As we enter the new year, it’s natural to wonder what the future holds for the real estate market. While we can’t pull out a crystal ball and say for sure what will happen this year, we can make some educated guesses on what we can look for this year in the real estate market.
The market isn’t as frantic as it has been the last couple of years, so hopefully, that translates to buyers having more homes to choose from. Of course, interest rates could affect that as well.
While some mortgage experts predict rates that will continue to rise, we hope to see them come back down. Probably in the latter half of the year. If that happens, we’ll likely see a surge in buyer activity again.
As much as we would like to think we can avoid a recession, that is something we cannot predict and could also heavily influence mortgage rates. But historically, rates tend to fall in a recession, so maybe not a horrible thing for the housing market.
For the first time in a while, people that must sell their home to buy another will likely be able to make that move. It’s been difficult to do up until the second half of 2022 due to the hyper-competitive market. Nobody wants an offer contingent on selling a home when they have ten or more offers on the table.
With all these factors at play, we expect the inventory of homes to increase, rates to come back down, and buyers will have more power in the market, but you never really know. It’s always hard to know what the coming year will bring, but here at SLC Homes, we feel optimistic that the market will see some positive growth.
Salt Lake City And You
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You can check out all our blog posts at the SLCHomes.com Blog. This is a great resource for learning more about the current state of the Salt Lake residential real estate market.
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