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SALT LAKE CITY — Salt Lake County home prices are on the rise for the first time in five years. One big reason: there's a high demand and low number of houses on the market.
Chelsea Seifres is a proud new owner of her first home. She jumped on the chance as soon as she learned now is a great time to buy.
"I was going to wait until the winter to buy something, but I wanted to jump on it," she said Thursday.
DeAnna Dippo with Salt Lake Board of Realtors says home prices are up for the first time in five years.
"What that means is in the last three years, last 3 1/2 to four years, our prices have been declining," Dippo said.
That means now is a good time not only for buyers, but also for homeowners looking to sell — and people are taking advantage. In fact, sales are up by about 12 percent from this time last year.
So why the sudden change in the housing market? One word: Demand. Dippo says the area has a low number of homes on the market with a high number of buyers.
"There's been a lot of people out of the market, a lot of people migrating to the state. Job creation is really good," she said.
Plus, locking in a low interest rate is easier than ever.
"Some people have actually locked in under 3 percent recently, which is unheard of," Dippo said.
Now, if you're convinced to start shopping for that next home, real estate agent Kate Splan says there are a few pointers to keep in mind: "Neighborhood, the type of home (you) want to live in, and the mortgage (you) qualify for."
Those are three tips Seifres had in mind when she started looking, making it easier for her to unlock her first home.