Friends and Clients —
If you’ve been thinking about upgrading to a new home, you’ll want to read this.
As you’ll see, current conditions make it an incredible time to sell — as well as to buy a bigger or more luxurious home. Let’s look at the details:
1. Enticing mortgage rates
The 30-year fixed mortgage rate recently fell to 3.49%. THIS IS CRAZY!
This is a drop of 1.5% in the last year alone. It puts current mortgage rates in the neighborhood of record lows that we saw in 2012.
Not surprisingly, many buyers are ready to invest in these attractive conditions. A strong job market is fueling demand even more.
Yet home sales are stagnating. What’s going on?
2. Deep housing shortage
The answer is simply the lack of homes on the market.The current supply of available homes in the US is the lowest in recorded history, just 3 months’ supply. THIS IS CRAZY!
In fact, fewer existing homes sold in 2019 than in 2018, and experts say that number will drop further in 2020.
This isn’t just national. In Washington County we only have a 3.3 month supply of homes.
o supply is short, while demand is strong… can you guess what happens in these conditions?
3. Home prices heating up again
Home price growth flattened out last summer, but it’s picking up steam again.
The median sales price for an existing Washington County home sold in January was $$303,832, up by about 2% from last year. (Ask me why we don’t use “average” home prices)
As you can see below, prices across Utah were up 8% in 2019!
Price growth is strongest for lower-end homes, while higher-end homes have more supply.
You can see now why I say this is a unique moment if you’re thinking about upgrading to a new home.
In the current under-supplied market, you can sell your home in record time and for top dollar. You’ll find it much easier to buy a new, higher-end home.
If you’re curious about your options, I suggest two things. First, check out this home value calculator, based on recent St. George area sales. It will give you an idea of what your home is worth in the current market:
DISCLAIMER: This is free technology to you! These systems, including Zillow, can miss basements, additions, etc. CALL OR EMAIL ME DIRECTLY if the system misses important data about your property.
Second, take a look at this complete listing of St. George homes for sale. Several beautiful and affordable homes recently came on the market. You can find them all here:
Finally, if you’d like to get my in-depth and personal estimate of what you could sell your home for, and how long it might take, give me a call at (435) 215-4533. We’re here to help.
Have an amazing Spring 2020!
Jeremy Larkin & The Larkin Group
PS:You probably know by now (since your Facebook feed is littered with this crap) that we’ve been nominated for the “Best of Southern Utah” again!
We bought a really cool link that allows you to vote in 2 clicks! If you didn’t already, would you be so kind?