Coming Back – This is so true even we are looking into buying some land and building 10 modern homes in Millcreek. Stay tuned for more on that later…
4. Interest Rates Are Projected to Inch Up – We monitor rates weekly and we have recently noticed a slight increase. Although they should rise very slowly over the next year we dont expect any huge jumps.
5. Closing Timelines Will Be Shorter – Simple logic. If there are less transactions taking place then your transaction will happen quick as lenders, appraisers and agents wont be spread so thin and can process yours quicker.
This is some great general information. We will have a full, in depth blog post dedicated to local market statistic in coming weeks.
