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    Will Salt Lake City’s Housing Market be Better in 2014?

    crystal ballThe crystal ball has been all shined up and according to Zillow:

    • “Home Values to Rise 3% in 2014
    • Mortgages Will Be Easier to Get” and
    • Salt Lake City will be the HOTTEST housing market in 2014!

    The Salt Lake City housing market will be HOTTER than those in California & Florida!!

    Zillow chief economist, Dr. Stan Humphries, said, “Homeownership rates will fall below 65 percent for the first time since 1995. ‘The housing bubble was fueled by easy lending standards and irrational expectations of home value appreciation, but it put a historically high number of American households – seven out of ten – in a home, if only temporarily. That homeownership level proved unsustainable and during the housing recession and recovery the homeownership rate has floated back down to a more normal level, and we expect it to break 65% for the first time since the mid-1990s.’ ”

    The Salt Lake Board of REALTORS® reported 15,000 homes were sold locally during 2013 – this is the best results in the last 7 years!! Salt Lake also has lower than average unemployment rate and an increasing population and home values.

    “I think there’s a lot of accuracy in the report,” said Dave Frederickson, who is the president of the Salt Lake Board of Realtors. “There’s a lot of jobs coming and a lot of activity and positive buzz about the state of Utah. Even today, Hill Air Force Base landed a contract which will bring more people into the state.”

    Back in October, the number of homes sitting on market was down 50% and that the average days a home was on the market was down to 3 ½ months. There was also a 5% increase in appreciation, although it hasn’t been as strong compared to the rest of the state. The amount of homes sold was up 20%.

    The Ogden Valley is seeing a lack of inventory in the price point of $250,000-400,000 because the homes are moving extremely fast. However, new inventory will arrive as home builders are bringing in new subdivisions. Recently, Wolf Creek had land purchased and new home sites should be going up soon, too.

    If you have any questions about the value of your home or some clarification on numbers, feel free to contact myself or my team at (801) 745-0745 or email me at Spring@LiveUtah.com. We’re happy to help and talk to you soon!

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