Homeowners in Utah, particularly downsizers, will find a reason to consider a sale in 2018 after home prices in the state rose 10.5% in November 2017, according to the CoreLogic Home Price Index.
The increase surpassed the nationwide growth rate of 7%. While the higher home prices bode well for property owners, it certainly serves as bad news for prospective buyers, according to CoreLogic Chief Economist Frank Nothaft.
Good News, Bad News
CoreLogic predicts that home prices in November this year will increase 4.2%, so you still have time to think and decide whether to buy or sell your house. A growing demand from first-time buyers and a lack of supply have led to higher prices for entry-level homes, Nothaft said. The company also believes that 37% and 36% of homes in the biggest metro areas were overvalued and undervalued in November last year, respectively.
Those who seek to sell their homes for a higher price and within a shorter amount of time may do so by staging their homes. You should expect prices to continue an upward trend if inventories remain low.
Staging requires you to spruce up your home like how agents show you around a property. The only difference lies in the presence of furniture and other fixtures, which provide people with an idea of how it will look once they move in.
A good façade will be a factor since buyers will see it first before entering your home, so be sure to maintain a beautiful yard. Greenside Landscaping notes that effective yard weed control in Utah can help you enhance the appearance of your lawn or garden.
Consult an agent to determine if this year could be a good time to sell your house. Take note that home prices may still change, and staging a house does not guarantee a sale.