Renae Stucki Realtor was noticing an increase in inventory the other day and coincidentally stumbled across this article that showed up on Realtor.com. It talks a lot about key markets getting a surge in inventory available for spring shopping. This does seem to be the time of year people get serious about buying a home. After all, when you think about moving, it’s best to do it before the weather gets too hot.
And it’s nice to get some touring done in good weather as well…
Anyway, here’s the article if you’re interested in reading it. You can click HERE to be taken to it.
As for St. George, we’ve noticed an increase in the amount of properties going up and sellers who feel motivated right now.
That’s good for our market but as you can see in the second part of the article, these huge gains in values have negative impacts on their markets because (and we’ve talked about this many before on the blog), they price low income buyers out of the running.
As you can see, California and Las Vegas have seen the highest gains in values. Las Vegas is a bell weather of sorts for St. George. Unlike the rest of Utah, we seem to be more influenced by the market in Vegas than the markets in Salt Lake and other big Utah urban areas. And to be honest, the gains in home values we’ve been seeing in Nevada can also be seen here. Values are on the rise.
But will we price a bunch of people out of the market the way California and Las Vegas have?
I don’t think so. Even with the gains, the prices are still manageable for most buyers. There may be some people who are dropping out of the market, but there’s always hope they’ll find a way back in when local builders start building more affordable housing projects.
So overall, the Spring looks positive for Southern Utah. We’re still competitive with our pricing, still affordable for most buyers, still gaining value for owners and inventory is coming on the market. With new influx of property and mortgage rates hoovering, there’s a good chance you could buy a home right now.
Call Renae and let us help you look at your options and decide what’s the best course of action for you to take. Call today.
