Here are the five main things you need to know about our October market.
Here are five quick things you need to know about our October real estate market:
1. We are short five million homes nationwide. That’s a lot of buyers without a place to live.
2. Interest rates have risen above 3%. We were all spoiled last year with averages in the high twos, and it’s being reported by several agencies that we’ll be seeing rates at 4% by the end of 2022.
3. Our current median sale price is $500,000. In the fourth quarter of 2020, our median sales price here in Salt Lake City was $379,000, which was already high. That’s a huge jump in just one year, made possible by the low interest rates.
4. In the first week of October, it was estimated that we’d see 100,000 homes hit the market. All these new properties are excellent for buyers.
5. Now is the time to buy. Rates are increasing, so you can afford more if you buy now and take advantage while they’re still low. We also have more inventory, so you have more choices. You also won’t have to offer your firstborn child or your left kidney to get a home. Every house isn’t seeing 25 offers anymore, your offer doesn’t have to be in cash, and you can have a lower down payment. Things are getting easier because everyone was so tired of fighting for houses that some left the market.
If you’re looking to buy or sell, we’re not kidding when we say now is the time. We want to help you have the best experience possible. If you have questions about our market or any other real estate matter, call or email us. Let us know how we can help.