Last month, we mentioned 2015 was best overall year for homeowners since 2007 thanks to steady demand, attractive interest rates, and a healthy Utah job market. This month, we forecast into 2016…
Interest rates will rise
Sure, this may not be a bold predication, but one that we anticipate will impact most looking to buy or sell in SunCrest. From news outlets, leading economists, to real estate blogs, the consensus is that rates are forecasted to be above 4.5% by years end. What does REALLY mean? Check out the infographic to see its impact on a home priced at $250,000.
Rental rates will continue to increase as buyers save for their down payment
Low rental vacancies, lack of new construction rentals, and difficulty to save sufficient down payment to purchase a home will continue to drive SunCrest rents upwards. The good news for those looking to buy in SunCrest? Utahns are able to save quicker. In a recent report, Utah was cited as one the best states for buyers to save enough for a down payment—1.46 years for a 3% down payment program.
Stoneleigh Heights will stay hot
The Stoneleigh Heights townhomes have been performing exceptionally well. Since July of ’15, townhomes are going under contract within 3.5 weeks (2015 Avg= 55 Days) and appreciating by 3.9% year over year as compared to 3.6% appreciation in all of Draper. At a current median price of $212,500, these spacious and affordable townhomes are perfect for millennials, boomers and everyone in between!
Despite the forecasted climb to interest rates, 2016 looks to be another year of growth and action in SunCrest. Whether buying, selling, or renting; this year is the time for action if you’re looking to make a change. Plus, with new SunCrest developments on the horizon, we’ll be looking back on this year as a key moment in SunCrest’s story.