3 Changes We’re Seeing in Our Market

By Doug Cary

Doug Cary has been selling real estate in Davis County since 2005. He is a 2nd generation top producing Real Estate Agent.

“If it bleeds, it leads.” That’s the mantra for the news. If they came out and said that the real estate market is returning to normal, that really wouldn’t sell. However, today I’ll share three surprising signs of how the real estate market is balancing out.

The first sign that the market’s returning to normal is that interest rates are increasing. They feel high because over the last 11 years, interest rates have been below 7%, and in the last five years, they’ve been below 5%. Today, the 6% range feels a lot higher than it ought to, but the average interest rate over the last 50 years is 7.76%.

The second sign is that homes are still selling very well. Homes are selling in less than 30 days along the Wasatch Front.  This is a sign that we’re actually in a seller’s market and moving towards a balanced market.

The third surprising sign that the market’s returning to normal is that home prices, although they’ve come down a little from their peak, are holding steady right now. Projections for next year state that we’ll see a 5% to 8% increase in home values because we’re bringing in so many new households.

I hope this information was helpful. If you want to talk about any of these topics, feel free to pick up the phone and call me anytime. I’d love to help you.