As with any market, the ebb and flow of changing particulars yields uncertainty, but also opportunity! Right now myriad facets are influencing our Utah real estate. You’ve seen the hyperbole - interest rates climbing (still historically LOW though) cost of living is getting those bigger city vibes; ya know, all that fun stuff! With every below, there is an above however. Job growth in Utah, one of the best in the nation, has remained defiantly strong.
And, with the exception of last week’s meteor shower, the sky is NOT falling.
I understand the anxious feels when I talk to clients about the idea of buying or selling a home. My response: Everything is gonna be jussssssssst fine! "Be cool, hunny bunny", to get a little pulpy on ya. Here's the thing about a market where people are throwing contingencies out the window and overbidding by double-digits - it's unsustainable. There’s an axiom that states a healthy real estate market boasts a six month supply of inventory. If that’s canon, then these last two years have been quite unhealthy. And, to a large degree, our entire economy as well. A 9% inflation rate? You shittin’ me?
If anything, this current adjustment is a welcome and necessary balancing for longevity. As Utah continues to grow and develop, it’s better for EVERYONE - steady increases in equity for sellers and for buyers, the benefit of time to fully calculate perhaps the biggest decision in their lives.
So here we are, peeps - real estate is historically one of the most resilient investments and should continue to serve you very well, as we wind on down the road toward that pot of gold at the end of the aging rainbow. Growth, like any weed on steroids, begets weak roots. Balance is always what the doctor ordered. If you have a home to sell, rest assured you are still well positioned to make a killing; and for those looking to buy, that sweet scent of opportunity in the air should have you rubbing your hands together Mr. Burns-like.
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