It's those four little words every home buyer wants to hear: It's a buyer's market! This news is no doubt a long-awaited relief for tons of people across the country who have been itching to finally buy a home but couldn't get the market to cooperate.
In case you're a little out of the loop on the ups and downs of the housing market (and who could blame you), here's a little recap: All year, it's been a total seller's market. Prices have gone up, mortgage rates have gone up and inventories have gone down. So both veteran and first time sellers have been on top of the world, because whatever they say goes. If you want to buy a house, there aren't many options to choose from, so there isn't a whole lot of wiggle room to negotiate on price.
But good news buyers! The tables are starting to turn. Although prices and interest rates are still going up, the increases are getting smaller thanks to new homes being built throughout the country. The trend has taken such a sharp turn that real estate agents – like yours truly – who used to advocate selling are now urging people to buy instead.
Most people in the know speculate that in the coming months, housing inventories will grow, leading to more affordable properties – and more selections to choose from – so first time home buyers can finally make their much-anticipated move up to homeownership.
Looking for a place in Salt Lake City? If you're in the market to buy, there are few places better to be than SLC. Talk to a Salt Lake City real estate agent at Muve Real Estate today for more info on the houses you can scope out here and what living in Salt Lake City is all about.
