Ever since the pandemic, the real estate market has been soaring. It’s undeniable that it’s a great time to sell but a poor time to buy.
Many consumers hoped to wait out the high prices, but that’s looking like a very long wait. Experts predict that the high rates will continue far into 2022. So the best way to beat the market is by understanding it.
When focusing on real estate in the United States, you should pay close attention to SLC real estate trends. Salt Lake City is predicted to be the highest housing market by 2022.
Here’s everything you need to know.
Salt Lake City Is Expected to Be the No. 1 Housing Market in 2022
According to Realtor.com, the Salt Lake City real estate market is the No. 1 housing market and in an excellent position to continue its growth into 2022. The closest competitor for the title is Boise, Idaho.
Mortgage Rates, Interest, and Prices May Increase
It’s always possible that the market may go down if you wait. However, most experts are predicting it will continue to rise.
Because of this increase, the governor is introducing a new proposed budget for 2022. He hopes to lessen the demand for homes and stop the rising prices before they crash.
Multifamily Homes Will Become More Popular
Amid the volatility of the housing market, multifamily homes are one of the growing real estate market trends. This is especially true for investors.
This popular real estate trend remained stable before, during, and after the pandemic. The affordable acquisition cost is the main reason to buy a multifamily home.
When broken down by unit, it’s cheaper to buy or build a multifamily home instead of a traditional house.
Interest in Senior Housing Continues to Grow
Another 2022 real estate trend will be investors turning to senior housing. Because the sector is less cyclical than other parts of real estate, it’s a stable investment that continues to grow as people age.
Work from Home Is Changing the Real Estate Market
During the global pandemic, most businesses had to either shut down or allow their employees to work from home. The real estate market is no exception.
Suburban Living Is Becoming More Popular
Salt Lake City is booming because of quick jobs and population growth. That means more families are looking for homes.
With more families, there comes an increase in people looking for suburban homes. Salt Lake City is very walkable, and there are plenty of wonderful neighborhoods for families looking to move.
Learn More About SLC Real Estate Trends
At first, it might seem worthwhile to wait out the high real estate market. However, it doesn’t appear to be going away any time soon. All the other trends that the pandemic started look like they’re also here to stay.
Working from home is reshaping the market in ways no one predicted. Suburban living and senior living are on the rise. But, no matter what the new trend is, Salt Lake City is at the center of it.
For more information, contact us! Our experts would love to discuss SLC real estate trends with you.