HOUSE PRICES: The Surge Continues

I had time to crunch some numbers for house prices in Weber County.  Here is the latest chart:

Keep in mind that this in an indexed chart starting with a starting value of $100,000 for 1979. Obviously, that would represent a very sizable house back then.  All ships rise with the tide so even if you don't own a home that was worth $100K in 1979, you can get a relative sense of where prices have been over the past 15 years.  

As you can see, after an insane increase and miserable decline, house prices finally began a modest turn around in 2012 and reasserted themselves in 2013.  This was due to low interest rates and the fact that mortgage payments were considerably less than rent.

Homeowners who purchased after March 2007 or before June 2010 might find that their homes are still not worth what they paid for them.  However, as prices continue to increase, that window will get smaller for many people.  The trends are positive and Weber County should see a 3% increase in house prices this year.  That is less than we experienced last year but still headed in a direction and will benefit all homeowners.      

If you are thinking of selling your home or want to get a sense of what it is worth in today's market, CONTACT ME, and we can put together a complimentary Comparative Market Analysis for you.  You may be surprised at how much your home's value has increased recently.