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Our market appreciated every year from 1987 to 1999 (an average of 3.6%), and from 2000 to 2007 our market appreciated by an average of 7%. Since 2012, we have been seeing an average appreciation of 5.8%, which is below what we were seeing at the peak of the market, but it’s still a good sign of recovery.
Prices over last year went up by 6.2% and sales were up by 3.2%. Inventory is sitting at about 4 months, which is not quite a seller’s market, but we are short on inventory.
Interest rates are expected to rise this year, and if you want to take advantage of this sky-high affordability, then now is the time to do so. It’s a great time to move up into a larger home, and it’s also an excellent time for first-time home buyers to get into the market as buyers.
If you’re looking to purchase a home in Utah, get into contact with me and let’s start the process as soon as possible. I’m always here to help you!