Good News In The Utah Housing Market - A Remarkable Real Estate Recovery

Posted by Eric Evans on 8:20 AM with 9 comments
According to Salt Lake Realtor Magazine, home prices increased a mere six percent in 2012 and 2013 is looking even more promising as home price increases are expected to double anywhere from 10 to 12 percent.  With that said, home sales are expected to increase another 15 to 20 percent, making 2013 the year to sell, buy, and refinance a home.

Why the sudden increase in price and demand?

Job growth in Utah has exceeded the historic average.  Utah has had 30 consecutive months of job growth, which has been crucial to the recovery of real estate.  Employment growth expands the demand for housing, giving potential home buyers more confidence to do so.  In addition to job growth, all of the other major economic indicators show solid growth in 2013.

How This Affects Utah Home Sales

Realtor home sales are recovering fairly well.  Over the past two years sales have risen over 27% and out of Salt Lake County's 15 cities, all have seen an increase in existing home sales.  Sales data between all of the cities show that the recovery has been widespread throughout the state.

Time To Buy, Refinance, or Sell?

Right now can is a great time for anyone who is looking to purchase a home, refinance, or sell their current home.

With supply of houses being so low and demand being so high, home prices are increasing; therefore, it's best to act fast if you already have a home picked out.  Rates are also at rock bottom lows and are only going to be going up throughout the coming year.

With rates being so low, it's also the time to refinance.  If you were once underwater on your home it's worth taking the time to give RANLife Home Loans a call and get a free estimate home value.  Just because you couldn't refinance before doesn't mean you don't have the equity now!

Lastly, with home prices increasing you are likely to get a lot more value out of selling your home in 2013.  More equity means more money in your pocket.

How To Take Advantage of Salt Lake's Real Estate Recovery

At RANLife Home Loans and Real Estate we can provide you with a custom home buying or refinancing experience.  Whether you need a knowledgeable realtor or an experienced loan officer, RANLife is here to help! Call us today to get preapproved or if you need a home valuation, let us tell you what your home is worth.  Whatever you need, RANLife Home Loans and Real Estate will help you find the right solution for you.

A trusted Utah Lender for over ten years.