I get a lot of questions about what this coming year will hold for the real estate market in the Salt Lake Valley. I am by no means an economist nor a clairvoyant, but I will share what the experts are saying.
Lawrence Yun, chief economist at the National Association of Realtors, believes that the number of homes sold in 2019 will be similar to the number in 2018, but that prices will continue to rise. That rise is , however, expected to be slower than is has been in recent years past. a 4.9% increase is what is expected for Utah in 2019.
We will have increased prices because we still have a shortage of housing and a growing population. The increases will be more tempered because of rising interest rates. The Fed is anticipating two rate increases in 2019. That will put interest rates between 5-5.5% this year. Those increased rates make house payments higher. Higher house payments means that buyers can’t spend as much for a house as they could with lower interest rates. That’s why our price increases will slow slightly.
So this year in the Salt Lake the real estate market is expected to be a good market, still a seller’s market, but with slower price increases.
If you have any questions, would like to know what your home is worth, or need help finding a new house, contact me and we’ll get started!
I’d love to help your friends and families with their real estate needs too. Tell me who you know with real estate needs and I’ll work my magic!