Should I Buy a Home in Utah Right Now

Should I buy a home in Utah right now? This is the question everyone seems to be asking. Home prices in Utah were already hitting all-time highs before the coronavirus hit & home prices have soared since we broke through the first shutdown caused by COVID-19 as houses in Utah continue to sell at a screaming pace. Utah’s housing market can’t continue to run like this, right? I mean, where’s the breaking point? If things keep going at this pace, Utahan’s won’t be able to afford homes here. So, does that mean we are headed for a housing market crash in Utah or will the Utah RE market just keep on going? Utah Realtor: Ty Wilde 801-995-2337 TyWilde7@gmail.com https://www.eaglemountain.com/ Wise Choice R.E. Find me on Social Media: Instagram: https://www.instagram.com/ty_the_real_estate_guy/ Twitter: https://twitter.com/Ty_Wilde Facebook: https://www.facebook.com/TyTheRealEstateGuyUtah/ Subscribe to my channel for the best Real Estate, New Home Construction & Home Tour videos on YouTube. Recommended Videos: How to Buy a House – https://youtu.be/fxVN8-9auIo Rent vs. Own – https://youtu.be/m9WA1ft3uDc What are the Best Reasons to Buy a House - https://youtu.be/xsdOsfEqaEQ In Depth Guide for Buying a New Construction Home - https://youtu.be/Lni9URMXn6E How Buying a House Builds WEALTH - https://youtu.be/yl9tEI02blM Building a House vs. Buying an Existing Home - https://youtu.be/DeW06h6Ogzg How a House is Built - https://youtu.be/p9LlHOgfIeE Utah Videos: UTAH What You NEED to Know - https://youtu.be/3COe35xgOLo How to TALK Like a UTAHN - https://youtu.be/corOW6z6nH0 10 Reasons UTAH is GREAT - https://youtu.be/txMpNs37BBs Reasons NOT to Move to UTAH - https://youtu.be/L8NAT7A1g6c What its Like LIVING in UTAH (part 1)- https://youtu.be/UGQsIGM8CEE What its Like LIVING in UTAH (part 2)- https://youtu.be/bb4UFxXb4-A Why You Should Move to Eagle Mountain - https://youtu.be/Z1f8VKb_0WA FUN & Exciting things to do in Utah. Check out this YouTube Channel - https://www.youtube.com/user/WildeKingdom So, your question is, “Should I buy a house in Utah right now?” You may not like the answer, but for most of you, the answer is YES! I’m going to explain why in a moment, but first I need to clarify that for many of you, this is NOT the time to buy a home. If you’re job is in question or you have limited cash in savings, then it might be better to wait. If you’re looking to buy your first home make sure you watch to the end because I want to help you. Ok, so, why should you buy a house in Utah right now? Well, local economist are predicting that home prices in Utah will continue to increase through the year 2021. So, if you choose to wait, there’s a high probability that you will pay more for a house. Why? Because we have an insanely low amount of standing inventory. In other words, there’s not nearly enough homes available to meet the increasing demand of those looking to buy a home. There are several factors leading to this problem. #1 People who live in Utah have little desire to leave. #2 The real estate market in many parts of the country is on fire. The cost to build a home is skyrocketing as homebuilders, struggle to keep up with demand. #3 Utah is growing fast as people move to our great state in record numbers. We have one of the strongest job markets in the country. People are moving here from all over the world for these high paying jobs. #4 Covid-19 - We’ve seen a HUGE uptick in people working from home. For many Utahans working remotely will become a normal part of life. Those working remotely now have the freedom to live wherever they want. Many of these people are fleeing larger cities & a lot of them are choosing Utah. The main reason you should buy a home in Utah right now is these super low mortgage interest rates. Just a year ago rates were sitting around 4%. As a home buyer, these lower rates are a gift, increasing your buying power by more than $50,000 & giving many of you who didn’t qualify to buy a house before, the ability to qualify for & purchase your first home. Here’s the stats for Utah’s housing market in October 2020. 5,062 Homes were sold in Oct. up 15.4% from last year. Our median Sold Price was $370,000 WAY up from $323,000 last year, a $50,000 increase is just one year. Our median price/sq.ft. is now, $170. Our median days on market is only 9 days. Last October, homes were on the market 27 days. There’s only 4,200 active homes for sale in Utah. That’s 900 home less than what was sold last month. That's about as low as you can get for available homes. When you look at what’s actually happening, it’s easy to see why the market in Utah won’t cool down anytime soon. 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.