In a recent article by Entrepreneur Magazine, Salt Lake City was named the #1 Hottest Housing Market for 2014. Coming in ahead of known destinations such as Seattle, Boston, San Diego, San Jose, and Miami, this is GREAT news for Utahns. Why, might you ask? This is especially fortuitous because as current residents of this great city, you have the advantage of being here before the "boom" hits.
As I'm sure you're aware, the cost of living in those larger metros is significantly higher, but their growth potential isn't as high as the good ol' City of Salt. In cities like San Jose, where the average (yes, AVERAGE) home price is over $600,000, even if values are growing, there will eventually be a cap-out point where we'll see another bubble, and growth will stall, or in worse cases, turn into loss.
Our average housing prices are lower than these cities, which means it is a great time to buy your first home or upgrade your current one. Home values have consistently been increasing, so while our median home price is only $256,800, home prices in the city increased almost 12% last year, so the value of your current home has likely gone up, and has a lot of room to continue growing over the years.
Salt Lake City also has the great advantage of still being a couple decades away from reaching its full development potential. Our downtown still has room to grow, and the small residential pockets throughout the city are seeing a lot of growth, both in residential and commercial sectors. We are certainly still "up-and-coming," a characteristic about this city that I LOVE. We get to be here to not only witness the city turn into a larger city that can compete with the big boys, but we get to reap the benefits of low costs and high growth (and the best snow on Earth, too!).
If you would like to learn more about the home buying process or would like a free market analysis of your home, contact me today!
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