Wow, what a year we had in 2013. Utah is ranking top in the nation for growth and stability. This has definitely had an impact on our real estate market. The median price in Utah County has gone up from $192,000 to $211,000 from the 1st quarter to the 3rd quarter in 2013. The is about a 10% increase in values. The median price went up about 20% from the 1st quarter of 2012 to the 3rd quarter in 2013.
Now let's talk about 2014. It is always fun to read everyone's economic predictions for the coming year. In general everyone agrees tht 2014 is going to be steady if not growing. There have been articles from Zillow and others have predicted that our home values will increase again in 2014. Utah has been named one of the hottest places for businesses in the country right now.
What does all this mean to you? I think the discussion is a little different if you are a buyer or a seller. Buyers will likely see increased sales prices and interet rates. So sitting on the fence may not be the best idea, if you are in a position to purchase a home that is. If the time is right for you....look into qualifying for a loan immediately. If you are a seller. Well, take heart. Even through the winter months always appear to be a little slower for sellers in Utah County things are really quite good. Hang in there and your homes will sell. There is a qualifier to this statement however, don't try to get 2006 prices for your home. We are not there yet. Hire a competent real estate professional - then listen to them. Let them guide you with regard to price and marketing.
It's been a fantastic 2013 in real estate. It will be another great year coming up!!