Our real estate market has continued to improve as the year has gone along. Interest rates have come down, and home values have gone up. Of the top-five states for rising incomes, Utah was ranked No. 4 at 6.9%. Nationwide, the average is up 5.4%.
What’s super interesting is that we were only 0.6% away from the No. 1 income-earner: Texas. As you’re seeing incomes rise, not only do people have more money to buy a home, but we also have the lowest interest rates we’ve seen since August 2016. A lot of homes that were previously unaffordable have become affordable because of this drop in rates.
Even with all of these factors, a lot of people still have in their mind that prices have been so high that it doesn’t make sense to purchase. We haven’t seen a crazy spike in sales. In fact, we’ve been seeing less inventory as people have held steady.
If you’re thinking of selling your home, realize that your home may be the best one on the market if you choose to list right now. When we price a home correctly, make the perceived value high through preparation, this can be such an amazing market to sell in.
If you’re thinking of buying, consider getting into a home while interest rates are significantly lower like they are right now. If prices do continue to rise, know that terms are just as valuable to some sellers.
If you have any questions for me about the real estate market or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.