What does Utah's current housing market look like? Is it a good time to buy a home in Utah? Is it a good time to sell a home in Utah? What does Utah's housing market look like for 2020? This video will answer these questions & more. Utah is an incredible place to live & our real estate market during the COVID-19 pandemic has proven how resilient Utahans are. Life in Utah has almost returned to normal except for the fact that we still have to wear masks in public. Sadly, several locations around the country have been devastated by the coronavirus. The more I hear about these markets, the more grateful I am that I live in Utah. Today, I’ll be taking about Utah’s current housing market and what to expect as we move through 2020 & into 2021. For those of you who don’t live in Utah, wondering, Where should I move?” This is the Place & I’m going to tell you why.
Before I tell you how well Utah’s real estate market is doing, I should note that Utah’s housing market was hit harder than most places around the country as home sales in Salt Lake City fell by aprox. 25% in April & May. Even with that huge 2 month dip in home sales, aprox. 18,500 houses were sold from January-June. That’s the 3rd highest amount of homes sold since Utah’s MLS started tracking closings.
Utah Realtor: Ty Wilde
801-995-2337
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https://www.eaglemountain.com/
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So, why are homes selling so fast in Utah?
#1 According to USA Today, Utah has the #1 economy in the United States. The national unemployment is 11.1%. In Utah the monthly jobless rate is only 5.1%. Why is Utah’s economy so strong? Because large businesses are moving here to escape higher state income taxes. Primarily, it’s tech companies, but we are also seeing growth in the banking industry among others. These large corporations bring thousands of jobs & we have a huge influx of people moving to Utah from out of state. The job market is Great in Utah.
What else is driving home sales?
#2 If shelter in place happens again, people don’t want to be stuck in tiny apartments, townhomes or condos. They want a place where they can move around & a yard.
#3 COVID-19 has changed the way many of us work as companies & employees start to see the advantages of working from home. As this becomes a permanent part of life, a lot of people will move to larger home with a space for an office where they can get away from their kids.
#4 These record low mortgage interest rates give you a lot more buying power. These low rates, are expected to stay in the 3% range. This give move up buyers the ability to purchase a bigger home & first time home buyers enough buying power to purchase a home instead of paying rent.
So, why are home prices skyrocketing in Utah?
Home sales shoot up 25% from June to July. Salt Lake county home sales reached an all-time high in July of 2,093 homes sold. That’s 15% higher than July of 2019. The median price of a homes in July grew to more than $304,000. That’s an increase of 8.5%. Because there’s a shortage of existing homes, homebuilders are going full steam ahead, but can’t keep up with demand. Residential building permits in Utah are being pulled at record numbers. We were in a sever housing shortage before the pandemic. Because of these low mortgage rates, our amazing job market & because our economy wasn’t hit very hard, there is a LOT of people looking for a house. In Utah, there’s only a 3-month supply of homes. Through the end of this year, the housing market should remain very competitive. Right now is an incredible time to sell your home because you will sell it fast & for top dollar. If you’re trying to decide if you should sell your home, watch this video - https://youtu.be/_9WuxVwS-Uo
Ty Wilde is Utah's best real estate agent on YouTube with over 150 real estate videos. Ty is Utah's best Realtor on YouTube for New home construction videos. Ty has some of the Best Videos on buying a home, selling a home and Real Estate investing. Subscribe to Ty’s channel for the best real estate videos on YouTube.
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