Housing Market Forecast

Housing Market Forecast. (Photo: KUTV)

(KUTV) — We were joined in studio by Jennifer Gilchrist, a successful Utah realtor, to discuss the housing market.

According to Gilchrist, interest rates are still fairly low, but are going up.

"All of last year, they were kind of hovering in the mid threes, currently they are in the mid-fours, and we will probably see them up into the fives — around five by the end of the year," Gilchrist said.

There is a low inventory of houses on the market, Gilchrist says. She states that because there are so many people who want to buy homes, sellers are able to list their properties at a better price.

"We saw house prices go up 10 percent last year," Gilchrist said. "We're supposed to see about 7 to 8 percent again this year."

Regarding concerns of another housing bubble, Gilchrist says that we are in a different situation compared to the 2008 housing market crash. She states that loans are no longer being given to people who cannot afford the house, household debt is comparably lower, and that house flipping is "nothing compared to what it was before we saw the market crash."

Watch the full interview below: