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2016-02-05 11:27:23
2016 Utah Housing Forecast - MUST READ!

2016 Utah Housing Forecast - WHITE-HOT VC MARKET, WALLSTREET OF THE WEST AND ANOTHER SOLID YEAR OF HOME APPRECIATION AND SALES!

Today we had the pleasure to hear from two of our top economists who report on our housing market.

From Jim Wood:

*  Our 15 year average home appreciation in Salt Lake County is 4%, so homes are doubling in value in 18 years.
*  Predicts interest rates in the 4-4.5% range for 2016 (may reach 5% as a high).
*  Almost 1 in 4 homes sold now are condo or townhouse.
*  Median household income in Salt Lake County is now $62,000. If you allocate 30% of that income to a mortgage, homeowners can afford a $290,000 home. Economists see 50% affordability as an equilibrium and see that we still have room for prices to rise.
*  The median sale price is $272,000 up from $250,000 last year and predicted to be $290,000 by the end of 2016.
*  Home appreciation is expected to be 5-7% in 2016.

From Natalie Gochnour:

*  Utah finished 2015 with the top performing economy in the country!
*  'Fastest growing state, in the best economy in the world in the best region in the country!'
*  3.7% job growth.
*  We are very close to full employment.
*  Created over 43,000 new jobs last year.
*  8.3% job growth in tech jobs.
*  'Provo and Salt Lake are TWO OF THE TOP 3 FASTEST GROWING TECH CENTERS IN THE COUNTRY!'
*  Venture capitalists are saying our market is white-hot. They are birthing a unicorn every quarter (a VC term for a company valued at a Billion Dollars or more)!
*  Financial services are doing so well in Utah that Salt Lake is now being called 'THE WALLSTREET OF THE WEST!' This is in addition to our prior 'SILICON SLOPES' title.

The bottom line is that the our future is bright and it is good to live, work and own real estate in Salt Lake and Utah counties! Bring on 2016!

 
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