Two Utah cities make Zillow's 'hottest housing markets of 2016' list
(KUTV) - A new ranking of 'hottest housing markets' by real estate website Zillow puts Ogden and Salt Lake City among the top cities in the country for home sales.
The study analyzed income levels, unemployment and forecasted appreciation of homes.
Ogden and Salt Lake City took sixth and seventh places, respectively, behind Denver, Seattle, Dallas, Richmond, VA, and Boise, ID.
"Utah has great incomes, low unemployment we also have a high forecast for continued appreciation, which we're thinking around 5 percent for 2016," Realtor Jennifer Gilchrist said. "Ogden had quite a lot of appreciation, there was seven percent appreciation over last year, the median home price went up seven percent."
That growth is expected to continue in 2016, with home appreciation estimated at five-percent, according to Zillow.com.
Utah Real Estate experts say many people whose homes lost value during the recession are now seeing appraisals recover.
"It's a great time to sell your house right now because in the past with the bust that we had a few years ago, people may or may not have had enough equity to sell their home, but now most people do, or should," Gilchrist said.
Zillow's study also found that first-time homebuyers are waiting longer to purchase a home. The typical age of a first time buyer has increased to 33, up from 30 in the late 1980's, according to Zillow.