Niche Homes aims to provide a well-balanced blend of content in our blog. Our team includes experts in real estate, homes, investment, design and lending. We love to share our extensive knowledge about local outdoor recreation, education, and community events.
Of all the blogs we posted in 2022, the three most popular were about the housing market and moving to the Salt Lake area. Given the population surge we’ve experienced over the last few years, it’s no surprise that people were searching the internet for information about moving to the Salt Lake metropolitan area.
Without further ado, our three top blogs for 2022:
The past year was not the easiest time to be a home buyer, to say the least. Our readership was eager for advice on how to be successful when sellers had the upper hand. This blog post from April shared six strategies for success when buying a home. These tips hold true regardless of market conditions and we applaud the success of our tenacious clients who put these strategies to the test during 2022. Niche Homes worked with 27 home buyers on securing their homes during the past year and it has been an honor to earn their trust.
Making predictions about the real estate market is risky business due to the uncertainty of variables involved. We set out to give you our best estimation of what you can expect based on all the available information at the beginning of each calendar. We’re pleased to report that our predictions for 2022 were accurate to a very respectable level.
Here are a few of the predictions we made, followed by the actual results:
PREDICTION: The SLC Metro will be a Top Market in 2022 and Interest Rate Hikes Won’t Reverse Wasatch Front Home Price Increases
According to the Federal Housing Finance Agency (FHFA), Salt Lake City ranked 13th in terms of year-over-year house price growth through the first quarter of 2022, with a 25.6 percent year-over-year price increase. During the last quarter of the year, prices rose 6.5%.
PREDICTION: Cash Is Still King In 2022
Cash is still widely prevalent in the purchase of luxury and investment properties. Cash offers are here to stay. However, the slowing in buyer demand for most properties means lender-financed loans are becoming the norm once again.
PREDICTION: Salt Lake’s Housing Market is Not a Bubble to be Burst
As Jim Wood of the Kem Gardner Institute states, “It is still a strong market. Prices have support given our [optimistic] economy.” Our brokerage had a decline in our transaction count in 2022, which was in line with the national trend. However, we continued to see an increase in our average sales price. We are proud to announce, when representing sellers, we have maintained a list to close price ratio of 104%! There is no question that the Niche Homes Way adds value for our clients. With our tried and true approach our clients sell their homes, on average, in 6 days or less, regardless of market conditions.
In 2023, we anticipate some stalling and uncertainty in the market, as people adapt to the new normal. It is a better time to be a buyer as there is typically more time and choice. Reasonable terms in the Real Estate Purchase Contract have returned. Our February newsletter will include a thorough explanation of our predictions for 2023.
This blog post has been one of our top-performers for a few years. People moving to Utah are curious about Salt Lake’s idiosyncrasies and have found this article to be informative. We made some updates in September, 2022 and stand by the assertion that there is something here for everyone.
A new year does not automatically reset the real estate market. Many of the pervasive concerns from 2022 will continue in 2023, while others will gradually resolve. Niche Homes is focused on keeping you informed with the most relevant and current data and this will drive our content in the year ahead.