SunCrest Market Update-January
The State of Real Estate in 2019
We don’t have a crystal ball, but at Windermere we do have a team dedicated to analyzing the market and making predictions. Will the hot market stay hot? Will interest rates go up? This month we look at the some national predictions in the headlines.
Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. We’re seeing them hold steady in so far in 2019 with experts are calling for a slight increase again by the 4th quarter of 2019.
Average List Price
Home sellers have had high expectations for the listing price of their home – and rightfully so. SunCrest has experienced years of double digit appreciation! In 2019, we anticipate a decline in average list price as home price appreciation returns to historical averages, and home sellers’ expectations catch up to market conditions.
Who Is Buying
Millenials, particularly those 25-34, will be buying more houses than any other age group. With Utah’s robust job market and low unemployment, we anticipate more homes being purchased by millennials in 2019 than any other year. That can play a significant role in how you market and sell your home.
The winds of change are upon us. From the changing psychology of buyers and sellers, to creeping interest rates, the outlook shows those subtle changes that are re-shaping the landscape. SunCrest buyers, particularly millennials, who have been sidelined because of low inventory are expected to reenter the market as more inventory comes available and prices continue to level out. For sellers, current inventory levels remain at their lowest levels on record. As affordability tightens with rising rates, sellers should prepare for an increase in the time it takes their home to sale and look for gradual appreciation instead of instant money. We think sitting down, reviewing all the facts, and walking through your goals and timing will help best prepare you for your next move.
Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market. The previous month’s SunCrest housing information and future editions are released monthly.