The Interview…

2023 Housing Forecast Summary with Dr. Lawrence Yun, Chief Economist of the National Association of Realtors

 
 

Transcript…

Lynn Buckway:

Hey, this is Lynn Buckway with The Buckway Group, just here with Dr. Lawrence Yun, Chief Economist for the National Association of Realtors®️. There's a lot of other things that he does as well, but wanted to just ask him what the biggest takeaways are from the event today, the forecast event.

Dr. Lawrence Yun:

Well, Salt Lake City is a very vibrant economy with fast job creation, in fact, one of the fastest in the country. And therefore, it will raise the real estate demand over time. Right now, it's undergoing some market transition because of much higher mortgage rates, but it looks like the mortgage rate has already topped out and ready to turn downwards. Maybe under 6% mortgage rate is possible by spring, and that will open up the gate for some buyers to return back to the market.

Lynn Buckway:

Fantastic, fantastic. And longer term, in the next 10 years or so, what do you see things happening here locally along the Wasatch Front?

Dr. Lawrence Yun:

Ten years from now, real estate market values will be substantially higher, especially given many new arrivals coming into the areas. If one is a local resident, property owner, they will do very well 10 years from now. If one is a renter, I think they will regret that the rents are much higher 10 years from now and not having participated in that housing wealth that would have occurred. So 10-year outlook, very, very bullish in the Salt Lake market.

Lynn Buckway:

Wonderful. Well, hey, thank you so much, Dr. Yun. I appreciate it. Thank you.

 
 
 

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