March 2017 Salt Lake City Real Estate Market Heartbeat Vlog
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Last month we talked about it being a seller's market with buyers trying to find a home when there isn't enough inventory. March has not been much different. Last month we had 25% less houses than last year available. This month it's only 22% less than last year - so we are definitely seeing the stirrings of the busier spring market.
The biggest news recently is that the Fed raised interest rates 1/4 point last week. Because the market had been expecting this exact increase, rates held steady. It's expected that rates will continue to increase slowly over the next few years. They have been artificially low since the recession. As the economy as recovered, the rates have stayed low. We will see this start to change.
The increasing rates will cause rising home prices to slow as well. When rates for mortgages are higher buyers can't afford to pay as much for houses. That will cause our rapidly rising prices to slow. That's exactly what should happen to keep our market healthy.
If you're ready to start your home search or list your home, give me a call today!
