In the real estate industry, the spring season starts long before the weather starts to warm. Once the new year begins, we dive head first into the upcoming selling season doing market research, prepping homes for sale, and helping buyers get approved and ready to purchase in the months ahead. This year is no different - so as we’re planning for 2025, we thought we’d clue you in on what we think is coming. 

When it comes to the market – we’re here to tell you not to expect any drastic changes.

Price growth is expected to slow down with more moderate levels of appreciation (about 3% in Utah, 2.6% nationally) – a positive note for buyers who have been chasing soaring prices. We anticipate interest rates to stay mostly where they are with a hopeful, yet gradual, decline over the course of the year. Dejan Eskic, the Chief Economist for the SLC Board of Realtors, tells us that the average rate for a 30-year fixed mortgage is projected to hover around 6.3%, and the median Utah sales price to go from $505,000 to $520,000.

Statistics aside, here’s what we’ve been hearing in the field: so many of our clients spent much of last year… “waiting.” Waiting for rates to go down, for prices to drop, for the election to pass…yet still kept their eye on the market with the plan to buy or sell a home in the near future. Now as rates stabilize and inventory starts to gradually increase, we’re beginning to feel like that holding period is over. We anticipate this pent-up demand to show up as an active spring market and an overall increase in home sales this year.

This isn’t to say we don’t face the same challenges:

plenty of homeowners are still holding tight to their low mortgage rates and are reluctant to sell. If that’s you - consider yourself lucky, but don’t let it trap you. If it’s time to move on, call on your team (that’s us) and let’s take a look at your equity (chances are you’ve got some). We might be able to make the transition easier than you think, or at least talk about your options. 

The long and short of it: trying to time the market for the perfect price and the best rate is a challenging strategy at best…and at least this year, doesn’t seem like a very fruitful effort. The market is what it is (literally) and we’re way more interested in what’s going on in your life, anyway. We don’t have a crystal ball, but we do know real estate: stay connected with your agent (oh hey – do you need one?) and we’ll make sure you’re taken care of.