Are you dreaming of moving to Utah? The pristine mountains and open landscapes of the desert talk with your soul?
If so, you are not alone. People from all over the nation are flocked to Utah in record stretch marks. In fact, Utah has been the fastest growing state in the United States during the last decade!
The question is: What is happening with the housing market in Utah at this time? Is 2021 a good time to buy your Utah Paradise slice?
In this post, we will talk about everything you need to know about the trends of the housing market in Utah. Continue reading for your Go-to guide for the Utah housing market!
What is happening in the Utah housing market?
To put it slightly, the housing market in Utah is on fire at this time. The high demands, a reduced inventory and low-low interest rates have created a “perfect storm” within the market.
Utah is home to around 3 million residents. However, as of March 2021, only 2,000 houses were listed in the state throughout the state. In addition, each home is receiving dozens of offers, more above the listing price.
Experts in home market predictions in Utah say they expect to see the prices of the houses shoot between 8% and 10% at the end of 2021.
What is behind this demand shot? The pandemic is definitely an important factor, since families are trying to leave densely populated cities for a rural environment.
The largest number of buyers outside the state move from California. As an example, the net departures of San Francisco are 650% from the beginning of the pandemic.
Meanwhile, other buyers outside the state are being relocated from New Mexico, Arizona and Nevada.
Current trends in the housing market in Utah
We talked about trends, but now let’s talk about numbers. What do the data about the Bubble of the Housing Market of Utah?
Here is a brief description of the 2021 Housing Market statistics of Utah MLS.
Average sales prices
The prices of the medium-sized houses shot an impressive 16.9% as of January 20, 2020. A year ago, the price of median housing was around $ 325,000. Now it is $ 380,000.
Average days in the market
If you think that all this talk of a hot housing market is just a hype, here is a statistic to make you change your mind.
In January 2020, Utah’s average household sat on the market for 39 days. Since the beginning of 2021, the average Sund has dropped from 76% to only nine days.
Monthly Housing Sales Trends
Like many other states, Utah usually sees a dip in housing sales during the winter months. November and December 2020 saw a strong decline in housing sales, but the spring season will surely see a great increase.
Inventory available
As mentioned from the beginning, the inventory has reached the minimum registered throughout the state. In January 2020, there were more than 6,800 active listings in Utah. Now the number is floating around 2,000.
Frequently asked questions about the purchase in the Utah housing market
It is not denying that the Utah housing market is hot right now. What do you need to know to make your dream come true to buy a home?
We briefly discuss some tips to help you succeed.
Are the offer wars are really so common in Utah?
Yes, this is reality at this time.
With the record-low levels of housing inventory (and the elevation demand), the tender wars are becoming the norm throughout the State. One Salt Lake City Home recently received an amazing tender of 96.
I hope you do not face that great competition when you find a house that you like, but it does not hurt to be prepared. Real estate agents report that it is normal to receive dozens of offers for the same property.
How can you win a war of offers?
The preparation is key to winning a war of offers and secure the house of your dreams.
Prepare to act quickly when approved by a mortgage loan. Do not hesitate to present your best offer to the seller, preferably the same day.
You will also have a better chance of success with a real estate agent with experience by your side. For example, professionals at https://www.fieldstonehomes.com/new-homes/ specialize in new sales of houses throughout the Salt Lake City region.
Where is the demand the highest?
As is possible, the demand for households is usually higher in densely populated urban areas. Wait a lot of competition if you are looking for a house in or around Salt Lake City.
Moving to the north or south along the Interstate 15, you may have better luck in some of the smaller cities such as Logan, Provo, or St. George. Moab is another access point, but it is possible that you can find more housing options in nearby cities such as salt or Monticello.
What are the 2021 predictions of the Housing Market in Utah?
As we move forward for the spring sale season in boom, it is likely that the inventory will increase. In general, it is still in a downward trend, as well as the number of average days in the market.
As demand grows, prices will continue to increase. In fact, some experts think that Utah housing prices could soon equalize the prices of San Francisco homes.
However, there is a brightness of hope. After registering low rates, interest rates are once again slowly increasing. This can help cool competition for new houses later in the year.
The housing market in Utah is on fire.
As we have discussed, Utah has been the state to move during the last decade. The massive exodus of California continues to combine the demand for more housing in the cities of Utah, as well as the smaller cities.
Does that mean you can not enter the action? No way! Check in this article and consult him as he continues to monitor the forecast of the housing market in Utah.
With enough persistence (and a little luck), it will soon be on the way to the property of the house in the beautiful state of Utah.