Prices are going to start slowing down. This year St George real estate prices have raised 10% from last year. The average of price increase is a steady 3% to 4% year over year. Next year, starting about now, we're going to see a slowdown in rising prices with an increase of 4% to 5% instead of the 10% we've seen this year. We don't foresee any chance of a crash like we did a decade ago. Prices have finally reached back to where they were then, and lenders are not making the bad loans they were then that contributed to the crash.
Is now a good time to sell?
Supply of homes in Washington County, Utah is still overwhelmed by the demand of home buyers looking to own their own home in our little piece of paradise. Inventory is low and buyers are still competing for the home of their dreams. However, as interest rates rise and with local incomes not having caught up with the prices of homes, many buyers are being priced out of the market. The demand for luxury homes is down so it's an excellent time to sell and move up. You'll get top dollar for your home as well as a great price on a luxury home.
In summary: We still have low inventory so buyers are still competing for homes. Interest rates are going up, this will lead to buyers qualifying for less home. Home prices are expected to rise at a more steady pace of 4% to 5% in 2018.
First and foremost, it is important to know an accurate estimate of your home value, and we make it easy for you.
Being able to compare similar homes in your area to your own gives you an edge over the competion.
The details and statistics of homes in your area matter, see how your home measures up.