Did you miss the peak selling season?
The real estate market has gone through some big changes this year. And after TEN STRAIGHT YEARS OF APPRECIATION, how could it not?
I was visiting a client recently, and I found out that in his mind, the “bubble had burst,” and the market had crashed. His words, “well, I wouldn’t sell my house now!”
Let’s talk about what truly happened to the housing market in Utah.
From 2007 to 2011, Utah home values dropped by 22-24%, and people thought it was the end of the world. And it sounds like a huge drop! Keep reading…
From 2012 to 2019, the average home value went up by 69%. That’s not a typo. That was record appreciation at the time.
A real estate cycle is typically five to seven high years followed by five to seven low years. However, from 2020 to 2022, home values rose byanother62%!
The historic average home appreciation rate in the United States is 4-5% annually, so going up 62% in less than three years is crazy. Baffling. Unsustainable.
“Don’t believe the sensationalist news articles.”
Since May this year, home values have decreased by about 10%. Yes, that’s an abrupt shift. However, the media has created a public perception that the market crashed.
Utah home values have gone up 131% since 2012, so the recent 10% dip is not a big deal. Isn’t that a deal you’d do every day? A net 120% appreciation on an asset over ten years?
People are still buying and selling real estate.
If you have a need or desire to move right now, let’s have a conversation. Of course, it may not be your time! But then again, it may be.
Don’t believe the sensationalist news articles, and don’t put your family’s plans on hold because of something you picked up on KSL.com or Fox News. Instead, get accurate information from “the ground.”
Reach out to my team and me anytime by phone or email. We look forward to hearing from you.
-Jeremy Larkin
PS - Here’s my direct cell phone number if you want to chat or text me any burning questions! (435) 375-4446
