What lies in store for real estate this year? No one has a crystal ball, but it is interesting to hear different takes.
We had the opportunity to attend/listen to 4 different economic forecasts this week!
Main takeaways I got:
Interest rates have passed their peak & are expected to lower. Forecasts ranged from 5.75-6.25% by the end of 2024. As rates decrease, expect to see more competition for homes
Utah’s strong economy, population & job growth = high demand for housing
Housing affordability is the #1 concern of Utah voters. Expect to see a push to allow denser housing development
Typical home size will continue to trend lower
Anticipated home price appreciation for Utah in 2024 is 4-5%
People are still moving. Top reasons include being closer to family, downsizing, job relocation, life changes (death, divorce), desire to upgrade neighborhood & needing more space
Any thoughts or input on these?
If you are ready to buy or sell in 2024, we would love to help you! You can message me anytime
Utah County Homes, The Bennetts 