Utah Housing Market Update

To find out where the housing market is and what it is doing right now (January 2020), I pulled up the market conditions from January 2019 to compare them to our current ones.

Fewer homes were listed this year at this time than January 2019- 18% fewer, to be specific. Fewer homes being sold means more demand, as shown by the number of homes going under contract. This means we have a stronger seller’s market.

We don’t know how long this will stay, but as interest rates are around 3% and likely to remain there as this year is an election year (statistically, politicians are unlikely to make changes to interest rates during election years to avoid ruffling any feathers), these low interest rates push up demand. A low interest rate can make a huge difference in your monthly payment.

What does this mean for you? If you’re looking to sell your current home and buy a new one, now is the time! Sell your home during the first quarter of the year, when the market is in your favor, and buy your home in the second quarter of the year. The second quarter of the year (March, April, May) typically has more homes than any other time of the year, flooding the market a bit and making the market more friendly for buyers. Take advantage of both positive scenarios and sell your home for top dollar while buying a new one with plenty to choose from AND a low interest rate!

If you’re considering a buy/sell like this scenario, feel free to reach out to me so I can help you this year!

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