So….. what about home prices in Tooele Utah?
They are going up, and have been for some time now. In fact, in many places in Tooele County home values are back to where they were at their peak.,9 or 10 years ago.
A couple of articles from my friends at KCM this week pointed out how at a national level that would look.& what it could mean for you and your family.
On a more local level the picture may or may not be the same.
Different markets yield different numbers and I encourage you to look at the following stats with the understanding that things like home prices, days on market & sq.ftg prices are not equal. In fact comparables between certain areas as close to each other as Salt Lake City, and Stansbury Park UT can be as different as night and day.
Compare Home Prices:
As an example. the average price of houses & Condos listed in SLC is $568,297.00. The listings in Stansbury Park are valued at $290,369.00.
Using the cumulative increases outlined in the KCM graphics, the value of the same Salt Lake City property in 5 years will be about $675,000. The same % of increase applied to homes in Stansbury yields a 2021 listing value of roughly $345,000.
Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They … Read More
Yesterday, we shared the results of the latest Home Price Expectation Survey by Pulsenomics. One of the big takeaways from the survey is that over the next five years, home prices will appreciate 3.5% per year on average, and cumulatively will grow by around 18%. So what does this mean for homeowners and their equity …Read More
What Does This Mean To Individual Wealth?
There are many advantages to owning your own home.
For many Tooele residents it is the source for most of of their net worth. In the case used for this post, (bought a home @ the average price of $290,000) the net worth value @ the end of 5 years would be increased by almost $52,000.00. Not a bad investment.
I’m not an investment advisor ( I don’t even play one on TV) but even I can tell you that if you are like me it would be very hard to save $10,000 a year.
Like to talk about this further? Want to see what you can buy in Stansbury Park for around $290,000?
Give me a call Berna Sloan 435-840-5029. Let’s talk about home prices in Tooele Utah.