Why the Recent Surge in Home Sales?
Within the past two weeks the Utah real estate market has experienced a spike in home sales. This may happen at the beginning of the year but with the big decrease in home sales due to rising interest rates this spike is noteworthy.
Local homebuilders I have talked to tell me that after six months of major home sales decreases they have seen a recent jump in buyers reserving home lots to build on.
The reasons they give for the spike in home sales are….
Home buyers have accepted the current interest rates and realize they won’t likely go down much in the forseeable future.
There is still a housing shortage and Utahns need homes.
Rising rental rates for homes is becoming unbearable. Utahns want to put their money into a home instead of wasting it on rent.
Utah isn’t experiencing a recession like other states and realize that no major crash or bubble burst is going to happen. With the demand for homes and more outsiders moving in state buying a home will be more difficult.
Real estate investing has become very popular with more and more Utahns buying homes and land to supplement their income and save for retirement. I have talked to more young buyers who want to include real estate in their investment portfolios because they see the short- and long-term value in buying real estate.
Contact me with your questions about buying and selling a home or land and real estate investing in general. Look for more news future articles at HooperRealtor.com.