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2015-02-02 13:23:33
Predictions from the 2015 Forecast Breakfast

2015 Forecast Breakfast

The croissants were delicious, the bacon crisp, and the orange juice tangy. But the best part of the 2015 Salt Lake Housing Forecast Breakfast was most certainly the refreshing news that Salt Lake is on track for a great year of real estate.  After some slightly disappointing home sales numbers in 2014, any Realtor, or seller for that matter, will smile knowing that the economists are predicting a better outlook for 2015.  This includes a forecasted 7% increase in Residential Sales, and a 4% increase in the median house price.  

Other predictions include:

  • Mortgage interest rates will increase this year ( Now is the time to buy!!)
  • Modestly relaxing tight lending standards could boost housing demand by as much as 15%
  • Condo sales predicted to go up 7% in 2015 and condo prices to rise 4% in 2015

Some of the biggest factors leading to a solid economic outlook for Salt Lake in 2015 are:

  • Strong Job Growth - Salt Lake County is top 5 in the Nation for Job Growth
  • Low Unemployment Rate
  • Substantially Fewer Underwater Loans
  • Foreclosures No Longer an Issue
  • Short Sales Decline
  • Housing Affordability
  • Rising Apartment Rents
  • An Expanding National Economy

A few other interesting facts and stats that point to a better 2015 than 2014:

  • Under contract homes are up 30% compared to this time in 2014 and up 8% from this time in 2013 ( and 2013 was a great year!)
  • Mortgage rates are at a 44 year low
  • Affordable housing options are abundant in Salt Lake County compared to U.S.
  • Condo sales were up 5% in 2014 and expected to continue rising in 2015
  • Household income is rising but at a very modest rate
  • Continued easing on access to credit
  • The national savings rate is down which means more money is being spent (not saved), therefore boosting the economy.
  • More homeowner equity because of increased prices
  • Better housing inventory, but still below peaks
  • Housing prices are at 88% of pre-recession peak
  • Less household debt burden

If you are wondering what your home is worth and where you stand in today's market - WE CAN HELP YOU!  Request a Free Market Analysis on the home page of our website, and get started pursing your housing dreams today!

Sincerely your Realtor,

Kelli Buttars

TEAM Moving the Market 

 
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