Earlier this year our founder and Premier Agent, Robynn was asked to spend some time with Zillow Group at a retreat in San Antonio, Texas. She had an amazing time meeting with top agents from around the country and hearing directly from market gurus such as Spencer Rascoff, CEO of Zillow (pictured with Robynn below).
Here are some of her top takeaways that impact OUR market:
- Mortgage affordability (low interest rates), low “for sale” inventory and strong job growth have been the top contributors to values increasing at a faster pace.
- Nationally, condo sales are outpacing single family home sales. Here in Utah, single family home sales are still top dog but a report just released by our local board on first quarter sales shows that the median price for condos increased 5% over last year.
- While we’ve heard some people worry that our recent market appreciation could be a sign we are headed back into a bubble only a minority of economists believe a handful of markets are in a bubble, and none of those markets are across the Wasatch Front.
Long story short, don’t anticipate a bust on the horizon. Expect to see home values slow down and level out to typical growth rates. There’s a “magic window” for listing your home. Nationally, homes listed during the “magic window” have sold faster and for more than the average median home. The magic window is defined by Zillow as the time after new listings peak and before the number of agent contacts tops out. Their projection for Salt Lake City actually surprised Robynn.
Want to know what those markets are? Give Robynn a call and she’ll fill you in!
More pictures from Robynn’s time at the retreat below: