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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!
