Utah Housing Forecast for 2018
As we look ahead into 2018, a common query is whether or not it will be a good year in the real estate exchange. Homebuyers certainly want to get the best price and value for their dream home, and because it’s such a long-lasting purchase, it’s essential to pay attention to the housing market in order to get the most from your home buying experience. So, to better prepare you for the year ahead, let’s take a look at the housing forecast for 2018.
2018 predictions say that home prices will continue to rise throughout the year. However, they are not expected to rise as quickly as they did in 2017, enabling buyers to catch up with the housing market. If you’re looking for a new home, that is good news for you! The steady climb will increase Utah home prices by about 3.2% in 2018 compared to 5.5% in 2017, according to realtor.com. That means that instead of saving thousands of dollars for a down payment just to find out you need more by the time you go to pay (ugh), you will now be able to catch up with the rising prices.
During 2017, one reason for high home prices was the lack of inventory. The demand will continue to increase in 2018, however, inventory is expected to increase as well which results in the deceleration of home prices. Yay! With a surge of new businesses in the area, homebuyers are moving into the state for employment opportunities and are looking for houses in the valley. What’s more, the appeal for a home from renters and other first-time homebuyers is still aggressive. But, good news! Despite these predictions for continued housing demands, inventory is starting to catch up. 🙂 More home owners are willing to sell their homes while they can take advantage of high prices and home builders are expanding construction to meet the demand. This means more housing should be entering the market, and house hunters will have more time to put down a deposit before prices rise.
So, as far as the forecast goes, it looks like we’ll be seeing some sunshine now, and into the future, with some cloud coverage moving in by the end of the year. Meaning, while home prices are rising at lower rates, they are still rising. So, if you’re in the market for a new home, seek shelter sooner rather than later.