Thursday, May 27, 2021

FAQ: Are We in a Housing Bubble?

 

Illustration of a house with thought bubble saying FAQ are we in a housing bubble?

Following is just one of many economists' forecasts indicating that Utah is on a sustained path for significant homeownership growth: #9 in the country at 40.1% over the next 20 years. Add Utah's historical and long-term projected strong economy and my answer to clients is two-fold:

1. No, we are not in a housing bubble. Both primary residences and second-homes are selling to bona fide homeowners, either cash or as qualified buyers. Mortgage reform enacted in the last recession put the kibosh on the bad loan program nonsense that was one of the root causes.*

2.  Waiting for prices to come down is not a prudent home purchase strategy unless you're considering waiting until 2041 or later to buy.*

Data Source: Urban Institute https://urbn.is/3vqYw5y



If you're interested in gaining specific market insight as it relates to your unique homeownership goals, please contact me to schedule a virtual meeting. Kim Novak, Broker/Owner, Novak Advantage Real Estate call/text (801) 726-1443 or kim@novakadvantage.com

*These are professional opinions of the author and only in relation to the real estate market in Northern Utah*

#utahrealtor #utahrealestate #findinghomeinutah #housingbubble 

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