What is Happening with Utah's Housing Market?

Watch this video for the stats on the current market for Utah and for Box Elder. Also I'll go over and explain if it's a good time to sell, buy, or both. Links for contacting me or for any other extra information will be provided below.

So as stated in the above video that information should help you see how the current market is responding to the increase in demand. Homes only staying active on the market for about half the amount of time as last year.

So should you sell right now? Yes! If you are selling just to cash in on the equity. If you are hoping to upgrade homes.... the market doesn't really matter, because you will get hit on either side of the deal on any type of market. So if you are thinking of upgrading homes only do that if you feel that it is the time, not just because the market is hot.... If you want further details on that let me know, I am happy to break that down for you.

Should you buy a home right now? I lean towards yes. I know of many buyers who are waiting for a crash to then buy a home. Sounds smart, right? Yeah unless the market doesn't crash..... then you have wasted time and money. I suggest only plan on buying a house if you have a longer time frame of living in there. Meaning about 5 years at the least. Can you sell sooner? Of course, but if you can stay in your home for 5 years even if the market crashes it should recuperate enough for you to get out of it within that time span. You don't lose money during a market crash unless you sell during the crash. I had so many buyers last year thinking I'll just wait until it crashes.... then I'll buy a home. I don't know fully if they think they'll get a better deal or just don't want the risk, but they missed out on 27% price increase! That is 27,000 dollars for every $100,000 your house was worth. That's a large amount of appreciation. Everyone has a different risk level they are comfortable with, but those are my two cents.

I hope this video shed some light on the current market for you and what has been happening the last year. Do not hesitate to contact me with any further questions.