Salt Lake Housing Market on the Move
Hang on to Your Hats, Economist Predicts New Momentum
by Joel Carson
Hang on to your hats, the Salt Lake Housing Market is expected to race through the recovery process this year, according to University of Utah Bureau of Economic and Business Research Director Jim Wood. It’s not too late to get a great deal on a Salt Lake home for sale, but the market is definitely turning. Wood’s predictions were recently made public by the Salt Lake Board of Realtors in the 2013 Salt Lake Housing Forecast, “Real Estate Recovery Gains Momentum.”
Wood’s report notes, “Strong job growth combined with low interest rates will give a boost to both buyer confidence and housing affordability. Home sales and prices will also benefit from the release of pent-up demand.”
Our country has been through some rough times as a whole and Utah experienced many of the same tragic losses felt in every state in the Union. The recession brought about job loss and foreclosures. Many people were forced to move in with family and friends, Wood said. When people share homes demand decreases.
“Some of this demand will be restored to the market in 2013,” Wood said. One not-so-pleasant impact of a healing economy could be a rise in rental rates. Those watching the housing market will appreciate the fact that higher rental rates could encourage some people to buy homes. It’s simple supply and demand.
“Consequently, home sales will increase by 15 to 20 percent pushing sales to around 13,000 units. The rebound in condominium, twin home and town home sales will also continue as sales increase from 2,225 units in 2012 to 2,600 units in 2013. The affordability of multifamily units will be particularly attractive to many renters and doubled-up families,” Wood said.
The economist expects demand to continue to outpace supply in 2013. That pressure could cause an increase in Salt Lake home prices. “Some of this pressure could be offset by an increase in listings but presently there is no indication of any listings surge. And if the market avoids the oft-predicted next wave of foreclosures and dodges federal actions that could dampen demand — the resolution of the fiscal cliff was a win for housing on several counts — price increases will exceed the 6 percent gain of 2012 and likely increase at a double-digit rate of 10-12 percent,” he said.
If you're ready to purchase your new Salt Lake home for sale, check out our comprehensive online listings supplied with detailed photos and descriptions from the Wasatch Front Multiple Listing Service (WFMLS). Need help finding the perfect property to meet your needs? Call me today at 801-673-3333.
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