Here are five things that you should consider about the 2022 market.
It’s a new year, and a lot of people have a goal to jump into the real estate market. If you’re looking to make a move this year, we want to share five things with you that you should consider:
1. The Utah market is predicted to be the hottest market in the nation in 2022. Home sales in Salt Lake City are predicted to rise by over 15%, and our prices will climb another 8%, which would be over $600,000.
2. This time of year is one of the best to take advantage of our hot market. We typically see prices go up in the summer. If you’re looking to capitalize on affordability, now is the best time to buy. If you’re looking to sell and upgrade, you can also take advantage of the prices before they start to climb.
3. Interest rates are expected to rise this year. Affordability is currently the best it will be all year. Rising prices and interest rates mean that payments will be that much higher.
“Take advantage of our hot market while you can.”
4. Right now, the market is great for both buyers and sellers. As a seller, people looking at your home are serious, and homes typically sell faster in January and February because there’s less competition. If you’re looking to buy, you’ll see fewer bidding wars right now, and interest rates are still low. If you’re sitting on the fence and thinking about waiting for prices to come down, it doesn’t look like that’ll happen soon. Take advantage of this market.
5. If you already own a home, think about investing in real estate. How much wealth did you gain over this last year because you owned a home that increased in value? We had double-digit appreciation. Real estate will be the best way to outpace inflation.
If you’re thinking about buying, selling, or investing in real estate, or if you have any questions, don’t hesitate to call, text, or email us. We’re happy to help and we look forward to hearing from you.
