Let’s talk about price changes for the last 20 years in Utah.
From 1996 until 2005, appreciation for single family homes in Utah went up. Appreciation was strong, but not aggressive. Then, from 2006-2008, appreciation went up 21% one year and 22% the next year. As many of us remember, the market fell out and values dropped. From 2007-2012, values dropped a total of around 20%, which is when many people lost homes, and went upside down in mortgages, etc.
Since 2012, however, the market has been growing steadily and safely. By 2014, we had recovered from the crash completely. The national average for home values rising is around 4%, but we have had a stronger recovery. A 13% gain one year (a little too strong) followed by a 6% gain the next year (balancing out the former year), then back to a 12% gain the year after, then another year at 6%, etc.
With growth as it is now, you can’t buy a home, keep it for two years, and expect to sell it for a profit. If you are thinking about buying, it’s best to plan to buy and keep your home for at least five years.
Values in Utah are headed up. People are moving into the state, people are having children, we are a business-friendly state, and we are running out of land. This all culminates in prices going up and a housing shortage is predicted in the lower price ranges ($200,000-$350,000). If you have a home in this price range and are looking to upgrade, now is the time to do so. There’s a lot of demand in that price range, but not as much in the price bracket above it.
Questions about your home’s value in Utah? Feel free to message me!