Homes are flying off of the market—at least that’s the prediction for 2017. According to Redfin Chief Economist Nela Richardson, “We expect 2017 to break the 2016 record as the fastest market on record. Homes stayed on the market an average of 52 days before going under contract in 2016, the shortest time recorded since Redfin began keeping track in 2009.”
Record number of sales
The Salt Lake Board of Realtors® Housing Forecast2017 report agrees; 2016 marked the highest level of homes sold in ten years. It also noted that the sale of multifamily units, such as condominiums, townhomes and twin homes set an all-time record.
Not enough inventory to meet demand
This record number of sales increases home prices, notes the report. “Utah’s rapid demographic growth has created what appears to be a housing shortage. For the first time in 40 years, the increase in households exceeds the number of new housing units. Consequently, all segments of the housing market report very strong demand and insufficient supply.”
Be prepared and move quickly
If you are one of the thousands of people wanting to buy a home this year, there are some important ways you can prepare yourself in a competitive environment:
- Select a reputable realtor who is familiar with your purchase area location. A professional realtor can often negotiate better pricing and inclusions, plus they help to keep your deal moving.
- Get pre-qualifiedwith your lender of choice. A pre-qualification letter gives you more clout with buyers, especially if you get into a multiple offer situation.
- Choose a lender that can meet tight contract deadlines as timing can be everything in the current market. Many credit unions offer excellent rates and service on home loans. Mountain America Credit Union even offers an exclusive First-Time Homebuyer Program which helps members with as little as $1,000 down.
- Consider using Mountain America’s Quick Close℠ Program to get the deal done faster. Quick Close is a secure electronic mortgage process that lets you conveniently manage your closing documents from anywhere.
Follow these tips to make your home buying experience a positive one in this competitive market.