Utah Housing Market update to close out the year 2020. Covid-19 has thrown a wrench into everything in Utah except for the real estate market which has been on FIRE. But, if you follow the normal trends in the housing market, home sales should slow in November & December. People are wondering if we’ll see that trend again, especially because Utah is experiencing a HUGE influx of coronavirus cases. It’s so bad that Utah’s Governor just imposed a strict 2-week mandate on masks. If cases don’t decrease, Utah could see more shutdowns. Could Utah’s real estate market finally slow down or is it going to continue to rock-n-roll?
Utah Realtor: Ty Wilde
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https://www.eaglemountain.com/
Wise Choice R.E.
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I’m Ty the RE guy & if you’d like to stay up to date on the latest RE tips & trends, subscribe to my channel & ring the bell to be notified each time I post new videos. If you have questions about buying, selling or investing in Utah, I would love to talk with you. Please feel free to type a message below or contact me directly. If you'd like to keep your finger on the pulse of the Utah housing market, I will continue to make videos like this so you know where our real estate market is trending.
What can Utah expect as we close out the year 2020 & move into the year 2021? As we move into what should be our slow season, sales don’t show any sign of decelerating. We are in a sever housing shortage in Utah and people just won’t stop moving here. We were recently named the #1 economy in the United State by USA Today & Forbes put 3 Utah cities in the Top 15 Hottest housing markets in the nation. Our largest growth is coming from the Tech industry. Tech, banking, healthcare & numerous other large & small companies, moving to the area are bringing thousands of jobs with them. And many of these jobs pay well above the average income in Utah. Utah also has one of the largest organic growth rates in the country. Long story short, Utahan’s on average have more kids than most other states. Add these record low mortgage rates & you have the PERFECT STORM. Many who previously didn’t qualify, now have the ability to buy a home. Many are feeling a sense of urgency to buy a home right now while rates are low, but also to avoid paying more for a home in the future as home prices have increase by more than 10% this year in many areas of Utah & prices are expected to continue rising.
In Utah’s housing market home sales are way up, mortgage applications are way up & home prices have reached all-time highs. When properties are listed, they’re getting multiple offers, above the asking price & selling in a matter of days. Most people are losing out on multiple homes before they finally win a bidding war. Because of this, buyers are submitting offers above the asking price, within a day or two of the home being listed, knowing that if they wait, they’ll have no chance at all.
For those of you wondering, Where should I move next? This is the Place.
If you have questions about buying, selling or building a home here in Utah, I would love to talk with you. Please feel free to contact me directly. If there was something that stood out to you as being helpful, please let me know by commenting below. If you have questions or if I left something out, please help the community by leaving a remark below as well. Sincerely, I want to hear from you. If you know someone who’s thinking about buying a home or moving to Utah, be a friend & share this video with them.
Music: Hope by Keith Kenniff
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