For the past several years, we’ve seen our real estate market go up and up and up, but lately, things have cooled off a bit. Prices are softening—not as many buyers are inquiring about our listings, and we’re not seeing as many showings happening.
The good news is that this is nothing to worry about. The housing market goes in cycles that typically last seven to 10 years. When interest rates rise and prices go up, these factors essentially make the housing market adjust.
In our case, it’s not a housing availability issue—it’s an affordability issue. Home prices and interest rates have risen so quickly that it’s made homes unaffordable for many people. We’ve also heard new construction builders say they won’t be building as many homes above $500,000.
Our local economy, however, is still doing fantastic. Unlike other parts of the country, our job rate isn’t going down, and we still have a lot of people moving here. This shift is nothing to be scared of, but it’s still something to keep in mind moving forward.
If you have any more questions about our Salt Lake City market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.