So I have had several predictions in the past that were not written down that came true. I too felt the 2008 crash was going to happen long before it did. I even e-mailed my brother and warned him that housing prices were going to fall. My brother went ahead with his purchase and had to take a loss on his rental property for more than a year. I've also wrote down on this blog that I felt my life was going to have some drastic good changes. Soon after we moved into a bigger house closer to family. Well guys my prediction senses are tingling and this time I am writing them down in case they become true.
Herethey are,
Utah will soon experience a large exodus causing real estate in some parts of the state to reduce in value as much as 50 percent.
Why?
Quite simply the answer is homesickness
People who have moved here within the last 5 years are going to want to go back home. They miss their old life. Sure they like Utah but it simply comes down to roots. They miss their old friends, surroundings and again are ready for change. What happens next will be an unpredictable domino effect. There will be a surplus of rentals forcing landlords to sell their homes at the same time this is going on
Baby boomers and 2nd homeowners are going to be wanting to get rid of their second homes. Some will be downsizing while others cashing out for retirement. A sudden surplus of homes will sink real estate to as much a 50 % in the higher end or more coveted areas such as Park City and surrounding towns.
So if my prediction were to come true it's best to sell right now if you were planning on a nice profit from your investment.
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