A Market Recap of 2021 and a look forward to what the 2022 Market Holds for Your Investment & Housing Plans.
I primarily cover the Davis & Salt Lake counties for real-estate markets. I like statistics and so I review and post about them fairly frequently. I think the information from 2020 was fairly accurate and was really curious when the Salt Lake Board of Realtors produced the 2022 Housing Forecast Executive Report. This review has my highlights and points out the information I believe to be what we can focus on for the 2022 market. I am happy to provide you with a copy of the full report upon request. Simply email me at cindy@wasatchfrontlife.com with the subject line: 2022 Housing Forecast Report and you will find it in your inbox right awya.
The 2021 Market – What it tells us.
The 2021 Market screamed information, and you couldn’t help but hear all the news reports, radio forecasts about what was happening. You probably also could hear the cheers of elation from sellers and the groans and despair of buyers in what was one of the most eventful of my 20plus years in Real Estate. The 2022 Housing Forecast stated, “The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27% shattering the 43-year old record o 20.1% set in 1978.” I both celebrated with sellers and struggled with buyers, but overall was able to adapt and strategize to have wins for both buyer and seller clients in the market.
Does Utah Have a Housing Bubble?
This question makes me crazy because it assumes that since the market is growing it is going to stop. Let’s look at facts.
- Decline in housing has always been associated with a weak or contracting labor market. We have no indication that is the case or will be the case in the next several years – in fact the opposite currently applies.
- The 2008 Financial Crisis was the only time Utah has experienced a bubble since the Great Depression. It was lead by loose banking regulations and practices. These conditions are no longer present in the market.
- I have stated for months that it will not continue to grow at this rapid pace, but it will level out somewhat – not drop but incline slower. The 2022 Market Projections model exactly this course of action.
- Homeownership in Utah is projected to decline. I feel that this is unfortunate as we have always had a high homeownership rate. The income to afford a median price home is going to price buyers out of homeownership. Waiting to Buy is NOT a good idea!
There is always so many aspects to a Real Estate transaction. All indicators point that the market will remain strong. Developing an effective plan to reach your goals and dreams is one of the favorite parts of my job. Please reach out and give me chance to develop a plan for you to reach your goals. Contact Cindy DeHart at EXIT Realty Success 801-319-0026 to help you navigate the current market!
For additional information for Buyers or Sellers please visit the Wasatch Front Life Real Estate Guides
