If you’re planning on buying a house in Utah, it pays to understand the market conditions throughout the year. Seasonal fluctuations, federal interest rates, and other factors can affect a home’s final selling price, which in turn impacts how much you end up paying for your new home.
If you’re trying to time the market, your best bet is to partner with an experienced, local real estate agent in Utah. Your agent understands the local market conditions that can affect the price of homes in the area and how you can leverage them to your advantage.
Here’s what you need to know about the best time to buy a house in Utah.
Best Time of Year to Buy in Utah
Like other real estate markets in the United States, the best time to buy a home in Utah is seasonal.
The cold winters in Utah convince many home buyers to wait until warmer months to start searching. Historically, February is the slowest month for home sales in Utah, but this could work in the buyer’s favor. Homeowners who are eager to sell don’t get many offers during the winter, which could result in a greater win for the buyer.
Homes listed in the spring and summer don’t last long on the market, average 45-49 days on the market. This could mean tight competition for the buyer. You could end up with a great home, but you’re not as likely to get the best deal. Not to mention you need to know what you’re looking for and be ready to make an offer before someone else does.
Right now, Utah is experiencing a seller’s market, which occurs when the demand for homes outpaces the supply. Data shows that home values in Utah have increased 14% over the past year and are expected to increase another 8.5% within the next year. These conditions can drive up the price of homes and give you less room for negotiation, so striking a deal early could be in your best interest.
The Best Places to Buy a Home in Utah
Utah is becoming a highly desirable place to live, thanks to its strong job market and abundance of leisure activities. Take a look at some of the best cities in the Beehive State:
This well-planned community offers the ideal balance of small-town friendliness and a suburban look and feel. The schools in this scenic town are top-rated, which have attracted droves of young families and professionals to the area.
Salt Lake City
The capital of Utah, Salt Lake City is a hot spot for nightlife, shopping, dining, education, and the great outdoors. The city’s many neighborhoods and suburbs are attractive to millennials, particularly first-time home buyers.
A dream town for young professionals, Park City is brimming with bars, restaurants, coffee shops, and a variety of outdoor and fitness-centric activities. Property values tend to be high, giving you a hopeful ROI should you decide to sell.
This gorgeous mountain town in Cache Valley speaks for its itself. It’s been voted one of the best places in Utah to raise a family, thanks to its strong school system, an abundance of parks and recreation, an average cost of living, and a strong economy.
Residents love North Logan because of its strong sense of community. It’s small enough to know people, yet large enough to give you privacy when you want it.
4 Ways to Get a Great Deal On a Home in Utah
Finding your dream home in Utah at a price you can afford shouldn’t have to be complicated. Consider the following best practices to get the home you want within your budget:
1. Find a Great Utah Real Estate Agent: Buyers shouldn’t go it alone when finding a home in Utah. Partnering with a local real estate agent gives you access to their expertise. They can help you time the market, search for homes that meet your criteria and handle negotiations on your behalf.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals: You may already know what you’re looking for in a home, but working with an agent can help you narrow your search so that you’re not wasting your time. They’ll help you explore things like home size, property type, and budget, then find properties for sale that match your needs.
Learn More: What to Look for When Buying a Home
3. Find a Lender and Secure Financing: Home buyers in Utah have a multitude of financing options available, some of which may give you significant cost savings up front. Your agent can help you evaluate and determine a financing option that works for you while considering your goals and current financial situation. The closing process usually takes around 30 days, so buyers on a fixed timeline can benefit from a real estate agent that helps to keep the process moving on schedule.
Learn More: A Step-By-Step Guide to the Home Loan Process
4. Negotiate for the Best Possible Price: Once you find a property you like, your agent will work hard to negotiate a desirable purchase price with the seller. They can help you price your offer, negotiate a home buyer rebate, and make requests following the home inspection to ensure you’re getting the best deal possible.
Are you ready to find your dream home in Utah? Connect with a Clever Partner Agent today to learn more and start searching for your new house.