Last year was a great year for Utah's real estate industry. Apart from being a great place to live in, the state also has one of the most stable economies in the United States, including a solid real estate market.
Factors that Affected Utah’s Real Estate in 2016
In 2016, Utah’s real estate market achieved quick sales, higher home prices, and a stable, strong growth throughout the year. Apparently, the strong combination of good income, low unemployment rate, and steady appreciation were factors that made the state’s housing market one of the best in the country. These trends are expected to carry over to 2017, which means that this may be the right time for you to consult with property management companies in Utah.
Real Estate Trends to Watch Out for in 2017
With about 15,000 people moving to the state last year and the local economy enjoying continuous growth, Utah is ready for another great year in real estate. Here's what industry professionals anticipate:
- Experts predict that more millennials will be buying homes in the state, as 2016 saw an influx of millennial home ownership – the second highest in the nation.
- Utah experienced lower inventory levels last year, resulting in homes being sold above market value. This will increase competition.
- Because of the steady increase in rental rates, this trend could drive home purchases. Last year, USA Today stated that around 80% of renters in Salt Lake City spend at least 30% of their paychecks on rental fees, if not more. If mortgages will cost less this year, then it would be easy for renters to switch homeownership.
- This year, the country may experience an increase in interest rates, though not too much. Some of the factors that affect rates include inflation and the presidential elections.
It’s only the beginning of the year and the possibilities are endless, as these are only predictions of the housing market. While the market is still transitioning from 2016 to 2017, it may be a good time to consider your housing options. But, overall, you don’t really have to worry about anything since things are looking up for real estate this 2017.