By now you've probably heard that Salt Lake City has topped yet another list, this time as the #1 housing market projected for growth in 2022 by Realtor.com. As we've seen in the past, this projection will likely unfold in a similar manner in many of the other markets throughout Utah, including St. George. So what does this mean? What should we expect?
The Salt Lake City metro area is forecasted to see a 15.2% year-over-year sales growth. This comes after an already record-breaking performance during the pandemic (March 2020 – present).
Mortgage rates are expected to rise to 3.6% by the end of the year. This means it's in your best interest to buy or refinance sooner rather than later if you're banking on low rates to help you save.
Housing supply is expected to recover from COVID lows. Homebuyers should expect competition, but there is room for hope: the for-sale housing supply is expected to rebound from pandemic lows as more sellers plan to enter the market.
Sellers will face more competition. Homeowners who are ready to sell in 2022 are in a good position. However, as for-sale inventory begins to return, sellers will face more competition.
HOW TO PREPARE
Consider your budget carefully and get pre-approved. To navigate these challenges, buyers will want to carefully consider their budget before embarking on their home search. Getting pre-approved can also help you act quickly when an exciting opportunity presents itself.
Well-priced homes in good condition will see the most action. Sellers should strategically consider how to price and showcase their home. A professional REALTOR® can help guide you through this process.
Hire a professional. A professional REALTOR® can help you navigate this unprecedented real estate market with confidence and purpose. If you or someone you know is considering buying, selling, relocating or investing– we can help!