St George Utah Market Trends 2017
We are heading straight into the second month of 2017 already, and it is important to know what to expect in terms of the real estate market for 2017. Thankfully, as you may have noticed, our sales have gone up since 2009 when we had a low point in the general real estate market. Since then, the overall real estate market has been coming up, little by little. But, let’s talk about Utah, specifically. Named in 2016 as one of the top places to live, Utah’s real estate market is looking pretty good.
With the market on the rise, you can expect to see an increase in housing prices which is great for sellers. However, as a nation the housing inventory is lower than usual. This will drive competition. Mortgage rates will also be on the rise. About half of the experts believe that rate will increase over the next week. Currently, they are still around 3.20% APR according to Bankrate.com. For buyers, this a great rate to catch. When housing prices are up and rates are low, everyone wins. Both the seller and the buyer can find a deal in this situation.
What will remain in 2017?
In 2016, our market remained impressive in comparison to other areas. As a state, we were amongst the top 10 hottest markets, actually. What made us such a healthy and growing market happens to be from the vital combination of low unemployment, job income, and a steady market appreciation. All in all, these factors contribute to a reliable and solid housing market. In 2017 however, the appreciation is projected to slow a little. The balance for our market will be the new generation of home buyers. First time home buyers in their 20’s and 30’s with job stability and good income will keep the market stable. There are a few trends to watch in 2017, which have been summarized below.
To Summarize, the Trends to Watch Include:
- Millennials are buying in Utah, making Utah the second highest level of home ownership for this generation
- Rising Appreciation which has been easily growing the last few years will level out
- Increased Competition due to Lower Inventory- (nationwide)
- Rent Increase may bring more buyers
- Interest rates will rise, but still remain beneficial to buyers
This St George Utah Market Trends 2017 information is brought to you by:Erika Rogers – real estate leader in St. George, UT and surrounding communities. She specializes in new construction, golf course communities, gated communities, 55+ adult communities, St. George luxury real estate, and foreclosures in all Southern Utah communities.
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