The Utah real estate market has turned a corner and is recovering. In some parts of the state it is roaring back to life. Inventories are at lows that haven’t been seen in over a decade. Buyers who have sat on the sidelines for the past few years, waiting for prices to bottom out, are now anxious to buy. Record low interest rates that are starting to go back up, have only fueled demand further. The turn around started in Salt Lake County at the beginning of 2012. In Salt Lake County the market has done a 180 and is now a seller’s market. Properties that are priced right and in good condition are often flying off the market in less than 24-48 hours, and with multiple offers, as buyers seize the opportunity to get a low interest rate and get in before prices rise more.
Over the past few months the turnaround has spread throughout much of the Wasatch Front. Activity has picked up across the state, though, from St. George to Bear Lake. New construction has increased significantly to try and meet the rising demand and curb the shortage in inventories of available homes for sale.
Some areas are seeing rapid appreciation. It’s safe to say that the real estate recovery is in full swing across the state. What’s more, it is a broad recovery in the sense that all price levels and property types are rebounding; from small, inexpensive condos to the high-end luxury homes and everything in between.
If you are a first time homebuyer who has waited on the sidelines, it’s time to get in the game before prices and interest rates go up even more. If you wait you may very well find your buying power greatly reduced in the coming months and years. With both rising prices and rising interest rates, it acts as a double-edged sword cutting into your purchasing power. In the current market, the longer you wait, the less home you’ll be able to buy. Call The 801-APPROVE Team and we can tell you in 10 minutes what you’d qualify for. We can also refer you to an All-Star Realtor who will be crucial to helping you successfully navigate a rapidly changing real estate market—and securing the absolute best deal.
Enter your name and email address in the right-hand column to receive a free copy of the latest real estate statistics for Utah, broken down by county. The report includes year-over-year quarterly and year-to-date number of sales in each county as well as the median sales price.