Mark Twain once said- 

“It ain’t what you don’t know that gets you in trouble, it’s what you know for sure that just ain’t so” People ask us every day about the real estate market. We love this question because it tells us that
someone is seeking out new information. We don’t have a crystal ball, but we know the market and stay
informed to provide the most timely, relevant, and valuable insightsto our clients. We get smart, so
you can be smart. Two, well-respected real estate economists recently shared their views on Utah. Here are the highlights
for Utah this next year- (To watch the presentations in their entirety, see below) Utah Housing Economic Forecast-
• Utah is leading the country in job growth.  This past year it was 3.2% (Utah led the country) • Unemployment rate in Utah is 2.4%  (Lowest level in roughly 70 years) • 17,883 homes sold in 2019. (13,087 SFR & 4,796 condos-Appox. 18k sold each of last 4 yrs) • 8% average home price appreciation from 2011 to 2019     • Rental rate went up 6.8% this past year in Salt Lake County • Highest number of 25-34 year-olds living at home (64k) • Projected increase of 10% for condos and townhomes (Over $300k median price) • Projected increase of 5% for median single-family homes (Over $400k) • Biggest year ever for apartment construction - (10K rental units built in '19 out of 26k total)

Utah Housing Themes
• Affordability remains a major factor impacting sales and rentals • Shortage of inventory • A large increase in multi-generational families living in a household (2, 3, and 4 generations) • 76% of listings this past year were sold. (highest ever recorded) • Interest rate forecasts are that they are to remain low (4% - 4.5% projected to remain low)

If these economists are right, what does that mean for you?  

If you haven’t bought a home in Utah yet, but plan to soon, it may make sense to think about doing it
earlier than you might have planned.
If you are thinking about adding a rental to your portfolio, doing
so earlier in the year can make a big difference. 


To watch the economic forecast in its entirety, click below-
https://www.facebook.com/slrealtors/videos/587667511965382/