The Housing Market Just Keeps Getting Better

According to the new president of the Salt Lake Board of Realtors, Troy C. Peterson, things are just going to get better in 2017 for real estate.  Even though mortgage interest rates increased slightly, it has not deterred home sales.  Utah has been named the “Fastest Growing State” by the U.S. Census Bureau which means things are going to keep getting better for 2017.  We have many big companies moving in which means steady job growth.  This in turn means the demand for housing will continue to grow.  

Other great news was announced by Fannie Mae and Freddie Mac in raising the maximum conforming loan limits.  In most areas of the country a one-unit property will go up from $417,000 to $424,100.  There hasn’t been an increase in conforming loan limits since 2006 so this is a sign of more good things to come.  Higher conforming loan limits allows buyers to purchase a slightly higher priced house at conforming rates rather than the slightly higher jumbo loan rates.  

Even though we have seen an increase in the home prices in the Salt Lake City area, the majority of all homes that sold in the third quarter were easily affordable to families earning the area’s median income of $74k.  

With all the current events happening, it is exciting to see the economy coming back and being in excellent shape as well as the housing market boasting the highest sales since February of 2007 (pre-crash era).  Lawrence Yun, NAR chief economist, assures us this last quarter has been the healthiest housing market as well as job market since the Great Recession, with nothing but good to predict in the future.  

We know it’s only January but if buying or selling your house….. Or just doing some renovating is one of your New Year’s resolutions, we’d love to sit down with you and help you put a plan together.  Last year we sat down with a new home buying client at the end of July to formulate a plan and by Thanksgiving they were celebrating in their new home.  We’d love to be a part of your dreams for home ownership or remodeling this year.  Feel free to reach out via email, private message or text.  

Cheers to an amazing start to a FANTASTIC year!