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Next 3-Year Utah Real Estate Market Forecast 2018-2021 | RISE Realty


all right so Forbes magazine came out
with an article stating that throughout the whole United States what’s the best
real estate investment and they named Provo Orem the number two best real
estate investment in the United States so let me tell you more about it first
the average home here really isn’t that expensive relative to other places in
the United States like even though the economy let’s say is good in San
Francisco the price point there is just so high that it’s very difficult you
have to be earning a lot of money to live there but places like Utah were
called silicon slopes we have so much great technology and jobs that’s driving
our economy but at the same time we have a much lower price point so it allows
everybody who gets hired to still afford a house here and that’s great
opportunity and it allow it it’s really a higher quality of life so it really
draws people from other states to move to Utah and we have we have three major
universities in the area that are really providing all this entrepreneurship all
this workforce power to drive our businesses and our economy what they
said is that over the next three years the state’s gonna grow 7.2 percent okay
let me break that down we have roughly three hundred three million people in
the state of Utah and that’s going to be roughly two hundred ten thousand people
over the next three years so roughly 72,000 people per year so if
we say that we have an average household of three per house we need 24,000 new
houses every year in order to meet up with this demand
we’re struggling to build fast enough we have all this demand you know I always
describe it as you know if sellers are here the amount of buyers are somewhere
up here there’s all we’re we’re always having more buyers than sellers at this
time so we’re lacking inventory and and that supply-demand balance is
showing itself in prices going up forbes showed and and they predicted a 31%
increase in price over the next three years can you believe it three years
last year we also saw 10.1% increase in overall home prices in the
state that put us tied for second place as the overall most appreciated economy
in real estate so what’s looking like based off of jobs a great employment of
higher than average wages a growing base of citizens here which is going to keep
pushing forward thanks for watching again I’m David post
ana Brooker owner of rise Realty here to help you I’d love to hear your comments
below and see your opinions about what you think the real estate mark is going
to do over the next three years as always who represent you matters I
appreciate your time and have a great day

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