Will housing prices start increasing soon? According to the National Association of Realtors, home prices in market areas will stop falling this year and are predicted by real estate economists to increase 2% in 2013 and 3.5% in 2014. Economists also are predicting that housing starts (new construction) will double by next year.
As unemployment drops further, real estate inventories drop, and population increases, real estate markets are bound to recover strongly in most areas. Rates have also been increasing in recent weeks which indicates that demand is also increasing and the markets are recovering.
What does this mean? The best deals you will find will be found now. We are at the bottom of the market and your buying power is at its highest point now while prices are down and rates are low. Waiting to buy a home is risky as prices and rates seem to be trending up in the near future. Keep in mind that each market is unique, but Salt Lake City is one of the stronger markets in the United States according to many reliable sources. The best time to buy a home in Salt Lake City is right now.
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