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    Experts Say US Won’t See a Housing Bubble Anytime Soon

    There’s been much speculation regarding a housing bubble crash. However, current stats and interest rates are telling a different and encouraging story.

    Year over year we have seen:

    • 41% less active listings
    • 22% more properties in escrow or under contract
    • 7% average appreciation since July 2019

    With historically low interest rates, the housing market continues to grow. The Fields Team has seen clients lock in rates at 2.375% for FHA financing and 2.75% for conventional financing. Right now, a 30 year fixed is 3.03% with a 15 year mortgage rate at 2.51%. It is a fantastic time to buy.

    Other important Utah housing market stats include:

    • Home sales are up 10.8% year over year
    • Median days on the market are 18
    • Median sold price has increased year over year

    According to the Mortgage Bankers Association, purchase applications for new homes are up 54%.The overall market is on an upswing. What does all this mean?

    It means, despite Covid-19, a housing bubble crash is unlikely and 2020 remains a fantastic time to buy a new home or upgrade your current home. Homes are selling quickly and there’s no time like the present to start searching for your dream home.

    You can check out our newest listings here, or contact our team and we’ll help you get started! You can also talk to one of our preferred providers and get pre-approved for your new home.

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