Breaking News: Real Estate Market Thrives Despite 12 Rate Hikes

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.

Today, I have terrific news about the real estate market. This is the news that the media is not picking up on. 

In the last 18 months, we’ve witnessed a historic 12 rate hikes, yet we’re still in a seller’s market. Demand for housing in Utah is at an all-time high, with 30 to 40 housing units needed daily to meet the growth and migration trends. This includes various types of housing, from apartments to single-family homes, and we’re falling short of this demand. New construction is down from last year, intensifying the demand. Despite a brief dip in Utah home prices last year, they’ve stabilized and ended pretty even. Also, this year, we’ve seen an increase of $19,000 across the Wasatch Front and the average home.

Many economists believe that the moment interest rates come down, we’re going to see a frenzy of activity, with home prices skyrocketing once again. Furthermore, according to a local University of Utah Economist, even with the current high interest rates, we could see a 10% increase in home prices next year due to low supply and pent-up demand. As rates decline, the market is likely to become even more competitive.

If you’re considering buying a home or investing in real estate, think about securing a favorable rate today, as it could translate into substantial savings in the future. If you have questions, please feel free to call or email me. I look forward to discussing this further.