At the beginning of the year, we did a preliminary analysis of the housing market. Projections were optimistic but conservative. As the year has worn on, results and projections have improved. Here are 3 takeaways from Realtor.com’s recent article.
1. Still a Buyer’s Market
Buyers still have the upper hand with a larger number of sales hitting the market than in recent years. Additionally, with the recent economic upturn, buyers are able to be a little more choosy and can wait until they find the home they want at the price they want.
2. Lower Rates
Interest rates were expected to spike this year. That has not come about. Rates have hovered around 4%, with a likely increase to 4.5% by the end of the year. Still a higher rate than current, but lower than consumers feared would be the case.
3. Patience is a Virtue
Keep an eye on the market, and wait to make your move. With the way the market is moving, sellers should not be hasty to offload their house at a price well below value just because the market favors buyers. The market is better than expected, so be prudent and sell only when the time is right.
With the good news in the housing market, you may be thinking the time is right for you to make your move. Contact Perry Homes today to learn about our many floor plans, financing options, and neighborhoods with availability. Whether you’re looking to move in, or build from the bottom up, Perry Homes has got you covered. Come see why Utah keeps coming home to Perry homes!