Where Will You Be? When the Market Turns

A new study published by The Demand Institute revealed some exciting news for the housing market. According to this report the housing market has finally turned the corner. The report predicts that average home prices will increase by 1% during the second half of 2012. They also predict that by 2014 home prices will have increased by as much as 2.5%. Then from 2015 to 2017 home prices will increase 3-4% each year!

This is great news for home owners as their home values start to increase again. However, home buyers will see these once-in-a-lifetime opportunities disappearing before their eyes. Mortgage rates are still low, in fact FHA 30-year loans just reached a new all-time low of 3.75%. Meanwhile 15-year FHA loans have dipped below 3%! These mortgage rates will not last long, as buyer confidence increases and values begin to rise, so will the interest rates.

We've seen an amazing level of demand recently. The number of homes Under Contract has been hovering around 30% higher than last year for the last 6 months! Meanwhile supply has been steadily 30% lower than it was last year. This is another HUGE indication that the market is changing.

Here are the Hot-Spots for June:

Holladay (84124)   Range $350K - $400K
Homes for Sale     Sales History

Lindon (84042)   Range  $200K - $250K
Homes for Sale      Sales History

South Ogden (84405)  Range $300K - $350K
Homes for Sale      Sales History

South Salt Lake (84105)  Range  $200K - $250K
Homes for Sale       Sales History

Salt Lake City (84101)  Range $100K - $200K
Homes for Sale      Sales History

Complete Sales History