David Pestana here with Rise Utah Realty’s home marketing team to give you a quick recap of the 2018 housing market and our 2019 forecast.
Hey David Pestana with Rise Utah Realty’s home marketing team to give you a recap of 2018 housing market well in the Wasatch Front. It was an incredible year where we saw home prices increase eight point eight percent. That’s twenty nine thousand dollars and our average home price is now three hundred and fifty seven thousand dollars. If you can believe it there is still a huge amount of demand for homes and we measure that in the form of inventory. So total inventory is the homes that are available and how fast they sell and if no new homes came on the market we would sell all homes in the Wasatch Front MLS and less than two months. Now that is a seller’s market because the buyers are just eating them all up in 2018. We had huge pressure from the Federal Reserve and they told us rates were going to be increasing and they did increase rates. By November we have rates up above 5 percent and for most people. And what happened is that President Trump had convinced them to stop their campaign of highering interest rates. And since then moving now into 2019 so I’m kind of giving you a peak is we now have had rates lower over a half percent. Also at the end of 2018 in December we had a government shutdown which turned out to be the longest shutdown in government history. Well the government’s open again. People are now starting to get their tax refund checks. So as we move into 2019 we are expecting everybody get their refund checks. We’re seeing low rates and actually for the time being we don’t think that they’re going to increase rates for 2019. And we have high demand for real estate. So most experts are saying that Utah could expect another 6 plus percent increase in real estate. Thank you for watching. And if you appreciate video content like this please Subscribe so that we can keep you updated on the real estate market. And if you’re looking to buy or sell. Rise Utah Realty offers a easy exit guarantee on all your listings or without complaint or hassle we’ll let you out of our list and agreements because we want to put our clients first and it shows you how confident we are in marketing your property and getting it sold for what you want.