Summer 2017 Utah Home Price Update
If you've been quietly considering selling your home, then you need to read this.
That’s because summer 2017 is shaping up to be one of the most favorable seasons in recent years to sell your home quickly and for a top price.
However, the moment might not last. Let me explain.
Mortgage rates are still very low. As I write this, the 30-year mortgage rate has dipped down to 3.9%, far from the 4.5% that experts predicted for 2017.
These continuing low mortgage rates translate into more affordable homes, and into eager buyers who are looking to lock in these low rates while they still last.
We've seen this eagerness in action recently.
Demand is so strong that home sales actually increased in both April and May, despite the fact that the supply of homes on the market is currently at a seven-year low.
As a consequence of strong demand and tight inventory, home prices reached an all-time record high this May, up 6% from May 2016. It was the 63rd straight month of year-over-year gains.
So what does this mean for you?
In short, these conditions combine to make it very easy to sell your home right now for a very favorable price.
However, they also point to a correction which might appear soon in the real estate market.
For example, the increase in sales numbers is likely to push up mortgage rates, making it less affordable for buyers to buy. The ongoing Fed rate hikes might contribute to this as well.
Furthermore, the continuing demand and high home prices will eventually spur construction of new homes. The record-high confidence levels reported recently by the National Association of Homebuilders support this.
This new construction will certainly impact the growth of home prices, and might even drive them down.
That means that if you are thinking of selling your home, the time to do so is now.
You can get started with this home value calculator on my site, which takes into account recent home sales:
This calculator will give you a good idea of what your home is worth in the current market.
And if you want an even more accurate estimate, or if you have any questions about the current situation in our real estate market, just give me a call at (801) 610-9155. I'm here to help.