Thoughts on the Market?

[Account Closed]

Hey investors and real estate agents! I would love to find out what you think on the market trends right now, and what your thoughts are for what might happen in the coming months. Let's discuss! 

[Brad Jacobson]

I can provide insight into the Utah market - Utah saw wild appreciation over the past three years.  The median house price doubled or more.

However, Utah is seeing a rather significant correction.  The majority of listings have received a price drop and some of the buyer's I'm working with are getting homes for much lower than they could have a few months ago.  Recently I had a pair of buyers win houses $80,000 and $110,000 under the original list price.

I would expect that if rates continue to rise past 6% that prices will continue to correct.  However, there's still plenty of demand so I don't see anything more significant happening than the price corrections we've seen over the past six months.

Personally, with rates around 5.5% and prices dropping 10-20%, I think it's a great time to buy.  Better than any other time we've had in the past 12 months probably.

Good luck!