What to know in Utah Real Estate for November 2016
- Housing Inventory Shortage
We’ve been saying this for a while, but there is a shortage of homes in this market! With more and more people looking for homes, available housing just hasn’t been able to keep up with the growing demand.
It’s not just happening in the Salt Lake Valley. This is news you’ll hear across the country! In a national real estate magazine sent this month it even uses the phrase, “A continuous shortage of homes.”
So, what does this all mean for you? Well, it’s great news if you’re a seller. This mean more interest in your home and most likely multiple offers, which means you get to pick the best offer.
If you’re a buyer, it doesn’t mean you’re out of luck. There are great homes out there. You’ll just need a trusted, professional real estate consultant to help you navigate what can be a discouraging market. We know where to look, and even have access to “silent sellers”. We’ve helped many buyers become homeowners during times when the market favors seller. We know it can be done!
On average, across the United States, a person’s income increases 1-2% a year. Now, compare that to housing prices which have increased more like 5-7%. This creates an affordability challenge. Rising house prices means that more people are getting “priced-out” of being able to afford homes.
But there is a silver lining! What has kept most people in the game is the fact that interest rates have remained so low over the last couple of years. If you’re looking to buy a home in the next six months or even a year out, now is a good time take a look at your finances and financing options. We’re happy to connect you with one of our trusted lenders and even happy to share our advice on housing trends for specific areas and how you can plan for future home ownership.
- New Construction
If you’ve been searching for the perfect home and just haven’t been able to find one, consider new construction. It’s a great option and more affordable than you may think. And not everyone knows this, but not all new construction is on the multiple listing service, or MLS.
Reach out to us and ask, “Are there any homes in this area, that aren’t on the MLS, that I should know about?” As real estate consultants, we have the ability to make contacts with builders, investors and search lots, spec homes, and even “coming soon” listings that haven’t hit the market.
We’re BHURDinUtah, your trusted voice in Utah real estate, and we’d love to answer your questions and talk more about what’s going on in the Salt Lake Valley housing market. Send us an email, drop us a comment on Facebook, or give us a call.