Median Home Price Drops 5% Month over Month, Feb 2022 vs. Feb 2023
Single family homes in Salt Lake county are down 5% vs. this time last year. Prices are down 14.5% since our peak in June of last year at 650,000.
For folks that have been waiting for the market to correct, your wait is over.
Everyone wants a deal and I can't say this enough. In Utah, where we have a shortage of houses and will have a shortage of houses for the next decade, getting into the market with a mortgage payment that makes sense is WAY more important than hoping to get the lowest price in a mortgage rate increasing market.
Time IN the market is way more important than having a lower purchase price and a much higher monthly payment.
The Fed continues raising rates and its possible we move to the 8-9% range this year. This means home prices may come down but the cost of borrowing goes WAY up, which means your monthly payment, even at a lower price, is considerably more than buying now.
If you have been waiting on the sidelines, get in touch and let's get you into your first/next home.
