4 Things You Need To Know About the Housing Market
Are you in the market for a new home in Salt Lake City? If so, you probably have a keen interest in the housing market there. You may be watching to see if it’s a buyer’s or seller’s market in the area. You are probably watching housing prices diligently, wondering if you can find a home that meets your specifications.
If you are interested in Salt Lake City’s housing market, here are four points about how property is selling in the area.
- A Strong Local Economy
What makes a strong housing market? Some real estate experts note that a robust local economy supports the construction and sale of homes. Salt Lake City is on a red-hot growth stretch. Jobs are being created, and new residential and industrial construction is high. Wages are rising, too.
All of this is good news if you’re considering new construction townhomes Salt Lake City. The municipality has one of the hottest housing markets — in fact, it has more than double the national home sales growth projection.
- Growth in the Tech Job Sector
Salt Lake City is a haven for the tech industry. With a high concentration of tech jobs in this area, they make up more than 5% of the total employment in Salt Lake City’s workforce, a percentage that is higher than the national average. The area’s talent labor pool is also higher, experiencing growth over several years.
How are tech jobs and talent connected with the housing market? Real estate experts have noted a connection between tech job sector growth and a robust housing market. Whether you work in the tech industry yourself or have a career in another sector, you can enjoy the economic growth that Salt Lake City currently experiences.
- A Rise in Home Prices
Along with the growth in housing comes a rise in prices. They are increasing higher than the national average in Salt Lake City’s hot housing market. The rise in job opportunities brings in many people from other areas looking to settle in the area. Therefore, housing is in high demand as it works to keep pace with the surge in population.
If you want to get a jump on the demanding housing market in Salt Lake City, there are a few things you can do:
- Save up for a down payment. The standard for a regular mortgage is 20% of the home price.
- Know your credit score. If your score is low, you can take steps now to improve it so that you qualify for a lower mortgage rate.
- Look into some of Utah’s special offers for first-time home buyers. You may qualify for a grant or loan to help you get the house with the specifications you want.
- Get pre-approved for a mortgage so that you can be prepared to make an offer when you find the perfect home. Talk to at least three lenders to give you an idea of their interest rates, credit score offers and types of home loans.
- Lower Interest Rates
When interest rates are low, people can afford more house than they can when rates are higher. What does “more house” mean? Homebuyers may be able to buy a residence with more square footage, better amenities or a different neighborhood — low rates can help them stretch their budget further.
Also, people who already own property in Salt Lake City may discover that they have more equity in their current home than they expected. They can sell their home for more money and apply the equity toward a new residence.
Salt Lake City has a strong economy, vibrant community, abundant outdoor space, a talented pool of workers and lots of new jobs. If you want to buy or build a home in Salt Lake City, now is an excellent time to do so. You can enjoy a high quality of life in this dynamic area of the country in a beautiful home.
