we had the opportunity to go to 3 different real estate meetings this week- the Utah Realtor Policy Summit, Utah Valley Homebuilders Association Market Forecast & a Housing Forecast with the National Association of Realtors Chief Economist Lawrence Yun.
It was neat to see & hear different perspectives. Obviously no one has a crystal ball, but we heard what these experts expect for this year.
Some key takeaways we got:
New construction will pose more competition against existing homes
SL/Utah County likely to be unaffected by any drastic price decreases- 0.3% price growth expected for the year
Utah’s population projected to increase 63% by 2060- 2/3 of growth is from in state births
2023 may be a bit lackluster for real estate, but expect a bounce back in 2024
Interest rates expected to stabilize around the 6% mark, should start to decline (Lawrence said he expects a possible 5.5%)
Overall, it will be a good year- homes will still sell, just at a slower pace. There will be more opportunities for buyers.
Many of them insinuated that if you are able to buy a property today, 10 years from now you will be very glad you did.
We are always here to help & happy to chat with you about your real estate goals!