The prices of homes didn’t come down too much at all after the interest rates jumped from 3% to what is now so I don’t necessarily agree the prices will jump higher if you see a decrease in rates. It all comes down to affordability.
The market would have kept running up if interest rates didn’t slow it down. Now that rates have run up, psychologically buyers will think they are getting a deal at 5.5% instead of 8% and will jump in the market. Prices have remained strong, and with that new demand, we could see prices increase again. But in the end, nobody really knows so we’ll have to wait and see.
I’m actually really considering a move to either Sandy or Cottonwood Heights because of their proximity to the mountains. If/when I do, I’ll reach out to you.
