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2013-04-10 10:27:38
5 Reasons the Daybreak Housing Market is HeatingUp

Sometimes you can get the best read on the condition of an industry, such as real estate, from inside the trenches. The housing market in Daybreak has continued to get stronger during the past several weeks. As a Daybreak Realtor, I've noticed new listings are hitting the market and there is plenty of buyer activity to keep things moving. Prices are also increasing and we are noticing that sellers are more in control of transactions in terms of concessions and repairs then they were in the slower winter months.

daybreak housing market

A report was just released within the last few weeks showing strong employment growth in the Utah economy. This combined with the continuation of low interest rates is giving buyers more confidence and boosting sales in the housing market.  While we can tell real estate in Daybreak is improving just based on the increased activity, these are some statistics to back up our theory. Here are 5 Reasons the Daybreak Housing Market is Heating Up.

#1: New Household Formations
The recession forced many families to double up. Due to unemployment, job loss, or foreclosure, many families were moving in with friends or relatives which reduced the demand for housing. This was common with the 20-30 age group moving back in with their formerly empty- nester parents, but sometimes even entire families with forced to double-up. With the economy becoming more stable and increased job growth, some of this demand will be restored during this year as new households are formed and people are able to once again afford their own residence.

#2: Rising Rental Costs
The increase in rental rates is encouraging some long term renters to enter the market as home owners. Jim Wood the director of the Bureau of Business and Economic Research at the University of Utah predicts that home sales will increase from 15-20% due to the increase of renters turning to home owners. This increase will also help the rebound in condominium, twin home and town home sales. There are some beautiful condos in Daybreak that not only provide an affordable housing option and a way to start gaining equity in the real estate market.

#3: Housing Demand
Jim Wood also states, “Demand will continue to outpace supply in 2013 putting upward pressure on prices.” Experts suggest that some of this pressure could be reduced by a surge in listings, but the Salt Lake Board reports that a dramatic increase in listings is unlikely. In fact, the current supply of listings inventory on the market is at the lowest levels since 1997.

#4: Price Increases
More good news for home owners looking to recovery equity after the housing slump in prior years. Statistics from the Salt Lake Board of Realtors show the median price of homes has increased every month since April 2012. Now is a great time to sell your home and purchase the new home you’ve been thinking about!

In fact, the President of the Salt Lake Board says, “There are more buyers than sellers. This is resulting in multiple offers, and in some cases offers coming in above asking prices.” We have also noticed this trend with our Daybreak Houses’ clients, and this situation has benefited a few of our sellers over the past month. Although the market is competitive, buyers shouldn’t feel discouraged. If you are a qualified buyer and realistic about the current market, it is still a great time to find a home within your price range. There are also many new listings to choose from this Spring that weren’t on the market over the past winter.

#5: Increase in New Home Building
The demand for new homes is also starting to increase. The President of Ivory Homes said that the first quarter sales for this year are the best in six years. He also says that builders are “under-producing” based on the current demand which is helping to absorb an oversupply of new homes caused from the prior slow down. However, the demand is increasing enough to require more new construction starts to keep up for the increase of buyers.

 

 

 

 
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