What is Utah Real Estate Going to do in the next 3- 4 years?
If interest rates creep up to about 5% the inventories will fatten up and prices will either adjust down ever so slightly or remain the same for the next 18 months.
A giant elephant in the room, no one seems to want to talk about is the heath care disaster left by the Obama administration. Still in effect for the most part and creating a huge burden on both consumers and employers. Many families with good incomes pay more for healthcare that their rent or mortgage. If or when that is fixed it will create new disposable income for families and could possibly spur home demand to new unsustainable high. Pushing the metro area prices even higher. Don’t get me wrong I am all for axing the entire health care plan and starting over. Any bill over 23 pages of long enough let alone 2300 pages in the oxymoron name “Affordable Care Act”.
With the inventories showing a climb, this will actually spur more homes to be placed for sale. My own opinion is a large group of empty nesters are waiting for better selection. This is the group that wants to sell and buy but haven’t.
As for the future our Utah (Greater Wasatch Front) the next three to five year economy shows no signs of slowing down. In migration will fill existing apartment vacancies which in turn, at some point graduate to a purchase of sort. Population along the Wasatch Front is slated to double by the year 2050
Taking an inventory of active homes across the Greater Wasatch Front today.
