2018 was one for the books. Real estate across the state of Utah saw historic high prices and a market that brought value to a lot of home sellers. If you sold a home in Utah in 2018, more than likely you made a great profit! These are the three takeaways from the 2018 real estate market.
1) New Homes Soar, then Settle
Due to the large demand throughout the beginning of the year, new home sales across the state grew to historic numbers. In every community across Utah there have been a large amount of new home subdivisions and growth. We love this!! However, the market became a little bit oversaturated with the rising building costs and higher listing prices which led to a settling of the new construction market. Hopefully the market can become more efficient in 2019 so we can continue to see new home sales.
2) Existing Home Sales Increase
2017 and early 2018 was definitely the year for new homes being built across the state. Those rising prices in new construction led to more affordable prices for existing homes. If you had an existing home sale in 2018, you probably did very well for yourself. This is a trend that we will continue to see into 2019 as new home prices are still too high for buyers across the state. If you’re on the fence about selling your existing home, there is no better time than NOW!
3) Getting a Deal Takes Patience and Diligence
Is it possible to get a deal in real estate when prices are among historic highs? The answer to that question is: ABSOLUTELY. It just takes a lot more effort than previous years. The keys to finding a great deal in 2018 will be the same in 2019: 1) stay on top of all new listings and price reductions, 2) hire great realtors like the Powerhouse Team to negotiate the purchase for you and 3) don’t give up! There will be a deal to be found, we guarantee it.
2018 was a great year for real estate across the state. We will update you with our outlook for 2019 in the near future, but we are sure this will be a prosperous and wonderful year for all!