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The Utah real estate market is most definitely a sellers’ market. Buyers looking to purchase homes far outnumber available homes for sale. Not only is this driving up prices as buyers seek to outbid each other, but unsuccessful buyers are being frustrated and eventually getting priced out of the market!
Utah Is Attracting Buyers From Neighboring States
Despite the spiking prices of real estate in Utah, the market is still more reasonably priced than that of California and Colorado. As more people from these states look to move to Utah to benefit from Utah’s growing economy, particularly the tech industry around the so-called Silicon Slopes, house prices are being pushed up even further.
Resourcefulness And Patience Are Required!
To succeed in the current Utah real estate market, buyers must brace themselves for disappointment and frustration. However, there are a few things you can do to improve your chances of success.
Tip 1: Nail Down A Budget
Having a firm figure in mind of what you can afford is critical. Yes, with rising prices, you will need to stretch your budget as far as it can go, but you need to know your limits. Getting pre-approved for a mortgage is necessary. During a pre-approval, the bank will review your assets and liabilities, income, and credit score to estimate of how much they would lend you.
Tip 2: Build Up A Healthy Down Payment
Whatever amount you expect to spend, over and above the amount you’ve been pre-approved for, needs to be covered by a down payment. A down payment is not only a pre-requisite from lenders to show your creditworthiness, but it also gives sellers confidence that the sale is likely to go through if they accept your offer.
Tip 3: Be Clear On Your Needs And Wants
The line between needs and wants is going to be different for every buyer. However, you should attempt to narrow down your needs to the true “non-negotiables”. If you are a family of 4, buying a downtown studio apartment will not meet your needs. However, being flexible on garden size, or buying a bungalow instead of a ranch-style home might be something you have to be more open-minded about.
Tip 4: Broaden Your Search
With remote working becoming more common, and prices in prime locations being increasingly out of reach, you can consider looking further afield to find a home. Having a longer commute 2-3 days a week while you get to work from home on other days might be a viable trade-off. Be prepared to explore new neighborhoods and go out of your comfort zone.
Tip 5: Be Decisive
This is not a market where you get to have 3 viewings and still look at a few more houses just to be sure before you making an offer. Know how much money is in your pocket to spend, know what your non-negotiables are, and make an offer when you find a home that meets these criteria. Being decisive also means being prepared to walk away without regrets when a house is not going to work out for you and your family.
Good luck out there!
