Northern Utah Real Estate Q & A
This week for our YouTube video we did a little question and answer about the real estate market in Northern Utah. Check it out below!
We get questions all the time from clients so we took this time to answer a few!
1. Are the home values going to hold?
Is there a housing bubble? Is the market going to crash? All of these questions pretty much mean the same thing. To answer the main question: yes we do believe values are going to hold and even keep rising. Utah has a had a large influx of people especially since the beginning of Covid. This is making demand higher and supply is lower. So because of that prices will keep rising and Utah is only growing so we don’t see this stopping.
2. Is it a good time to buy or sell?
Interestingly enough it’s good for both parties! For sellers it’s great because you probably have a lot of equity in your home (if you want to know how much, give us a call). On the other hand for buyers interest rates are still extremely low. The national average for a long time was around 8 percent and now we see buyers at 2 or 3 percent. So both buyers and sellers are happy: buyers are happy because money is cheap to borrow and sellers are happy because there’s a lot of demand.
3. Does it matter what someone else paid?
This is a tough one because the answer is a little hard to swallow but it does not matter what the past owner paid. The market is moving really fast so values are also rising fast. If someone bought a home in 2018 for $250,000-$300,000 it could be worth over $400,000 now. That’s just how things work, the home is now worth that much. Don’t feel like you’re overpaying because in a few years you’ll also have equity.
If you have any questions please call us at 801-821-9400 or email coryandrhonda@kw.com. We’ll also leave our contact form down below!