I recently attended a broker town hall meeting and learned some interesting statistics about the Utah economy. To sum it up, we have a very good report card.
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Today I’d like to give you a quick snapshot of the Salt Lake City market and go over some of the numbers with you so that you have a better understanding of where we are and where we’re going.
Earlier this week, I attended a broker town hall meeting at the Salt Lake Board of Realtors and learned a few interesting things about our current market.
Overall, Utah is doing spectacularly, especially when we look at the statistics for job growth and unemployment. Utah’s unemployment rate is 3.7% as of the end of September, while the national average is 5%. When it comes to job growth, income growth, and a number of other factors, Utah’s report card is showing straight A’s as well; we’re among the top three states for everything across the board economically.
Another interesting thing I learned at the meeting was the fact that Utah ranks among the top 10 states in the nation for exporting. This is a major industry for us as a state. I also learned that the five major areas that we export to are the UK, Hong Kong, Canada, Mexico, and China. Our dollar is super strong right now all around.
I also wanted to address concerns that everyone seems to have about the election. Remember that, although there is an election every four years, the real estate market does not crash every four years. Please keep this in mind when you’re making decisions about buying or selling a home.
At this town hall meeting, one thing that they kept hammering on was the fact that interest rates are still so low right now. The Fed wants desperately to raise those rates again and it’s likely that they will do so in December, so if you’re thinking about refinancing or purchasing a house in the future, now is definitely the time to consider doing so.
If you have any other questions about what our market looks like economically or about Salt Lake City real estate in general, don’t hesitate to give me a call or send me an email. I’d be happy to help you!
Earlier this week, I attended a broker town hall meeting at the Salt Lake Board of Realtors and learned a few interesting things about our current market.
Overall, Utah is doing spectacularly, especially when we look at the statistics for job growth and unemployment. Utah’s unemployment rate is 3.7% as of the end of September, while the national average is 5%. When it comes to job growth, income growth, and a number of other factors, Utah’s report card is showing straight A’s as well; we’re among the top three states for everything across the board economically.
Another interesting thing I learned at the meeting was the fact that Utah ranks among the top 10 states in the nation for exporting. This is a major industry for us as a state. I also learned that the five major areas that we export to are the UK, Hong Kong, Canada, Mexico, and China. Our dollar is super strong right now all around.
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Interest rates are likely to rise in December.
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I also wanted to address concerns that everyone seems to have about the election. Remember that, although there is an election every four years, the real estate market does not crash every four years. Please keep this in mind when you’re making decisions about buying or selling a home.
At this town hall meeting, one thing that they kept hammering on was the fact that interest rates are still so low right now. The Fed wants desperately to raise those rates again and it’s likely that they will do so in December, so if you’re thinking about refinancing or purchasing a house in the future, now is definitely the time to consider doing so.
If you have any other questions about what our market looks like economically or about Salt Lake City real estate in general, don’t hesitate to give me a call or send me an email. I’d be happy to help you!
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