Working With Ben to Find Him a New Home
Ben - Home Buyer "He was very good at catering to my work schedule. I told him after 4:30pm or 5pm I could be very flexible and either him or his assistant or partner would show us a house. Or do whatever was needed to be done to get through the process as easy and simple as possible. Communication was very good."
Is Now a Good Time to Buy in Our Market?
In Salt Lake City, sales are increasing and homes are getting more expensive. Does this mean you should buy now or wait?
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Buying a Wasatch Front home? Click here for full MLS access
Is now a good time to buy a home in Salt Lake City? As 2016 comes to an end, I thought I’d share with you a few stats from the residential real estate market to help answer that question.
It’s certainly been a crazy year. We’ve continued a four-year trend of rapid appreciation, and 2016 didn’t disappoint. In Salt Lake County, the market bottomed out in 2012 as far as median price goes, but since then we’ve seen a 38% appreciation. In fact, the NAR predicted that our county’s median price would grow 4.2% this year. They were wrong—we nearly doubled that. The final numbers through December haven’t been released, but it looks like the median price will see a rise of about 8%.
According to Zumper, Salt Lake City was the 53rd fastest growing market for rental prices, which puts us in the middle of the pack. We saw a 2-bedroom apartment, on average, increase in rental price by 12%. Around the nation, rental rates are slowing down as far as price appreciation goes, but they’re getting more expensive in Salt Lake City.
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As we’ve been saying for a while now, interest rates are going to go up. In fact, they’ve already gone up. Earlier this year, the national average rate for a 30-year fixed loan was around 3.5%. For most of our clients closing now, that rate is closer to 4%.
Buying now will get you the cheapest possible price.
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Sales were strong heading into the year, and they’re still increasing. In October, for example, there were 1,077 single-family home sales, which was a 2.6% increase over October 2015. In October 2016, the median price was $298,000, which is up 10.4% over October 2015.
So, should you buy now? If you care about money, then yes. Homes are getting more and more expensive. I do expect to see a softening in the next two to three years, but we won’t see an extreme downturn by any means. If you factor price appreciation coupled with interest rates, especially if you’re renting, waiting for that possible softening is not worth your time.
If you have any questions about our market or you’re thinking of buying or selling, feel free to reach out to me. I’d be glad to help!
How We Helped Jenny With Her First Home Purchase
Jenny - Home Buyer "It was excellent. I just appreciate that he was very available to us, extremely responsive, he welcomed us to call or text anytime of day. Whatever questions we had, he was always very quick to let us know his answer. Or he would let us know when he could get us the answer. He usually would have it in 24 hours. That kind of thing is very important to us, and he was just important through the whole process. It was our first time buying a home and he was patient."
How Is 830 E Wilmington Ave Coming Along?
We're getting close to finishing our remodel project on 830 E Wilmington Ave and I'm excited to give you an update on our progress.
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I wanted to drop by today with an update on our big remodel project over on 830 E Wilmington Ave, It's a great project that you may have already seen a few videos about.
This amazing 3,600 square foot home will actually be available for sale soon. It's a four-bedroom, two-bathroom home that we've remodeled completely.
The process is interesting because most people view these types of project as if they're an episode of Flip or Flop on HGTV. Today, we wanted to give you a real view of what it looks like.
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The cabinets will go in this week and the countertops will go in next week, We should be up on the market within the next two weeks! The goal was to get this project done in 90 days, and we're already about 120 days in.
You won't see this footage on HGTV!
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Check out the video above to see the progress of this awesome project. If you're interested in this home or you're thinking about buying or selling a home in Utah, give me a call or send me an email. I'd love to hear from you!
See a Movie and Sub for Santa With Us
This year, we're combining our movie premiere event with our Sub for Santa event. Be sure to bring a gift card to the Gateway Megaplex Theater on December 17th!
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Today I’d like to extend a special invitation to you for a very special holiday event that we are holding very soon: our movie premiere and Sub for Santa Event.
This year, Santa’s making a list, checking it twice, and you’re invited to this movie event, whether you’ve been naughty or nice! We’re having a movie premiere party with a twist to help fulfill a child’s Christmas wish.
We’re very excited about our movie premiere event this year. We’ve decided to take all of our friends and clients to see Star Wars: Rogue One! Opening weekend is Saturday, December 17th at the Gateway Megaplex Theaters at 5 p.m. Give us a call or send us an email to let us know that you’re coming because seats are first come, first served. The movie will fill up fast, so be sure to RSVP as soon as you can to get your tickets!
In addition, every year we hold our Sub for Santa event, and this year, we have decided to continue this event in conjunction with our movie premiere party.
Here’s how it works: every year we pick certain families and children in need from our local community and help provide a merry Christmas to those who are less fortunate. We ask all of our friends, family, and clients to help us support these families and we’re always blown away by the generosity that they show for this event.
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We’re asking all of you to bring a Walmart or Target gift card or a gift to the movie premiere and help a family in need. This has been a wonderful blessing in my life, and I know it could be a great blessing in yours as well.
We’ve decided to take all of our friends and clients to see Star Wars: Rogue One.
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This is going to be a great event, and I’m eager to catch up with all of you and enjoy your company. The Sub for Santa event is our priority this year, so anything you can give to help us put this event on would be greatly appreciated.
Every year I say the same thing: this year has been better than the last. Once again, I mean it this year and would like to sincerely thank you all for your business and your support. I look forward to seeing you all at this great event on December 17th!
In the meantime, if you have any other questions about real estate in the Utah area, please don’t hesitate to give our team a call or send us an email. We’d be happy to help you!
We Know a Way You Can Brighten Someone Else’s Christmas...
Our annual Sub for Santa event is back, and you can help us help local families in need this holiday season.
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As we once again head into the holiday season, we’re reminded of what we’re thankful for and what the true meaning of Christmas is.
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As many of you already know, our team does an annual Sub for Santa event each year during the holiday season to give back to those in our community who need a little extra help to have a merry Christmas. It’s that time again, so we humbly ask you to provide your support for this event by donating what you can to those in need.
Every year we’re blown away at the support we receive.
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If you’re interested in participating, drop us an email at spencer@utahcribs.com. We’re also looking for referrals for local families who need a hand. If you’re not able to donate extra clothing or other items, we also welcome gift cards from places such as Walmart or Target.
Year in, year out, we’re blown away at the magnitude of support that the community gives to this event. If you have any questions, please don’t hesitate to reach out to us by phone or email. Have a very merry Christmas!
Worried About the Election?
Recently we've received questions from clients wanting to sell because of the election. We're breaking down the factors surrounding our market that should really impact your decision to sell your house.
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We've received a lot of questions lately about the election. Here at Utah Cribs, we sell real estate — we never talk politics. However, one day, we had four different people email us who were thinking about selling their property and were wondering if the election would have an effect on the real estate market.
No one has a crystal ball, but I can give you some facts that back up the answer that I gave these clients.
For starters, we've seen three years of rapid appreciation of single-family homes here in Salt Lake. When the market bottomed out in 2008, the decline lasted until 2012. Now, though, we've bounced out of the recession; Utah was a national leader in single-family home appreciation. It only took nine quarters for us to get back to a median price and all-time high that was set prior to the recession.
So what has happened over these last three years?
As appreciation rose by double digits, home values went up, and we had low inventory. It has been a pretty extreme seller's market. Many brokers are still talking about this, but it is old news. The sky is not falling, but the market has started to slow. We're not so sure that the election is the cause.
Here are the facts:
One year ago, the median price for a single-family home in Salt Lake County was $280,000, and currently, the median price is $301,000. This means home values have gone up nearly 7% in the past year, which is still rapid appreciation, but it's not as strong as we saw from 2012 to 2013 or even 2013 to 2014. Right now, it really depends on price.
As I told one of the clients who asked about the election, the price range in which you're looking has a big impact. For example, single-family homes priced $400,000 and under are still selling strong; median days on market is still just 14 days. The appreciation for homes in that price range has gone up nearly 10% over the last year. On the other hand, homes priced $700,000 and over have only appreciated just 3.4% over the past year with an average of 82 days on market. Simply put, the "hotness" of your home and its appreciation really depends on the price bracket that it's in.
The sky is not falling; the market is just slowing down.
We can also look to units sold to see that the market is slowing. In the third quarter last year, 4,957 single-family homes sold in Salt Lake County. In the third quarter of this year, 4,915 sold. I know this is a tiny difference, but it's a downturn. We haven't seen a quarterly downturn in units sold in Salt Lake County in three years.
To reiterate, the sky is not falling and it's not even a market correction. However, there is a slowdown, and I feel that this year it's more significant that a normal seasonal slowdown. It could be the election and it could be buyers holding their breath to see the results. Think about the big picture, though; should you sell your house because of the results of a presidential election?
In our professional opinion, the answer is no.
If that's your only reason to sell, I say forget about it. If you sold right now, what else are you going to go buy? If after the election perhaps we see some median price downturn, your house will decrease in value, but whatever else you're going to buy will go down in the same percentage brackets. It's a wash! Don't just sell or get scared because of what could happen nationally.
Here in Utah, we're still in an extremely strong market. There are a lot of microeconomic factors in our market that are among the best in the nation. Make your decision based on facts!
We’re Turning Halloween Into a Giving Holiday Too
We are getting into the Christmas spirit a little early this year. We are hosting a Halloween-themed event that will be fun and rewarding.
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We’ve got a special event coming up next month that we wanted to make sure you knew about. It’s called “Pumpkins for Presents” and we’re very excited about it.
On October 29th, we invite you to join us out at Wheeler Farm from 11 a.m. to 2 p.m. to celebrate the holiday and get a head start on the next one.
We figured that Santa is going to get pretty busy soon, so we wanted to give him a head start to help several families in need. We wanted to do something special for all of you too. Join us at Wheeler Farm for a great day of fun, on us.
You’ll be able to go through the corn maze, take a wagon ride, and even leave with your own pumpkin for carving. All we ask is that you bring a gift or gift card with you to help out a family in need this holiday season.
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November and December are busy months for everyone, so we had this idea in hopes that it would accommodate those busy schedules and allow you to help someone in need this holiday season a few months in advance.We love helping others, and we love hanging out with you.
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It’s really important for us to give back to our community and do our best to help out during the holiday season. We love helping others, and we love hanging out with you. This event is the best of both worlds.
If you have any questions for us, don’t hesitate to reach out. Give us a call or send us an email. We would love to hear from you.
Find Out What the Flipping Process Is Really Like
Do you know what really happens during a home flip? Today we’re at our latest remodel project in Salt Lake City, and we want to share with you the whole process.
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We’re here at our latest remodel project on 841 E Wilmington Avenue and we thought we’d share with you the whole process of a “flip.” I know a lot of you have seen the HGTV series Flip or Flop, but this is going to be the reality of what you can expect in the real estate world. We’re going to show you a timeline from start to finish on this Sugar House remodel here in Salt Lake City, Utah.
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This is a 3,200 square foot home that we acquired for $320,000. Our estimated budget is $100,000, so we’re hoping that we can reach that. Of course, the ultimate timetable is to do it in less than 120 days. I’m crossing my fingers that we can get there and excited that you guys can share this experience and watch the progress with me. It’s a great property and we’ll be bringing you updates on a regular basis.
This is going to be the reality of what you can expect in the real estate world.
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If you have any questions, please feel free to call us or send an email. We look forward to hearing from you!
What Happens During Your Due Diligence Period?
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You saw a bunch of houses and now you are under contract for the one you like. Before you can move in, you have to check on the health of the property. The due diligence period is your opportunity to make any repairs or get any inspections you want.
We recommend doing a basic home inspection, but you can also order a mold test, radon test, soil test, structural engineering inspections, or a title search.
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After your inspections are completed, you will create a list of things you would like to be fixed and send that list to the seller. The seller will then review your request. Be aware that the seller can simply refuse all of your requests because in Utah, homes are sold as-is. The seller is not required to fix anything you have a problem with.
In Utah, homes are sold as-is, so the seller can refuse your repair requests.
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As a buyer, what can you do? Basically, you have three options: you can cancel the transaction and get your money back, negotiate with the seller to find a middle ground, or proceed with the purchase regardless of the needed repairs.
If you have any questions about the due diligence period or about real estate in general, give us a call or send us an email. We would be happy to help you!
Should You Get Earthquake Insurance in The Valley?
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I've been getting asked a lot about earthquake insurance by homeowners and property investors. Many are wondering if they need it on the Wasatch front. It's a really good question, and there are a couple important factors that come into play. You need to consider where you live and what type of home you have.
I think earthquake insurance - and whether or not to get it - falls into the same realm as flood insurance sometimes. The one fact that we know here in the valley is that inevitably, we will have a large earthquake here in Salt Lake. At some point, that insurance would be a good idea.
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Inevitably, we will have a large earthquake here in Salt Lake.
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When looking at the home, consider the age of the structure and the type of construction. If your home is unreinforced brick, it may not qualify for earthquake insurance.
My best advice is to enlist a really good insurance agent. We have several great insurance agencies that we work with who treat us very well, and they know this stuff in and out. We're able to provide you with a recommendation for a great agent who can answer any and all specific questions you may have. Personally, I know enough about it to answer some preliminary questions.
Insurance is important, and just like a real estate professional, I think you need to work with somebody who knows what they're doing, does it frequently, and has a solid track record. If you're interested in learning more or getting in touch with one of our trusted insurance agents, reach out to me! Likewise, if you have any questions I can answer about earthquake insurance or anything related to real estate in the Valley, don't hesitate to contact me.
Looking Back at Our Salt Lake County Predictions
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Back on April 1st, we made a video with some predictions for what might happen in the second quarter of 2016, because that period is when we see most of the appreciation in Salt Lake County. We predicted median price would increase between 6% and 8%.
We've had a really hot market with low inventory, but we didn't think appreciation would be as aggressive as the three previous years. The actual number was 6.2% appreciation in median prices, going from $286,000 to $304,000. If you bought a $300,000 house back on April 1st, median price now says that the exact same house is worth $318,600.
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Waiting for the right house to come along has cost consumers 6.2%, or in terms of money, it has cost you more than $18,000 on a $300,000 house. Over the last three years, we've felt like broken records, telling buyers to assess the current inventory, pick one, and buy without waiting too long!Waiting for the right house has cost consumers 6.2%
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Sellers that have waiting have seen appreciation, but at the same time, we're now finally seeing an influx of inventory because everyone has heard how hot the market is. Now, it will be more difficult for sellers to get their homes sold. If you've been on the market and haven't sold in the last 90 days, the bottom line is that you're overpriced.
The final thing I want to touch on about median price - it's sitting at $304,000 for single-family homes as of the end of June. We broke that $300,000 barrier in June, and that's never occurred before. That's the highest median price that Salt Lake County has ever achieved, and some of you think that a bubble will burst soon. Most experts and market economists would say that's wrong, and that the market is still strong. At least in Salt Lake County and Utah as a state, micro and macro factors of the economy are still strong.
If you have any questions about the market, or you're thinking about taking advantage of this market while you still can, please give me a call or send me an email. We'd love to work with you.
Don’t Miss the Salt Lake Parade of Homes
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Before I begin my report on the shifting market here in Salt Lake City, please don’t forget to check out the Salt Lake Parade of Homes. There are some absolutely amazing homes in that lineup, and even if you’re not buying they are really fun to go and see. We are lucky enough to have four of those listings in our pockets right now.
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Please contact us if you would like access to tickets. They are a first-come first-serve basis, so please ask soon or we may not have any left for you.
Tickets will be running out soon.
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Be sure not to miss our listings, which are right off of Dimple Dell and Sandy!
Please don’t hesitate to contact us to learn more details.
What’s the Difference Between an Improved and Approved Lot?
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Today, I want to talk about lots and land in the Wasatch Front area. People tend to think of land just like they think of residential homes. They look at the information online, feel excited, and call us to build a house! However, it’s not that simple. There are a lot of factors involved with buying a lot, including if the property has been improved or approved.
When we ask if a lot is approved, we ask if the city has approved building on the lot. Does the zoning for the area fit the lot? Is the lot meant for a residential property? There is much to consider to ensure a home can be built on a lot.
Most of the lots for sale in Salt Lake County may be buildable but they haven’t been approved yet. It’s quite rare to buy a lot that has already been approved. You have to check in with the city because there’s a laundry list of things that have to happen before the home can be approved. You need house plans, paid permits, utilities, and so much more.
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You should also check to see if the lot is improved, which means the lot has had physical improvements added to make the property buildable. Some of these signs are not visible to the naked eye. However, if you see a green power box on or near the property, or if there is piping coming straight out of the dirt, those are signs that improvements have been made because you can tell that utilities have been brought to the property.
Not all lots are approved to build on.
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Subdivisions that are newly improved with roads, curbs, gutters, and sidewalks have lots that are most likely improved and approved. Some house plans might not have been approved yet, but most of them should be buildable. These subdivisions will be in rapidly growing areas, like South Jordan and Daybreak.
We often handle eastside Salt Lake projects and many lots purchased in that area are not improved or approved. Clients call all the time asking for a number, but the costs for improving a lot can vary wildly. We’ve had lots that cost more than $175,000 to improve, and that’s before you even build a house.
For example, there’s a lot right now on Kennedy Drive that’s listed for $160,000. That sounds like an amazing deal, but this lot has been for sale for years because $160,000 is a fake price. It’s going to cost hundreds of thousands of dollars to improve that lot. You will probably be half a million dollars in before you can even build on that lot.
If you have any questions about lots and land or about real estate in general, give me a call or send me an email. I would be happy to help you!
You’re Not Saving Money by Finding a Home on Your Own
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A listing agreement is a form signed between a seller and any brokerage and agent that represents them. Prior to the home being listed on the market, this agreement has been signed and agreed upon between both parties. Why is this important?
Well, on this document, the seller and the brokerage have already agreed to a commission that will be paid. Throughout the years, it’s been common that this number is right around 6%, with 3% being set aside for the listing agent, and the other 3% set aside for the buyer’s agent.
We find buyers all the time who think that if they just go out and find a home themselves, they will be able to knock off 3% of that commission, but they are mistaken. To explain how this works to buyers, we use what is called “The Costco Analogy.”
When you go to Costco and get your groceries, you can pay with either your credit card or cash. If you pay with cash, would you demand that Costco whack 3% off your purchase price because they didn’t have to pay the credit card transaction fee?
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Hiring a buyer’s agent doesn’t cost you a thing.
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Of course you wouldn’t, that’s ridiculous. Well, that’s the same idea as somebody “saving” 3% on a commission when they don’t hire a buyer’s agent. The listing agreement has already been signed and whether you are represented or not, that 3% commission is set aside for a buyer’s agent. All you accomplish by not using an agent to help you find a home is giving the seller’s agent a bonus.
This is probably the most common question I’ve gotten in my entire career. The reality is, Costco has a preexisting agreement with the credit card companies before you walk in the door, the same goes for the seller and listing agent.
So, hire a buyer’s agent if you’re out looking for a home. They don’t cost you a thing, and can really help you sort through all the listings out there in order to find the perfect one. They can also negotiate on your behalf to make sure you get the best deal possible.
If you have any questions for us or are looking to buy a home on the Wasatch Front, give us a call or send us an email. We would love to hear from you!
Second Quarter Home Value Predictions for Salt Lake County
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Every April 1st, we predict what kind of appreciation we might see in Salt Lake County over the second quarter of the year. We’re a seasonal market in Salt Lake, and we often find that median price jumps the most from April to July. During that 90 day time period, how much can the market change?
Last year, the median price in Salt Lake County went up 12.97% during the second quarter. That’s a drastic jump. In 2014, the median price went up 4%, and in 2013, it went up 12%. Oftentimes, with low inventory and spring buyers rushing into the market, we see house prices skyrocket even when the general market isn’t experiencing appreciation.
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Waiting 90 days will cost you!
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How does that affect you monetarily? Last year, we explained what would happen to a $300,000 house from April 1st to July 1st to show people just how much waiting would cost them. Many buyers want to wait for the right house to come along, but the reality is, if you care about money, you can’t afford to wait.
In 2015, a $300,000 house with 20% down, a loan of $240,000, and an interest rate of 3.75% would have cost you $1,111 a month if you bought it April 1st. If you wait 90 days, on July 1st, that same house cost $40,000 more in purchase price. That means they needed to put $8,000 more down, the loan went up $31,000, and, during that same timeframe, interest rates went up 0.5%, adding $222 to that monthly payment. As you can see, waiting 90 days to purchase can affect you drastically.
It’s been a super hot market lately. We have extremely low inventory and the median price has already increased year over year. We don’t think we’ll see the 12% increase that we did last year. We predict that our market will see a 6% to 8% jump in median price over the next 90 days.
So, let’s look at that same $300,000 house with a 6% to 8% appreciation rate. Every month you wait would cost you $6,000 to $8,000 more, and if you wait for summer to buy, you will pay $24,000 more than you would right now. We’ll see what happens and give you the numbers on July 1st. We don’t have a crystal ball, but we are plugged into the market and this is an extremely educated prediction.
If you have any questions, give us a call or send us an email. We would be happy to help you!
What Low Inventory Means for Utah Sellers
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Currently, in Salt Lake City, we only have 2,500 homes available. This is low, since we normally experience around 5,000 homes on the market. There’s a severe lack of options buyers have to choose from today.
What does this mean for Utah consumers? Housing prices are increasing and there’s a buyer frenzy. With historically low interest rates, they panic when they see how little inventory there is to choose from. Plus, under these conditions, we experience more multiple offer situations.
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Housing prices will increase.
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If you’re thinking about selling your home, investing in real estate, upgrading or downgrading, list your home now! You’ll earn top dollar because of low inventory. I can’t stress it enough. If you wait on the sidelines, you’ll miss out on maximizing your profit and you’ll have significantly more competition in the springtime. Beat the rush!
Check out the state’s Economic Forecast this year. This gives predictions for our local economy in 2016, such as job growth and unemployment rates. It also translates to real estate. It’s not long, so feel free to browse through it at your leisure.
Give me a call or email today if you’re thinking about listing! Don’t wait. I look forward to hearing from you soon!
The Harsh Truth for Home Buyers in Northern Utah
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We hear buyers say two things in our real estate market: 1) I’m not in a hurry 2) I’ll wait for the right house to come along.
Unfortunately, our market doesn’t cater to the needs of buyers, and you shouldn’t wait to purchase a home. The market moves at it’s own speed, and it’s not going to slow down just for you.
Home prices are rising astronomically, and this drastic appreciation usually hits its head from March to July. This means that homes are getting more expensive the longer you wait.
Yes, a home currently listed at $300,000 would be selling for $330,000 in June. This is exactly what happened last year. Can you afford to wait?
The reality is that you need to rush if you want to buy a home this year. This is not a sales pitch, this is the honest truth about the market in Salt Lake City. Inventory is incredibly low right now, so if you see a home you want, you need to jump on it. There are only 35 homes listed over $600k with 3,000 sq. ft. and a 3 car garage. This is including all of the Wasatch Front!
You need to have a sense of urgency when you buy, and I’m not trying to scare you into buying a home. This is what you need to do if want to buy a home this spring.
Under performing Schools and Your Wasatch Home Value
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Today, I want to talk about something I’ve touched on many times over the last year or so: school districts. Every week, I get multiple calls from people who are looking to move where the best schools are. Relocation people especially are curious about where to find the best districts for elementary schools, middle schools, and high schools.
Many of you live near some of the best school districts in the entire state. This is crucial because it means that your home value is probably higher than you think and the demand for your home is through the roof. Real estate pricing and value is going to start seeing a trend where education is a driving factor!
If you’re in an area where the neighborhood and the surrounding schools are highly ranked, that is going to result in a higher home value. If the opposite is true, if your area has underperforming schools, that could be a huge negative for you.
If you’re looking for an investment property or a home with great resale value, you need to know about the school district. We can help with this. We know all the school districts and where the best schools are. It can be frustrating to try digging through the websites that list the best schools, so give us a call for a crystal clear explanation of the hottest areas.
For all your questions about schools, school districts, and the grading system that determines which ones are the best, give us a call! We’re experts on this information and would love to be your go-to resource!
What Are Wasatch Front Buyers Looking for in a Home?
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1. Walkability. This is a big deal in our market right now. The ability to walk to the grocery store, nearby restaurants, and recreational areas is a huge thing!
2. Amenities. We're starting to see a trend here in Utah of neighborhoods providing a multitude of amenities. Many neighborhoods feature community pools, parks, playgrounds, and access to recreation.
3. Charm. Older, historical homes often possess a charm that is attractive to buyers looking for something different. Cookie cutter homes just don't do it for some people. Many buyers are looking for something unique.
4. Schools. If your home is in an area that belongs to a high-performing school district, you are going to have a lot of interested buyers. Great elementary schools are the number one driver for many home buyers! Your home's value is being driven up if you are in an area with great schools!
If you would like more information about what factors improve your home's value, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
Wasatch Front Real Estate Market Update
Selling your Wasatch Front home? Get a free home value report
Buying a Wasatch Front home? Click here for full MLS access.
We had a great year in real estate last year in the Wasatch Front. Today we'll be examining appreciation rates, days on market, inventory, and many more topics. Overall we have a very healthy market, considering homes lost an average of 34% of their value when the crash happened in 2008. It took 10 quarters, but we've recently set a record for highest median home price ever.
So, what happened in 2015?
Median price rose from $238K to $250K, a 5% appreciation in price.
Inventory was low, and we had 20% less than we did in 2014.
The market performed extremely well in March and throughout the spring with large increases in sales, but it slowed down in the winter.
We expect the market to level out in 2016, which is a good thing, because the market may have been moving a little too quickly.
It's important to remember that interest rates are rising this year, so please contact us if you've been thinking about buying or selling. We look forward to hearing from you!
Where Is the Wasatch Front Market Heading?
Selling your Wasatch Front home? Get a free home value report
Buying a Wasatch Front home? Click here for full MLS access.
What can you expect from the Wasatch Front market in 2016? There are a lot of uncertainties in our market right now, but there are a few trends that might hint at what's to come.
As many of you know, interest rates went up a bit right before the Christmas break. Let's not freak out just yet! We haven't yet seen how much they're going to affect our market. We know they are going to continue their rise in the next 24 months or so, but it will be a very gradual increase.
Expect home values to continue to increase in 2016 in certain locations across the Wasatch Front. If you would like more information about what areas we're expecting to see strong appreciation in, don't hesitate to reach out to us. Every area is very specific -- demand is very high in certain locations, which directly affects home prices.
The biggest thing to be aware of in Salt Lake City in 2016 is inventory. Right now, inventory is very low because most homeowners elect not to sell during the holidays. Expect a spike in inventory levels right before February 1. This is very indicative of the spring real estate market, which begins a whole lot earlier than the actual spring season.
We're anticipating a very hot market this spring. The uptick in interest rates is going to push a lot of the people who have been on the sidelines into the marketplace and demand will rise as a result. Buyers will have a lot of homes to choose from, and sellers will have a lot of buyers looking to capitalize on the market. This is great news all around for our marketplace.
If you have any questions about the shifting Wasatch Front market, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
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