Last time I wrote to you, I talked about how resilient our Iron County real estate market has been, despite higher federal funds interest rates and increases in mortgage rates.
We're still in fabulous shape in our local market, but a logical question at the moment is how long can the current seller's market conditions last?
In some areas of the country, there are signs of buyers being less keen to accept continually rising home prices. Quite simply, many are at the edge of what they can afford, not helped by interest rate rises. This is resulting in the balance of power in some markets swinging slightly more in favor of buyers than has been the case for some years.
It's hard to say if we will see the same conditions here.
The California market, for example, has arguably been overheating in terms of price for some time and there is something of a reset at present, including many homeowners moving out of state, chasing more affordable property, as a direct consequence.
This trend is, of course, very positive for us in Southern Utah, which is an extremely affordable part of the country to buy a home, especially from a Californian perspective.
Therefore, our local conditions are, to some extent, being further enhanced by homeowners moving here from elsewhere.
As ever, your individual circumstances will dictate when is the right moment for you to sell. It can certainly be said that right now there are still wonderful opportunities, being driven by such strong and sustained demand.
Please don't hesitate to contact us for an informal chat about whether selling sooner or later is right for you.
