Are we in a real estate bubble that’s about to burst?
In a word: no. Our market today isn’t nearly the same as it was in 2007 when the last bubble burst. Lending and appraisal guidelines and requirements have tightened up, and there’s much less fraud and irresponsible lending going on. Unemployment continues to be low and home values are skyrocketing. In Utah alone, we saw an 8.4% increase in home values year-over-year.
The home price expectation survey is a nationwide panel of over 100 economists, real estate experts, and investment marketing strategists who make predictions about the national real estate market. All combined projections point to a 19.5% increase in home value by the year 2020. Even the bears say that values are going to go up. Utah will be one of the hot markets to watch over the next few years.
“Utah is a market to watch in the coming years.”
If you’re thinking of moving up into a new home, now is a great time to get your home sold and buy a new one. If you’re downsizing, you might want to wait a few more years.
Either way, each situation is different. If you have any questions about your own personal situation, give me a call or send me an email. I look forward to hearing from you.