We've been enjoying amazing current real estate market conditions here in Iron County for some time and they just seem to get better and better.
Inevitably, of course, at some point this will all begin to reverse to an extent.
So the obvious question is exactly when that might be?
While giving advice on timing your home sale is never an exact science, here are some key considerations that might influence your decision:
Mortgage rates - While there has recently been some easing of rates, their general direction so far in 2021 has been upward and this is a broad trend that is expected to continue. While rates are still very close to historic lows, the higher they climb, the more likely that we will see some cooling of buyer sentiment.
Inventory - Low inventory at the moment, combined with exceptional buyer demand, creates a perfect storm for sellers.
However, here in Iron County we are likely to see literally thousands of homes going live in the next year or so.
And here's why.
There are over 30 new subdivisions expected to go live here in the next 12 to 18 months! That is no exaggeration and, believe it or not, there could be even more in the pipeline!
This has the potential to transform the dynamics of the market, injecting a huge number of new homes into the mix.
So there is a strong chance that upward pressure on mortgage rates and a far more abundant supply of homes could create a significant shift, with more choice for the buyer and a generally less strong position for sellers.
Therefore, if you are considering listing your property, doing so now means that you won't have to factor in what might happen to our local market in the not so distant future.
Please don't hesitate to reach out to us to discuss how to best optimize the situation to your advantage.