Between the incredible job growth we discussed in our previous message and our record-topping average household size of 3.14 people, Salt Lake City’s market is red hot right now. As a result, inventory is in short supply.
This means that even homes far above the average price point in our area (which is currently between $300,000 and $350,000) are seeing a lot of interest from buyers—especially if they’ve got a lot of square footage or have a “mother-in-law” apartment.
In addition to this increased willingness among buyers to purchase higher-priced homes, there are three key points that buyers, sellers, and homeowners should keep in mind during this housing shortage.
First, as I already mentioned, homes with mother-in-law apartments are all the rage right now. If you’ve got such a property and have been thinking of selling, doing so now may be ideal.
Second, our already-high household size is on the rise. Adult children, aging parents, and other family members are moving back in with relatives more frequently than ever. This makes space a hot commodity.
Finally, those looking to buy should limit their search to homes they can see themselves in for the long term. Rather than thinking only of your current wants and needs, you should also keep in mind what home features might suit your lifestyle in the future. The last thing you want is to run out of space or be stuck somewhere without the necessary amenities as time goes on.
I hope that keeping these points in mind will help you navigate our shifting market as we move further into 2019. If you have any other questions about today’s message or about any other real estate-related topics, feel free to give me a call or send me an email. I look forward to hearing from you soon.